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r — <br /> fckhawk Woods <br /> Rental Townhomes <br /> Elk River,MN(Sherburne County) <br /> Sources And Uses Budget <br /> 84 One-Level Townhome Apartments and Clubhouse Activity Center for Seniors <br /> with Low and Moderate Incomes <br /> Sources: <br /> Project W/O TIF <br /> * (25%)Equity:(Tax Credit Proceeds) $2,300,000 <br /> (75%)F€nandng: <br /> $6,900,000 $ 5,706,205 <br /> Total Sources: $9,200,000 $ 8,006,205 <br /> Uses: <br /> Soft Costs <br /> $ 275,000 <br /> Finance Costs $ 390,000 <br /> Land/Land Development Costs $1,200,000 <br /> Construction Costs $5,860,000 <br /> Marketing Costs $ 315,000 <br /> Project/Development,General Conditions,Consulting, $ 968,180 <br /> Overhead&Contingency <br /> Reserves: <br /> 6 Months Debt Service Reserve: $ 191,820 <br /> ** Total Development Costs: $9,Z00,000 <br /> Note: <br /> *Tax Credit investment(calculation): <br /> 88%Typical Eligible Tax Credits <br /> Project: $9,200,000 x 88%x 3.1%=$2,509,760 Tax Credits x 92 C=$2,308,979(rounded to$2,300,000) <br /> `Wears\Denise Johnsonk0ocuments\2012 New Projects\Roger\New Project Info 8-2-10\Elk Rlver\ER OS 2-28-13 5/30/209312:11 PM <br />