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Contract Number 4345
KIT SAP CO CONSOLIDATED HOUSING AUTHORITY
Government Center - Construction & Development
Finance
GOV File Class LEG 12-1
$
03/01/2003
12/31/2004
02/15/2007
GL $
AL $
E&O $
Insurance Total $
Insurance Review Date
Vault 01/01/2007
CONSTRUCTION AND DEVELOPMENT AGREEMENT
(BREMERTON GOVERNMENT CENTER)
This Construction and Development Agreement (Bremerton Government Center) (this
"Agreement") is entered into this 1st day of March, 2003, by and among the KITSAP COUNTY
CONSOLIDATED HOUSING AUTHORITY (the "Authority"), KITSAP COUNTY,
WASHINGTON (the "County"), and the CITY OF BREMERTON, WASHINGTON (the
"City").
RECITALS
A. The parties to this Agreement are parties to that certain Interlocal Agreement
(Bremerton Government Center) of even date herewith (the "Interlocal Agreement") pursuant to
Chapter 39.34 RCW in connection with the development and operation of the Bremerton
Government Center (the "Project"), a governmental office building in which each of the parties
will have an interest, either directly through ownership of condominium units in the Project or
pursuant to a Real Estate Contract with the Authority.
B. The parties wish to set forth their intentions and agreements with respect to the initial
construction and development of the Project.
AGREEMENT
Section 1. Definitions. All capitalized terms used by not described herein shall have the
meanings set forth in the Trust Indenture between the Authority and U.S. Bank National
Association, as Trustee, relating to the Bonds described in Section 3 of this Agreement (the
"Indenture") and/or the lnterlocal Agreement.
"Effective Date" means the date upon which this Agreement is executed by all parties.
"Final Completion Date" as to a specific portion or phase of the Project means the date
that the certificate of occupancy for such portion or phase is issued and approved by the Project
Architect.
"Force Majeure" means unforeseeable causes beyond a party's control and without its
fault or negligence, including, but not limited to, acts of God or of the public enemy, acts of the
Government, acts of the other party, fires, floods, epidemics, quarantine restrictions, strikes,
freight embargoes, earthquake, explosion, mob violence, riot, inability to procure or rationing of
labor, equipment, facilities, sources of energy, materials or supplies (or reasonable substitute
materials or supplies) in the open market, litigation or arbitration involving a party or others
relating to zoning or other governmental action or inaction pertaining to the Project, malicious
mischief, condemnation, and unusually severe weather or delays of suppliers or subcontractors
due to such causes, or any similar events and/or occurrences beyond the control of a party.
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"Line of Credit" means the line of credit established by the Authority to pay the portion
of Project Costs allocable to the Garage Unit and the Federal Agency Space.
"Federal Agency Space" means the portion of the office space which the parties expect
will be pumhased and occupied by a federal agency after construction, constituting
approximately 8.897% of the assigned office space in the Project.
"Percentage Share" means the ratio the County's square footage of assigned office space
in the Project financed pursuant to the Purchase and Sale Agreement bears to the total square
footage of assigned office space in the Project, or 27.029%.
"Project Architect" means LMN Architects.
"Proportionate Share" means the ratio a party's square footage of assigned office space in
the Project financed with Bond or Line of Credit proceeds bears to the total square footage of
assigned office space in the Project, which for the County shall be approximately 21.510%, for
the City shall be approximately 24.908%, and for the Authority shall be approximately 26.553%,
of which approximately 8.898% is attributable to the Federal Agency Space.
"Substantial Completion Date" as to a specific portion or phase of the Project means the
date that the work and improvements as to that portion or phase are substantially completed such
that only minor "punch list" items remain to be completed, as certified by the General Contractor
and the Project Architect.
