Application of Funds.
Acquisition Costs: Land 1,112,726 Building 1,112,726 Construction Costs: Building Costs 6,566,954 Furnishings & Equipment 675,879 Site Work 1,651,014 General Conditions/Overhead 1,036,322 Profit 82,331 Performance Bond 10,012,500 Subtotal General 400,000 Contractor 238,372 Construction Contingency 84,136 Tap Fees & Bldg. Permits Direct Construction Costs By 10,735,008 Partnership Legal/Organizational: Legal - Bond Issuance 151,548 Legal - Real Estate 10,000 Legal - Corporate 39,500 Title & Recording 20,000 Audit Tax 25,000 246,048 Construction Financing: LOC Origination Fee 226,309 LOC Annual Fees During 355,628 Construction 767,400 Bond Interest During (300,000) Construction Less Interest Income on 1,049,337 Investments Soft Costs: Architectural & Engineering 142,500 Construction Period Taxes & 18,500 Insurance 28,000 3rd Party Fees For Professional 181,675 Services 83,867 Issuance Costs Tax Credit Fees 454,542 Interim Operating Costs: Advertising 30,000 Lease Up Reserve 348,500 378,500 Development Fees: Overhead 300,000 Developer Fee 1,530,000 1,830,000 Total Application Of Funds 15,806,161