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Judson Brown, City of Santa Ana <br />May 9, 2017 <br />Santa Ana Arts Collective Financial Feasibility <br />Pace 2 of 5 <br />Table <br />Restriction (AMI) <br />30% AM[ (/Low HOME*) <br />1: Proposed Units and Affordability <br />1 -Bedroom 2 -Bedroom 3 -Bedroom <br />5 2 4 <br />Total <br />11 <br />30%AMI <br />9 <br />9 <br />35%AMI <br />6 <br />6 <br />40%AMI <br />6 <br />6 <br />60% AM] <br />12 13 <br />25 <br />Manager's Unit <br />1 <br />1 <br />Total <br />26 15 17 <br />58 <br />These HOME units will be "floating" i.e., not assigned to specific units <br />est for Funds <br />In addition to the $4,635,000 funds already committed by the City, the Developer has requested <br />additional City financing to eliminate an expected financing deficit. The Developer's budget indicates a <br />financing deficit of approximately $3,500,000. <br />Financial Plan Analysis <br />We have focused our analysis on a review of the Project's sources and uses in the context of the Project's <br />proposed 9% tax credit financing. Table 2, below, provides a consolidated form of the Developer's <br />budget, and modifications proposed by CSG. In creating this analysis and variance, we have used the <br />Developer's assumptions (except as noted) and modeled the Project using the CTCAC application form <br />applicable to the existing credit reservation, updating where necessary (e.g., 2017 rents). <br />Table 2: Variance Analysis of Developer's Budget <br />USES <br />Budoet Item <br />Total Land CostNalue <br />Developer <br />$7,230,000 <br />CSG <br />$7,230,000 <br />Variance Explanation of Variance <br />$0 <br />Total Acquisition Cost <br />$2,413,522 <br />$2,413,522 <br />$0 <br />Total New Construction Costs <br />$13,236,620 <br />$13,236,620 <br />$0 <br />Total Architectural Costs <br />$830,000 <br />$830,000 <br />$0 <br />Total Survey and Engineering <br />$800,000 <br />$800,000 <br />$0 <br />Total Construction Interest and Fees <br />$1,467,534 <br />$1,467,534 <br />$0 <br />Total Permanent Financing Costs <br />$30,934 <br />$37,095 <br />$6,161 origination fee for higher loan amount <br />Total Attorney Costs <br />$205,001 <br />$205,001 <br />$0 <br />Total Reserve Costs <br />$140,564 <br />$140,564 <br />$0 <br />Total Appraisal Costs <br />$5,700_ <br />$5,700 <br />$0 <br />Total Continaencv Cost <br />$1,330.262 <br />$1,330.262 <br />$0 <br />CSG Iadvisors SAN FRANCISCO 65AI-AN • LOS ANGELES NEW YORK <br />