Section 2. Project Budget. The Project Budget, including reimbursement of reasonably
related expenses expected to be incurred by the Authority in connection with the development of
the Project pursuant to this Agreement, has previously been reviewed and approved by the
parties, is attached hereto as Exhibit A and is incorporated herein. The parties acknowledge that,
in addition to the Developer Fee in the amount of $400,000 payable to the Authority pursuant to
the Development Agreement, the Project Budget contemplates that the Authority will be
reimbursed for costs incurred to date in connection with the Project, in the approximate amount
of $2,400,000, and for its costs incurred in connection with construction administration for the
Project, including staff time, in the estimated approximate amount of $225,000, and that all such
amounts are Project costs. Any change to the Project Budget proposed by any party after the
date hereof shall be subject to the approval, not to be unreasonably withheld, delayed, or
conditioned, of the other parties hereto, and shall be further subject to the approval of Bond
Counsel. Failure by any party hereto to approve or disapprove such proposed changes within
five working days following the date of initial submittal by the proposing party shall be deemed
approval thereofi Notwithstanding the foregoing, subject to Bond Counsel approval, the
Authority may unilaterally approve changes to the Project Budget, provided that such changes do
not extend the expected Substantial Completion Date of the shell and core portions of the Project
by more than 21 calendar days in the aggregate or increase the agreed-upon Project Budget.
Section 3. Design. The Authority has caused to be prepared, and the other parties hereto
have reviewed and approved, plans and specifications, architectural, engineering and design
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drawings, and final working drawings to be used for the design and construction of the shell and
core portions of the Project (collectively, the "Shell and Core Working Drawings"). Attached
hereto as Schedule 1 is a list of the approved Shell and Core Working Drawings. Any material
changes to the Shell and Core Working Drawings proposed by any party after the date hereof
shall be subject to the approval, not to be unreasonably withheld, delayed, or conditioned, of the
other parties hereto. Failure by any party hereto to approve or disapprove such proposed changes
within five working days following the date of initial submittal by the proposing party shall be
deemed approval thereof. Notwithstanding the foregoing, the Authority may unilaterally
approve changes to the Shell and Core Working Drawings, provided that such changes do not
extend the expected Substantial Completion Date of the shell and core portions of the Project by
more than 21 calendar days in the aggregate or increase the agreed-upon Project Budget.
Section 4. Pennits. The Authority has submitted the approved Shell and Core Working
Drawings to the City for all required permits and approvals, including without limitation a
building permit (collectively, "Permits"), and will diligently pursue issuance of all required
Permits. Revisions to the Shell and Core Working Drawings that may be required by
governmental agencies as a result of the plan review process shall be reviewed by the parties and
mutually agreed upon in a timely manner so as not to delay progress of the Project. The Work
Schedule (defined below) and projected Substantial Completion Date shall be extended as
required to reflect time lost, if any, to incorporate any such revisions.
Section 5. Construction Contract. The Authority has previously prepared bid
specifications and bid packages for obtaining bids from qualified contractors to construct the
shell and core portions of the Project. The Authority has awarded and entered into a contract for
construction thereof with the general contractor selected by the Authority (the "General
Contractor"). The Authority will require the General Contractor to carry builder's risk insurance
and other policies of insurance in forms and with liability limits required by prudent developers
of similar construction projects. The Authority shall also require the General Contractor to
provide a payment and performance bond as required by law.
Section 6. Work Schedule. As soon as reasonably possible after awarding of the contract
for construction to the General Contractor, the Authority and the General Contractor shall
develop a proposed schedule (the "Work Schedule") setting forth the various items of work to be
performed by the General Contractor and the proposed duration of each task. The draft Work
Schedule shall be circulated for review and approval by the other parties hereto, such approval
not be unreasonably withheld, delayed, or conditioned. Upon approval by all parties hereto, the
Work Schedule shall become the basis for completing the shell and core portions of the Project.
Failure by any party hereto to approve or disapprove the Work Schedule within five working
days following the date of initial submittal by the Authority shall be deemed approval thereof.
Notwithstanding the foregoing, the Authority may unilaterally approve changes to the Work
Schedule, provided that such changes do not extend the expected Substantial Completion Date of
the shell and core portions of the Project by more than 21 calendar days in the aggregate.
