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Contents <br />1.Executive Summary ................................................................................................................................. 1 <br />Introduction ..................................................................................................................................................... 1 <br />Summary of Findings ..................................................................................................................................... 1 <br />2.Review of Market Rent & Lease Income Assumptions ........................................................................ 3 <br />Apartment Market Analysis: Documented Rents ........................................................................................ 3 <br />Applicant Documented Project Apartment Rents .................................................................................... 3 <br />Applicant Compared to Prevailing Comparable Projects: Unit Gross Rents ........................................ 5 <br />Applicant Compared to Prevailing Comparable Projects: Unit Rents per Square Foot ....................... 7 <br />Apartment Market Analysis: “Amenity Based Income” & Rents ............................................................... 8 <br />Amenity Based Income Defined ................................................................................................................. 8 <br />Retail Market Analysis: Documented Lease Rates ...................................................................................... 11 <br />3.Financial Feasibility Analysis .............................................................................................................. 13 <br />Financial Feasibility (“Pro Forma”) Assumptions ..................................................................................... 13 <br />Debt vs. Equity & Project Financing ........................................................................................................ 13 <br />Assumed Rents, Lease Rates & Escalation .............................................................................................. 14 <br />Operating Expenses .................................................................................................................................. 14 <br />Financial Feasibility Analysis: Two Scenarios to Compare Rent Income Assumptions ........................ 16 <br />Introduction to Terms .............................................................................................................................. 16 <br />Scenario 1: Market-Achievable Rents ...................................................................................................... 18 <br />Scenario 2: Applicant-Assumed Rent Income ....................................................................................... 20 <br />October 17, 2018, Work Session – Item 2