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33 <br /> SECTION IX <br />FINANCE 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 />IX FINANCE COSTS <br />Finance c osts include property taxes, construction loan interest, construction loan fees, and <br />third-party fees. We assumed an interim loan rate of 7.0% and a loan fee equal to 1.0%. We <br />were not provided with a debt-to-equity structure, so we assumed there would be no initial <br />equity. However, the Developer would fund 10% of the costs, as incurred. <br />Table 48 : Finance Cost Estimate <br />Finance Costs Phase 1 Phase 2 Phase 3 Total <br />Property Taxes $161,035 $48,127 $39,013 $248,174 <br />Construction Loan Interest $28,438,394 $8,499,035 $6,889,589 $43,827,018 <br />Construction Loan Fee $6,745,695 $2,016,003 $1,634,237 $10,395,935 <br />Equity Lender Financing $35,345,124 $10,563,165 $8,562,839 $54,471,128 <br /> <br />Exhibit 10 <br />  <br />  <br />City Council 22 – 518 9/17/2024