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<br />SECTION IV
<br />LAND IMPROVEMENT INDIRECT
<br />COSTS
<br />These DIFs are summarized below by product type.
<br />Table 22: DIF Summary by Product and Phase
<br />JL
<br />Apartment
<br />$73,609,896
<br />$24,709,653
<br />$17,925,866
<br />$116,245,415
<br />Commercial
<br />$4,086,912
<br />$1,927,749
<br />$2,983,120
<br />$8,997,782
<br />Hotel
<br />$10,150
<br />$0
<br />$0
<br />$10,150
<br />Congregate
<br />$5,346
<br />$0
<br />$0
<br />$5,346
<br />Amenity
<br />1 $42,693
<br />$4,649
<br />$46,334
<br />1 $93,676
<br />Total DIFs
<br />1 $77,754,997
<br />$26,642,051
<br />1 $20,955,320
<br />1 $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 />Apartment
<br />$185,578
<br />$68,502
<br />$61,252
<br />$315,332
<br />Commercial
<br />$6,665
<br />$0
<br />$0
<br />$6,665
<br />Hotel
<br />$5,340
<br />$0
<br />$0
<br />$5,340
<br />Congregate
<br />$4,790
<br />$0
<br />$0
<br />$4,790
<br />Amenity
<br />$44,868
<br />$1,586
<br />$87,767
<br />$134,221
<br />Backbone
<br />$26,825
<br />$0
<br />$0
<br />$26,825
<br />Total Bonds
<br />$274,066
<br />$70,088
<br />$149,018
<br />$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 />Related Bristol at 3600 South Bristol Street
<br />Land Residual Value Study Report
<br />Exhibit 10
<br />September 27, 2023
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