Site:BedfordArmory

Condo DrillShed&HeadHouse RentalBuilding

TotalDevelopmentCost TotalDevelopmentCost TotalDevelopmentCost

DevelopmentCost $31,718,255 TotalCost $25,174,416 TotalCost $132,329,997
DrillShed/HeadHouseCrossSubsidy $6,945,870
TotalDevelopmentCost $38,664,125 ConstructionCapitalization PermanentCapitalization
DeveloperGrant/CrossSubsidy $6,945,870 28% Debt $87,626,434 66%
ConstructionCapitalization HCRSubsidy $1,500,000 6% DeveloperEquity $24,723,934
19%
Debt $25,131,681 65% HistoricTaxCreditEquity $2,391,569 10% HFA $8,300,000 6%
Equity $13,532,444 35% NewMarketTaxCreditEquity $5,336,976 21% LIHTCEquity $11,679,629
9%
Total $38,664,125 100% RegionalCouncilFunds $5,000,000 20% $132,329,997 100%
ResoAFunds $3,000,000 12%
BoroughPresidentCapitalSetAside $1,000,000 4%
$25,174,416 100%

Condo DrillShed&HeadHouse RentalBuilding

Economics Economics Economics

ProjectedSellout@875psf $41,916,116
DevelopmentCost $38,664,125 RevenueSources ASSUMPTIONS
Total:GrossProfit $3,251,991 HeadHouseOfficeRent $120,000 Assumes20,000sfrentedtocommunityusers@$6psf
Less:EDCParticipation $ Pool $500,000 LicensetoImagineSwim RevenueSources
Less:BrokerFee's $2,514,967 Basketball $820,000 LicensetoNewHeights ResidentialIncome $8,207,408
Total:NetProfit $737,024 MultisportCourt $600,000 LicensetoMultipleOperators ParkingIncome $212,400
Auditorium $225,000 AdministeredbyCAMBA CommercialIncome $653,265
Memberships $30,000 Ancillary/Laundry $16,500
TotalRevenue $2,190,000 GrossRevenue $9,089,573
Less:Vacancy $(454,479)
OperatingCost ASSUMPTIONS NetEffectiveIncome $8,635,094
Full&PartTimeSalaries&Wages $1,279,936 Annualpayrollincl.benefitsfor48parttimeand4fulltime
AnnualMaintenanceReserve $104,030 $2.16forthedrillshedandcommunityflexspace OperatingCost
Maintenance&Repairs $100,000 Estimate Maintenance/Operating $2,245,298 6,804 perunit
Annualins.premiums $70,000 Rangeis$52K$70K;MarshallInsuranceCo.;workedwithinsurancesinpriorjob Realestatetaxes $180,231 546 perunit
Water,SewerUtilities $50,000 Estimate ReplacementReserve $82,500 250 perunit
Membershipdatatrackingsystem $24,000 Vendorsubmittedestimate TotalExpenses $2,508,029 7,600 perunit
JanitorialSupplies $16,000 Estimate
Copierprintinglease $10,000 Industryavg NETOPERATINGINCOME $6,127,066
OfficeSupplies $4,000 EstimatedfromPlanetFitnessdata DebtService $(5,327,883)
PestControl $4,000 Drillshedandcommunityflexspace CashFlow $799,182
Sanitation $7,800 TBD;publicorprivate
Telephone $4,500 Estimate
Internetanddataservices $2,000 Estimate AnnualCashflowReturns
Computerservice $25,000 Estimate UnLeveredYield 4.94%
Contractualservicese.g.snowremoval $ Estimate
Employeebackgroundchecks $1,000 Estimate
Marketing,AdvertisingandSignage $5,000 Estimate
Website&Hosting $5,000 Estimate
Electricity,HVACUtilities $175,000 Estimate
Cambamaintenancefee2% $62,280 Fixed
Contingency5% $94,363
TotalExpenses $2,043,909

GroundRent $(107,264)

Excess $38,827

ProjectedCommunityBenefit ASSUMPTIONS
HeadHouseOfficeRent $392,736 DifferencebetweenMarketRentand$6psf
Pool $525,000 DiscountedLessons,OpenLapTime,Groupclasses.50/50split,CommunityBenefit/Market.
Basketball $337,500 50/50split,CommunityBenefit(@$25perhour)/Market(@$75perhour)
MultisportCourt $337,500 50/50split,CommunityBenefit(@$25perhour)/Market(@$75perhour)
Auditorium $112,500 50/50split,CommunityBenefit(@$50perhour)/Market(@$100perhour)
Memberships $30,000 Assumes500memberships@$5/month
TotalCommunityBenefit $1,735,236

RequiredCommunityBenefit $(1,500,000)

Excess $127,972