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Washington - Uses- Development Budget
<br />Y
<br />ACQUISITION
<br />Lesser of Land Cost or Value $ 655,000
<br />Legal: Acquisition $ 16,250
<br />Subtotal Acquisition $671,250
<br />CONSTRUCTION
<br />Structures $ 7,870,104
<br />Furnishings Excluded From Contract $ 40,851
<br />PV/Solar $ 125,000
<br />General Requirements $ 119,927
<br />GC Overhead $ 359,779
<br />Contractor Profit $ 639,607
<br />Construction Bonds $ 120,000
<br />Builders Risk Insurance $ 100,000
<br />Construction Contingency $ 318,819
<br />Subtotal Construction $9,694,087
<br />SOFT COSTS
<br />Local Development Impact Fees $ 798,085
<br />Permit Processing Fees $ 216,000
<br />Environ mental Studies $ 7,500
<br />Appraisal $ 10,000
<br />Survey & Engineering $ 136,170
<br />Architectural Design $ 323,936
<br />Architectural - Supervision $ 20,426
<br />Market Study $ 7,500
<br />LEED Consulting/App./Fees $ 25,000
<br />Syndication Consultant $ 11,875
<br />Construction Inspection $ 13,000
<br />Legal: Construction $ 3,750
<br />Legal: Permanent $ 5,000
<br />Legal: Organization of Partnership $ 5,000
<br />Legal: Syndication $ 7,500
<br />Title/Recording/Escrow - Construction $ 3,750
<br />Const Loan Interest $ 379,004
<br />Marketing (lease-up, Advertisement, Se t $ 27,500
<br />Insurance During Construction/Operatio r $ 35,000
<br />Real Estate Taxes $ 51,064
<br />TCAC App/Allocation - (Mont. Fee Below ) $ 7,052
<br />Soft Cost Contingency $ 170,213
<br />Investor Due Diligence $ 13,625
<br />Audit/Cost Certification $ 7,500
<br />Developer Fee (Profit) $ 1,234,935
<br />Developer Fee (Overhead) $ 529,258
<br />Subtotal Soft Costs $4,049,643
<br />COSTS DEFERRED UNTIL CONVERSION
<br />Title/Recording/Escrow - Permanent $ 2,500
<br />Operating Reserve $ 182,851
<br />Replacement Reserve $ 34,200
<br />TCAC Monitoring Fee $ 14,481
<br />Subtotal Deferred Costs $234,032
<br />FINANCING COSTS
<br />Issuer Fee $ 13,690
<br />Issuer Financial Advisor $ 8,750
<br />Bond Counsel $ 12,500
<br />Constr. Lender Orig. Fees $ 73,014
<br />Constr. Lender Expense $ 40,851
<br />Constr. Lender Legal $ 11,250
<br />Perm Lender Orig. Fees $ 19,871
<br />CDLAC Fee $ 2,555
<br />CDIAC Fee $ 1,095
<br />Subtotal Financing Costs $183,577
<br />TOTAL DEVELOPMENT COST $14,832,588
<br />D-2
<br />DOCSOC/ I469583v5/200272-0003
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