Item B: Beam Development Project Update

Home Browse Search

Attachment C: Comparision of Funds for the Original and Revised Proposals ORIGINAL PROJECTCURRENT PROPOSAL Rehabilitation of Centre Court buildingPhase I: Rehabilitation of Centre Court Building New five story building on vacant site Phase II: New construction on vacant site (details unknown at this time) PROJECT SUMMARIES Phase I Original Project Current Proposal Private Investment $ 26,000,000$ 785,000 Public Investment$ 10,114,000same TOTAL SOURCES $ 36,114,000$ 10,899,000 PROJECT DETAILS Phase I Original Project Current Proposal Private Equity $ 4,000,000$ 250,000 Tax Credits $ 5,000,000$ 535,000 Bank Loan$ 17,000,000$ - Total Private Investment$ 26,000,000$ 785,000 Acquisition Financing HUD 108/BEDI (#1)$ 1,946,000same Transaction fees (BEDI #1)$ 245,000same URA loan$ 404,000same Construction Financing HUD 108/BEDI (#2)$ 6,504,000same Transaction fees (URA)$ 65,000same URA loan$ 350,000same Cash Reserve (URA)$ 600,000same Total Public Investment$ 10,114,000 same TOTAL SOURCES: $ 36,114,000$ 10,899,000 Notes * Washburne Building details are not included because they are the same for both the original project and the current proposal. * The rehabilitation cost of the Centre Court building in Phase I is reduced by $7.5 million because the building does not qualify for the 20% Historic Tax Credits and is unable to secure the New Market Tax Credits. As a result, rehabilitation does not include the extensive level of historic features as was part of the original project. * Anticipated job creation for the Centre Court Building remains the same * Where any numbers in this attachment differ from those in Attachment B, the letter from Beam, the amounts here are to be considered more accurate estimates.