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Economic & Planning Systems, Inc. A-2 Appendix A
<br />Table A-1. Permanent Sources Capital Stack
<br />Permanent Sources Amount % of Capital Stack
<br />Permanent Loan $18,197,125 21.7%
<br />City of Redwood City $8,402,625 10.0%
<br />Other Public Funding (e.g. State or County) $16,805,250 20.0%
<br />Contributed Developer Fee $4,900,833 5.8%
<br />Deferred Developer Fee $2,450,417 2.9%
<br />Land Contribution $6,000,000 7.1%
<br />Tax Credit Investor Equity 1 $27,270,000 32.5%
<br />Total Sources $84,026,250 100.0%
<br />1Tax Credit Investor Equity calculation detailed in table
<br />5, assumes Project Outside QCT/DDA
<br />Table A-2. Development Costs
<br />Uses Total Per Unit
<br />Acquisition Costs $6,000,000 $59,406
<br />Hard Costs1 $54,540,000 $540,000
<br />Soft Costs2 $13,635,000 $135,000
<br />Developer Fee3 $9,851,250 $97,537
<br />$84,026,250 $734,406
<br />1 Assumes hard costs of $600 per gross square foot, an average unit size of 720 square feet, and 80
<br />percent efficiency
<br />2Assumes soft costs equal 25 percent of hard costs.
<br />3 Developer fee calculation is detailed in Table 6.
<br />Table A-3. Annual Operating Expenses
<br />Operating Budget Category Total Per Unit
<br />Property Operations, Utilities & Required
<br />Services³ $828,200 $8,200
<br />Other Public Lender Monitoring Fees1 $10,000 $100
<br />TCAC Asset Management Fee2 $8,540 $85
<br />Operating Expenses (Less Services) $846,885 $8,385
<br />Resident Services4 $100,000 $1,000
<br />Total $927,685 $9,185
<br />1 Includes core property operations, utilities, management, compliance, and service-related activities
<br />required by regulatory agreements.
<br />2 Modeled after San Mateo County Fee
<br />3 TCAC monitoring is $7,500 plus $40 for every unit over 75 units
<br />4 Represents resident services and engagement costs above mandatory operating and compliance
<br />requirements.
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