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32 <br /> SECTION VIII <br />MARKETING COSTS <br /> <br /> <br /> <br />Related Bristol at 3600 South Bristol Street September 27, 2023 <br />Land Residual Value Study Report <br /> <br />www.FinanceDTA.com <br />VIII MARKETING COSTS <br />Marketing costs related to for-sale product usually include sales commissions, closing <br />costs, warranty, general marketing costs, sales office design and construction, model <br />maintenance, model upgrades, model landscaping, sales and model staff salaries, and <br />master marketing program costs. However, since the entire Project is a for-rent program, <br />we included an estimate of closing costs (since we assumed all products would be sold to <br />determine LRV) and an allowance for marketing costs during the rent-up period. <br />Table 47: Marketing Cost Allowance <br />Marketing Costs Phase 1 Phase 2 Phase 3 Total <br />Closing Costs $1,484,144 $443,548 $359,554 $2,287,246 <br />Marketing Costs $5,688,144 $1,908,018 $272,587 $7,868,749 <br />Total Marketing Costs $7,172,288 $2,351,566 $632,141 $10,155,994 <br /> <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 517 9/17/2024