HomeMy WebLinkAboutMemo 2CITY OF iMIAM1, FLORIDA
INTER -OFFICE MEMORANDUM
TO :
FROM:
Members of the Housing and
Commercial Loan Committee
Barbara Gomez -Rodriguez, D
Department of Community De
BACKGROUND
DATE :
Sl BJECT :
REFERENCES:
ENCLOSURES:
September 17, 2004
CODEC, Inc.
La Palma Apartments
FILE :
On July 16, 2004, the Housing and Commercial Loan Committee considered a recommendation to
approve $479,660 in Community Development Block Grant (CDBG) funds for La Palma
Apartments, a ninety-one (91) unit Section 202 elderly housing project located in the Little Havana
neighborhood. The funding is requested for gap financing related to construction costs associated
with the project. The item was tabled for additional information to be provided at the next meeting.
Previous City funding for the project included $261,340 property acquisition (recorded July 2,
2004).
On August 20, 2004, the requested information was presented to the Committee and included (1)
construction comparisons between the original and current budget and (2) a rational for the
Construction costs increases presented by CODEC, Inc. and a representative from Delant
Construction, the General Contractor.
The Committee requested additional information in order to further consider the recommendation.
Thus the following is provided:
1. HUD approved line item budget; and
2. A budget reflecting the use of City funds (Cost Allocation Form)
DEPARTMENTAL RECOMMENDATION
The Department of Community Development reviewed the borrower's additional information
and recommends approval of the $479,660. The total City funding would be $741,000. The
City's standard affordability term will not apply since the project is subject to a fifty (50) year
affordability requirement through the Section 202 Program.
The following loan terms will apply:
1. The total funding would include a Restrictive Covenant on the property which will
remain in effect and be released upon the closing of the Section 202 funding.
2. Eligible project costs (project reimbursements) will be effective on the date of the
Housing and Commercial Loan Committee approval of October 24, 2003.
3. Neither acquisition nor construction on the project shall commence until CODEC, Inc. is
notified that the project has been environmentally cleared as required by U.S. HUD.
Work on the project shall not commence until the Removal of the Grant Condition is
received from U.S. HUD.
4. Funds will not be disbursed until the Removal of Grant Condition is received by the City
from U.S. HUD.
5. Compliance with reporting requirements related to previously funded City projects which
are under construction or in the affordability period including OMB A-133 reporting and
current insurance certificates.
6. The proposed budget line items will include a total of $10,000 which will be applied
towards costs incurred by the City on behalf of the project (recording, environmental
advertising, and signage).
7. Five Percent (5%) of the total CDBG funding will be retained until favorable cost
certification report is received from a Certified Public Accountant.
HOUSING AND COMMERCIAL LOAN COMMITTEE DECISION:
Yes. No
Yesn No n
Yes No n
Yes No
Approved as Recommended by Staff
To Include Additional Conditions or Restrictions
Disapproved
To Include Further Action
Specify any further action, conditions or restrictions:
Chairperson or Representative
II
N/A
N/A n
N/A
N/A
HOUSING LOAN
09/62/2004 10:07 FAX 305 692 5447 CODEC INC
eta.
Contractor's and/or Mortgagor's
Coat Breakdown
Schedules of Values
002
w
U.S. Department of Housing and OMB No. 2502-0044 (exp. 08/31/2003)
Urban Development
Office of Housing
Federal Housing Commissioner
Public reporting burden for this collection of information is estimated to average 4 hours per response, including the time for reviewing instructions, searching existing
dais sources, gathering and maintaining me data needed. and completing and reviewing the collection of information, This Intomration is required to obtain benefits
HUD may not cattiest this information, and you are not required to complete this form. unless it displays a can antty valid OMB Control Number.
Housing Act (Section 125 of the Housing Act of 1954, Public Law 560, 12 U.S.C., 17150, authorizes the collection of this Information. the
information is ratite -ad for a general contractor when an identity of interest exists between the general contractor and the mortgagor or when the mortgagor Is a non-
profit entity and a cost plus contract has been used. This information is used by HUD to facilitate the advances of mortgage proceeds and their monitoring,
Privacy Act Notice. The United States Department of Housing and Urban Development, Federal Housing Administration, Is authorized to solicit the Information
requested in this form by virtue of Title 12, United States Code, Section 1701 at seq., and regulations promulgated thereunder at Title 12, Cade of Federal Regulations
While no assurances of confidentiality Is pledged to respondents, HUD penerally discloses th!s data only In response to a Freedom of Information request,
Date I Sponsor
May 6/ 2004 Codec. Inc.
