|
EXHIBIT 3
<br />ACQUISITION
<br />COSTS
<br />Residential Total
<br />Rental
<br />Development
<br />Component Costs
<br />Costs
<br />9%tax credits
<br />LIHTC Equity
<br />Investment
<br />Local Private
<br />City of Santa Ana - Bank of America -
<br />Successor Agency Construction
<br />funds Loan
<br />Private
<br />Deferred Costs
<br />SOURCES
<br />TOTAL
<br />Lesser of Land Cost or Value
<br />$4,500,000
<br />$4,500,000
<br />$4,500,000
<br />$4,500,000
<br />Legal & Closing Costs
<br />$19,375
<br />$19,375
<br />$19,375
<br />$19,375
<br />Verifiable Carrying Costs
<br />$765,983
<br />$765,983
<br />$765,983
<br />$765,983
<br />Other: (Predevelopment Loan Interest
<br />$61,000
<br />$61,000
<br />$61,000
<br />$61,000
<br />Total Acquisition
<br />$5,346,358
<br />$5,346,358
<br />$5,346,358
<br />Permanent Relocation
<br />$955,161
<br />$955,161
<br />$955,161
<br />$955,161
<br />Total Relocation
<br />CONSTRUCTION
<br />Off -Site Improvements
<br />5955,161
<br />$193,393
<br />$955,161
<br />$193,393
<br />$193,393
<br />$955,161
<br />$193,393
<br />Site Work (hard costs)
<br />$1,945,880
<br />$1,945,880
<br />$1,945,880
<br />$1,945,880
<br />Structures (hard costs)
<br />$11,253,686
<br />$11,253,686
<br />$11,253,686
<br />$11,253,686
<br />Demolition & Remediatoin
<br />$350,000
<br />$350,000
<br />$350,000
<br />$350,000
<br />General Requirements
<br />$1,075,033
<br />$1,075,033
<br />$1,075,033
<br />$1,075,033
<br />Contractor Overhead
<br />$457,696
<br />$457,696
<br />$457,696
<br />$457,696
<br />Contractor Profit
<br />$457,696
<br />$457,696
<br />$457,696
<br />$457,696
<br />Total Construction
<br />$15,733,384
<br />$15,733,384
<br />$15,733,384
<br />ARCHITECTURAL
<br />Design
<br />1 $941,5501
<br />$941,5501
<br />1
<br />$941,5501
<br />1
<br />1
<br />941,550
<br />Total Architectural Costs
<br />$941,550
<br />$941,550
<br />$941,550
<br />SURVEY & ENGINEERING
<br />burvev & Enaineenna
<br />S480,0461
<br />80,046
<br />$394,8191
<br />85,227
<br />$480,046
<br />Environmental Consultants
<br />$205,650
<br />$205,650
<br />$205,650
<br />$205,650
<br />Misc. Consultants
<br />$13,051
<br />$13,051
<br />$13,051
<br />$13,051
<br />Total Surve & En ineerin
<br />CONTINGENCYCOSTS
<br />Hard Cost Contingency
<br />$698,747
<br />1 $786,6691
<br />$698,747
<br />786,569
<br />$786,6691
<br />i
<br />$698,747
<br />$786,669
<br />Soft Cost Contingency
<br />$465,550
<br />$465,550
<br />$465,550
<br />$465,550
<br />Total Contin enc Costs
<br />CONSTRUCTION PERIOD EXPENSES
<br />Construction Loan Interest
<br />$1,252,219
<br />$820,239
<br />$1,252,219
<br />$820,239
<br />$820,239
<br />$1,252,219
<br />$820,239
<br />Origination Fee
<br />$225,295
<br />$225,295
<br />$225,295
<br />$225,295
<br />Improvement Bond Premium
<br />$15,000
<br />$15,000
<br />$15,000
<br />$15,000
<br />Closing Costs
<br />$30,000
<br />$30,000
<br />$30,000
<br />$30,000
<br />Property Taxes
<br />$130,542
<br />$130,542
<br />$130,542
<br />$130,542
<br />Insurance During Construction
<br />$196,667
<br />$196,667
<br />$196,667
<br />$196,667
<br />Title and Recording Fees
<br />$57,000
<br />$57,000
<br />$57,000
<br />$57,000
<br />Total Construction Expenses
<br />PERMANENT FINANCING EXPENSES
<br />Loan Origination Fee(s)
<br />$1,474,743
<br />$76,870
<br />$1,474,743
<br />$76,870
<br />$76,870
<br />$1,474,743
<br />$76,870
<br />Closing Fees & Reports
<br />$20,000
<br />$20,000
<br />$11,643
<br />$8,357
<br />$20,000
<br />Title and Recording Fees
<br />$10,000
<br />$10,000
<br />$10,000
<br />$10,000
<br />Insurance
<br />$50,0001
<br />$50,000
<br />$50,000
<br />$50,000
<br />Total Permanent Financing
<br />$156,8701
<br />$156,870
<br />5156,870
<br />LEGALFEES
<br />Construction Lender Legal Expenses
<br />$80,000
<br />$80,000
<br />$80,000
<br />$80,000
<br />Permanent Lender Legal Fees
<br />$20,000
<br />$20,000
<br />$20,000
<br />$20,000
<br />Sponsor Legal Fees
<br />$150,000
<br />$150,000
<br />$150,000
<br />$150,000
<br />Total Legal Fees
<br />CAPITALIZED RESERVES
<br />$250,000
<br />$250,000
<br />1
<br />1
<br />1
<br />$250,000
<br />Operating Reserve
<br />$214,053
<br />$214,053
<br />$214,053
<br />$214,053
<br />Total Capitalized Reserves
<br />REPORTS
<br />$214,053
<br />5214,053
<br />$214,053
<br />Appraisal & Market Study
<br />$31,125
<br />$31,125
<br />$31,125
<br />$31,125
<br />Other: Accounting
<br />$54,900
<br />$54,900
<br />$54,900
<br />$54,900
<br />Total Reports & Studies
<br />$86,025
<br />$86,025
<br />$86,025
<br />TCAC App./Alloc./Monitor Fees
<br />$119,548
<br />$119,548
<br />$119,548
<br />$119,548
<br />Local Permit Fees
<br />$693,785
<br />$693,785
<br />$511,029
<br />$182,756
<br />$693,785
<br />Other Impact Fees
<br />$1,331,050
<br />$1,331,050
<br />$128,564
<br />$1,202,486
<br />$1,331,050
<br />Furnishings
<br />$75,900
<br />$75,900
<br />$75,900
<br />$75,900
<br />Marketing
<br />$114,999
<br />$114,999
<br />$29,772
<br />$85,227
<br />$114,999
<br />Total Other Costs
<br />DEVELOPER COSTS
<br />52,335,282
<br />52,335,282
<br />$2,335,282
<br />Developer Fee/Overhead/Profit
<br />$1,944,9891
<br />1,944,989
<br />$170,454
<br />1
<br />$629,341
<br />$1,145,194
<br />$1,944,989
<br />Other: Non -Profit Partner Fee
<br />I 1 $100,0001
<br />$100,0001
<br />$100,0001i
<br />I
<br />1
<br />$100,000
<br />Total Developer Costs
<br />1 1 $2,044,9891
<br />$2,044,9891
<br />1
<br />1
<br />1
<br />1
<br />$2,044,989
<br />TOTAL DEVELOPMENT COST
<br />1 1 $31,489,3811
<br />$31,489,3811
<br />$2,291,9441
<br />$8,522,7401
<br />$19,529,5031
<br />$1,145,1941
<br />$31,489,381
<br />3-102
<br />
|