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EXHIBIT 1 Natalie Verlinich, City of Santa Ana April 15, 2016 First Street Apartments: Financial Gap Analysis Page 5 Direct Costs The direct cost estimates assume that the Project will not be subject to State of California or Federal Davis Bacon prevailing wage requirements. The direct costs applied in this analysis are estimated at $14.38 million, and can be summarized as follows: 1. A $550,000 allowance for remedial work and demolition costs Is provided, 2, The Developer estimated the off-site improvement costs at $319,000. City staff should verify the scope and cost of the off-site improvements required to serve the Project. 31 The on-site improvement costs are estimated at $17 per square foot of land area, or $1.63 million. 4. The residential shell costs are estimated at $115 per square foot of residential GOA, or $9.34 million. 5. A $76,000 allowance for furnishings, fixtures and equipment is provided. 6. A 106 allowance for contractor fees and general requirements Is provided. 7. An allowance for construction bonds /general liability insurance at 2% of construction costs is provided. 8. A direct cost contingency allowance equal to 5% of other direct costs is provided. indirect Costs KMA estimated the indirect costs at approximately $6.5 million, based on the following assumptions: 1. The architecture, engineering and consulting costs are estimated at 10% of direct costs. 2. The Developer estimated the public permits and fees costs at $2.2 million, or $31,900 per unit. City staff should verify the accuracy of this estimate. M4007SA?a8 19080.014.003 80A-52