Project No.
068-E E 93-W AH/FL29-S 21-14
Name of Project
Building Identification
La Palma Apartments
Location
S. W. 1 sl Street Miami, Florida 33130
This form represents the Contractors and/or Mortgagors firm costs and services as a basis for disbursing dollar amounts when insured advances are requested.
Detailed instruction for completing thls form are included on the reverse side.
LINE
or'
TRADE rtEM COST
TRADE DESCRIPTION
3
Concrete $2,094,000
2
4
Masonry $187,400
3
4
5
e
5
6
Metals
Rough Carpentry
Finish Carpentry
6
7
Waterproofing
Conc. materials, formwork, steel reinforcing, and labor
Conc. blocks, dura-wall. precast window silts & headers
$72,250
$96,400
Stair railings, hand rails, and misc. metals
Furring strips, rough carpentry, and general labor
$45,500
Labor for doors, millwork, and shelving
$21,385
Caulking, waterproofing, and fireproofing
7
r
8
insulation
7 I Roofing
9
7 Sheet Metal
10 a
$16,700 Light -weight concrete (Avg. R-19) and ext wall insulation
$33,600! Single -ply roofing
Included included in roofing (See Line 8)
Doors
11
12
&
8
Windows
Glass
5152,300
Metal doors, millwork, ano finish hardware
S175,300
$68,700
Impact -resistant windows
Fixed storefront & doors
13
14
9
Lath & Plaster
9
Drywall
$144,400
$364,000
15
9
Tile Work
$34,000
Exterior stucco
Moral partitions, drywall, and well insulation
Bathroom tile
16
9
Acoustical
17
18
9
Wood Flooring
9
Resilient Flooring
19
20
9
$2,780
$0
Acoustical tile telling
Not applicable
Painting and Decorating
10 Specialties
21 11
22 11
23
24
25
26
11
12
12
$14,950
Vinyl flooring § kitchens & baths
$88,450
Interior and exterior painting
Special Equipment
Cabinets
Appliances
$32,456
Bath accessories, medicine cabinets, wire shelving, signs, and lire axting.
$14,500
$93,275
$77,350
Trash chute and postal equipment
Kitchen and bath cabinets
Kitchen appliances
Blinds and Shades, Artwork
Carpets
13
Special Construction
27
14
28
29
15
30
31
12
15
15
16
$14,700
Window shades
$73,200
Carpeting t units & corridors
$172,480
fire sprinkler system
Elevators
Plumbing and Hot Water
$267.500
Passenger elevators
Heat and Ventilation
Air Conditioning
Electrical
Subtotal (Structures)
33
34
35
36
Accessory Structures
Total (Lines 32 and 33)
2 Earth Work
37
38
39
2
$ite Utilities
2
$318,500
Plumbing system and fixtures
Included Included in H,VAC. system (See Line 30)
Roads & Walks
2 Site Improvements
2 Lawns and Plantlny '
$287,500 H.V.kC. system (A/C wall units)
$548,907 lectrical system (including fire alarm, TV antenna, and fixtures)
15,510,463 �� a
is,B10483 T
$30,1$13 (Clearing site, fill spread & compactloh, and excavation
$$1,7$0 f ater, sewer, and drainage system
$$6,070 ! Paving, _bumperj, striping, signage, sidewalks, ant curbs
$106,500 or concreu Plies ant Pemanent Fence
41,600 , landscapingand irrigation system
➢ravbus edition is obsolete rorrn HUD-2328 (0/95)
ref. Handbook 4450.1 8 4460.1
09/02/2004 10:07 FAX 305 642 54a7
I.wE
DIv
TRADE REM
New
CODEC INC
e003
hawse
COST
40
41
42
43
44
45
Unusual Site Condition
4E
47
48
Total Land Improvements
Total Structure & Lend Imprvts.
