Bolton Green Pro Forma Oct 14, 2011

8/3/2019 Bolton Green Pro Forma Oct 14, 2011

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DATE: October 14, 2011

SUBJECT: Bolton Green Project Summary, Eight Revision— October 14, 2011

Partners for Planning , a citizen’s task group that is exploring solutions for the contaminated Smith garageproperty in the center of town (715-723 Main Street), proposes that the town purchase the 8.3-acre site, cleanup the contamination, and implement a redevelopment plan. Purchase of this site is a unique opportunity to

control what is built at this keystone location and to leverage many benefits only available to municipalities forredevelopment projects such as this.

The proposal features the creation of a Town Green and the building of market rate and affordable housing on the currently blighted site. The proposal requires an investment by the town that, unlike many townexpenditures, has a direct economic benefit with few ongoing operational expenses. Because the plan involveshousing that will generate property and excise taxes, the project will produce a positive cash flow by year 7and a complete payback by year 13. Over 20 years, the project will generate a significant positive cashcontribution to the town, while permanently enhancing the beauty, character, and use of the town center.



The result is an attractive and functional solution that will have a positive impact on property values,contribute to tax revenue, clean up a contaminated site, and create a vibrant new center in the heart of the

town. What more perfect place is there for a long-desired Town Green than in the very heart of the town? To implement thisproject, we propose thata “Bolton Town GreenDevelopmentCommission” beestablished by the Boardof Selectmen. ThisCommission will managethe project, including approving the design of the site, applying forgrants, selecting developers andcontractors, andapproving expendituresin a manner similar to

that of the constructionof other Town projects.

The total project cost tothe Town is expected tobe $765,000. A sum of $125,000 will betransferred from the Affordable Housing

Trust and grants fromMassDevelopment andthe EPA will total$200,500, which resultsi th t t



the voters. Warrant Article 5 has been revised, therefore, to request borrowing approval for $640,000 insteadof $440,000, the figure proposed by Partners for Planning in consultation with all of the relevant Town

Boards, Commissions, and Committees.

A high degree of confidence exists that clean up costs will be fully covered by grants, based on conferences with key officials. Should even the full $640,000 have to be borrowed, however, the average cost per singlefamily home would increase from an average of $15 per year ($73 five-year total) to $19 per year ($97 five-yeartotal) The 20 year Town revenue for a single family home would drop from the old estimate by $119 (from$370 to $251).

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GRANT AND LOAN PROGRAMS FOR BOLTON GREEN

MASS DEVELOPMENTBrownfields Site Assessment Program –provides grants and unsecured, interest-free financing up to $100,000 forassessment. Bolton will submit an application for this program in Q4 of 2011 to cover the cost of the Phase II review of thesite. An applicant must have site control (P&S Agreement) to submit an application.

Brownfields Remediation Loan Program –provides grants and flexible loans up to $500,000 for environmental clean-up.Bolton would submit an application for this program in Q3 of 2012 to cover the cost of the clean up of the site.MassDevelopment has indicated this project is eligible for the site assessment program and the remediation program.

US EPA Brownfields Cleanup GrantsCleanup grants provide funding for a grant recipient to carry out cleanup activities at brownfield sites. An eligible entity may apply for up to $200,000 per site ($400,000 for the two sites on the Smith property). Funds may be used to address sitescontaminated by petroleum and hazardous substances, pollutants, or contaminants. Cleanup grants require a 20 percent costshare for eligible and allowable costs and cannot include administrative costs. An applicant must own the site for which it isrequesting funding at time of application. This is a complimentary program to MassDevelopment and Bolton could apply to

both programs.