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Section 7. Construction.
(a) The Authority shall take reasonable care in the exemise of its business judgment
to cause the design and construction of the shell and core portions of the Project to be performed
in a good, workmanlike manner, and in accordance with all applicable laws and other
governmental requirements, including but not limited to reasonable care in the selection of
professionals, subcontractors and other persons engaged to design and construct the Project.
However, the Authority assumes no responsibility for the quality of the performance of services
by any professional, subcontractor, or workman employed in the design or construction of the
Project, and does not guarantee the performance of any such party. The Authority shall,
however, collect and deliver to the parties and to the Association, as their interests may appear,
any specific written warranties or guarantees given by others, including all required
subcontractor guarantees and warranties, and shall assign to the City, the County and the
Association, as their interests may appear, all of its claims or causes of action against any such
parties.
(b) Subject to the terms and conditions of this Agreement, the Authority covenants to
diligently pursue completion of the shell and core portions of the Project in accordance with the
Shell and Core Working Drawings and the approved Work Schedule, subject to Force Majeure.
Representatives of the County and the City shall have the right to inspect the shell and core work
from time to time, provided that they do not interfere or delay such work. The Authority shall
hire a construction manager for the Project, subject to the administrative approvals of the City
and the County, the cost of which management shall be a Project Expense.
(c) The Authority shall (i) coordinate with the Project Architect, the General
Contractor, the City and the County in reviewing the construction, and establish procedures for
coordinating the work in an effort to complete the shell and core portions of the Project in
accordance with the parties' objectives of cost, schedule and quality; (ii) schedule and conduct
progress meetings with the other parties, the Project Architect, the General Contractor and any
contractors or subcontractors, at which they may jointly discuss such matters as procedures,
progress, problems and scheduling; (iii) provide regular monitoring of the Work Schedule as
construction progresses, identify potential variances between scheduled and probable completion
dates, and provide reports to the other parties at the time Draws are submitted for approval; (iv)
develop and monitor a system of cost control, revising the initially approved Project Budget and
presenting the same to other parties for approval, incorporating approved changes in such budget
as they occur and identifying variances between actual and budgeted or estimated costs; (v) assist
the Project Architect in recording the progress of the Project, and evaluate written progress
reports by the Architect, including information on the General Contractor's work and the
percentage of completion; (vi) assist the initial inspection by the parties of the completed Project,
including utilities, operations systems and other equipment; (vii) assist the Project Architect in
determining final completion and secure from the subcontractors all required guarantees,
affidavits, releases, bonds and waivers, keys, records, drawings and maintenance manuals; and
(viii) prepare and maintain in accordance with generally accepted accounting principles
consistently applied, cash receipts and disbursements books and records, reflecting all money
received and all money disbursed by the Authority in connection with the Project.
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Section 8. Change Orders. Additional or changed work requested by the Authority after
commencement of work ("Change Orders") shall be subject to the approval, not to be
unreasonably withheld, delayed, or conditioned, of the other parties hereto. Failure by any party
hereto to approve or disapprove such proposed Change Orders within five working days
following the date of initial submittal by the proposing party shall be deemed approval thereof.
Notwithstanding the foregoing, the Authority may unilaterally approve Change Orders in
amounts up to $75,000, provided that such Change Orders do not extend the expected Substantial
Completion Date of the shell and core portions of the Project by more than 21 calendar days in
the aggregate or increase the total costs of construction by more than $500,000 in the aggregate.
