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HomeMy WebLinkAboutCRA-R-20-0013 Wynwood Works BudgetOMNI-CRA Wynwood Works SOURCES AND USES OF FUNDS SOURCES AND USES OF FUNDS SOURCES Financing First Mortgage Omni CRA Omni-CRA Land Contribution Deferred Developer Fee TOTAL SOURCES USES DEBT STRUCTURE AND SOURCES OF FUNDS First Mortgage Amount Rate 22,000,000 Term/Amortization Period 9,900,000 Debt Service 6,500,000 Per Unit 2,554,894 40,954,894 40,954,894 Omni CRA $22,000,000 4.50% 30 $1,337,649 $211,538 Amount Rate Term Debt Service Per Unit Acquisition - Land 6,500,000 Art Fagade 225,000 PROJECT SCHEDULE $9,900,000 0.00% 30 $0 $95,192 Construction - Hard 23,794,680 Construction - Retail Build Out 241,596 Construction Loan Closing Construction Rep 240,000 Certificate of Occupancy (High Rise) FF&E 300,000 First Unit Occupancy Construction - Contingency 1,201,814 Units Occupied per Month Architect- Design 365,600 100% Occupancy Architect -Supervision 80,000 Stabilization Date Engineering Fee 446,600 Survey 45,000 Legal 475,000 Marketing and Lease -up 213,500 Title Insurance 125,000 Closing Costs 32,231 N/A 0 Accounting Fees 145,000 Appraisal 15,000 Market Study 12,000 Environmental 25,000 Contingency - Soft Costs 250,000 Inspection Fees 20,000 Impact Fees 590,625 Building Permit 237,947 Taxes - Construction 160,000 Insurance 200,000 Interest- Construction 1,200,000 Interest- Bridge Loan 0 Loan Fees/Costs - Const/Perm 465,000 Interest- Predevelopment Loan 150,000 City of Miami City Incurred Costs 0 Tax Credit Fees - Allocation 0 Tax Credit Fees - Application 0 Tax Credit Fees - Underwriting 0 Tax Credit Fees - Compliance 0 Replacement Reserves 0 Utility Connection Fee 124,044 N/A 0 Operating Reserve 250,000 38,130,637 N/A 0 Developer's Fee 2,824,257 IIMMIll SURPLUS/(DEFICIT) 2,824,257 40,954,894 0 18 mos. 09/15/2021 03/17/2023 04/01/2023 20 10/01/2023 01/01/2024 OMNI-CRA Workforce Housing Activel [9/21/2020 (8:28 PM)] RENTAL AND OTHER INCOME 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Residential 11 0 Bed/1 Bath 30% Median 480 63,360 64,152 64,954 65,766 66,588 67,420 68,263 69,116 69,980 70,855 71,741 72,637 73,545 74,465 75,396 11 0 Bed/1 Bath 50% Median 800 105,600 106,920 108,257 109,610 110,980 112,367 113,772 115,194 116,634 118,092 119,568 121,062 122,576 124,108 125,659 0 0 Bed/1 Bath 80% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 20 0 Bed/1 Bath 120% Median 1,920 460,800 466,560 472,392 478,297 484,276 490,329 496,458 502,664 508,947 515,309 521,750 528,272 534,876 541,562 548,331 0 0 Bed/1 Bath 140% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Bed/1 Bath Market 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Bed/1 Bath 30% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Bed/1 Bath 50% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Bed/1 Bath 80% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 43 1 Bed/1 Bath 120% Median 2,058 1,061,928 1,075,202 1,088,642 1,102,250 1,116,028 1,129,979 1,144,103 1,158,405 1,172,885 1,187,546 1,202,390 1,217,420 1,232,638 1,248,046 1,263,646 0 1 Bed/1 Bath 140% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 Bed/1 Bath Market 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 Bed/1 Bath 30% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 Bed/1 Bath 50% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 Bed/1 Bath 80% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12 2 Bed/1 Bath 120% Median 2,469 355,536 359,980 364,480 369,036 373,649 378,320 383,049 387,837 392,685 397,593 402,563 407,595 412,690 417,849 423,072 0 2 Bed/1 Bath 140% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 2 Bed/1 Bath Market 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 Bed/2 Bath 30% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 Bed/2 Bath 50% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 Bed/2 Bath 80% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 7 3 Bed/2 Bath 120% Median 2,853 239,652 242,648 245,681 248,752 251,861 255,009 258,197 261,424 264,692 268,001 271,351 274,743 278,177 281,654 285,175 0 3 Bed/2 Bath 140% Median 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3 Bed/2 Bath Market 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 104 Total Residential Rent 2,286,876 2,315,462 2,344,405 2,373,710 2,403,382 2,433,424 2,463,842 2,494,640 2,525,823 2,557,396 2,589,363 2,621,730 2,654,502 2,687,683 2,721,279 TOTAL GROSS INCOME Retail Income (reflects Anticipated Retail Rent) Miscelleneous Income 201,330 207,370 213,591 219,999 226,599 233,397 240,399 247,611 255,039 262,690 270,571 278,688 287,048 295,660 304,530 116,160 117,612 119,082 120,571 122,078 123,604 125,149 126,713 128,297 129,901 131,525 133,169 134,833 136,519 138,225 2,604,366 2,640,444 2,677,078 2,714,280 2,752,058 2,790,424 2,829,389 2,868,963 2,909,159 2,949,986 2,991,458 3,033,586 3,076,383 3,119,861 3,164,034 Less Vacancy/Bad Debt 5.00% 130,218 132,022 133,854 135,714 137,603 139,521 141,469 143,448 145,458 147,499 149,573 151,679 153,819 155,993 158,202 EFFECTIVE GROSS INCOME 2,474,148 2,508,422 2,543,224 2,578,566 2,614,455 2,650,903 2,687,920 2,725,515 2,763,701 2,802,487 2,841,885 2,881,907 2,922,564 2,963,868 3,005,832 LESS OPERATING EXPENSES Payroll 208,272 214,520 220,956 227,584 234,412 241,444 248,688 256,148 263,833 271,748 279,900 288,297 296,946 305,854 315,030 Utilities 72,800 74,984 77,234 79,551 81,937 84,395 86,927 89,535 92,221 94,987 97,837 100,772 103,795 106,909 110,117 Repair/Maintenance 70,720 72,842 75,027 77,278 79,596 81,984 84,443 86,977 89,586 92,274 95,042 97,893 100,830 103,855 106,970 Management Fee 123,707 125,421 127,161 128,928 130,723 132,545 134,396 136,276 138,185 140,124 142,094 144,095 146,128 148,193 150,292 Administrative 52,000 53,560 55,167 56,822 58,526 60,282 62,091 63,953 65,872 67,848 69,884 71,980 74,140 76,364 78,655 Taxes 156,000 160,680 165,500 170,465 175,579 180,847 186,272 191,860 197,616 203,545 209,651 215,940 222,419 229,091 235,964 Insurance 187,200 192,816 198,600 204,558 210,695 217,016 223,527 230,232 237,139 244,254 251,581 259,129 266,902 274,910 283,157 Reserves 36,400 37,492 38,617 39,775 40,969 42,198 43,464 44,767 46,110 47,494 48,919 50,386 51,898 53,455 55,058 Total Expenses (per unit) $8,722 907,099 932,315 958,262 984,962 1,012,437 1,040,711 1,069,807 1,099,749 1,130,563 1,162,273 1,194,908 1,228,493 1,263,058 1,298,631 1,335,242 NET OPERATING INCOME - 1,567,048 1,576,107 1,584,963 1,593,604 1,602,018 1,610,192 1,618,113 1,625,766 1,633,138 1,640,214 1,646,978 1,653,414 1,659,506 1,665,237 1,670,590 CASH FLOW BEFORE DEBT SERVICE $1,567,048 $1,576,107 $1,584,963 $1,593,604 $1,602,018 $1,610,192 $1,618,113 $1,625,766 $1,633,138 $1,640,214 $1,646,978 $1,653,414 $1,659,506 $1,665,237 $1,670,590 LESS DEBT SERVICE First Mortgage Omni-CRA Omni-CRA Land Contribution DSC ► DSC ► Total Debt Service First Mortgage All Debt 1,337, 649 1,337,649 1,337, 649 1,337,649 1,337, 649 1,337,649 1,337, 649 1,337,649 1,337, 649 1,337,649 1,337, 649 1,337,649 1,337, 649 1,337,649 1,337, 649 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1,337,649 1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 $1,337,649 1.17 1.18 1.18 1.19 1.20 1.20 1.21 1.22 1.17 1.18 1.18 1.19 1.20 1.20 1.21 1.22 1.22 1.22 1.23 1.23 1.23 1.23 1.24 1.24 1.24 1.24 1.24 1.25 1.24 1.25 229,399 238,458 247,313 255,955 264,369 272,543 280,463 288,117 295,489 302,565 = 309,328 315,765 321,857 327,588 WE$8041. OMNI-CRA Workforce Housing Activel [9/21/2020 (8:42 PM)]