|
EXHIBIT 3
<br />Cornerstone
<br />Sources & Uses City of Santa Ana
<br />Pre-Dev Preforms
<br />08/28/19
<br />175.121
<br />OR
<br />ELIGIBLE
<br />ELIGIBLE
<br />NOT
<br />TOTAL
<br />USES OF FUNDS•
<br />• •N
<br />REHAB COST
<br />HISTORIC
<br />Land at$1,475,410 Per Acre or$33.87 Per SF
<br />2,700,000
<br />0
<br />0
<br />0
<br />0
<br />2,700.000
<br />2114R9
<br />Basting Structure
<br />14.800,000
<br />14,800,000
<br />0
<br />0
<br />0
<br />0
<br />117,460
<br />Other Acquisition Costs
<br />1
<br />1
<br />0
<br />0
<br />0
<br />0
<br />0
<br />6,332,483
<br />Hard Cost Residential 7,295,020 57,897
<br />6,332,483
<br />0
<br />0
<br />6,332,483
<br />0
<br />50,268
<br />Site Improvements
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />General Conditions, Profit & Overhead 14.00%
<br />886.547
<br />0
<br />886,647
<br />0
<br />886,647
<br />0
<br />7,036
<br />GC Bond/Insurance/Letter of Credit 1.20%
<br />75,990
<br />0
<br />75,990
<br />0
<br />76,990
<br />0
<br />603
<br />Hard Cost Contingency 10.00%
<br />729,502
<br />0
<br />729,502
<br />0
<br />729,502
<br />0
<br />6,790
<br />Construction Interest (4%)al Perm. Rate +Obp 4.00%
<br />586,496
<br />0
<br />311,418
<br />0
<br />311,418
<br />275,078
<br />4,665
<br />Bridge Interest at 10.00%
<br />23,845
<br />0
<br />0
<br />0
<br />0
<br />23,845
<br />189
<br />Construction Loan Fees
<br />86,250
<br />0
<br />86,260
<br />0
<br />86,260
<br />0
<br />686
<br />Permanent Loan Fees
<br />119,350
<br />0
<br />0
<br />0
<br />119,350
<br />947
<br />0
<br />Bridge Loan Fees
<br />119
<br />0
<br />0
<br />119
<br />1
<br />119
<br />0
<br />4%Related Costs/Cast of Issuance
<br />288,275
<br />0
<br />275,000
<br />0
<br />276,000
<br />2,288
<br />13,276
<br />Accounting & Audit
<br />20,000
<br />0
<br />20,000
<br />0
<br />20,000
<br />169
<br />-cF
<br />Appraisal / Market Study
<br />20.000
<br />0
<br />20,000
<br />0
<br />20,000
<br />0
<br />169
<br />Architecture(Arohitect, Landscape Architect)
<br />570,000
<br />0
<br />670,000
<br />0
<br />570,000
<br />0
<br />4,524
<br />Civil Engineering
<br />245,000
<br />0
<br />246,000
<br />0
<br />246,000
<br />0
<br />1,944
<br />Construction Manager
<br />125,000
<br />0
<br />125,000
<br />0
<br />126,000
<br />0
<br />992
<br />Consultants (CM, Goo, LEED, Utilities, exc.)
<br />260,000
<br />0
<br />260,000
<br />0
<br />260,000
<br />0
<br />2,063
<br />Environmental (EIR, Phase I, Asbestos, exc.)
<br />50,000
<br />0
<br />60,000
<br />0
<br />60,000
<br />0
<br />397
<br />Financial Advisor/ Syndication Consultant
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Furnishings
<br />75,000
<br />0
<br />75,000
<br />0
<br />76,000
<br />0
<br />695
<br />Additional (City Repayment)
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Lease -up & Marketing Expenses
<br />100,000
<br />0
<br />0
<br />0
<br />0
<br />100,000
<br />794
<br />Legal
<br />200,000
<br />0
<br />180,000
<br />0
<br />180,000
<br />20,000
<br />1,687
<br />MHSA Construction Period Fees
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />363,880
<br />Operating& Debt Service Reserve (3-mo's/deb,3
<br />363,880
<br />0
<br />0
<br />0
<br />0
<br />2,888
<br />Other (Admin, Repro. & Reimb.)
<br />15.000
<br />0
<br />16,000
<br />0
<br />16,000
<br />119
<br />_
<br />0
<br />Other (6enI lgapections)
<br />25,000
<br />0
<br />26,000
<br />0
<br />25,000
<br />0
<br />198
<br />Other -Katerra CM fees
<br />150,000
<br />0
<br />160,000
<br />0
<br />150,000
<br />0
<br />1,190
<br />Insurance
<br />112,329
<br />127,709
<br />0
<br />0
<br />112,329
<br />127,709'
<br />0
<br />0
<br />112,329
<br />127,709
<br />0
<br />0
<br />892
<br />1,014
<br />Permit Fees
<br />Property Taxes
<br />38,400
<br />0
<br />38,400
<br />0
<br />38,400
<br />0
<br />305
<br />Relocation
<br />518,000
<br />0
<br />518,000
<br />0
<br />618,000
<br />0
<br />4,111
<br />Allowance- PV I Solar Thermal installation
<br />75.000
<br />0
<br />76,000
<br />0
<br />76,000
<br />0
<br />696
<br />Soft Cost Contingency 9.79%
<br />329,542
<br />0
<br />329,642
<br />0
<br />329,642
<br />0
<br />2,615
<br />54,000
<br />Tax Credit Fees (App., Mon., & Res.)
<br />56,000
<br />0
<br />2,000
<br />0
<br />2,000
<br />444
<br />Tide & Recording
<br />45,000
<br />0
<br />__
<br />12,260
<br />0
<br />32,250
<br />357
<br />12760
<br />Developer Overhead
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />1,834,300
<br />Developer Fee
<br />2,158,000
<br />323,700
<br />0
<br />2.158.000
<br />0
<br />17,127
<br />F ' • - I
<br />
|