Section 9. Draw Requests; Payment. At Bond Closing, expenses relating to the design,
permitting, and construction of the Project incurred by the Authority prior to the date hereof,
which amount is approximately $2,400,000, shall be paid to the Authority or its designee as
follows
$175,000 by the Authority from the Line of Credit
27.029% of the balance by the County in cash
64.073% of the balance by the Bond Trustee from Bond Proceeds
8.898% of the balance by the Authority from the Line of Credit
Upon receipt of a draw request from the General Contractor which has been approved by the
Project's architect or receipt of an invoice for Project Costs after commencement of construction
of the Project, the draw request or other invoice shall be submitted to the parties for their
approval, which approval may not be withheld if the amount is within the Project Budget and
Change Orders. The draw request and/or invoice shall be deemed approved unless a party has
objected in writing to the other parties within seven calendar days of receipt. Upon approval,
payment of the amount of the draw request and/or invoice, shall be made to the Authority or its
designee as follows:
$175,000 by the Authority from the Line of Credit (up to a total of $1,448,000)
27.029% of the balance by the County in cash
64.073% of the balance by the Bond Trustee from Bond Proceeds
8.898% of the balance by the Authority from the Line of Credit
Within 60 days after the Final Completion Date as to the shell and core portions of the Project,
the County shall pay its Percentage Share of any retained percentage under the Construction
Contract (to the extent not paid from draw requests and deposited into a retainage escrow) in
cash, and the Authority shall request payment of 64.073% of the balance thereof from the
Trustee from Bond Proceeds and 8.898% of the balance thereof by the Authority from the Line
of Credit.
Section I0. Tenant Improvements. The Project budget includes amounts allocated
specifically for tenant finish work and improvements ("Tenant Improvements") in the total
amount of $2,000,000, to be allocated to the Office Units (excluding the Garage Unit)
50367953 05
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proportionally on a square footage basis. Such amount is in addition to the $460,000 in
additional Tenant Improvements to the Authority's Units to be paid from Bond proceeds and
$300,000 in Tenant Improvements to the Federal Agency Space to be paid from draws on the
Line of Credit. Each of the parties shall be responsible for the design, permitting and
construction of such party's desired Tenant Improvements, and any costs thereof above such
party's share of the budgeted amount for such Tenant Improvements shall be the responsibility of
that party. Notwithstanding the foregoing, the parties may determine that the Authority shall be
responsible for the design and/or construction, including the awarding of contracts relating to, ail
Tenant Improvements. Each party acknowledges that construction activities on that party's
portion of the Project may result in or cause delays in the construction of the other parties'
portions of the Project, and therefore each party agrees to cooperate in and to coordinate the
scheduling and performance of their respective construction activities so as to allow the same to
be conducted concurrently and to minimize delays. Each party further acknowledges and agrees
that, if activities on such party's portion of the Project cause a delay that results in a Change
Order to the shell and core Construction Contract or to another party's contract for Tenant
Improvements, any additional costs of such Change Order shall be paid by the party causing such
increased costs. Furthermore, if delays in construction by any party of its respective Tenant
Improvements cause delays in any other party's or parties' ability to lease or occupy portions of
its or their Unit(s), such party shall be responsible for costs and damages incurred by the injured
party or parties for such delays. All Tenant Improvement work by the parties shall be in full
compliance with all applicable laws, codes and ordinances, shall be conducted at such times and
in such a manner so as to not unreasonably interfere with the Authority's construction of the
shell and core portions of the Project, and shall be subject to all provisions of this Agreement,
including the indenmification provisions set forth below.
Section 11. Developer Fee. The Authority shall have the right to receive payment of a
Developer Fee in the amount of $400,000, which amount shall be a Project Cost, to be paid
within 30 days after the Substantial Completion Date for the core and shell of the Project.
Section 12. Construction Contingency. The budget for the Project includes a
construction contingency fund in the amount of $1,500,000. If any portion of the construction
contingency fund is not required to complete the development of the Project, such contingency
funds shall be used for other Project expenses, as determined by a committee of representatives
of the City, the County and the Authority and as approved by Bond Counsel. The parties
acknowledge that the Authority's Developer Fee pursuant to the previous paragraph shall be an
expense of the Project, not subject to the provisions of this section.
Section 13. Safety Matters; Indemnification. The Authority shall:
(a) Take all safety measures necessary to protect the other parties' employees, agents,
contractors, subcontractors, licensees and invitees, and the personal property and improvements of
each, from injury or damage caused by or resulting from the performance of its construction.
