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<br />Artists Collective Coop and Gallery <br />PROJECT PRO-FORMA <br />March 25th, 2008 <br /> <br />Project Summary <br />6600 sf 1" and 2"' fioors <br />3300 sf Basement <br />$588,001 project cost <br /> <br />Cost SF <br /> <br />Square Feet Unit Price <br /> <br />Balance <br /> <br />Construction Cost <br />Acquisition Cost $/sf 9900sf $1 <br />2"" floorl Basement apartment $67/sf 6,600 $443,000 <br />1" Floor Studio Construction $3/sf 3,300 $10,000 <br />Buy-out of HUD housing $90,000 <br />6 month Finance fee (7% on $500,000) $20,000 <br />f!.!.9.~i!~.9).4r!l!.N!9.[[!~Y.F.!l~L...m_...._.mmm__.___..........m....m__...~;;~,9.9.Qmm....m_mm._.............. <br />IQtilLP.rpi"gL QQ?\........ _ __ _ _ _....... ~!'i~AQ!!if..... m.. j!~RR _............... ___ _............... _.... ~!'i~?,9.Q.1.......... <br /> <br />Owner Equity Required <br />Historic Tax Credits 20% (90% value) <br />Preservation Fund Grant <br /> <br />$0 <br />$105,840 <br />$10,000 <br /> <br />Project Financing <br /> <br />$472,161 <br /> <br />Gross Rent Income Rent <br />Apartment Rental $5501 month 9 units $4,950/month $59,400 <br />~9!J)m~r"ii~J.~!~9.l9. f."mill... .___...!il!'i9!.mQD!h..m!?~nl\L.__.........~j!R9!.mQmh......~.1R&Q.Q <br />Gross Income $70,200 <br /> <br />Expenses <br />Apartment Expense <br />(Includes reserve) <br />Vacancy Rate <br /> <br />$150/unil <br /> <br />9 units <br /> <br />$13501 month ($16,200) <br />($3,500) <br />$50.500 <br /> <br />5% <br /> <br />Net Operatina Income (NOll <br /> <br />Amortization <br /> <br />Years <br />~ Historic Preservation Financing (30%) (10 yrs) <br />Local Financing (70%) (20 yrs) <br /> <br />Loan Amount <br />$142,100 <br />$337,100 <br /> <br />$19,800/year <br />$30,000/year <br /> <br />Cash Flow after Annual Debt Service <br /> <br />$700 <br /> <br />.. Additional options are available for financing with Preservation Fund (see attachment) <br />