HomeMy WebLinkAboutPage 2 from Palm Springs Theatre - Forecast 4.30.25v2Cal Arts Grant
City Grant
Police and Workforce Set Aside
Fund Balance Reserve
Measure J Fund Balance Reserve Foundation Raised Funds
Foundation Raised Funds Total Equity (Capital Sources)
Total City Funding
*168(h) election made by City of Palm Springs TBD Blocker Corp ("Managing Member")
95% Equity
$34,500,000
Developer Fee
5% Equity
$5,494,148
Master Lease
32 Years
$66,863
PALM SPRINGS THEATRE TBD LLC ("LANDLORD")
FINANCIAL FORECAST
SUPPLEMENTAL SCHEDULE OF FORECASTED FLOW OF FUNDS
Total Project Costs
Long-Term Lease
55 Years
August 1, 2025
Forecast Start Date:
$4,894,148
Developer Fee
$2,368,478
Developer Fee
$2,525,670
1.00% Equity
$55,496
Federal HTCs
7,500,000
10,000,000
6,900,000
34,500,000$
2,500,000$
2,000,000
5,600,000
Sublease
Federal HTCs
10 Years
Future Operation
Cash Flow After
Expenses
$6,619,455
$55,496
Reserves
$39,994,148
Historic QREs
$33,431,593
10,000,000$
Equity (Capital Sources)
10,000,000$
99.00% Equity
$5,494,148
$0.830 per HTC
Construction
Completion:
October 31, 2025
TBD FHTC Investor
("HTC Investor")
City of Palm Springs
("City Entity")
Palm Springs Theatre TBD
LLC ("Landlord")
TBD Master Tenant, LLC
("Master Tenant")
City of Palm Springs TBD
Blocker Corp* ("Managing
Member")
Palm Spring Plaza
Theatre Foundation
("Subtenant/Operator/C
o-Developer")
City of Palm Springs ("City
Entity/Lessor/Co-
Developer")
Palm Spring Plaza
Theatre Foundation
("Capital Campaign")
TBD Developer Entity
Palm Springs Theatre - Forecast 4.30.25v2
Flowchart- Construction Page 2
Preliminary Draft - No Assurance Provided
For discussion only - subject to adjustments and/or revisions