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40
<br />40
<br />11
<br />ALF Development Budget Categories
<br />S 340,000 band: actual contract price for two parcels totaling 22.55 acres
<br />$ 47,004 Off site 1500 LF 6" water @ $24 (Make Hotchkiss estimate for current local
<br />costs), 674 LF sewer assessment @ $15.77
<br />$3,050,500 Building: 42,500 square feet @ $71 ($3,017,500) plus bond 1% building and s4e
<br />($33,040)
<br />$ 234,000 Professional fees
<br />$181,000 architect, Donohue & Co. (approximately 6% of building)
<br />$ 26,000 engineering, site and off-site utilities, permitting (CRA Engineering)***
<br />$ 3,500 environmental assessment, Phase I
<br />$ 1,000 soil testing
<br />$ 3,000 landscape design
<br />$3,500 already paid to Masteler, Moler & Reed (reimbursable by tender)
<br />$15,400 market study already ,paid to MDS (reimbursable by lender)
<br />$ 264,000 Site work: parking, walkways, storm water, interior utilities, clearing, grading,
<br />plantings & sod, fence, lighting, signage, irrigation, $80,000 lift. station
<br />$ 19,004 Permit fees for building, environmental, special exception, utilities
<br />$ 35,004 Impact fees: County utilities, road
<br />$155,040 Furniture and equipment, itemized separately
<br />Soft Costs
<br />$ 210,300 Construction Ivan: Interest at 7.5% for twelve months using FHA disbursement
<br />rate
<br />$ 5,000 Cost audit required by FHA
<br />$ 28,000 Closing costs: documentary stamps, intangible tax, recording
<br />$ 70,040 Start-up marketing: consultant fees, marketing materials, advertising fees, staff
<br />time for pre4casing and sales (FHA/HUD allow $1500 per bed)
<br />15,000 Initial training and hiring: advertising, interviewing, screening, training staff,
<br />and pre -opening Administrator salary
<br />$ 20,000 Management consultant fee, development and early opening stage
<br />$ 550,040 Operating losses, shown on initial 16 month cash flow (includes $31,600 CRA
<br />management/administrative services, to be absorbed by CRA fimts)
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