General Requirements
Subtotal (Lines 42 & 431
Builder's Overhead
Builder's Profit
Subtota1Lines 44 thru 46)
$407,633
$6,016,116
TRADE 0E9CRIPTION
Nonresidential end Special
Exterior Land Improvement
(costs Included h trade hem breakdown)
DeSCRIPT10e EST. Ct1ST
1
$328,515
$6,348,631
$126.933
$323,678
$6,797,242
'fatal $
Other Fees
Offstle Costa
costs not included in trade hem breakdown)
PE5CRIPTiON EST. COST
Total S
Guiding Permit
Water & Sewer Connect. Fee
49
50
51
52
53
Other Fees
Bond Premium
Total for Alt Improvements
hereby
Warning:
Builder's Profit Paid by Means
Other Than Cash
Total for All Improvements
J Less Line 52 ( $7,030,942
$181,200 Cost Certification
$52,500 Surveys �—
$7,030,942 Administration impact Fees
$46,000 / Demoftion
$128,700 (costs not included In trade kern breakdown)
S8,500
DESCRIPTION
EHT. COST
So
SO
L
Total S
S1111,200
certify that ad the information slated herein, art woes aa� any information provided In the accompaniment
t4JO will prosecute fese dal : end stalemems, Cowctito may rasuh in crtmtner snake' civil Wallas. (18 U.S C.1001. 1010, 1012: 31 U.S.C.37211,3802)
Mortgagor
By
Total 5
herewlfh, Is tins and accurate,
Date
Contractor
DELANT CONSTRUCTION CO.
FHA: (Processing Analyst)
FHA: (Chief Underwater)
Date
By
Data
Juan M-Degado, President
FHA: (Chief, Coat Branch or Cost Analyst)
Date
Date
Instructions for Completing Form HUD-2328
This form is prepared by the Contractor and/or mortgagor es a requirement for the issuance of a firm commitment. The firth replacement cost of the
protect also serves as a basis for the disbursement of dollar amounts when Insured advances are requested. A detailed breakdown of trade items Is
Provided along with spaces to enter dollar amounts and trade descriptions,
A separate form is prepared through line 32 for each structure type, A summation of these structure costs are entered on line 32 of a master form,
Land improvements, General Requirements and Fees are completed through line 53 on the master 2328 only.
Date • Date torn was prepared,
Sponsor - Name of sponsor or sponsoring oreanlzaton.
project No. - Eight -digit assigned pr)ect number.
Building kientrAcation - Number(s) or Letters) of each building as
designated on plans.
Name of Project - Sponsors designated name of project.
Location - Street address, city and state.
Division • Division numbers and trade kerns have been developed
from the coat accounting section of the uniform system.
Accessory Structures - This heft reflects structures, Such as:
Community, storage, maintenance, mechanical, laundry and project
offCe buildings, Also included are gereges and carports or other
buildings. When the amount shown on one 33 is S20,000 00 or 27o of
line 32 whichever is the Weser, a separate form HUD-2328 wit be
prepared through line 32 for Accessory Structures.
Line 52 - When appkoaOle, enter that portion of the builder's prorh (Me
46) to ire paid by means other than cash and/or any part of the bu8der'e
profit be waived during eoncrucilon.
Noll -Residential and Special Exterior Land lmprovemcr4 Costs - Oescrtoe
and enter the cost of each Improvement, i.e. on -see parking facilities
including individual garages and earporte. eon,mer0ial facilities,
swimming pools with related facilties and on -site features provided to
enhance the environment and livability of Vie project any the neighbor-
hood. The Design Representative and CostAnay{t shall collaborate with
the mortgagor or his regrssentative M designating the hems to ba included
Previous edition is obsolete
Unusual She Conditions - This trade tem reflects rock excavation,
high water table, excessive cut and 191, retaining wells, erosion, poor
drainage and other on -she condttiona considered unusual.
Cost - Enter the cost being submitted by the Contractor or bids
submitted by a qualified subcontractor for each trade hem. These
costs wit include, as a minimum, prava1Ung wage rates ea determined
by the Secretary or Labor.
Trade Description - Enter a brief description of the work Included in
each trade hem,
Other Fees - Includable are fees to be peid by the Contractor. such as
sewertap teas not included In the plumbing contract Fees paid or to be
Paid by the Mongegor ere not to be included on this form.
Total For Alt Improvements- This is the sum of bras 1 through 50 end Is
to Include the total butl0ere profit (tine 46),
Off -site Costs - Enter description and dotter amount inducting fees and
bond premium for off -she improvements,
Demolition - Enter description and dotter amount of demolition work
necessary to condition site for building Impiovementa Inctuoing the
removal of existing structures, foundations, utilities, etc.
Other Fees - Enter a brief description of item Involved and 0083 estimate
of east! Item.
