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TABLE 1
<br />ESTIMATED DEVELOPMENT COSTS
<br />FIRST STREET APARTMENTS
<br />SANTA ANA, CALIFORNIA
<br />1. Property Assemblage Costs
<br />Property Acquisition Cost%
<br />Relocation Costs
<br />Closing Costs
<br />Total Property Assemblage Costs
<br />Direct Costs
<br />Re medlel Work / Demolition
<br />Off-site Improvements
<br />On-site Improvements
<br />Resldantial Shell Costs
<br />Furnishings, Fixtures & Equipment
<br />Contractor Fees/ GeneralRgts
<br />Construction Bonds
<br />Contingency All owanca
<br />Total Olrect Costs
<br />Indirect Costs
<br />Architecture, Englnoering &Consulting
<br />PublIc Permits & Fees
<br />Taxes, Insurance, Legal &Accounting
<br />Marketing & Leasing
<br />Developer Fee
<br />Contingency Allowance
<br />Total Indirect Casts
<br />IV. Financing Costs
<br />Interest During Construction
<br />Acquisltlon Loan #1
<br />Acquisition Loan N2
<br />Predavelopment Loan
<br />Construction Loan
<br />Financing Fees
<br />Acquisition Loan Al
<br />Construction Loan
<br />Permanent Loan
<br />Operating Reserve
<br />TCAC Fees
<br />Total Financing Costs
<br />EXHIBIT 1
<br />1 93,854 Sf Land
<br />$48
<br />/Sf Land
<br />$4,500,000
<br />z
<br />21201,000
<br />3% Direct Costs
<br />942,000
<br />a 0.6% Purchase Price
<br />69 Units
<br />$1,700 /Unit
<br />25,000
<br />s 11% Eligible Basis
<br />2,000,000
<br />$5,467,00tl
<br />s
<br />309,000
<br />4
<br />$3,743,000 Loan Amount
<br />4.70% Interest
<br />$550,000
<br />r $1,151,000 Loan Amount
<br />9,25% Interest
<br />151,000
<br />319,000
<br />93,654 Sf Land
<br />$17
<br />/Sftand
<br />1,628,000
<br />81,218 Sf GSA
<br />$115
<br />/5fGBA
<br />9,840,000
<br />$16,992,000 Loan Amount
<br />2.00 Points
<br />340,000
<br />76,OOD
<br />14% Construction Costs
<br />170,000
<br />3 Months Operating Exp / Debt Svc
<br />1,580,000
<br />2% Construction Costs
<br />7L000
<br />226,000
<br />591 Other Direct Costs
<br />658,000
<br />81,218 Sf GSA $177 /Sf GBA
<br />$14,377,000
<br />10% Diract Costs
<br />$1,438,000
<br />s 69 Units
<br />$31,900 /Unit
<br />21201,000
<br />3% Direct Costs
<br />43LOOO
<br />69 Units
<br />$1,700 /Unit
<br />117,000
<br />s 11% Eligible Basis
<br />2,000,000
<br />5% Other Indlmct Costs
<br />309,000
<br />$6,496,000
<br />$3,743,000 Loan Amount
<br />4.70% Interest
<br />$440,000
<br />r $1,151,000 Loan Amount
<br />9,25% Interest
<br />151,000
<br />$2,209,000 Loan Amount
<br />5.2S% Interest
<br />290,000
<br />a $16,992,000 Loan Amount
<br />2.50M Interest
<br />446,000
<br />$3,743,000 Loan Amount
<br />1.00 Points
<br />370000
<br />$16,992,000 Loan Amount
<br />2.00 Points
<br />340,000
<br />$8,477,000 Loan Amount
<br />2.00 Points
<br />170,000
<br />3 Months Operating Exp / Debt Svc
<br />22L000
<br />s
<br />7L000
<br />$2,166,000
<br />V. Total Development costs 86 Units $413100 Unit $28,S06,000
<br />1 Bosed on Developer estimate and supported by an appraisal prepared by Lidgam and Associates, Ina. on January2D, 2015.
<br />e Based on Developer estimate. Overland, Pacific &Colter, Inc. prepared a relocation plan on Docomber 18, 2015, and estimated the relocation
<br />expenses at $865,000. The $77,000 in additional costs are assumed to be the estimated casts to Implement the reloca#lon plan.
<br />a Based on Develop or estimate.
<br />4 Estimates assume prevailing wage requirements will not be imposed on the Project.
<br />a Based on Developer estimate. The estimate should be verified by Clry staff.
<br />a This represents the maximum amount allowed by TCAC to be Included in the Project's total development costs.
<br />The Developer provided an acquisition loan to the Project with a 10% interest rate. KMA contends that the maximum Interest rate that should be
<br />charged on this loan is 5.25% which Is equal the interest rate on the predevelupment loan.
<br />s Includes debt on the 80% of the Tax Credit Equltythotwlll not befunded during construction. Assumes a 16 -month construction period with a 60%
<br />average outstanding balance and a 3 -month absorption period with a 100% average outstanding balance,
<br />s Includes a$2,000 applicatlon fee;$410/unit monitoring fea;and 4% ofthe gross Tax Credit proceeds for one year.
<br />Prepared by, Keyser Marston Associates, Inc.
<br />Flle name! AMCAL 4 1516; PP_.9%; tris
<br />L4* 1 M •
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