% Change
ASSUMPTIONS			ANNUAL EXPENSES		Base Year	Year 2	Year 3	Year 4	Year 5
Land
Building	$10,888,614		Operating Expense Increase Schedule:
General Contractors Fee	(included)		Payment in Lieu of Property taxes		207,683	0%	3%	3%	3%
Construction Eng'g Fee	$326,658		Gas and Electric		100,000	3%	3%	3%	3%
Architectural Fee	$653,317		Water/sewer		50,000	3%	3%	3%	3%
Developer Fee	$1,088,861		Insurance		30,000	3%	3%	3%	3%
Closing Costs	$888,089		Maintenance-snow, garden, etc		100,000	4%	4%	4%	4%
Total Cost	$13,845,540		Janitorial		70,000	3%	3%	3%	3%
						0%	0%	0%	0%
Land Value	15%
			Operating Expenses:
Square Footage	100,000		Payment in Lieu of Property taxes		207,683	207,683	213,914	220,331	226,941
Total Cost/Sq Ft	$138.46		Gas and Electric		100,000	103,000	106,090	109,273	112,551
			Water/sewer		50,000	51,500	53,045	54,636	56,275
			Insurance		30,000	30,900	31,827	32,782	33,765
FINANCING			Maintenance-snow, garden, etc		100,000	104,000	108,160	112,486	116,986
Loan to Value	100%		Janitorial		70,000	72,100	74,263	76,491	78,786
Total Debt	13,845,540
Interest Rate	5.00%		Total Operating Expenses		557,683	569,183	587,299	605,999	625,304
Amortization Period	20
Annual Payment	$1,111,002		Debt Service		1,111,002	1,111,002	1,111,002	1,111,002	1,111,002
Equity	$0
			Total Annual Expense		1,668,685	1,680,185	1,698,301	1,717,001	1,736,306
CLOSING COST ESTIMATES			Annual Cost per Square Foot		$16.69	$16.80	$16.98	$17.17	$17.36
Loan Fee - 2%	217,772		to the University of Michigan
Appraisal	5,000
Survey	5,000
Improvements	0
Title	5,000
Recording Fee	2,000
Interest Res. (12% Constr loan)	653,317
Total Closing	888,089
											Blue numbers are variables
											Red numbers are results