5ignetyres- Entvrthe firm name, signature of authorized officer of the
confrestor and/or mortgagor and date of form wart completed,
form UD-2328(5/35)
• PWe 2lei ref. Handbook 4450.1 e, 4460.1
CO
INC
09/02/2004 10:08 FAX 305 842 5J47 ✓s>n� ResoDEC C�nttar
Sep 01 04 01:48p i4
404U 1 'dui
r�004
U.S. DEPARTMENT OF t40U6t14O AND URBAN DEVELOPMENT -
HOUSING - FEDERAL HOUSING COMMISSIONER
APPLICATION FOR MULTIFAMILY HOUSiti6 PROJECT
SE 11ON A - PROJECT IDENTIFICATION
1. Name 0f project
Per insure Housing tjgvelopmers XVIt, inc.
2. Hu() Project Number 086-EE003-WAH
S. PRAC Number P1.29.6021-014
SECTION V • PURPOSE OF APPLICATION
TO: The Assistant Sweaty for Housing -Federal Mousing Cateelesfener: Application is taiMg made pursuant to item
( a) 3 of Section M. Page 3 woof. The undersigned daiira(s) to participate *Si regard ID the Property and PrmQnlm(a) described mute.
Thereto% 5 is roqum:tad that you give consideration to the Warn&Bori presented name nor the purpose of loaning andbr npprvviNic
Section 202 Capital Advance Amount S8.042800 1-6710 rigor NP
FirmConvnirmant imevestRate: Perrrlenert: NA Constructors NA
SECTION C • LOCATION AMO OtICIUPT1ON Or PROPERTY
1. Address 1040 SW Fast Street
2. tu5utidpaily Miami
3. County: Dade
4. Stale a ZIP: FL 33130
6. COng Dist Elgtteen
6. Protect Type: Proposed
7. No. of Units: Revenue:
Mori -Rev:
To(9I:
8. Number of Bulidinvs:
Year Suit
00
1
0- Accessory Buildings: 0 Sq. FL
10. Recreational Facilities: 0 Sq. Ft.
11, Betiding Type: elevator
12. Number or Stories: 14
19, r ureper of Elevators: 2
NA 14. FOundativ* Corium. wart Spread Footings
15. 9euc0urat System: Concrete
16. Floor System: Concrete
17, Exterior Flnish Stucco
18, Hearn; System: IE
10. MCketem: IE
91
1
_
SECTION D.INFORMATION CONCERNING LAND OR PROPERTY
Date Optioned: 03117r2002 10. OA•Slia Facilities Public Community Foot from Site
2. Purchase/Option Price: 0 Writer: X
3. Aid Cost Paid: 0 Simian X
4. Total Coat 875,000 paving: X
5. Outstanding Darence: 875,000 Gas: X
6. Relationship: Buairess EMctrirat x
7. Sae Area: 0 Sq. Ft. i 1. Unusual Site Features: None
8. Zoning: C-1 PBrmittable 12. 8peclai Armaments:
9. Lsaeehold Payment: 0 Principal Banana: 0
Remaining Term: 0 AAnual Payrneg t 0 `arm: 0
SECTION E • ESTSIATE OF INCOME
UM
Type
No. of
LivUiA Units
No. of Lint Living Arita
Ataisted1jN. RI
Corepdsrliori or Units
'PEE Not
at Rent
Unit Rent
,per Morita
Treat Monthly
Unit Rend
=�l
90
517
tiUDRIBAJ1aR
_ 65
1
- 274
.0
24,680
.,-..r
16R
0
0
_
0
LlilpilNIA/11lR
0
0,
0
18R
9__
0
0IRfDR/8I1/18R
0
0
0'
1 BR
0
4,
0
t.su0RIBN113R
0
0
0
18R
0
0
0
LRIORA1A116R _
0
0
0
Units
1
0
OLWORIB/YZBR
0
0
Living tanks S
F;titE%[i.iE"•Erin.
Teats
„ 81
90
2. ToWI Es&nated MondriyRentais for All
_ 24,860
3. Number of Parking
Attended:
Self Park:
Total:
Spaces:
0
46
4. Pelting Spaces 0 0 S0.00
tannery 28 Living unity (6 S0.00
Total Nwiiary
5. Commorciel Income (Per Month)
5. Total Est Monthly Grote InCOnM at 100% Occupancy
7. Total AMMAN Rent
0
0
Income $
i
S
_
48
0
24,050
2g5R0.
