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176272
PRO FORMA
Table of Contents
Financial Summary 3
Estimates & Assumptions 4
Phasing 5
Sources 6
Uses 10
Project Phasing 11
Development 16
3
Fina
ncia
l Sum
mar
y
1. Su
mm
ary P
ro F
orm
a
Net O
pera
ting
Inco
me
Year
0Ph
ase I
Phas
e II
Phas
e III
Phas
e IV
Tota
ls20
17-2
018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Upsc
ale R
eside
ntial
Renta
l Hou
sing
29,68
1,458
0
0 0
0 0
0 4,
151,5
26
8,04
0,164
8,
502,4
73
8,98
7,295
Co
ndom
inimu
s 29
,070,2
88
2,78
8,871
17
,318,8
90
8,96
2,526
0
0 0
0 0
0 0
Mids
cale
Resid
ence
sRe
ntal H
ousin
g 8,
566,8
86
0 0
0 0
0 0
0 2,
693,1
52
2,85
2,999
3,
020,7
35
Cond
omini
ums
153,2
56,54
1 0
0 0
0 36
,360,2
89
37,63
2,899
38
,950,0
51
40,31
3,302
0
0 Liv
e Wor
k Loft
sRe
ntal H
ousin
g 17
,642,7
11
0 0
0 0
2,58
8,732
2,
726,6
20
2,87
0,989
3,
022,1
24
3,13
5,129
3,
299,1
16
Affor
dable
Res
idenc
esRe
ntal H
ousin
g 2,
853,8
14
0 0
0 0
231,6
99
245,4
51
259,8
82
666,4
80
704,9
68
745,3
33
Cond
omini
ums
23,36
4,269
0
0 0
0 6,
817,5
54
14,11
2,337
2,
434,3
78
0 0
0 No
n Res
identi
alOf
fices
21,13
0,709
0
0 1,
690,6
88
1,83
7,356
1,
996,7
46
2,16
9,964
2,
358,2
08
2,56
2,783
4,
080,4
90
4,43
4,473
Inc
ubato
rs 20
,864,9
98
0 0
0 1,
492,1
22
2,59
6,240
2,
821,4
63
3,06
6,225
3,
332,2
20
3,62
1,290
3,
935,4
37
Educ
ation
10,23
5,959
0
0 93
9,127
1,
020,5
96
1,10
9,133
1,
205,3
50
1,30
9,914
1,
423,5
49
1,54
7,042
1,
681,2
48
Light
Indus
try
25,05
1,166
75
5,498
0
0 0
2,97
9,227
3,
129,7
52
3,28
7,883
3,
454,0
03
3,62
8,516
3,
811,8
47
4,00
4,441
W
orks
hops
and L
abs
5,58
8,927
0
0 0
583,2
80
644,6
08
711,6
33
784,8
60
864,8
42
952,1
80
1,04
7,524
Pr
oduc
tion H
ub 10
,852,2
22
0 0
995,6
68
1,08
2,042
1,
175,9
09
1,27
7,919
1,
388,7
78
1,50
9,255
1,
640,1
83
1,78
2,469
Re
tail
113,7
30,09
2 0
2,65
7,185
4,
230,0
18
5,56
5,181
9,
973,8
97
10,73
6,066
15
,288,6
42
19,44
0,181
22
,091,7
94
23,74
7,126
Fo
od M
arke
t 10
,568,7
37
0 0
0 1,
236,0
76
1,31
7,718
1,
404,7
54
1,49
7,538
1,
596,4
50
1,70
1,896
1,
814,3
06
Conv
entio
n Cen
ter 2,
491,2
91
0 0
0 29
1,371
31
0,616
33
1,132
35
3,004
37
6,319
40
1,175
42
7,673
Ho
tel 80
,454,5
88
0 0
7,38
1,532
8,
021,8
80
8,71
7,778
9,
474,0
45
10,29
5,919
11
,189,0
90
12,15
9,743
13
,214,6
01
Stru
cture
d Par
king
12,11
7,711
0
930,3
83
1,24
0,160
1,
283,5
65
1,32
8,490
1,
191,4
90
1,23
3,192
1,
615,7
79
1,61
8,994
1,
675,6
59
Tota
l Net
Ope
ratin
g In
com
e 37
1,831
,269
755,4
98
0 3,
587,5
68
16,47
7,193
25
,392,6
95
35,12
1,319
37
,583,7
70
48,31
2,681
61
,960,9
06
68,82
2,204
73
,817,4
36
Tota
l Sale
s Pro
ceed
s 20
5,691
,098
2,78
8,871
17
,318,8
90
8,96
2,526
0
43,17
7,843
51
,745,2
36
41,38
4,429
40
,313,3
02
0 0
Deve
lopm
ent C
osts
Year
0Ph
ase I
Phas
e II
Phas
e III
Phas
e IV
Tota
ls20
17-2
018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
Upsc
ale R
eside
ntial
Renta
l Hou
sing
(79,6
95,46
2) 0
0 0