Parkland Acquisitions and Renovations for Communities (PARC) Program

The FY12 PARC Grant Round to assist cities and towns in acquiring and developing land for park and outdoor recreationp rp C mm iti th t d t m t th p p l ti rit ri (35 000) m till lif d r th " m ll t " "r i l " r

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Bolton Green Long Term Schedule

2012 2013 2014 2015

Apply for Grants

Phase IISupplement

Phase IIIEvaluate Alternatives

2016

Phase IVRemediation (Cleanup)

Construct Housing

Occupy Housing

2012 Bolton Green Road Map

Closing Dec 30, 2011

ASTM Phase I

2 wks, $2.5K

Supplement Phase IIRetest Contamination3-4 Months, $25K to $50K

Phase III

Evaluate Alternatives2 mo $25K

Phase IV

Remediation2 -3 yrs $200K

October 2012







Biz Model for Smith Property Oct 14.xls

Most Likely Scenario Cleanup Funded by Grants Revision —Eight

Taxes per Average Single Family Home (After Property Tax Receipts)

Total Tax Payments

A verage Tax B il l $8,852

Average Valuation $455,800

Taxes Paid in first 5 yrs ($73)

Taxes Rreduced over 20 yrs $370

Breakeven in Yr 12

Average Tax Bill (After Tax Receipts)

A verage Tax B il l $8,852


5 year Average Tax / SFH ($15)

20 year Average Revenue/ SFH $18

2012 2013 2014 2015 2016 2017 2018 2019

Average Incremental Tax per SFH $7 $9 $21 $22 $14 ($0) ($1) ($3)

Status of P&I and Town Debt

2012 2013 2014 2015 2016 2017 2018 2019

T own P ri nc ip al & I nt eres t 2 ,2 49 ,5 45$ 2,172,790$ 2,115,580$ 2,058,403$ 1,963,894$ 1,886,206$ 1,749,525$ 1,189,319$

Bolton Gr een Pr incip al & Inter est 1,01 1$ 3,153$ 26,530$ 28,953$ 30,168$ 70,447$ 70,762$ 69,189$

Total P&I ( includ ing Bolton Green) 2,250,556$ 2,175,943$ 2,142,110$ 2,087,355$ 1,994,062$ 1,956,654$ 1,820,287$ 1,258,508$

2012 2013 2014 2015 2016 2017 2018 2019

Town Debt 16,688,514$ 15,132,949$ 13,582,384$ 12,036,819$ 10,533,000$ 9,055,000$ 7,660,000$ 6,770,000$

Bolton Green Debt 202,250$ 315,250$ 379,000$ 398,800$ 399,573$ 377,397$ 314,497$ 251,598$

Total Debt (including Bolton Green) 16,890,764$ 15,448,199$ 13,961,384$ 12,435,619$ 10,932,573$ 9,432,397$ 7,974,497$ 7,021,598$

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2012 2014 2016 2018

Average Bolton Green Debt

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

2012 2014 2016 2018

Bolton Green Debt

Town Debt

Total Town Debt

$-

$20,000

$40,000

$60,000

$80,000

$100,000

2012 2014 2016 2018

Bolton Green Principal & Interest Payments

$1,000,000

$1,500,000

$2,000,000

$2,500,000

2012 2014 2016 2018

Bolton Green

Principal &

Interest

Town Principal

& Interest

Total Town Principal & Interest Payments

($60)

($50)

($40)

($30)

($20)

($10)

$0

$10

$20

$30

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Bolton Green Taxes per Average Single Family Home

Reduction in Taxes

Increase in Taxes





Purchase Apply Grants Build out Occupancy

Federal, State and Local Cash Flow Summary Total Note 2012 2013 2014 2015 2016 2017 Total

Federal, State and Local Expenses-$ -$ -$ -$ -$ -$

Phase I and II Cleanup Costs -$ -$Partners for Planning Expenses (7,400)$ (7,358)$ -$ -$ -$ -$ -$ (7,400)$

Total Federal and State Expenses (7,400)$ (7,358)$ -$ -$ -$ -$ -$ (7,400)$

Federal, State and Local GrantsMassDev Si te Assessment 100,000$ -$ -$ -$ -$

Mass Dev Remediation Loan/Grant 199,500$ -$ -$ -$EPA Grant 500,000$ -$ -$ -$ -$ -$ -$ -$

