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November 26, 2014 <br /> 9.A. - Page 26 icentive Zoning/Community Benefits Program Page 10 <br /> Figure 6 Low-Rise Residential Pro Forma Analysis <br /> DEVELOPMENT PROGRAM ASSUMPTIONS <br /> Site(Square Feet) 20,000 <br /> Dwelling Units 12 <br /> Gross Building Area(Square Feet) 1,000 per Unit 12,000 <br /> Rentable Area(Square Feet) 85% of GBA 10,200 <br /> Structured Parking Spaces 0 <br /> Suface Parking Spaces 12 <br /> BUILDING VALUE <br /> Gross Potential Rent(FS) $3.75 per SF/Month $459,000 <br /> Losses to Vacancy 5.0% of GPR -$22,950 <br /> Collection Losses 0.0% of GPR $0 <br /> Losses to Concessions 0.0% of GPR $0 <br /> Other Revenue(Parking) $50 per Space/Month $0 <br /> Gross Revenue $436,050 <br /> Operating Expenses $1.50 per SF/Month -$183,600 <br /> Net Operating Income $252,450 <br /> Building Value 5.00% Capitalization Rate $5,049,000 <br /> Disposition Cost 3.0% of Building Value -$151,470 <br /> Net Building Value $4,897,530 <br /> PROJECT COSTS <br /> Construction Costs <br /> Basic Site Work $20 per site SF $400,000 <br /> Building Direct Cost $125 Cost/SF(GBA) $1,500,000 <br /> Structured Parking Direct Cost $20,000 per Space $0 <br /> Total Construction Cost $1,900,000 <br /> Soft Costs <br /> Architecture and Engineering 10.0% of Construction Cost $190,000 <br /> Other Professional Services 10.0% of Construction Cost $190,000 <br /> Permits and Fees $20,000 per Dwelling Unit $240,000 <br /> Taxes and Insurance 2.0% of Construction Cost $38,000 <br /> Financing 4.0% of Construction Cost $76,000 <br /> Marketing/Leasing 3.0% of Construction Cost $57,000 <br /> Developer Fee(overhead) 4.0% of Construction Cost $76,000 <br /> Total Soft Costs $867,000 <br /> Other Project Costs <br /> Development Contingency 10.0% of Hard and Soft Costs $276,700 <br /> Land Cost 20.0% of Building Value $1,009,800 <br /> Developer ROI 10.0% of All Project Costs $405,350 <br /> Total Other Costs $1,691,850 <br /> Total Project Cost $4,458,850 <br /> COMMUNITY BENEFITS <br /> Estimate of Potential Community Benefits Value $438,680 <br /> Per Square Foot(GBA) $36.56 <br /> P:\141000s\141053RedwoodCity\Deliverable\Financial Analysis Memo 11 2614.docx <br />