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ESTIMATED BUDGET 3 <br /> CREEL STREET LOTS Unit Count: <br /> Uses of Funds Current Estimate Current Per Unit <br /> Raw Land Cost 15,000 <br /> Sales Commission on Land <br /> Other Costs of Land Purchase 1,000 <br /> Site Improvements 0 <br /> Site Grading and Earthwork <br /> Erosion Control <br /> Streets and Sidewalks <br /> Water/Sewer/Storm Drainage—On Site <br /> Water/Sewer/Storm Drainage—Off Site <br /> Site Landscaping and Buffers <br /> Project Sign/Entrance <br /> Other Site Improvements <br /> Land Development Loan Interest <br /> Subdivision/Special Use Permit Application Fees <br /> Recreation Payment/Other Town Impact Fees <br /> OWASA Water and Sewer Impact Fees 3,000 <br /> Planning and Engineering Design Fees <br /> SUBTOTAL LOT DEVELOPMENT 19,000 <br /> Average Builder Contract Price 50,000 <br /> Additional water lateral cost 1,000 <br /> Additional lot preparation/foundation cost <br /> Additional unit landscaping cost 750 <br /> Other costs not included in builder price <br /> Building Permits and Other Fees <br /> Construction Loan Interest 2,000 <br /> Construction Management 0 <br /> SUBTOTAL HOUSE CONSTRUCTION 53,750 <br /> Project Legal Expenses 500 <br /> Project Financing Fees and Closing Costs 500 <br /> Taxes During Construction 500 <br /> Inventory Maintenance on Spec Houses <br /> Model Operations (Rent, Utilities,Phone, Maint.) <br /> Sales/Marketing/Advertising Expenses <br /> Sales Commissions or Referral Fees on Homes <br /> Buyer Closing Costs 2,000 <br /> SUBTOTAL OTHER EXPENSES 3,500 <br /> Contingency/Developer Fee (minimum 5%) 4,000 <br /> TOTAL PROJECT COSTS 80,250 <br /> Sources of Funds Current Estimate Current Per Unit <br /> First Mortgages for Homebuyers 64,750 <br /> Buyer Con tribution/Downpayment 500 <br /> Second Mortgages SOURCE: 15,000 <br /> Third Mortgages SOURCE: <br /> TOTAL SOURCES OF FUNDS DRAFT 80,250 <br />