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Summary of September 2011 Revised Deal <br />Flaherty and Collins - The Residence at The COR <br />0 <br />THE residence <br />AT THE COB <br />Units <br />Studio <br />1- bedroom <br />2 - bedroom <br />Townhome <br />'TOTAL <br />Total Square footage <br />Stories <br />Internal and Surface Parking <br />Structured Parking <br />22 <br />122 <br />79 <br />7 <br />230 'Subject to final plans <br />219,240 <br />4 <br />32 Townhome Garages and surface stalls <br />275 d / 25 a 275 dedicated, 25 allocated in Ramp A, PUMA A <br />Land Sale Proceeds $ 750,000 <br />Parcel <br />Development Fees <br />Building Permit Fees <br />3 acres +/- <br />$0 Paid from existing TIF (incl SAC/WAC) (est. $1.5-2.4m) <br />? Paid by Developer <br />Earnest Monies $ 250,000 Due after CTIB meeting - Applies to Land Sale <br />Liquidated Damages Actual Costs Sep 27- Close Paid to F&C if City fails to deliver train start - capped at $750k <br />TIF 85% of increment/25 yrs Note sized when) increment can be calculated, issued at takeout of City Note #2 <br />Fixed between $2m and $3m <br />Retail Area 3000sf <br />City Backstop $ - No City Backstop <br />City Note #1 $ <br />Fee to City $ <br />Sources for Note/Fees <br />Development Fees <br />City Note #1 <br />City Note #2 <br />City Note #2 <br />Interest and Cost of Issuance <br />Developers equity <br />Principal reduction for additional equity puts $ <br />Default interest if addl equity payment is not made $ <br />1,300,000 10yr term, paid from cashflow - may be included in larger note <br />120,000 fixed fee <br />$1.5m - $2.4m <br />1,420,000 <br />6,825,000 <br />Existing TIF Balances (estimate prior to final plans) <br />Existing TIF Balances <br />GO TIF Revenue Bonds, will include capitalized Interest and cost of issuance <br />Backing: <br />1 Project Revenues <br />2 $2m TIF Note <br />3 Project LLC <br />4 F&C Development <br />5 David Flaherty (Personal Guarantee) <br />6 TIF 14 Proceeds <br />7 Other TIF Districts <br />8 Other Funds Available <br />9 Tax Levy <br />6,825,000 36 month term - 6.27% capitalized interest - 8.27% default interest rate (equity calls) <br />1,260,000 Varies with Cap Interest equation - 6% annual <br />Payments due at 18mos. as available, capitalized for 36mos. <br />$1,000,000+ at closing <br />2,000,000 at 12months <br />1,000,000 at 18 months <br />4,000,000 TOTAL <br />250,000 If equity payment is made at 12 months - principal reduction in City Note #2 <br />240,000 2.0% addl interest over last 18 months of term. <br />