Davis Landings Affordable Housing Project

August 3, 2012

Community Land Trust of Palm Beach County, Inc.

Project Update• Construction started 11/1/2011

• Estimated Completion 8/30/2012

• 90%+ Complete

• Interior build out nearing completion

• Landscaping being installed

• Cabinets and A/C being installed

Budget Update7/31/2012

11/1/2011 Budget Invoiced to

Date Projected Balance

Hard Costs

Construction 4,155,000 3,315,848.12$ 839,151.88$

Contingency 415,500 125,281.28$ 290,218.72$

Total Hard Costs 4,570,500 4,570,500.00$

Financing Costs

Title and Recording-Construction 21,880 20,332.05$ 1,547.95$

Soft Cost Revolving Credit 15,000 3,258.00$ 11,742.00$

Total Financing Cost 36,880 36,880.00$

Soft Costs

Architectural and Engineering Design plus CO # 1 & 2 292,300 321,616.00$ (29,316.00)$

A-E CO#3 54,756

Structural Soil Study 4,740 4,740.00$

Construction Materials Testing - -$

Legal 20,000 4,460.00$ 15,540.00$

Accounting 8,000 8,000.00$

Marketing 10,000 2,898.00$ 7,102.00$

Permit Fees 96,500 111,840.00$ (15,340.00)$

Impact Fees 138,500 138,460.00$ 40.00$

Utility Connection Fees 118,000 117,743.07$ 256.93$

Inspection / Thresh. Insp. -$

Property Upkeep 7,244 7,244.00$

Soft Cost Contingency 60,753 48,909.00$ 11,844.00$

Total Soft Costs 810,793 810,793.00$

Project Management / Overhead and Administration

Project Management / Overhead and Administration 220,000 161,821.00$ 58,179.00$

Transformer Cost

Lake Worth Power Transformer 25,000 24,710.57$ 289.43$

Reserves

Operating Reserve 59,833 59,833.00$

Total Reserves 59,833 59,833.00$

Total Budget 5,723,006$ 4,397,177.09$ 1,325,828.91$

Construction Contract/CO UpdateDavis Landings Change Log

Fixed Base Bid $4,155,000Fixed Add Alteratives Approved $144,098

Total $4,299,098Actual/Potential Change Log 7/30/2012

CO DescriptionSubmitted

Date Valuenew contract

amount Date Approved Notes001 LWDD - canal work 12/09/11 $15,265 $4,170,265 01/03/12 Permit requirement002 Security thru Dec 2011 12/09/11 $11,635 $4,181,899 01/03/12 Unforeseen site condition003 Rubber base for playground 12/09/11 $20,160 $4,202,059 01/04/12 Add alternative accepted004 Quartz countertops 12/09/11 $50,846 $4,252,905 01/04/12 Add alternative accepted005 Security cameras 12/09/11 $24,000 $4,276,905 01/04/12 Add alternative accepted006 Playground equipment 12/09/11 $8,160 $4,285,065 01/04/12 Add alternative accepted007 Washers and Dryers 12/09/11 $31,782 $4,316,847 01/04/12 Add alternative accepted008 Window treatments 12/09/11 $9,150 $4,325,997 01/04/12 Add alternative accepted009 Security Jan-Feb 2012 01/15/12 $29,500 $4,355,497 01/20/12 Job site security010 Stored materials storage 01/15/12 $37,100 $4,392,597 01/20/12 Job site management011 Bathroom hi hat lights 02/17/12 $5,060 $4,397,657 03/02/12 Code review requirement012 Gable ends - structural 02/17/12 $14,692 $4,412,349 03/05/12 Code review requirement013 Elevator air conditioning 03/05/12 $8,033 $4,420,382 03/08/12 Code review requirement014 Heat Detectors 03/05/12 $2,232 $4,422,614 03/08/12 Building Inspector requirement015 Electrical disconnect 03/20/12 $2,651 $4,425,265 05/31/12 Building dept comment016 Sink upgrade 03/12/12 $2,657 $4,427,922 03/15/12 plan coordination017 Drywall modifications 04/15/12 $7,192 $4,435,114 07/01/12 plan coordination018 Security Mar - May 05/23/12 $22,200 $4,457,313 07/01/12 Job site security019 Shelving Credit 06/06/12 ($8,455) $4,448,858 07/01/12 Owner selection020 504 changes 06/14/12 $2,750 $4,451,608 07/01/12 DES HUD021 Time for site lighting permit 07/11/12 $0 $4,451,608 07/11/12 Permitting022 Misc. 502, tile, ect. 07/11/12 $7,153 $4,458,762 Misc.023 Balcony mud, tile credit 07/11/12 $6,401 $4,465,163 Appearance024 Security Jun - Sep estimated $30,000 $4,495,163 Job site security025 Stored material handling estimated $10,000 $4,505,163 Job site management026027Void Air Conditioning cages - $0 Void

Total $350,163Current/Estimated Contract Value $4,505,163Percentage CO's 4.8% Includes add/alternatives

Impact on Project ContingencyInitial Budget Construction Contingency $415,500CO 1 - 8 ($170,997)CO 9 - 25 ($179,165)Current Budget Contingency $65,337Current Contingency % 1.6%

Davis Landings Project Spending

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Davis Landings Site Plans

Site Nov. 2011 – Feb. 2012

March 2012 – June 2012

July 2012

Questions & Follow-Up