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EXHIBIT 1
<br />TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />DEVELOPER PROPOSAL: $20 MILLION DEVELOPER FEE WITH NO DEFERRAL
<br />SANTA ANA ARTS COLLECTIVE
<br />SANTA ANA, CALIFORNIA
<br />1. Property Assemblage Costs
<br />Property Acquisition Costs
<br />a
<br />43,560 Sf Land
<br />$165
<br />/Sf Land
<br />$7,200,000
<br />Relocation Costs
<br />s
<br />11610,000
<br />Closing Costs
<br />0.4% Purchase Price
<br />80,000
<br />Total Property Assemblage Costs
<br />$8,840,000
<br />O, Direct Costs
<br />s
<br />AHSC Infrastructure Costs
<br />$1,288,000
<br />Off -alta Improvements
<br />1,126,000
<br />On•alte Improvements
<br />43,560 Sf Land
<br />$0
<br />/Sf Land
<br />0
<br />Residential Adaptive Reuse Costs
<br />d
<br />58 Units
<br />$207,100
<br />/Unit
<br />12,012,000
<br />Furnishings, Fixtures & Equipment
<br />275,000
<br />Contractor Fees/General Requirements
<br />10% Construction Costs
<br />7.,443,000
<br />Construction Bonds
<br />2% Construction Costs
<br />289,000
<br />Contingency Allowance
<br />5% Other Direct Costs
<br />$22,000
<br />Total Direct Costs
<br />S8 Units
<br />$297,500
<br />/Unit
<br />17,255,000
<br />III. Indirect Costs
<br />Arch, Eng, Consulting & Construction Mgt
<br />10% Direct Costs
<br />$1,726,OD0
<br />Public Permits & Fees
<br />5
<br />58 Units
<br />$24,080
<br />/Unit
<br />1,397,000
<br />Taxes, Insurance, Legal & Accounting
<br />3% Direct Costs
<br />518,000
<br />Marketing & Leasing
<br />58 Units
<br />$1,034
<br />/Unit
<br />60,000
<br />Developer Fee
<br />s
<br />8% Eligible Basis
<br />2,000,000
<br />Contingency Allowance
<br />5% Other Indirect Costs
<br />285,000
<br />Total Indirect Costs
<br />$519861000
<br />IV, Ffnancing Casts
<br />Interest During Construction
<br />Predevolopment Loan
<br />7
<br />$617,000
<br />Construction Loon
<br />s
<br />$21,128,000 Loanpmount
<br />3.52%
<br />Interest
<br />855,000
<br />Flnandng Fees
<br />Construction Loan
<br />$21,128,000 Loon Amount
<br />150
<br />Points
<br />317,000
<br />Permanent Loan
<br />$2,100,000 Loan Amount
<br />7.50
<br />Points
<br />32,000
<br />Operating Reserve
<br />3 Months Operating Expenses/Debt Service
<br />146,000
<br />TCAC Fees
<br />'
<br />97,000
<br />Totd Financing Costs
<br />$2,064,000
<br />V.
<br />Total Construction Costs
<br />58 Units
<br />$436,300
<br />/Unit
<br />25,305,000
<br />Total Development Costs
<br />$8 Units
<br />$588,700
<br />/Unit
<br />$34,1419,000
<br />r An appraisal prepared an August 21, 2015 by BC Valu estimates the fair market value of the property at 7,150,000.
<br />2 Based on Developer estimate. A relocation plan was not provided far review.
<br />' Estimates assume prevailing wage requirements will be Imposed on the Project,
<br />4 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 />This is the maximum amount allowed to be Included in the Project by TCAC.
<br />Based on Developer estimate,
<br />' 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,ODO application fee; $410/unit monitoring fee; and 4% of the gross Tax Credit proceeds for one year,
<br />Pmpored by; Keyser Marston Assodates, Inc.
<br />Filoname: Mata_2 2617; PF 9%; trb
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