Parkland and Renovat ion (PARC) 25,000$ -$ -$ -$ -$ 25,000$ -$ 25,000$Brownfie ld Insurance (BRAC) 50,000$ -$ -$ -$ -$ -$ -$

Par tners for Planning Donat ions 7,400$ 7,358$ -$ -$ -$ -$ -$ 7,400$Private Donations 20,000$ -$ 20,000$ -$ -$ -$ -$ 20,000$

Total Federal and State Grants Available 901,900$ 7,358$ 20,000$ -$ -$ 25,000$ -$ 52,400$Bolton Cash Flow Summary

Purchase Land from Smith (230,000)$ (230,000)$ -$ -$ -$ -$ (230,000)$ASTM Phase I Ev aluat ion (2,500)$ (2,500)$ -$ -$ -$ -$ (2,500)$

Demoli tion and Si te Work (80,000)$ (15,000)$ (65,000)$ -$ -$ -$ (80,000)$Phase I and II Cleanup Costs (200,000)$ (25,000)$ (157,500)$ (17,500)$ (200,000)$

Brownfield Insurance (100,000)$ -$ (100,000)$ -$ -$ -$ (100,000)$

Project Expenses to Implement Plan (97,000)$ (27,000)$ (11,000)$ (20,500)$ (29,000)$ (9,500)$ (97,000)$Contingency (55,500)$ (2,000)$ (6,500)$ (8,000)$ (5,000)$ (34,000)$ -$ (55,500)$

Bolton Direct Project Expenses (765,000)$ (286,500)$ ($290,000) ($111,000) ($34,000) ($43,500) $0 (765,000)$

Transfer from Affordable Housing Trust 125,000$ 125,000$ -$ -$ -$ -$ -$ 125,000$MassDevelopment Grants 200,500$ 25,500$ 157,500$ 17,500$ -$ -$ -$ 200,500$

Brownfield Insurance (BRAC) Grants -$ -$Net Cash Flow to Town (439,500)$ (136,000)$ (132,500)$ (93,500)$ (34,000)$ (43,500)$ -$ (439,500)$

Borrowing Request from Town Meeting (440,000)$

Cash Flow from Taxes and Permits Total Note 2012 2013 2014 2015 2016 2017 TotalTime Frame (yrs occupancy) 20

Excise Tax 2.50% 9,180$ 403,000$RE Taxes for Condo units 2.50% 76,274$ 3,348,600$

Building Permits 2.50% 17,880$ 17,900$Loss of Tax Payments from Smith 2.50% (13,157)$ (13,486)$ (13,823)$ (14,169)$ (14,523)$ (14,886)$ (722,700)$

Total Cash Flow from Taxes 1,751,400$ (13,157)$ (13,486)$ (13,823)$ (14,169)$ 3,357$ 70,568$ 1,751,400$NPV of Cash Flow after Financing (20 yr, 3%) 1,081,000$ 3%

Clean up





Interest and Principal Payments on Borrowing

Interest and Principal Payments Total Note 2012 2013 2014 2015 2016 2017 Total

Total Borrowing Requested from Town Meeting (440,000)$

Bolton Direct Project Expenses (765,000)$ (286,500)$ (290,000)$ (111,000)$ (34,000)$ (43,500)$ -$ (765,000)$

Transfer from Affordable Housing Trust 125,000$ 125,000$ -$ -$ -$ -$ -$ 125,000$

Total Grants Received 200,500$ 25,500$ 157,500$ 17,500$ -$ -$ -$ 200,500$

Net Cash Flow to Town (439,500)$ (136,000)$ (132,500)$ (93,500)$ (34,000)$ (43,500)$ -$ (439,500)$

Averge Cumlative Bolton Green Borrowing FY (202,250)$ (315,250)$ (379,000)$ (398,800)$ (399,573)$ (377,397)$ (3,015,800)$

