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Exhibit D – But-For Analysis <br /> <br />But for the award of tax increment financing, the development will not occur due to a gap in permanent <br />financing sources. Because the development is income/rent restricted housing, its supportable first <br />mortgage is comparatively smaller than an identical market rate housing project’s mortgage. <br /> <br />Per the FAST Plan, this site is located in the early Phase 1 project area where TIF will be needed to <br />implement the master plan. <br /> <br />See the permanent financing gap in the following summary sources and uses. <br /> <br />SOURCES AMOUNT NOTES <br />Minnesota Housing First Mortgage $3,290,000 40 years at 3.3% interest rate <br />GAP $780,000 Requested TIF mortgage <br />Sales Tax Rebate $349,509 <br />Energy Rebate $27,500 <br />Deferred Developer Fee $502,564 50% total fee. Max allowable <br />Tax Credit Proceeds $11,958,804 <br />TOTAL $16,908,377 <br /> <br /> <br /> <br />USES AMOUNT NOTES <br />Land Acquisition $450,000 <br />Construction $12,760,000 <br />Contingency $510,400 <br />Professional Fees (Soft Costs) $1,216,775 <br />Developer Fee $1,000,000 <br />Syndication Fees $39,600 <br />Financing Fees $635,070 <br />Reserves $295,533 <br />TOTAL $16,908,377 <br /> <br /> <br /> <br />