Laserfiche WebLink
<br />Financinl!: Documents Related to the Certificates ofParticioation <br /> <br />The proposed project financing assumptions, development expenses, and operating proforma are <br />detailed in the attached financial proforma. Currently, the total project development budget is <br />estimated at $26,7S0,334. A summary of the development budget is as follows: <br /> <br />DEVELOPMENT BUDGET SUMMARY AND SOURCE OF PERMANENT FUNDS <br />Development Budget Sources of Funds <br />Description Amount Description Amount <br />Acquisition $ 2,7SS,000 COP's $19,72S,334 <br />Construction Costs IS,2l7,SOO City Permanent Loan 2,490,000 <br />Architecture/ Engineering 883,619 City Land Contribution 2,73S,000 <br />Financing Costs 4,491,0 II HELP Loan I,SOO,OOO <br />Developer Fee 1,210,114 Deferred Developer Fee 300,000 <br />Marketing 921,000 TOTAL $26,7S0,334 <br />Other Costs 1,272,090 <br />TOTAL $26,7S0,334 <br /> <br />The table below provides a graphic representation of the project sources of funds. For simplicity, <br />the table does not include the construction funding that will be provided by Citibank. <br /> <br />SOURCES OF FUNDS <br /> <br />HELP Loan <br />6% <br /> <br /> <br />Deferred Developer Fee <br />1% <br /> <br />City Land Value ~~ <br />10% <br /> <br />City Permanent Loan <br />9% <br /> <br />_________ COP's <br />74% <br /> <br />Project funding is somewhat unique and atypical of the "routine" multifamily housing revenue <br />bonds or tax credit financing that has been used by the City for other affordable projects <br />including Ridge View Commons, The Promenade and recently the Gardens at Ironwood. <br />Rather, the financing is more typical of the standard Certificates of Participation that the City <br />uses for improvements such as the Senior Center and the OSC. This unique approach is necessary <br />because an assisted living facility is technically not viewed as standard multi-family housing. <br /> <br />SR:05:2l9 <br />Page 11 <br />