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EXHIBIT 3 – UPDATED PHASED PROJECT
<br />The Updated Phased Project includes additional costs (revised construction cost estimates from a general contractor, design modifications, and cost
<br />related to the inclusion of tax lot 900) and revenue & expense from tax lot 900.
<br />
<br />Sources
<br />annual d/s
<br /> Equity $29,351,000 30%
<br /> Conventional Debt $68,484,000 70% $5,194,400
<br /> $97,835,000
<br />
<br />WITHOUT MUPTE
<br />Pro-Forma
<br />The Updated Phased Project pro-forma below is derived from applying the standardized set of assumptions to the developers provided information.
<br />
<br />
<br />Without MUPTEYear 1Year 2Year 3Year 4Year 5Year 6Year 7Year 8Year 9Year 10
<br />
<br />
<br />Income$ 10,777,000$ 10,884,800$ 10,993,600$ 11,103,500$ 11,214,500$ 11,326,600$ 11,439,900$ 11,554,300$ 11,669,800$ 11,786,500
<br />
<br />
<br /> - Vacancy (6%)$ 653,000 $ 659,000 $ 666,000 $ 673,000 $ 679,000 $ 686,000 $ 693,000 $ 700,000 $ 707,000 $ 714,000
<br />
<br /> = Effective Gross Rent$ 10,124,000$ 10,225,800$ 10,327,600$ 10,430,500$ 10,535,500$ 10,640,600$ 10,746,900$ 10,854,300$ 10,962,800$ 11,072,500
<br />
<br />Exhibit 3
<br />
<br /> - Operating Exp (32%)$ 3,240,000$ 3,272,000$ 3,305,000$ 3,338,000$ 3,371,000$ 3,405,000$ 3,439,000$ 3,473,000$ 3,508,000$ 3,543,000
<br />
<br />
<br /> = NOI$ 6,884,000$ 6,953,800$ 7,022,600$ 7,092,500$ 7,164,500$ 7,235,600$ 7,307,900$ 7,381,300$ 7,454,800$ 7,529,500
<br />–
<br />
<br />
<br />Updated Phased Project
<br /> - Debt Service$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400$ 5,194,400
<br />
<br />
<br /> = CF$ 1,689,600$ 1,759,400$ 1,828,200$ 1,898,100$ 1,970,100$ 2,041,200$ 2,113,500$ 2,186,900$ 2,260,400$ 2,335,100
<br />
<br />
<br />Cash on Cash Return 6%6%6%6%7%7%7%7%8%8%
<br />Value$ 94,952,000$ 95,914,000$ 96,863,000$ 97,828,000$ 98,821,000$ 99,801,000$ 100,799,000$ 101,811,000$ 102,825,000$ 103,855,000
<br />DCR 1.33
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