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EXHIBIT 1 – ORIGNIAL PROJECT
<br />
<br />Sources
<br />annual d/s
<br /> Equity $27,176,000 30%
<br /> Conventional Debt $61,963,000 70% $4,699,780
<br /> $89,139,000
<br />
<br /> WITHOUT MUPTE
<br />Pro-Forma
<br />The Original Project pro-forma below is derived from applying a standardized set of assumptions to the developers provided information. (The
<br />financial analysis was provided as Attachment F to the Agenda Item Summary for April 23 item number 4.)
<br />
<br />
<br />Without MUPTEYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
<br />
<br />
<br />Income$ 9,946,200$ 10,045,700$ 10,146,200$ 10,247,700$ 10,350,200$ 10,453,700$ 10,558,200$ 10,663,800$ 10,770,400$ 10,878,100
<br />
<br />
<br /> - Vacancy (6%)$ 602,400 $ 608,500 $ 614,500 $ 620,700 $ 626,900 $ 633,200 $ 639,500 $ 645,900 $ 652,300 $ 658,900
<br />
<br />
<br /> = Effective Gross Rent$ 9,343,800$ 9,437,200$ 9,531,700$ 9,627,000$ 9,723,300$ 9,820,500$ 9,918,700$ 10,017,900$ 10,118,100$ 10,219,200
<br />
<br />
<br /> - Operating Exp (32%)$ 2,990,000$ 3,019,900$ 3,050,100$ 3,080,600$ 3,111,400$ 3,142,500$ 3,174,000$ 3,205,700$ 3,237,700$ 3,270,100
<br />
<br />
<br /> = NOI$ 6,353,800$ 6,417,300$ 6,481,600$ 6,546,400$ 6,611,900$ 6,678,000$ 6,744,700$ 6,812,200$ 6,880,400$ 6,949,100
<br />
<br />
<br />Exhibit 1
<br /> - Debt Service$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800$ 4,699,800
<br />
<br />
<br /> = CF$ 1,654,000$ 1,717,500$ 1,781,800$ 1,846,600$ 1,912,100$ 1,978,200$ 2,044,900$ 2,112,400$ 2,180,600$ 2,249,300
<br />–
<br />
<br />Original Project
<br />Cash on Cash Return 6%6%7%7%7%7%8%8%8%8%
<br />Value$ 87,639,000$ 88,514,000$ 89,401,000$ 90,295,000$ 91,199,000$ 92,110,000$ 93,030,000$ 93,961,000$ 94,902,000$ 95,850,000
<br />DCR 1.35
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