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Construction Period Draw Schedule, Including Permanent Takeout
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<br /> A B C D E F G H i J K L M
<br />1 Month # 1 2 3 4 5 6 7 8 I 9
<br />2 Month Se Oc# Nov Dec Jan Feb Mar Aril Ma
<br />3 Deveio went Uses
<br />4 Total Deveio went Costs 8 895,528 I
<br />5 Hard & Soft Costs $8,115,225 $1 132,928 $0 I $295,278 $143 701 $11,291 $] ] 1,821 $100 508 $20S 692 $361 282.5$
<br />8 Reserves O eratin Rent U $252,503 I
<br />7 Deveio er Fee -distributed to deveio er $397,800 $28 600 I
<br />8 Deveio er Fee -restricted tb BB&T acct $400,200 $131 000 I J I I
<br />9 Construction Ioan Interest $]30,000 $3,808 $2 182 $15 $0 $2 0]5 $390 $580 $1,282
<br />10 Monthl draw amounts $1,132,928 I $163,408- $297 460 $143,716 $] 1 91 $] 13 836 $100 898 $206 273 $362,564.39
<br />11 Fundin Sources
<br />12 Exchan a Ioan amount $5,272,625 1,296 568 $0.00 $297,460 $143,716 $0 $125,128 $100 898 $206 2'72.70
<br />13 Oran a Coun loan $1,000,000 I
<br />14 NC STC refund Ioan $422,903 I I
<br />15 BB&T Construction Loan $1,132,928 $163,408 I $297 460 $143 7]b $I1 291 $113 836 $]00,898 $206,273 $362,564
<br />1ti BB&T Construction Loan Accruin Interest $1 132 928 $163,405 $297,460 $]43,716 $11 91 $113 836 1 $100,898 $206,273 $362,564
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<br />19 Month # 10 II I 12 13 14 15 16-21 22-24
<br />20 Month June Jut Au Se Oct Nov Dec Jan Check
<br />21 Deveio went Uses I
<br />22 Total Deveio ment Costs $8,895 528
<br />23 Hard & Soft Costs $8,115,225 $359,309 $636,343 $685 978 $814,2] 8 $814,218 $814,2] 8 $814 218 $814 218 $8 l 15 225
<br />24 Reserves eratin Rent U $25 503 22 800 229,703 $252 503
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<br />26 Deveio er Fee -distributed to deveio
<br />Deveio er Fee -restricted to BB8cT acct $397,800
<br />$400,200 50000
<br />269 200 $78,600
<br />$400 200
<br />27 Construction loan Interest $130000 $1,940 { $2 703 $3,516 $2,873 $3 405 $3,407 $0 $10 220 $38 336
<br />28 Monthl draw amounts $361249 $639,046 $689,494 $817 09l 817 623 $840 425 $1 133,418 $1,054,141
<br />29 Fundin Sources I
<br />30 Exchan a award amount $5 272,625 $362 564 361,249 639 046 $689,494 $817091 $233,137 SS 72 625
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<br />34 a Coun loan $1 000,000
<br />NC STC refund loan $422,903
<br />BB&T Construction Loan I
<br />BB&T Construction Loan Accruin Interest $607,288 392 712
<br />$422,903
<br />$361249 $639046 $689 494 $817,09] $817,623 $0 $317,803
<br />$361 249 $639 046 $689 494 $817,091 $817,623 $0 $317 803
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<br />$] 054, i 41
<br />$1371 945 51,000,000
<br />$422,903
<br />$7 228,824
<br />35 I
<br />36
<br />37 Notes & Assum lions
<br />38 Construction loan takeout breakdown Based u on deveio went bud et revised as of Ma 2010.
<br />39 CICCAR Ioan $1 700,000 Notice to roceed with construction was 'ven October 27 2009.
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<br />40 NCHFA RPP Ioan $500 000 BB&.T Construction Loan is u to $5 272,625 at an one time and u to $8 600 000 in the
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<br />41 Total $2,200 000 Exchan a Loan is used to a down the BB&T Construction Loan
<br />42 Constn~ction loan outstandin balance $1,371,945 Oran a Coun and State Tax Credit Permanent Loans will also a down BB&T Construdaon Loan.
<br />43 Variance $828,055 CICCAR and NCHFA permanent loans will fully pay off outstanding balance of BB&T Construction Loan.
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