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Addendum IV
<br /> Capital Improvement Loan Agreement
<br /> This Addendum IV, dated as of April 11, 2013, amends the Capital Improvement Loan Agreement(the
<br /> "Agreement") between the City of San Leandro("City")and Cornerstone Community Development Corporation
<br /> ("Participant") dated July 1, 2008 to indicate another revised Budget for the Participant's Rehabilitation Project
<br /> at its"Sister Me Home"facility.
<br /> Participant modified its original $50,000 budget, referenced by Addendum I to the Capital Improvement Loan
<br /> Agreement between the City of San Leandro and Cornerstone Community Development Corporation, dated
<br /> August 27, 2010. An additional $50,000 in federal Community Development Block Grant (CDBG) funds
<br /> increased the Participant's budget to $100,000, referenced by Addendum II to the Capital Improvement Loan
<br /> Agreement between the City of San Leandro and Cornerstone Community Development Corporation, dated
<br /> September 25, 2012. Addendum III to the Capital Improvement Loan Agreement between the City of San
<br /> Leandro and Cornerstone Community Development Corporation, dated December 4, 2012, changed the
<br /> Forgiveness Commencement Date of the loan from July 1, 2008 to July 1, 2013 for the$100,000 loan.
<br /> Participant has requested reallocation of its CDBG funds from several budget line items in order to provide
<br /> flexibility to cover expenses that are associated with the project, including the amount of effort Participant's
<br /> staff has put into the rehabilitation project. Participant has submitted to City this revised Budget. The amounts
<br /> in the previously approved budget are included for comparison purposes:
<br /> SISTER ME HOME-REVISED$100,000 CDBG Budget
<br /> TOTAL City of San Leandro
<br /> Development Budget PROJECT Approved Revised
<br /> COSTS Budget Budget
<br /> HARD COSTS
<br /> Total Hard Costs $ 477,470.00 $ 18,900.00 $ 18,900.00
<br /> SOFT COSTS
<br /> Temporary Relocation $ 20,000.00 $ - $ -
<br /> Archictectural and Engineering $ 30,000.00 $ 20,000.00 $ 27,949.91
<br /> Public Bid expenses $ 1,000.00 $ 1,000.00 $ 710.38
<br /> Building Permits $ 12,000.00 $ 12,000.00 $ 2,366.15
<br /> Utilities During Construction $ 5,500.00 $ 5,500.00 $ -
<br /> Builders Risk Insurance $ 6,000.00 $ 6,000.00 $ 1,703.85
<br /> Legal $ 2,000.00 $ 2,000.00 $ 2,000.00
<br /> Title/closing/recording costs $ 8,000.00 $ 8,000.00 $ 5,894.60
<br /> Environmental Reports $ 4,000.00 $ 3,100.00 $ 4,760.00
<br /> Appraisal/Accounting/Audit/Cost Cert./Legal $ 12,500.00 $ 12,500.00 $ 3,500.00
<br /> Project Management $ 23,000.00 $ 11,000.00 $ 16,785.00
<br /> Constr. Management oversight $ 14,000.00 $ - $ -
<br /> Project Admin incl carrying costs $ 22,960.00 $ - $ 15,430.11
<br /> Soft Cost Contingency $ 10,783.00 $ - $ -
<br /> Total Soft Costs $ 171,743.00 $ 81,100.00 $ 81,100.00
<br /> TOTAL PROJECT COSTS $ 649,213.00 $100,000.00 $100,000.00
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