(b) Take all steps reasonably necessary to secure the Project to prevent access to the
same by the public during the period of construction.
50367953 05
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(c) Indemnify and hold the other parties harmless from all claims, costs, expenses and
liabilities arising from the death of or accident, injury, loss or damage whatsoever caused to any
person or to the property of any person as occurs in the process of the indemnifying party's
construction work (a party whose negligence or willful act caused such death, accident, injury,
loss or damage shall be excluded from the benefit of the indemnification provisions of this section
as to the event resulting in such death, accident, injury, loss or damage).
(d) Indemnify, defend and hold the other parties harmless from and against all
mechanic's, materialmen's, and laborer's liens, claims against bonds or retained percentages, and
all costs, expenses, and liabilities arising from its construction.
Each of the County and the City agrees to indemnify and hold the Authority harmless from
and against all liabilities, costs, damages and expenses (including without limitation reasonable
attorneys' fees, disbursements and amounts paid in settlement of claims), incurred by the
Authority in connection with the design and construction of the Project, except any resulting from
the negligence or willful misconduct of the Authority or the breach of its obligations under this
Agreement. The indemnification provided in this paragraph shall not serve to interfere in any
respect with the assignment of claims described in Section7(a).
Section 14. Lien Claims. All parties agree that in the event any lien claim or any claim
against any bond or retained percentage (collectively, "Liens") shall be filed during the term of
this Agreement against any portion of the Project by reason of labor, services or materials supplied
to or at the request ora party, that party shall pay and discharge the same of record within 30 days
after the filing thereof, subject also to the provisions of the following sentence. Each party shall
have the right to contest the validity, amount or applicability of any such Lien by appropriate legal
proceedings, and so long as it shall furnish bond or indemnity as hereinafter provided and be
prosecuting such contest in good faith, the requirement that it pay and discharge such items within
said 30-day period shall not be applicable; provided that such party shall indemnify and save
harmless the other parties hereto from all loss, damage, liability, expense or claim whatsoever
(including attorneys' fees and other costs of defending against the foregoing) resulting from the
assertion of any such Liens. For the purposes of this section, the Authority shall be deemed to be
the "party" with respect to the entire Core and Shell of the Project.
Section 15. Indemnification of Authority for Certain Costs. The City shall indemnify
the Authority to the extent of its Proportionate Share, and the County shall indemnify the
Authority to the extent of its Proportionate Share and its Pementage Share, for any costs incurred
or liability sustained by the Authority in connection with any of the following, unless and to the
extent resulting from the negligence or willful misconduct of the Authority:
(a) The cost of the Project exceeds the Project Budget, including all contingency
amounts; or
(b) The underwriter for the Bonds is released from its obligation to purchase the Bonds
pursuant to Section 7 of the Bond Purchase Contract, or as a result of the failure to deliver to the
5036795305
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underwriter the items listed in Section 6 of the Bond Purchase Contract where such items are to be
produced by patties other than the Authority.
Section 16. Force Maieure. During the term of this Agreement, no party shall be
considered in breach of or default in its obligations with respect to any obligations created
hereunder or progress in respect thereto in the event of delay ("Unavoidable Delay") in the
performance of such obligations due to Force Majeure.
Section 17. Miscellaneous.
(a) This Agreement and each provision hereof may be amended, changed, waived,
discharged or terminated only by an instrument in writing signed by the parties hereto.
(b) Section headings have been inserted in this Agreement only as a matter of
convenience of reference, and it is agreed that such section headings are not a part of this
Agreement and will not be used in the interpretation of any provisions of this Agreement.
(c) If any provision of this Agreement shall be held or deemed to be or shall, in fact,
be invalid, inoperative or unenforceable as applied in any particular case in any jurisdiction or
jurisdictions, or in all jurisdictions, because it conflicts with any provisions of any constitution,
statute or rule of public policy, or for any other reason, such circumstances shall not have the
effect of rendering the provisions in question invalid, inoperative or unenforceable in any other
case or circumstance, or of rendering any other provision or provisions of this Agreement
invalid, inoperative or unenforceable to any extent whatever.
