Professional Documents
Culture Documents
360
$177,840,000
Project Equity:
Private Bank Construction/Permanent Loan:
Tax Exempt Bond:
Low Income Tax Credit Equity:
City Funding from Sales Proceeds:
State Cap & Trade Funding (AHSC):
FHLB Funding:
$ 50,000,000
$ 93,000,000
$ 5,360,000
$ 15,800,000
$ 7,100,000
$ 5,500,000
$ 1,080,000
Commitment to design, build and maintain the existing city open space adjacent to
the proposed development, at a cost of approximately $500,000
Over $7.4 million in one-time development related fees and property taxes during
construction, and over $2 million in annual property taxes
$11,800,000
We arrived at this total amount for the Land Purchase Price based on a
combination of the recent appraised value for the land of $5,100,000, plus
$6,000,000 in affordable housing fees (or $22,222) and $700,000 in Community
Benefit Programming (or $2,593 unit) from the market rate financing in the project;
also if the land value were to be adjusted in a new appraisal, this would reduce the
proposed housing fee as our total Land Purchase Price would remain $11,800,000
City to provide $7,100,000 from the total Land Purchase Price to the Affordable
Building Limited Partnership to help finance the affordable housing; and $700,000
from the total Land Purchase Price to fund the Community Benefit Programs
City nets $4.0 million from the Land Sale (can be used partially by the City to
increase affordability within the project if desired by the City)
This Land Price is contingent upon the Developer paying the building permit fees
estimated by the City staff during the April 1, 2015 entitlement approval process,
and the project being exempt from future Nexus Study fees for Transportation,
Infrastructure and Affordable Housing
11-20-15