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TABLE I
<br />ESTIMATED DEVELOPMENT COSTS
<br />DEVELOPER PROPOSAL: $2.0 MILLION DEVELOPER FEE WITH NO DEFERRAL
<br />SANTA ANA ARTS COLLECTIVE
<br />SANTA ANA, CALIFORNIA
<br />I. Property Assemblage Costs
<br />Property Acquisition Costs
<br />i
<br />43,560
<br />Sf Land
<br />$165
<br />/Sf Land
<br />$7,200,000
<br />Relocation Costs
<br />2
<br />1,610,000
<br />Closing Costs
<br />0.4%
<br />Purchase Price
<br />30,000
<br />Total Property Assemblage Costs
<br />$8,840,000
<br />II. Direct Costs
<br />6
<br />AHSC Infrastructure Costs
<br />$1,288,000
<br />Off-site Improvements
<br />1,126,000
<br />On-site Improvements
<br />43,560
<br />Sf Land
<br />$0
<br />/Sf Land
<br />0
<br />Residential Adaptive Reuse Costs
<br />4
<br />58
<br />Units
<br />$207,100
<br />/Unit
<br />12,012,000
<br />Furnishings, Fixtures & Equipment
<br />275,000
<br />Contractor Fees / General Requirements
<br />10%
<br />Construction Costs
<br />1,443,000
<br />Construction Bonds
<br />2%
<br />Construction Costs
<br />289,000
<br />Contingency Allowance
<br />5%
<br />Other Direct Costs
<br />822,000
<br />Total Direct Costs
<br />58
<br />Units
<br />$297,500
<br />/Unit
<br />17,255,000
<br />III. Indirect Costs
<br />Arch, Eng, Consulting & Construction Mgt
<br />30%
<br />Direct Costs
<br />$1,726,000
<br />Public Permits & Fees
<br />s
<br />58
<br />Units
<br />$24,080
<br />/Unit
<br />1,397,000
<br />Taxes, Insurance, Legal & Accounting
<br />3%
<br />Direct Costs
<br />518,000
<br />Marketing & Leasing
<br />58
<br />Units
<br />$1,034
<br />/Unit
<br />60,000
<br />Developer Fee
<br />6
<br />9%
<br />Eligible Basis
<br />2,000,000
<br />Contingency Allowance
<br />5%
<br />Other Indirect Costs
<br />285,000
<br />Total Indirect Costs
<br />$5,986,000
<br />IV. Financing Costs
<br />Interest During Construction
<br />Predevelopment Loan
<br />7
<br />$617,000
<br />Construction Loan
<br />a
<br />$21,128,000
<br />Loan Amount
<br />3.52%
<br />Interest
<br />855,000
<br />Financing Fees
<br />Construction Loan
<br />$21,128,000
<br />Loan Amount
<br />1.50
<br />Points
<br />317,000
<br />Permanent Loan
<br />$2,100,000
<br />Loan Amount
<br />1.50
<br />Points
<br />32,000
<br />Operating Reserve
<br />3
<br />Months Operating Expenses / Debt Service
<br />146,000
<br />TCAC Fees
<br />a
<br />97,000
<br />PA
<br />Total Financing Costs $2,064,000
<br />r An appraisal prepared on August 21, 2015 by BC Valu estimates the fair market value of the property at $7,150,000.
<br />1 Based on Developer estimate. A relocation plan was not provided for review.
<br />' Estimates assume prevailing wage requirements will be imposed on the Project.
<br />° Based on Developer estimate. A physical needs assessment or contractor's bid was not provided for review.
<br />' Based on Developer estimate. The estimate should be verified by City staff.
<br />6 This is the maximum amount allowed to be included in the Project by TCAC.
<br />' Based on Developer estimate.
<br />s Includes debt on the 80% of the Tax Credit Equity which will not be funded during construction. Assumes an 18 -month construction period with a
<br />60% average outstanding balance and a 3 -month absorption period with a 100% average outstanding balance.
<br />' Includes a $2,000 application fee; $410/unit monitoring fee; and 4% of the gross Tax Credit proceeds for one year.
<br />Prepared by: Keyser Marston Associates, Inc. n
<br />Filename: Meta _22617; PF_9%; trb 65A-32
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