(d) This Agreement may be executed in several counterparts, each of which shall be
regarded as an original and all of which shall constitute one and the same document.
(e) This Agreement shall be interpreted and construed under the provisions of the
laws of the State of Washington.
(f) The parties intend that the obligations of good faith and fair dealing apply to this
Agreement generally and that no negative inferences be drawn by the absence of an explicit
obligation to be reasonable in any portion of this Agreement. The obligation to be reasonable
shall only be negated if arbitrariness is clearly and explicitly permitted as to the specific item in
question, such as in the case of a party being given "sole discretion" or being allowed to make a
decision in its "sole judgment."
(g) This Agreement replaces and supersedes the interlocal agreements among the
parties dated June 6, 2000, January 24, 2001, and June 18, 2002, with respect to the Project
(collectively, the "Previous Agreements"), except to the extent of liabilities already incurred in
connection therewith.
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Dated as of the date set forth above.
KITSAP COUNTY CONSOLIDATED HOUSING
AUTHORITY
Executive Director (~
KITSAP COUNTY, WASHINGTON
JBa~)~o ~ oC hun~'C o m mi s~o n er;
Approved as to Form:
By: ~
Deputy Prosecuting Attorney,
Kitsap County, Washington
CITY OF BREMERTON, WASHINGTON
By: ~
Name
Title
Approved as to Form:
Ctl~y Attorney, ~
City of Bremerton, Wa~ington
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EXHIBIT A
Kitsap County Consolidated Housing Authority
Bremerton Government Center
Project Budget
March 11r 2003
[ 0.64073 Bond Financed J 0.08898 0.27029
Official Statement 0.215t 0,2491 0.17653 Line of Kitsap County
Budget Count'/ City Authority Credit Cash
LAND
Land Purchase $1,253,O00 00 269,520.30 312.122.30 221,10209 111,491 94 330,673.37
Appraisals 28,50000 6,130.35 7,099.35 5.031.11 2,535.93 7,703.27
Trie and Recording Fees 10,000.00 2.151.00 2,491.00 1,765.30 88980 2.702.90
Legal - Graham & Dur3n 60,000.00 12.90~.00 14,946,00 10.591.80 5,338.80 16.217.40
City Garage Fee 68,600.00 14,755.86 17.088.26 12,10996 0~104.03 18.541 89
Total Land 1,420,100.00 305,463.51 353,746.9t 250,690.25 126,360.50 383,838.83
CONSTRUCTION
New Construction (Inc BGC Garage & Alternates) 15,691.000.00 3,375.134.10 3.908,628.10 2,769,932,23 1,396,185.18 4.241,120.39
Electric Connect & Line Relocate 46,000.00 9,894.60 11,458.60 8,120.38 4~963.08 12,433.34
Total ConstnlcEon 15,737,000.00 3,385,028.70 3,920,086.70 2,778.052.61 1,400~.70.26 4.253,553.73
TENANT IMPROVEMENT ALLOWANCE 2,000.000.00 430,200.00 498.200.00 353,060.00 177,960.00 540.580.00
DEVELOPMENT CONTINGENCY 1,500,000.00 322,650.00 373,650.00 264,795.00 133,470.00 405.435.00
DESIGN AND ENGINEERING
ArchBect (Inc. C.E.,E.E.,M.E ,STR & L.S.A) 2.036,000.00 437,943.60 507,16760 359.415.08 181.163 28 550,310.44
