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Commissioners Term Expires
Thaddeus Holloman, Chair January 23, 2028
Alonzo R. Bell, Jr., Vice-Chair January 21, 2029
William Black January 24, 2027
Andrea R. Diggs January 21, 2029
Barbara Holley January 23, 2029
George Knight January 22, 2028
Dr. Helmuth Trieshmann January 21, 2029
PLAN OF FINANCING
The total costs of the Project and the sources of funds to pay those costs are estimated by the
Borrower as follows:
Sources of Funds *
Principal of FHA Insured Mortgage Loan $32,060,000
LIHTC & Historic Tax Credit Equity(1) 46,325,045
GRRP Loan 10,000,000
Income from Operations 2,195,036
Surplus Cash Note 2,000,000
Deferred Developer Fee 2,845,853
Total $95,425,934
Uses of Funds*
Project Acquisition $36,190,688
Total Construction Costs (Including Contingency) 37,936,158
Other Soft Construction Costs & Third Parties 5,905,490
FHA Insured Mortgage Loan Closing & Financing Costs 3,276,990
Costs of Issuance(2) 2,455,221
Tax Credit Fees 248,304
Project Reserves and Escrows(3) 4,413,083
Developer Fee 5,000,000
Total $95,425,934
(1) The Borrower expects to obtain a loan (the “Bridge Loan”) from Merchants Bank of Indiana (the
“Bridge Lender”) in the principal amount of $19,000,000* to bridge certain installments of the Tax Credit
Equity.
(2) Includes Underwriter’s compensation that is payable on the date of issuance of the Bonds, certain legal
fees and expenses, printing, rating agency fees, Trustee fees, Issuer fees, acquisition financing costs, and
certain other costs associated with issuance of the Bonds.
(3) Includes amounts for operating reserve, replacement reserves and equity bridge loan interest reserve.
All costs of issuing the Bonds, including the Underwriter’s fee, will be paid by the Borrower.
* Preliminary; subject to change.
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