0 (4
2,174
,489)
0 (3
7,520
,973)
0 0
Cond
omini
mus
(18,6
35,51
3)(9
,157,5
00)
(9,47
8,013
) 0
0 0
0 0
0 0
0
Mids
cale
Resid
ence
sRe
ntal H
ousin
g(3
1,083
,663)
0 0
0 0
(31,0
83,66
3) 0
0 0
Cond
omini
ums
(97,4
75,19
4) 0
0 0
0 (8
4,001
,735)
(13,4
73,45
9) 0
0 0
0 Liv
e Wor
k Loft
sRe
ntal H
ousin
g(1
7,309
,277)
0 (1
7,309
,277)
0 0
0 0
0 0
Affor
dable
Res
idenc
esRe
ntal H
ousin
g(1
4,875
,074)
0 0
(5,76
9,759
) 0
0 (9
,105,3
15)
0 0
0 Co
ndom
inium
s(2
1,415
,005)
0 0
0 0
(18,4
54,92
7)(2
,960,0
78)
0 0
0 0
Non R
eside
ntial
Offic
es(2
8,155
,765)
0 (1
7,362
,368)
0 0
0 0
0 (1
0,793
,397)
0 0
Incub
ators
(22,0
02,01
5) 0
0 (1
3,563
,830)
(8,43
8,186
) 0
0 0
0 0
0 Ed
ucati
on(1
0,839
,158)
0 (1
0,839
,158)
0 0
0 0
0 0
0 0
Light
Indus
try
(21,6
98,39
9) 0
0 (2
1,698
,399)
0 0
0 0
0 0
0 W
orks
hops
and L
abs
(6,42
2,486
) 0
0 (6
,422,4
86)
0 0
0 0
0 0
0 Pr
oduc
tion H
ub(9
,631,9
34)
0 (9
,631,9
34)
0 0
0 0
0 0
0 0
Retai
l(1
32,07
9,702
)(1
4,317
,714)
(10,1
51,61
4)(3
8,525
,440)
0 (3
3,441
,299)
(25,7
93,85
8)(9
,849,7
77)
0 0
Food
Mar
ket
(11,7
08,58
8) 0
(11,7
08,58
8) 0
0 0
0 0
0 0
Conv
entio
n Cen
ter(2
,377,4
25)
0 0
(2,37
7,425
) 0
0 0
0 0
0 0
Hotel
(37,6
78,00
5)(1
8,736
,605)
(18,9
41,40
0) 0
0 0
0 0
0 0
Stru
cture
d Par
king
(14,7
38,62
6)(7
,345,9
90)
0 0
0 (2
,836,6
77)
0 (3
,731,4
25)
(824
,535)
0 0
Infra
struc
ture
(27,0
50,50
5)(2
,352,9
59)
(1,23
2,422
)(3
,645,3
19)
(7,08
2,655
)(2
,261,2
17)
(3,79
5,570
)(3
,349,2
65)
(1,62
8,856
)(8
51,12
2)(8
51,12
2)Su
staina
ble F
eatur
es(1
2,124
,909)
(4,12
1,700
)(3
0,000
)(7
80,50
2)(1
,510,0
02)
(780
,502)
(3,68
4,782
)(6
91,07
1)(4
17,85
0)(1
08,50
0) 0
Land
Acq
uisitio
n/Lan
d Lea
se(1
81,39
0,820
)(1
81,39
0,820
)De
moliti
on an
d Rem
ediat
ion(2,8
87,81
4)(2
,887,8
14)
2% D
evelo
per F
ees
(12,3
39,93
4)(8
34,29
5)(1
,636,6
60)
(1,40
6,963
)(1
,572,7
06)
(2,16
6,701
)(1
,990,5
94)
(1,47
5,092
)(1
,220,7
08)
(19,1
92)
(17,0
22)
17%
Pro
perty
Tax
es(1
43,25
0,230
)(6
92,66
5)(5
,192,4
88)
(6,31
8,403
)(6
,306,7
24)
(19,4
46,97
9)(2
2,186
,435)
(22,2
77,86
0)(2
5,401
,604)
(17,0
93,20
9)(1
8,333
,863)
Land
Acq
uisit
ion
(181
,390,8
20)
(181
,390,8
20)
Tota
l Har
d Co
nstru
ctio
n Co
sts
(492
,195,3
53)
(33,4
32,84
8)(6
5,688
,891)
(56,3
83,19
3)(6
3,116
,784)
(86,4
95,88
8)(7
7,435
,030)
(59,1
20,67
4)(4
8,819
,802)
(851
,122)
(851
,122)
Tota
l Sof
t Cos
ts(1
15,56
4,259
)(7
,048,0
19)
(16,1
14,11
7)(1
3,184
,468)
(14,0
08,53
2)(2
1,058
,668)
(18,4
09,86
5)(1
3,942
,852)
(11,7
97,73
7) 0
0 To
tal D
evelo
pmen
t Cos
ts(9
56,86
5,505
)(2
27,52
0,348
)(8
8,662
,156)
(78,0
73,53
0)(8
6,514
,749)
(129
,948,7
38)
(123
,706,7
06)
(97,5
07,54
9)(8
7,657
,701)
(18,0
72,02
3)(1
9,202
,007)
Annu
al Ca
shflo
wYe
ar 0
Phas
e IPh
ase I
IPh
ase I
IIPh
ase I
VTo
tals
2017
-201
820
1920
2020
2120
2220
2320
2420
2520
2620
2720
28De
velop
ment
Foot
12%
25%
39%
53%
69%
82%
93%
100%
Net O
pera
ting I
ncom
