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9 APRIL 2019 | PAGE 21 <br />CITY OF EUGENE | STEAM PLANT REDEVELOPMENT DESIGN PROPOSAL <br />FINANCIALS <br />The team has a proven track record of securing <br />financing on complex development and venture <br />projects ranging in size from $2.5MM to $60MM. <br />We have secured debt and equity funding from <br />a wide range of capital sources: conventional <br />commercial lenders, tax credit partners, federal <br />HUD backed lenders, private debt lenders, private <br />angel investors and equity investors through a <br />Nasdaq-listed public offering. The team and its <br />investment partners have the financial strength to <br />bring the required equity and debt needed for a <br />successful, well-capitalized project. <br />We anticipate that we will form a Limited Liability <br />Corporation that will capitalize, develop, manage <br />and own the property. Ongoing operational <br />management will be heavily focused on tenancy <br />of the anchor office tenants, month-to-month <br />co-working spaces and flexible meeting rooms, as <br />well as oversight of the food and beverage service <br />areas of the premises. <br />it is anticipated that the total project costs will <br />range from $25MM - $28MM including acquisition <br />costs, hard and soft costs, financing and carrying <br />costs. The team plans to structure the sources of <br />funds through a combination of debt, tax credits, <br />private equity and public/private partnership. <br />This is a challenging project that aims to fulfill <br />many of the desires expressed by the community <br />during the original master planning process. In <br />order to successfully incorporate these community <br />priorities into the project in a lasting way, we are <br />looking for opportunities to partner with the City <br />on several key program elements of the project. <br />1. Property acquisition <br />2. District wide parking solution <br />3. Riverfront Park overlook <br />4. Facade and historic artifact restoration <br />5. 2021 event pavilion <br />6. Dedicated space for community arts,culture, and early-stage <br /> startup companies <br />PARTNERSHIP OPPORTUNITIES <br />PROJECT COST <br />Site and due diligence Cost 1%218,501$ <br />Hard Construction Cost 64%16,808,274$ <br />Soft Construction Cost 22%5,844,922$ <br />Contingency 4%1,143,585$ <br />Professional Fees 5%1,427,807$ <br />Financing cost 3%922,647$ <br />Total Uses 100%26,365,736$ <br />DEVELOPMENT DEBT STRUCTURE <br />Commercial Debt 46%12,246,155$ <br />Tax Credits 14%3,585,740$ <br />Equity 24%6,433,840$ <br />Anticipated Funding Gap 16%4,100,000$ <br />Total Sources 100%26,365,735 <br />Ap <br />r <br />i <br />l <br /> <br />24 <br />, <br /> <br />20 <br />1 <br />9 <br />, <br /> <br />Wo <br />r <br />k <br /> <br />Se <br />s <br />s <br />i <br />o <br />n <br /> <br />- <br />It <br />e <br />m <br /> <br />1