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Page 1: Summary for the OPLA
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<br />Assumptions County Alameda
<br />Site Area (Acres) 1.46 City San Leandro
<br />Number of Units 100
<br />Parking Spaces ~ Ratio ~ Type 102 Total Clty Funds f9,100,000
<br />Density (DUAC) 69 Aggregate Subsidy / UnR 591,000
<br />A. DEVELOPMENT BUDGET SUMMARY 8. UN1T MIX AND RENTS C. FINANCING ASSUMPTIONS F. SOURCES OF FUNDS
<br /> Total % Median Construction Permanent
<br />Description Amount Unit Description Income Oty. Units Rent 1 Permanent Mortgage Total Perm Mortgage $2,597.332 Description Period Period
<br />________ ________ ______ _______ _______
<br />_______
<br />Rate
<br />6.00%
<br />___._
<br />_-_____
<br />___-____
<br />Acquisition & Related $37,500 1 Bedroom 20 % 0 $307 Term 25 Perm. Mortgage $0 $2;597,332
<br />Gonstru cfion: Ofi-Site Costs 50 35 % 12 $549 DCR t20 Construction Loan 522 672,685 50
<br />Construction: Building $20,404.088 40 % 9 $630 Investor Pay In $1,000.000 $12.288.815
<br />Construction: Parking $2.972,280 50% 4 $791 2 Construction Loan Total $22.672,685 GP Pay In 50 $200,000
<br />Construction: General Conditions, Proft $2,188,783 100 % 0 $0 Rate 5.00 % State TOD Funds 4,406.210 4,406,210
<br />Hard Cost Contingency $2,556.515 Term (Months) 26 City of San Leandro 9.100,000 9,100.000
<br />Architecture/Engineering $2,127,300 2 Bedroom. 1 Batt ZO % 0 $365 Draw Down 55°/ State MHP Funds $0 $8,824,538
<br />Legal $55,000 35% 16 $656 LTV 61°/ ------- --------
<br />Appraisal/Market Sfudy $25,000 40 % 12 $752 50% 7EST 17,944,709
<br />Marketing/Lease-up $150.000 50 % 6 $946
<br />Audit/Cost Certifcation $28.000 100% 0 $0 3 MHP Funds Award 8,824.538 Total Sources f37,179,696 E37,418,695
<br />7ille $60.000 State of CaliPomia Rate 3
<br />Furnishings and Equipment $125.000 3 Bedroom 20 % 0 $421 Term 55 USES OF FUNDS
<br />Permits and Fees $2,240,299 35% 19 $756 Loan Limit 8.824,538 Acquisition $37,500 $37.500
<br />SoR Cost Contingency and Reserves $342.595 40% t4 $868 Construction $28,121 066 $28,121,666
<br />Insurance $281217 SO % B $1,092 4 Investor Pay fn Total Credits $12.288.815 Indirect Expenses $4,800.599 $4,810,599
<br />Property Taxes $65,000 100% 0 $0 4%Tax Credits Federal Rate f0.79 Financing and Carry Costs $2.538,968 52538,968
<br />Construction Loan Interesf/Fees $2,177,751 -------- ----- ----- -------- State Gross Rate f0.60 Contingency & Reserve 5342595 $342,595
<br />Bridge Loan InteresVFees $15,000 Totals 100 State Gross Pay-in $2,796.450 -------- --------
<br />Permanent Loan Fees/Costs $0 State Credit Rate 13.00 % Subtotal $35.841.327 $35,851,327
<br />Syndica6onlOrg Fees/Developer Fee $1,565,567 Organizational Expenses am $1337.567 $1,565,567
<br /> S City Contribution Amount $9,100,000
<br />-
<br />--
<br />-------
<br />TOTAL DEVELOPMENT COSTS $37,416.895 6 GP Contrbution Amount 5200,000 Total Uses -
<br />-
<br />f37,178,695 f17,d16,895
<br /> 7 State TOD Funds Amount 4.406270 NET SURPLUS(SHORTFAL $0 $0
<br /> Garage Contribution $3,392.000 =______ _________
<br /> Impact Fee Contributi on $1,014210
<br />The Alameda Proforma MHP 4°/ 032509
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