e 37
1,831
,269
755,4
98
0 3,
587,5
68
16,47
7,193
25
,392,6
95
35,12
1,319
37
,583,7
70
48,31
2,681
61
,960,9
06
68,82
2,204
73
,817,4
36
Total
Sale
s Inc
ome
205,6
91,09
8 2,
788,8
71
17,31
8,890
8,
962,5
26
0 43
,177,8
43
51,74
5,236
41
,384,4
29
40,31
3,302
0
0 To
tal A
sset
Value
1,
322,8
33,85
3 67
,002,7
59
96,90
5,313
54
4,731
,238
611,3
96,83
1 61
0,705
,298
1,38
8,741
,589
1,55
0,945
,176
1,55
6,358
,457
1,74
1,315
,794
1,24
9,374
,548
1,32
2,833
,853
Total
Cos
ts of
Sale
(2,01
0,082
.76)
(2,90
7,159
.38)
(16,3
41,93
7)(1
8,341
,904.9
4)(1
8,321
,159)
(41,6
62,24
7.67)
(46,5
28,35
5.28)
(46,6
90,75
4)(5
2,239
,473.8
2)(3
7,481
,236.4
5)(3
9,685
,016)
Total
Dev
elopm
ent C
osts
(956
,865,5
05)
(227
,520,3
48)
(88,6
62,15
6)(7
8,073
,530)
(86,5
14,74
9)(1
29,94
8,738
)(1
23,70
6,706
)(9
7,507
,549)
(87,6
57,70
1)(1
8,072
,023)
(19,2
02,00
7)Un
lever
aged
Net
Cas
h Fl
ow 90
3,805
,698
755,4
98
(224
,731,4
76)
(67,7
55,69
7)(5
2,633
,811)
(61,1
22,05
5)(5
1,649
,575)
(34,3
77,69
9)(7
,810,4
39)
14,61
6,507
50
,750,1
80
1,337
,764,2
66
Acqu
isitio
n Loa
n 12
6,973
,574
126,9
73,57
4 Co
nstru
ction
Loan
Pro
ceed
s 39
6,066
,533
29,05
6,529
52
,551,1
12
45,10
6,554
50
,493,4
27
69,19
6,710
61
,948,0
24
47,29
6,539
39
,055,8
42
680,8
98
680,8
98
Debt
Servi
ce an
d Mor
tgage
Pay
off(6
85,40
9,709
) 0
(9,76
1,239
)(1
5,051
,984)
(15,0
51,98
4)(2
1,288
,581)
(21,2
88,58
1)(2
1,288
,581)
(33,3
48,95
3)(3
3,348
,953)
(514
,980,8
55)
Othe
r Loa
ns an
d Gra
nts C
ash F
low 46
,878,2
55
845,3
08
10,55
6,522
3,
424,7
76
3,70
4,538
18
,242,9
64
5,75
1,864
4,
893,6
61
6,25
6,479
(9
,133,0
14)
2,33
5,157
Le
vera
ged
Net C
ash
Flow
2,15
9,133
,771
755,4
98
(67,8
56,06
5)(1
4,409
,302)
(19,1
54,46
4)(2
1,976
,074)
14,50
1,518
12
,033,6
08
23,09
1,180
26
,579,8
76
8,94
9,111
82
5,799
,465
Net P
rese
nt V
alue
236,3
46,81
8 Lo
an to
Valu
e Rat
io (L
VR)
38%
49%
30%
36%
Loan
to C
ost R
atio
n (L
CR)
66%
62%
57%
50%
Unlev
erag
ed IR
R Be
fore
Tax
es14
.59%
Curre
nt S
ite V
alue (
star
t of Y
ear 0
) 55
,892,5
00
Leve
rage
d IR
R Be
fore
Tax
es29
.32%
Proj
ecte
d Si
te V
alue (
end
of Y
ear 1
0) 1,
322,8
33,85
3
2. Mu
ltiye
ar D
evelo
pmen
t Pro
gram
: Yea
r-by-
Year
Cum
ulat
ive A
bsor
ptio
nYe
ar 0
Phas
e IPh
ase I
IPh
ase I
IIPh
ase I
VTo
tal B
uild
-out
2017
-201
820
1920
2020
2120
2220
2320
2420
2520
2620
2720
28Ne
t Pro
ject B
uild
out b
y Dev
elopm
ent U
nits
Upsc
ale R
eside
ntial
Renta
l Hou
sing
325
(unit
s)0
00
00
178
178
325
325
325
Cond
omini
mus
83(u
nits)
4183
8383
8383
8383
8383
Mids
cale
Resid
ence
sRe
ntal H
ousin
g14
2(u
nits)
00
00
00
142
142
142
142
Cond
omini
ums
427
(unit
s)0
00
037
042
742
742
742
742
7Liv
e Wor
k Loft
sRe
ntal H
ousin
g12
8(u
nits)
00
012
812
812
812
812
812
812
8
Affor
dable
Res
idenc
esRe
ntal H
ousin
g91
(unit
s)0
00
3737
3791
9191
91Co
ndom
inium
s10
7(u
nits)
00
00
9210
710
710
710
710
7No
n Res
identi
alOf
fices
110,7
64(s.