0
B. Gross Floor Area: 78,1J9. Net Rentable Rea Area: 70,346
19. Net Rentable Com Arlo:
SECTION F - EQUIPMENT AND SFRVICIS
SEC'T1O N F-1 - UTILITIES
X Range 6 Oven
X Refrigerator
X Laundry Facilities
X M Common Area
in uving Unit
L.U. Hookup Only
X Carpet
X Minds
X NC Equip
Teach Compactor
Disposal
Services GesdDeuoii
Heat E
HOt Water E
COoldna E
NC E
Lights
X CON Wane
X Parkin
-
�+
'Personal Benefit Expanses (P6E1
X Electricity
Oecaratn9
X Heating
repairs
GM
Water
Other
ke+ntrta
HUD Form 62013
09/02/2004 10:06 FAX 305 642 5" 7 CODEC INC
�- - - HcOOPins Resource Center
Sep 01 04 Q. 4SP
40411113 ''
V
i005
SEe1 G - ESTIMATE OF RE3+LAdOENTr
iSECT1O
1- ESTIMATE TF ANNUAL E P
E
LAID IMPROMISM T5
ADatrikitTAATrn
E'UM TOTAL
1. Unusual Land levier/errant,
0
1. Advs$1* 1g
12_00 13,104
2. Other Land Improvements
407,833 `2.
Management Fee
37.00 40,404
3. Toed Land Imaeo4ententa
407.833
3. Outer
10.00 10.920
STRUCTURES
'
4. TOTAL ADMINISTRATIVE
59.00 64A28
4. Main Buildings
5.610,488
OPERATING
PUM _ TOTAL
5. Accessory 9utld1ngt
0
8, EievetarMakuenance apprise
0.00 0
8. Garage
0
6. Fuel - Heating
0.00 0
7. Ace Other Buildings
0
7. Fuel - Domestic 1'd Water
0.00 0
e. TOTAL STRUCTURES
5,610,483
8. LI9Ming and AMC. PONer
20.00 21.840
9. SUBTOTAL (LYm 3 plus Line 8)
8,018,116
9. Water
8.00 8,738
10. General Reptd ement8 5.48%
128,515
10. Oee
0.00 0
11. $UBtUTAI.
8,346.831
11. Garbage and Trash Removal
520 8.008
FTz s
12. Payroll
30.00 32,760
12. Builders General Overhead 2,00%
128,033
13. Other
5.00 5,460
13. Builder's Profit 5.10%
323,870
14, TOTAL OPERATING
68.50 74,8102
1A. SUBTOTAL
6,797242
MAIMENIWGE
PUU t0TAL.
13. Sord Premium 0.77%
52,500
15. Oerronatlng
$.00 8,736
18. Other Fees'
172.700
18. Rapake
10.00 10,920
17. ESTIMATTD TOTAL, COST OF COIASTRUCTtQN
7,022.442
17. Exdermima g
8.00 8.736
18. Architects Fee - Deeipn 32 t 16
225,000
to Insurance
40.00 43.680
19. Air ct' Fes • Sur/so/WO 0.68%
48,000
19. Otound Expense
9.00 9.826
20. TOTAL FOR ALL IMPROVEMENTS
7.292,442
20. Other
8.00 8,736
21. Cost per Gross Square Foot Set FT.
21. TOTAL UALNTENANCE
83.00 90.636
22. Corre0140i0n Tin* 15 0 15 Months
22• Reptaoernent Reserve
28.90 29A76
CHARGES AND FINANCING DURIM3 CONSTRUCTION
23. SUBTOTAL D(PE 49 S
287.49 259,342
23. Inteneat During Coradruc1Yxr on 0 @ 0.00096
TAXES ' _
PUM TO rAl771
l0r 12 Mond*
0
24. Reel Estate Taxes
0.00 0
24. Takes
20.000
25. Personal Property Tastes
0.00 0
25. Intsurance
40A00
26. Employee Payroll Tax
10.00 3,360
25. HUQrFHA Mortgage Insurance Premiere
0
27. Other
0.00 0
27. HUD/FHA Exam Fee
0
21. Other
0,00 0
28. HUD/FHA Inspection Fee
0
29. TOTAL TAXES
10.00 1,360
29. Financing Fee
0
30. TOTAL EXPaP145F,7
247.49 282.702
30. FIIMAV13NMA Fee
0
31. Avarage Elyan4e Per Unit Per Ines
_ 2,919
31. AMPO
0
SECTION J - TOTAL SETTLEMEN f ReJ U AENTS
72. Developer's Fee (See Aimttted Schedule)
323,303
1. Development Coats
7,764,840
33. Title and Racon3etg
56,085
2. Cash Required for Land Debt1ACQuI8Mon
918,960
34. TOTAL CHARGES AND FINANCING
439.368
3. SUBTOTAL
8,883,800
I Ce.t., ORGANIZATIQH AND AUNT FEE.
