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21
<br /> SECTION IV
<br />LAND IMPROVEMENT INDIRECT
<br />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 />These DIFs are summarized below by product type.
<br />Table 22: D IF Summary by Product and Phase
<br />DIFs Phase 1 Phase 2 Phase 3 Total
<br />Apartment $73,609,896 $24,709,653 $17,925,866 $116,245,415
<br />Commercial $4,086,912 $1,927,749 $2,983,120 $8,997,782
<br />Hotel $10,150 $0 $0 $10,150
<br />Congregate $5,346 $0 $0 $5,346
<br />Amenity $42,693 $4,649 $46,334 $93,676
<br />Total DIFs $77,754,997 $26,642,051 $20,955,320 $125,352,369
<br />The DIFs do not include any potential DIF credits. We believe there may be credits, but they
<br />will be negotiated as part of the DA.
<br />G Bonds
<br />The City will require that the Developer provide Subdivision Agreements to ensure the
<br />completion of certain improvements. The typical method to guarantee the completion of
<br />improvements is to provide a subdivision completion bond. The subdivision bond costs for
<br />each phase of the Project are presented below.
<br />Table 23 : Subdivision Bond Costs
<br />Bonds Phase 1 Phase 2 Phase 3 Total
<br />Apartment $185,578 $68,502 $61,252 $315,332
<br />Commercial $6,665 $0 $0 $6,665
<br />Hotel $5,340 $0 $0 $5,340
<br />Congregate $4,790 $0 $0 $4,790
<br />Amenity $44,868 $1,586 $87,767 $134,221
<br />Backbone $26,825 $0 $0 $26,825
<br />Total Bonds $274,066 $70,088 $149,018 $493,172
<br />H Mitigation Allowance
<br />In most cases, retail leases are less than 10 years (although some offer tenant extension),
<br />and this should allow the owner to coordinate tenant move-outs in accordance with
<br />construction phasing. If there are existing tenant leases that could impact construction
<br />timing, the owner may incur lease termination costs to entice existing tenants to abandon
<br />their existing locations. We have included a $1.0 million allowance for the termination of
<br />existing lease obligations.
<br />Exhibit 10
<br />
<br />
<br />City Council 22 – 506 9/17/2024
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