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Economic & Planning Systems, Inc.39 <br />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 /> <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 />