Consultant Fee 126,000.00 27,102.60 31.386.60 22,242.78 11.211.48 34,056.54
Envir. Consults. IS oils/Geo-T~ch 25,000.00 5.377.50 6,227.50 4.41325 2,224.50 6.757.25
(Phase I,Haz/rnat,tank removal)
Total Design and Engineering 2,107,000.00 470,423.70 544,701.70 386,071.11 194,599~.6 591,124.23
FEES & PERMITS
C~y Fees & Permits 5d,000.96 12,045.60 13.949.60 9,885 68 4,982.88 15,136 24
Utgitios Connection 30r0oo.00 E~453.00 7,473,00 5,295.90 2,669.40 8,10870
Total Feea & Permits 86,096.00 18,498.60 21,422.60 15,181.58 7,652.28 23,244.94
CONSTRUCTION MANAGEMENT & INSPECTIONS
Contract Management Consultan[ 117,000.00 25,16670 29,14470 20,654.01 10.410.66 31,623.93
Contract ~mioistration 224,000.00 48,18240 55,798.40 39,542.72 19.931.52 60,544.96
Development - KCCHA 510,000.00 109,701.00 127,041.00 90,0960.30 45,379.80 137.847.90
Soils & Matsr~als Inspection I Testing 80.000.00 17.20800 19,928 00 14.122.40 7,118.40 21.62320
Insurance (incl. Bldrs Rsk} 11.000.00 2,366.10 2,740.10 1.941.83 978.78 2,973.19
Other: Legal, Irdedm F[nar~ing, etc. 20.000.00 4.302.00 4,982.00 3.530.60 1,779.60 5,40580
Total Construction Management & Inspections 902,000.00 206,926.20 239,634.20 169,821.86 85,598.76 260,018.98
BOND ISSUANCE COSTS
Underwriting 135,800.00 45.589.53 52,795.69 37.414.78
Bond Counsel 60,000.00 20,142.95 23.326.52 16,530.83
Bond Insurance 86,000.00 28,871.13 33,434.68 23.694.19
Rating 13,2~0.00 4.448.17 5,151.27 3,650.56
Trustee Fees 4,500.00 1,510.70 1.749.49 1,23981
Pdn0ng/Mtsc./Inspecgon Fees 20,000.00 6.714.22 7~775.51 5,510.28
Total Bond Issuance Costs 310,550.00 107,276.40 124,233.15 68,040.46 0.00 0.00
ADMINISTRATIVE COSTS
Financial ConsuBent 36,900.00 7,628.50 8,710.50 6,170.65 3,114.30 9,460 15
Legal, Transactions (Foster Pepper) 75~000.00 16~t 32.50 18,682.50 13.239.75 6~673.50 20,27175
Total Administrative Costs 110,000.00 23,66t .00 27,401.00 19,410.30 9,707.80 29.73t.90
INTEREST & CAPITALIZED RESERVES
laterest (Bond) 937,710.29 314,799.50 364,558.60 258.352.19
laterest (Taxable LOC) 270,159.22 58,111.25 67.296.66 47,691.21 24,038.77 73,021,34
Debt Service Reserve 800,000.00 201,426.50 233.265.18 165,308.32
Total Interest & Capitalized Reserves 1,807,069.51 574,337.25 665,120.46 471,351.72 24,030.77 73,021.34
DEVELOPER FEE 400~000.00 00~040.00 991640.00 70~612.00 35~592.06 108~116.00
Gross Development Costs 26,520,519~5t 5,930,505.35 6,867,916.70 4,967,094.88 2,195,307.63 6,668,664.94
WAMU Construction Costs (1 z448~000.00} (311,464.96) (396~696.80) (255~615.44) (128r043.04) (391,379.92)
Total Der. Costs to Participants 25~081~519.51 5~619~040.55 6,507r219.90 4~611~479.44 2~060~494.59 6~277~205.02
KCCHA Additional Tenant Improvements 760~000.00 0.00 0.00 0.96 760~000.00 0.00
Total Costs $25~041~519.51 516191040.55 6~507r219.90 4~611 ~479.44 2~825~494.59 6~277~205.02
SCHEDULE 1
APPROVED WORKING DRAWINGS
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'-- INDEX OF DRAWINGS
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