4. Mortgage Amount
6.942.800
35. Legal
25.000
5. OevelopmenICaeh
(1,741,000)
36. Oroad:atiwi
0
8. Initial Operating Deficit
0
37. Cost Centfiaatlan Audit Fee
8,000
7, Discount Cosb
0
3a TOTAL LEGAL, ORO. AND AUINt tF
33.000
8. interest YIsid Costs
0
100. Builders and Sporsor$ Prot and Risk
0 19.
Working Capital
0
40. Cortsukgrt Fee
0
'10. Minimum Capital Lnveslm9n1
70.000
41. supplemental Management Fuld UNf1'S
0
11. 0ur-81141 Construction Costs
0
42. COnNngericy Reserve
0
12 Nor►Mortgagabie Fokxmton f lexinses
0
43. Relocation Expenses
0
13. Other
0
44. Oder
0
14. TOTAL ESTIMATED CASHREA�iUIRED 7.751,000
45. TOTAL ESTIMATED DEVELOPMENT COST
7.784,e40
UNOS AVAILABLE Fbk GAIN RRGUtREMENrS
48. Land (Estimated mutat Price of skip)
15. Source of Ceara:
Su. Ft 0 PSF
918,960
e. Sponsor - MCI
10,000
47. TOTAL ESTIMATED REPIACEMEINT COST
8,683,800
b.Cdcn(y rrcensve
500.000
48. Average Cost per Living Unit
_84.800
c.
0
scCuoN 1 • ANNUAL INCOME COMPUTA
SUBTOTAL
510,000
1. Estrnefsd Prele 1 Gross Ireome
296,920
t8. Samoa of Fees and Grants:
2. Occupancy
88.00%
a.Dade County HOME Funds
500.000
3. Elle:eve Gross Income
287,042
b. CDBG Funds
T41.000
4, Taal Project Expenses
262.702
0
5. NM Irt erect to Project
24,340
SUBTOTAL
1241,000
S. Expense Retie _
98,00%
17, TOTAL Cash, Fees and Giants
_ 1,751,000
tterrdzapon of Other fees Ot er Fees
O+Pald oy owner
G=t'ofd try aorttrar]or
0
172.700
0
0
0
172,700
-2-
HUD Form 92013
CODEC, INC.
COST ALLOCATION: NEW CONSTRUCTION ELDERLY HOUSING
Project Name: La Palma Apartments
911/2004
Total Project
US HUD Grant
City CDBG
County HOME
County Incentive Pool I
Land Acquisition)
Fence
918,960
918,960
Hard Costs
Conduction Structure
5,610,483
4,379,483
731,000
500,000
Earth Work
50,813
50,813
Site Utilities
81,750
81,750
Roads and Walks
36,070
36,070
Site Improvements
196,500
196,500
Lawn and Planning
42,500
42,500
General Requirements
328,515
328,515
Total Hard Costs
8,340,631
5,115,851
731,000
500,000
Soft Costs
Architect Fee Design and Supervision
270,000
214,598
55,402
Building Permits
46,000
46,000
Water and Sewer Connection Fee
126,700
126,700
Contractors Cost Certification
8,500
8,500
Bond Premium
52,500
52,500
Builders General Overhead
126,933
126,933
Builders Profit
323,678
323,678
City of Miami incurred Cost
10,000
10,000
Taxes
20,000
20,000
Insurance
40,000
40,000
Title and Recording
56,095
56,095
Legal
25,000
25,000
Audit Fee
8,000
8.000
Appraisal
7,000
7,000
Survey
7,000
7,000
Environmental
5,500
5,500
Soil Borings
3,500
3,500
Cost Processing
2,500
2,500
Consultant Fee
80,000
80,000
Engineering Evaluation
7,500
7,500
Capital Expenditures
21,400
21,400
Organizational Fees
4,000
4,000
Impact Fees
8,000
8,000
Contingency Soft Coats
158,403
158,403
Total Soft Costs
1,418,208
908,209
10,000
500,000
Total Project Cost
8,883,800
6,942,1100
741,000
500,000
500,000
DNI 03GOC