ATTACHMENT A - PROJECT BUDGET
Per
USES OF FUNDS Total Budget Residential Non-Residential
Unit
ACQUISITION COSTS
Total Purchase Price - Reai Estate:
6,400,000
Land - Heritage Square South 6,400,000 91.429 5,850,798 549.202 Legal - Acquisition 25,000 357 22,855 2,145
Off-site Improvements 574.258 8,204 524.979 49,279
HARD COSTS
NEW CONSTRUCTION
Hard Costs-Unit Construction 22,814,679 325,924 20,856.887 1,957,792 Site Improvements/Landscape 1,355.612 19.366 1,239,283 116,329 GC - General Conditions 1,053,487 15,050 963.084 90,403 GC - Overhead & Profit 1,404,649 20,066 1,284,112 120,537 GC - Insurance 200,163 2,859 182,986 17,177
GC - Bond Premium 200,163 2.859 182,986 17.177
Contingency - Owner's Construction 2050.000 29,286 1,874.084 175,916
SOFT COSTS
Architecture - Design 1,010,000 14,429 923.329 86,671
Design/Engineering - Landscape 50,000 714 45,709 4,291
Design/Engineering - Acoustic 10,000 143 9,142 3581
Design/Engineering - CASP 40,000 571 36.567 3,433
Design/Engineering - Civil 125,000 1,786 114.273 10,727 Design/Engineering - PV 40,000 5713 36,567 3,433
Geotech/Soils Report 65,000 929 59.422 5,578
Phase I/l/Toxics Report 40,000 571 36,567 3,433
Special Inspections/Testing 75,000 1,071 68,564 6.436
Prevailing Wage Monitor 20,000 286 18,284 1,716
LEED / HERS Rater 30,000 429 27,426 2,574
Owner's Rep / Construction Supervision 136,500 1,950 124,787 11,713 Consultant: Interior Design 73,000 1,043 66,736 6,264
Local Development Impact Fees 1,084,703 15,496 991,622 93,081 Impact Fee Waiver 1.721,574 24,594 1,573,841 147,733
Local Permits/Fees 589,989 8,428 539.360 50,629
Utity Connection Fees 50,000 714 45,709 4,291
Relocation - Permanent 400.000 5,714 365.675 34,325
Real Estate Taxes During Const 66,446 949 60,744 5,702
Insurance During Const 800,000 11,429 731,350 68,650
Appraisal 15,000 214 13,713 1.287
Market/Rent Comp Study 15,000 214 15,000
Community Outreach 150.000 2,143 137,128 12,872
Soft Cost Contingency 332,424 4,749 303,898 28,526
Construction Loan Interest 1,478,581 21,123 1,351,700 126,881 Accrued Interest - City of Pasadena Land 262,480 3,750 239,956 22.524 Accrued Interest - City of Pasadena 286,787 4,097 262,177 24,610 Title/Recording/Escrow - Construction 40,000 571 36.567 3,433 Tile/Recording/Escrow-Permanent 10.000 571 36.567 3,433 Legal (Owner): Construction Closing 100,000 1,429 91,419 8,581 Permanent Closing 100,000 1,429 91,419 8,581
Syndication - GP 47,000 671 47,000
Syndication Consulting 80,000 1,143 80.000
Audit/Cost Certification 50,000 714 50,000
TCAC Application/Res/Monitoring Fee 110,973 1,585 110,973 Marketing 37,100 530 37,100
Furnishings Not in Contract 441,500 6,307 111,500
Start-up /Lease-up Expenses 175,000 2,500 175.000
Capitalized Operating Reserve (6 mos.) 629,099 8,987 629,099 Developer Fee 2,200,000 31.429 2,011.212 188,788
COSTS OF ISSUANCE/FINANCING FEES
Construction Lender Origination Fee 223,519 3,193 204.339 19,181 Construction Lender Expenses 30,000 429 27.426 2,574
Construction Lender Counsel 60,000 857 54.851 5,149
Permanent Lender Expenses 123,001 1,757 123,001
Permanent Lender Counsel 45,000 643 45,000
Permanent Loan Origination Fee 89,930 1,285 88,930
TOTAL DEVELOPMENT COSTS - 49,667,617 709,537 45,563,703 4,103,915