% Change
ASSUMPTIONS			ANNUAL EXPENSES		Base Year	Year 2	Year 3	Year 4	Year 5
Land
Building	$12,098,460		Operating Expense Increase Schedule:
General Contractors Fee	(included)		Payment in Lieu of Property taxes		230,731	0%	3%	3%	3%
Construction Eng'g Fee	$362,954		Gas and Electric		100,000	3%	3%	3%	3%
Architectural Fee	$725,908		Water/sewer		50,000	3%	3%	3%	3%
Developer Fee	$1,209,846		Insurance		30,000	3%	3%	3%	3%
Closing Costs	$984,877		Maintenance-snow, garden, etc		100,000	4%	4%	4%	4%
Total Cost	$15,382,044		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		230,731	230,731	237,653	244,782	252,126
Total Cost/Sq Ft	$153.82		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	15,382,044
Interest Rate	6.00%		Total Operating Expenses		580,731	592,231	611,038	630,450	650,489
Amortization Period	20
Annual Payment	$1,341,077		Debt Service		1,341,077	1,341,077	1,341,077	1,341,077	1,341,077
Equity	$0
			Total Annual Expense		1,921,807	1,933,307	1,952,114	1,971,527	1,991,565
CLOSING COST ESTIMATES			Annual Cost per Square Foot		$19.22	$19.33	$19.52	$19.72	$19.92
Loan Fee - 2%	241,969		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)	725,908
Total Closing	984,877
											Blue numbers are variables
											Red numbers are results