|
EXHIBIT 1
<br />Judson Brown, City of Santa Ana
<br />May 9, 2417
<br />Santa Ana Arts Collective Financial Feasibility
<br />Page 3of5
<br />Table 2: Variance Analysis of Developer's Budget (Cont.)
<br />Budget Item
<br />Devalaoar
<br />,{;,$,G,
<br />Varl—an ca
<br />HxoleMtlen of Variance
<br />Developer has provided documentation
<br />CCRC
<br />$2,093,389
<br />$2,709,532
<br />$616,143
<br />supporting $1,486,811 of Relocation wets,
<br />Clty of Santa Ano —
<br />--� $4,635,000
<br />$4,635,000
<br />$0
<br />rather than the $1,610,00 Included In the
<br />AHSC
<br />$22,500
<br />$22500
<br />$0
<br />budget. We have therefore reduced the
<br />Total Other Costs
<br />14ALS627
<br />$4.365.435
<br />($123,189)
<br />Relocation by the difference (i.e.,$123,1$9)
<br />Subtotal Development Costs
<br />$32,178,764
<br />$32,061,736($119_,028)
<br />$0
<br />Cevald rOverhesd/Pro$t
<br />1)0.00
<br />$2,000,01V
<br />$0
<br />Correction of deferred fee to net present
<br />I,TatalProProject Coat
<br />$34,175,744,
<br />$34,061,736'__
<br />($ 94&55
<br />value of maximum 1 S•year cash flaw
<br />Federal Tak Credit Equity _ $17,704,254 17 .163 11417 $7developer _ _
<br />rTotal Sources -_ --$34,178,757____ $32,580,522 ($1,364,180)_ __^_ ____ _ ____ _ ,__ _4I
<br />.,FINANCING GAP. _ �a .... ($7)_` ($1,481,215}
<br />Discussion ofTpb„I,e 1
<br />The "Uses" portion of Table 1 shows the Developer's budget, contrasted with necessary modifications
<br />proposed by CSG.
<br />Total Permanent Financing Costs: The Developer's budget reflects origination fee of 1 % (per CCRC
<br />term sheet) of a permanent loan amount of $2,093,389. We have adjusted the fee to reflect a loan
<br />amount of $2,709,532 (reflecting higher 2017 restricted rents as publlshed by CTCAC), The loan
<br />amount reflects;
<br />Debt
<br />mladvlsors SAN FRANCISCO LOS ANGELES NEW YORK
<br />Increase loan amount assuming 2017 CTCAC
<br />rents and underwriting rate of 5.65%
<br />CCRC
<br />$2,093,389
<br />$2,709,532
<br />$616,143
<br />(conaistent with CCRC termsheat)
<br />Clty of Santa Ano —
<br />--� $4,635,000
<br />$4,635,000
<br />$0
<br />AHSC
<br />$22,500
<br />$22500
<br />$0
<br />—_
<br />AHSC
<br />$1,258,000
<br />$1,288,000
<br />$0
<br />AHSC
<br />$4,944,130
<br />$4,944,130
<br />$0
<br />Correction of deferred fee to net present
<br />value of maximum 1 S•year cash flaw
<br />available after asset and partnership
<br />Federal Tak Credit Equity _ $17,704,254 17 .163 11417 $7developer _ _
<br />rTotal Sources -_ --$34,178,757____ $32,580,522 ($1,364,180)_ __^_ ____ _ ____ _ ,__ _4I
<br />.,FINANCING GAP. _ �a .... ($7)_` ($1,481,215}
<br />Discussion ofTpb„I,e 1
<br />The "Uses" portion of Table 1 shows the Developer's budget, contrasted with necessary modifications
<br />proposed by CSG.
<br />Total Permanent Financing Costs: The Developer's budget reflects origination fee of 1 % (per CCRC
<br />term sheet) of a permanent loan amount of $2,093,389. We have adjusted the fee to reflect a loan
<br />amount of $2,709,532 (reflecting higher 2017 restricted rents as publlshed by CTCAC), The loan
<br />amount reflects;
<br />Debt
<br />mladvlsors SAN FRANCISCO LOS ANGELES NEW YORK
<br />
|