State House Note Interest Rate 0.5% 1% 2% 2% 2% 2.0% -$

Interest FY (1,011)$ (3,153)$ (7,580)$ (7,976)$ (7,991)$ (7,548)$ (58,800)$

Principal Payment % 0.00% 0.00% 5.00% 5.26% 5.55% 16.67% -$

Principal Payment Amount -$ -$ (18,950)$ (20,977)$ (22,176)$ (62,899)$ (439,500)$

Total Interest and Principal Payments (498,300)$ (1,011)$ (3,153)$ (26,530)$ (28,953)$ (30,168)$ (70,447)$ (498,300)$

Cash Flow After Financing Total Note 2012 2013 2014 2015 2016 2017 Total

Time Frame 11BAN Payment (1,011)$ (3,153)$ (26,530)$ (28,953)$ (30,168)$ (70,447)$ (498,300)$

Total Cash Flow after Financing (498,300)$ (1,011)$ (3,153)$ (26,530)$ (28,953)$ (30,168)$ (70,447)$ (498,300)$

NPV of Cash Flow after Financing (20 yr, 3%) (399,000)$ 3%

Impact on Average Tax Bill before Tax Receipts 2012 2013 2014 2015 2016 2017 TotalTotal Cash Flow after Financing ($498,300) (1,011)$ ($3,153) ($26,530) ($28,953) ($30,168) ($70,447) ($498,300)

Average Tax Bill $8,852

Average Valuat ion $455,800

Number of SFH (per Assessors) 1,569

% Taxes allocated to SFH 81%

Average Incremental Tax per SFH ($0.52) ($1.63) ($13.70) ($14.95) ($15.57) ($36.37) ($257.25)

5 year Av erage I ncremental Tax Cost/ SFH ($9)

11 year Average Inc remental Tax Cos t/ SFH ($23)

Cash Flow After Financing and Taxes Total Note 2012 2013 2014 2015 2016 2017 Total

Time Frame 20Total Cash Flow from Taxes (13,157)$ (13,486)$ (13,823)$ (14,169)$ 3,357$ 70,568$ 1,751,400$

Total Interest and Principal Payments (1,011)$ (3,153)$ (26,530)$ (28,953)$ (30,168)$ (70,447)$ (498,300)$

Total Cash Flow after Financing 715,800$ (14,168)$ (16,638)$ (40,353)$ (43,122)$ (26,811)$ 120$ 715,800$Internal Rate of Return after Financing (IRR) 16%

NPV of Cash Flow after Financing (20 yr, 3%) 410,000$ 3%

Cum Cash Flow after Taxes (14,168)$ (30,807)$ (71,160)$ (114,281)$ (141,092)$ (140,972)$ 12,661,000$Payback after Financing and Taxes (Year) 2024

Impact on Average Tax Bill after Tax Receipts 2012 2013 2014 2015 2016 2017 Total

Total Cash Flow after Taxes and Financing $715,800 ($14,168) ($16,638) ($40,353) ($43,122) ($26,811) $120 $715,800

Average Tax Bill $8,852Average Valuat ion $455,800

Number of SFH (per Assessors) 1,569 % Taxes allocated to SFH 81%

Average Incremental Tax per SFH ($7.31) ($8.59) ($20.83) ($22.26) ($13.84) $0.06 $369.535 year Average Incremental Tax Increase/ SFH ($15) ($73)

20 year Average Incremental Tax Decrease/ SFH $18 $370




Bolton Town Green Cash Flow 14-Oct-11

Worst Case Scenario Cleanup Funded by Debt Revision —Eight]

Town of Bolton Federal, State and LocalBolton Project Expenses Federal, State and Local Expenses

Purchase Land from Smith 230,000$ Phase I and II Cleanup Costs -$

ASTM Phase I Evaluation 2,500$ Partners for Planning Expenses 7,400$

Demolition and Site Work 80,000$ Total Federal and State Expenses 7,400$

Phase I and II Cleanup Costs 225,000$

Brownfield Insurance 100,000$

Project Expenses to Implement Plan 97,000$ Federal, State and Local Grants

Contingency 30,500$ MassDev Site Assessment -$ High Confidence, Max $100,000

Bolton Direct Project Expenses 765,000$ Mass Dev Remediation Loan/Grant -$ High Confidence, Max $500,000

