% Change
ASSUMPTIONS			ANNUAL INCOME & EXPENSES		Base Year	Year 2	Year 3	Year 4	Year 5
Land
Building	$6,915,198		Operating Expense Increase Schedule:
General Contractors Fee	(included)		Payment in Lieu of Property taxes		131,990	0%	3%	3%	3%
Construction Eng'g Fee	$207,456		Gas and Electric		25,000	3%	3%	3%	3%
Architectural Fee	$414,912		Water/sewer		0	3%	3%	3%	3%
Developer Fee	$691,520		Insurance		10,000	3%	3%	3%	3%
Closing Costs	$570,216		Maintenance-snow, garden, etc		25,000	4%	4%	4%	4%
Total Cost	$8,799,302		Janitorial		10,000	3%	3%	3%	3%
						0%	0%	0%	0%
Land Value	15%
			Less Operating Expenses:
Square Footage	100,000		Payment in Lieu of Property taxes		131,990	131,990	135,949	140,028	144,229
Total Cost/Sq Ft	$87.99		Gas and Electric		25,000	25,750	26,523	27,318	28,138
			Water/sewer		0	0	0	0	0
			Insurance		10,000	10,300	10,609	10,927	11,255
FINANCING			Maintenance-snow, garden, etc		25,000	26,000	27,040	28,122	29,246
Loan to Value	100%		Janitorial		10,000	10,300	10,609	10,927	11,255
Total Debt	8,799,302
Interest Rate	7.00%		Total Operating Expenses		201,990	204,340	210,730	217,322	224,123
Amortization Period	20
Annual Payment	$830,592		Debt Service		830,592	830,592	830,592	830,592	830,592
Equity	$0
			Total Annual Expense		1,032,581	1,034,931	1,041,322	1,047,914	1,054,715
CLOSING COST ESTIMATES			Annual Cost per Square Foot		10.33	10.35	10.41	10.48	10.55
Loan Fee - 2%	138,304		Annual Revenue per Square Foot		8.32	8.73	9.17	9.63	10.11
Appraisal	5,000		Annual Gain/(Loss) per Square Foot		(2.01)	(1.62)	(1.24)	(0.85)	(0.44)
Survey	5,000
Improvements	0		Annual Cost per Parking Spot		2,581	2,587	2,603	2,620	2,637
Title	5,000		Annual Revenue per Parking Spot		2,079	2,183	2,292	2,407	2,527
Recording Fee	2,000		Annual Gain/(Loss) per Parking Spot		(502.45)	(404.38)	(311.21)	(213.08)	(109.75)
Prepaid Interest	414,912
			Annual Gain/(Loss) Total		(200,981)	(161,751)	(124,483)	(85,233)	(43,900)
Total Closing	570,216
											Blue numbers are variables
											Red numbers are results