ATTACHMENT NO. 5
ATTACHMENT NO. 5
PROJECT BUDGET
Activities Cost
Demo Balconies - replace sliders with window inserts $227,500 Foam overlay on Roof $85,000
Fumigate entire building $35,000
Offsite Lodging for Tenants $38,070
Off site Meals for Tenants $21,150
Paint Exterior of Building $50,000
Paint Interior of Building (Common area hallways and lobby) $28,000 Replace Carpeting (Common area hallways and lobby) $30,000 Upgrades to units $100,000
ADA Related Upgrades (bathrooms, countertops, misc) $250,000 Elevator Repairs $150,000
SOLAR repairs $50,000
Relocation Costs $25,000
Soft Costs (permits, engineering, etc.) $30,000
Misc. Holding Costs (Insurance, taxes, temp fencing, etc.) $25,000 Contingency $114,472
Developer Admin/Overhead (Project Mgmt.) $39,000
GROSS COSTS $1,298,192
Payoff Existing BANK Loan $30,000
Payoff Existing CITY Loan $48,000
TOTAL COSTS $1,376,192
Net New Cost if CI TY loan is subordinated and kept in place $1,328 ,192