EPA Grant -$ Max $400,000

Sources of Bolton Funds Par tners for Planning Donat ions 7,358$ Complete

Transfer from Affordable Housing Trust 125,000$ Total Grants 7,358$

MassDevelopment Grants -$

Borrowing Request from Town Meeting 640,000$Total Sources of Bolton Funds 640,000$ Other Grants Available if Needed 1,095,000$

Bolton Green Cash Flow after Property Tax Receipts

Financing Cost (P&I)

2012 Cost (1,658)$

2013 Cost (5,320)$

2014 Cost (42,315)$

Cash Flow

Payback Yr 2026

IRR 9%

NPV Cash Flow $226,000

Borrowing

Requested 640,000$

2012 2013 2014 2015 2016 2017 2018 2019

Total Cash Flow from Taxes ($13,157) ($13,486) ($13,823) ($14,169) $3,357 $70,568 $72,332 $74,140

Total Cash Flow after Financing ($14,815) ($18,806) ($56,138) ($57,767) ($40,296) ($31,370) ($30,061) ($25,978)

($60,000)

($40,000)

($20,000)

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Bolton Green Cash Flow

Total Cash Flow from Taxes

Total Cash Flow after Financing





Taxes per Average Single Family Home (After Property Tax Receipts)

Total Tax Payments

A verage Tax Bi ll $8,852


Taxes Paid in f irst 5 yrs ($97)

Taxes Rreduced over 20 yrs $251

Breakeven in Yr 14

Average Tax Bill (After Tax Receipts)

A verage Tax Bi ll $8,852


5 year Average Tax / SFH ($19)

20 year Average Revenue/ SFH $13

2012 2013 2014 2015 2016 2017 2018 2019

Average Incremental Tax per SFH $8 $10 $29 $30 $21 $16 $16 $13

Status of P&I and Town Debt

2012 2013 2014 2015 2016 2017 2018 2019

Town Princ ipal & Interest 2 ,249,545$ 2,172,790$ 2,115,580$ 2,058,403$ 1,963,894$ 1,886,206$ 1,749,525$ 1,189,319$

Bolton Gr een Pr inci pal & Inter est 1,658$ 5,320$ 42,315$ 43,598$ 43,653$ 101,938$ 102,393$ 100,118$

Total P&I ( includ ing Bolton Green) 2,251,203$ 2,178,110$ 2,157,895$ 2,102,001$ 2,007,547$ 1,988,145$ 1,851,918$ 1,289,437$

2012 2013 2014 2015 2016 2017 2018 2019

Town Debt 16,688,514$ 15,132,949$ 13,582,384$ 12,036,819$ 10,533,000$ 9,055,000$ 7,660,000$ 6,770,000$

Bolton Green Debt 331,500$ 532,000$ 604,500$ 600,525$ 578,187$ 546,098$ 455,082$ 364,065$

Total Debt (including Bolton Green) 17,020,014$ 15,664,949$ 14,186,884$ 12,637,344$ 11,111,187$ 9,601,098$ 8,115,082$ 7,134,065$

$-

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

2012 2014 2016 2018

Average Bolton Green Debt

$6,000,000

$8,000,000

$10,000,000

$12,000,000

$14,000,000

$16,000,000

$18,000,000

2012 2014 2016 2018

Bolton Green Debt

Town Debt

Total Town Debt

$-

$20,000

$40,000

$60,000

$80,000

$100,000

2012 2014 2016 2018

Bolton Green Principal & Interest Payments

$1,000,000

$1,500,000

$2,000,000

$2,500,000

2012 2014 2016 2018

Bolton Green

Principal &

Interest

Town Principal

& Interest

Total Town Principal & Interest Payments

($60)

($50)

($40)

($30)

($20)

($10)

