Laserfiche WebLink
<br />6.2A <br />Page 17 <br /> <br />Development Cost <br />Land Acquisition <br />T oxies Mitigation <br />Direct Costs 1 <br />Indirect Costs <br />Total <br /> <br />Amount (rounded) <br />$1,000,000 <br />$280,000 <br />$3,176,000 <br />$777.000 <br />$5,233,000 <br /> <br />Given the fact that the project's income stream will not support the investment of any private <br />debt or equity, and given the specific affordability covenants and other requirements imposed by <br />the Agreement and the other subsidy programs, the site does not have a positive reuse value. <br />In addition, the project has already secured HUD Section 811 funding for $1.79 million and San <br />Mateo County funding for $550,000 and the Developer is seeking the maximum funding <br />available from the State Mental Health Services Act program. The feasibility gap remaining after <br />consideration of all other subsidy funding sources is estimated at $250,000, which is the <br />maximum amount being contributed by the Agency as specified in the Agreement. <br /> <br />Estimated Value at Highest and Best Use <br /> <br />The 0.30-acre site was appraised in February 2008 by Hulberg & Associates. The appraised <br />market value was $1.03 million. <br /> <br />1 Direct Costs include offsites, sitework, buildings, general requirements, builder's overhead, and builder's <br />profit. <br /> <br />Keyser Marston Associates, Inc. <br />C:\Oocuments and Settings\djones-thomas\Local Settings\Temporary Internet Flles\OLK133\OO5-001.doc <br /> <br />12/3/2008 <br />Page 7 <br />