$0

$10

$20

$30

2012 2014 2016 2018 2020 2022 2024 2026 2028 2030

Bolton Green Taxes per Average Single Family Home

Reduction in Taxes

Increase in Taxes





Purchase Apply Grants Build out Occupancy

Federal, State and Local Cash Flow Summary Total Note 2012 2013 2014 2015 2016 2017 Total

Federal, State and Local Expenses-$ -$ -$ -$ -$

Phase I and II Cleanup Costs -$ -$Partners for P lanning Expenses (7,400)$ (7,358)$ -$ -$ -$ -$ -$ (7,400)$

Total Federal and State Expenses (7,400)$ (7,358)$ -$ -$ -$ -$ -$ (7,400)$

Federal, State and Local GrantsMassDev Site Assessment 100,000$ -$ -$

Mass Dev Remediation Loan/Grant 400,000$ -$ -$EPA Grant 500,000$ -$ -$ -$ -$ -$ -$ -$

Parkland and Renovation (PARC) 25,000$ -$ -$ -$ -$ -$ -$Brownfield Insurance (BRAC) 50,000$ -$ -$ -$ -$ -$ -$

Partners for Planning Donations 7,358$ 7,358$ -$ -$ -$ -$ -$ 7,400$Private Donations 20,000$ -$ -$ -$ -$ -$ -$

Total Federal and State Grants Available 1,102,358$ 7,358$ -$ -$ -$ -$ -$ 7,400$

Bolton Cash Flow SummaryPurchase Land from Smith (230,000)$ (230,000)$ -$ -$ -$ -$ -$ (230,000)$ASTM Phase I Evaluation (2,500)$ (2,500)$ -$ -$ -$ -$ -$ (2,500)$

Demoli ti on and S ite Work (80,000)$ -$ (15,000)$ (65,000)$ -$ -$ -$ (80,000)$Phase I and II Cleanup Costs (225,000)$ (50,000)$ (157,500)$ (17,500)$ -$ -$ (225,000)$

Brownfield Insurance (100,000)$ -$ (100,000)$ -$ -$ -$ -$ (100,000)$

Project Expenses to Implement Plan (97,000)$ (27,000)$ (11,000)$ (20,500)$ (29,000)$ (9,500)$ -$ (97,000)$Contingency (30,500)$ (2,000)$ (6,500)$ (8,000)$ (5,000)$ (9,000)$ -$ (30,500)$

Bolton Direct Project Expenses (765,000)$ ($311,500) ($290,000) ($111,000) ($34,000) ($18,500) $0 (765,000)$

Transfer from Affordable Housing Trust 125,000$ 125,000$ -$ -$ -$ -$ -$ 125,000$MassDevelopment Grants

Brownfield Insurance (BRAC) GrantsNet Cash Flow to Town (640,000)$ (186,500)$ (290,000)$ (111,000)$ (34,000)$ (18,500)$ -$ (640,000)$

Borrowing Request from Town Meeting (640,000)$

Cash Flow from Taxes and Permits Total Note 2012 2013 2014 2015 2016 2017 TotalTime Frame (yrs occupancy) 20 -$ -$ -$ -$ -$ -$

Excise Tax 2.50% -$ -$ -$ -$ -$ 9,180$ 403,000$RE Taxes for Condo units 2.50% -$ -$ -$ -$ -$ 76,274$ 3,348,600$

Building Permits 2.50% -$ -$ -$ -$ 17,880$ -$ 17,900$Loss of Tax Payments from Smith 2.50% (13,157)$ (13,486)$ (13,823)$ (14,169)$ (14,523)$ (14,886)$ (722,700)$

Total Cash Flow from Taxes 1,751,400$ (13,157)$ (13,486)$ (13,823)$ (14,169)$ 3,357$ 70,568$ 1,751,400$NPV of Cash Flow after Financing (20 yr, 3%) 1,081,000$ 3%

Clean up





Interest and Principal Payments on Borrowing

Interest and Principal Payments Total Note 2012 2013 2014 2015 2016 2017 Total

Total Borrowing Requested from Town Meeting (640,000)$

Bolton Direct Project Expenses (765,000)$ (311,500)$ (290,000)$ (111,000)$ (34,000)$ (18,500)$ -$ (765,000)$

Transfer from Affordable Housing Trust 125,000$ 125,000$ -$ -$ -$ -$ -$ 125,000$

Total Grants Received -$ -$ -$ -$ -$ -$ -$ -$

Net Cash Flow to Town (640,000)$ (186,500)$ (290,000)$ (111,000)$ (34,000)$ (18,500)$ -$ (640,000)$

Averge Cumlative Bolton Green Borrowing FY (331,500)$ (532,000)$ (604,500)$ (600,525)$ (578,187)$ (546,098)$ (4,558,100)$State House Note Interest Rate 0.5% 1% 2% 2% 2% 2.0% -$

Interest FY (1,658)$ (5,320)$ (12,090)$ (12,011)$ (11,564)$ (10,922)$ (87,700)$

Principal Payment % 0.00% 0.00% 5.00% 5.26% 5.55% 16.67% -$

Principal Payment Amount -$ -$ (30,225)$ (31,588)$ (32,089)$ (91,016)$ (640,000)$

Total Interest and Principal Payments (727,700)$ (1,658)$ (5,320)$ (42,315)$ (43,598)$ (43,653)$ (101,938)$ (727,700)$

Cash Flow After Financing Total Note 2012 2013 2014 2015 2016 2017 Total

Time Frame 11BAN Payment (1,658)$ (5,320)$ (42,315)$ (43,598)$ (43,653)$ (101,938)$ (727,700)$

Total Cash Flow after Financing (727,700)$ (1,658)$ (5,320)$ (42,315)$ (43,598)$ (43,653)$ (101,938)$ (727,700)$

NPV of Cash Flow after Financing (20 yr, 3%) (583,000)$ 3%

Impact on Average Tax Bill before Tax Receipts 2012 2013 2014 2015 2016 2017 TotalTotal Cash Flow after Financing ($727,700) (1,658)$ ($5,320) ($42,315) ($43,598) ($43,653) ($101,938) ($727,700)

Average Tax Bill $8,852


Number of SFH (per Assessors) 1,569

% Taxes allocated to SFH 81%

Average Incremental Tax per SFH ($0.86) ($2.75) ($21.85) ($22.51) ($22.54) ($52.63) ($375.68)



Cash Flow After Financing and Taxes Total Note 2012 2013 2014 2015 2016 2017 Total

Time Frame 20Total Cash Flow from Taxes (13,157)$ (13,486)$ (13,823)$ (14,169)$ 3,357$ 70,568$ 1,751,400$

Total Interest and Principal Payments (1,658)$ (5,320)$ (42,315)$ (43,598)$ (43,653)$ (101,938)$ (727,700)$

Total Cash Flow after Financing 486,400$ (14,815)$ (18,806)$ (56,138)$ (57,767)$ (40,296)$ (31,370)$ 486,400$Internal Rate of Return after Financing (IRR) 9%

NPV of Cash Flow after Financing (20 yr, 3%) 226,000$ 3%

Cum Cash Flow after Taxes (14,815)$ (33,621)$ (89,759)$ (147,525)$ (187,822)$ (219,192)$ 6,124,800$Payback after Financing and Taxes (Year) 2026

Impact on Average Tax Bill after Tax Receipts 2012 2013 2014 2015 2016 2017 Total

Total Cash Flow after Taxes and Financing $486,400 ($14,815) ($18,806) ($56,138) ($57,767) ($40,296) ($31,370) $486,400

Average Tax Bill $8,852Average Valuat ion $455,800

Number of SFH (per Assessors) 1,569 % Taxes allocated to SFH 81%

Average Incremental Tax per SFH ($7.65) ($9.71) ($28.98) ($29.82) ($20.80) ($16.20) $251.115 year Average Incremental Tax Increase/ SFH ($19) ($97)

20 year Average Incremental Tax Decrease/ SFH $13 $251

Documents

Bolton Green Pro Forma Oct 14, 2011