f.)0
75,60
175
,601
75,60
175
,601
75,60
175
,601
110,7
6411
0,764
110,7
64Inc
ubato
rs99
,034
(s.f.)
00
61,85
599
,034
99,03
499
,034
99,03
499
,034
99,03
499
,034
Educ
ation
44,95
8(s.
f.)0
44,95
844
,958
44,95
844
,958
44,95
844
,958
44,95
844
,958
44,95
8Lig
ht Ind
ustry
98
,950
(s.f.)
00
98,95
098
,950
98,95
098
,950
98,95
098
,950
98,95
098
,950
Wor
ksho
ps an
d Lab
s28
,485
(s.f.)
00
28,48
528
,485
28,48
528
,485
28,48
528
,485
28,48
528
,485
Prod
uctio
n Hub
45,46
1(s.
f.)0
45,46
145
,461
45,46
145
,461
45,46
145
,461
45,46
145
,461
45,46
1Re
tail
679,6
95(s.
f.)13
6,924
202,2
4924
7,000
411,0
8741
1,087
544,0
4964
3,137
679,6
9567
9,695
679,6
95Fo
od M
arke
t81
,496
(s.f.)
00
81,49
681
,496
81,49
681
,496
81,49
681
,496
81,49
681
,496
Conv
entio
n Cen
ter16
,548
(s.f.)
00
16,54
816
,548
16,54
816
,548
16,54
816
,548
16,54
816
,548
Hotel
403
(room
s)0
202
403
403
403
403
403
403
403
403
Stru
cture
d Par
king
852
(spac
es)
464
464
464
464
620
620
811
852
852
852
Gros
s Pro
ject B
uild
out b
y Are
a
Upsc
ale R
eside
ntial
Renta
l Hou
sing
292,7
97(s.
f.)0
00
00
159,9
5415
9,954
292,7
9729
2,797
292,7
97Co
ndom
inimu
s82
,500
(s.f.)
41,25
082
,500
82,50
082
,500
82,50
082
,500
82,50
082
,500
82,50
082
,500
Mids
cale
Resid
ence
sRe
ntal H
ousin
g12
7,710
(s.f.)
00
00
00
127,7
1012
7,710
127,7
1012
7,710
Cond
omini
ums
427,0
05(s.
f.)0
00
036
9,710
427,0
0542
7,005
427,0
0542
7,005
427,0
05Liv
e Wor
k Loft
sRe
ntal H
ousin
g89
,724
(s.f.)
00
089
,724
89,72
489
,724
89,72
489
,724
89,72
489
,724
Affor
dable
Res
idenc
esRe
ntal H
ousin
g72
,478
(s.f.)
00
029
,908
29,90
829
,908
72,47
872
,478
72,47
872
,478
Cond
omini
ums
106,7
51(s.
f.)0
00
092
,428
106,7
5110
6,751
106,7
5110
6,751
106,7
51No
n Res
identi
alOf
fices
130,3
10(s.
f.)0
88,94
288
,942
88,94
288
,942
88,94
288
,942
130,3
1013
0,310
130,3
10Inc
ubato
rs11
6,510
(s.f.)
00
72,77
011
6,510
116,5
1011
6,510
116,5
1011
6,510
116,5
1011
6,510
Educ
ation
52,89
2(s.
f.)52
,892
52,89
252
,892
52,89
252
,892
52,89
252
,892
52,89
252
,892
Light
Indus
try
116,4
12(s.
f.)0
011
6,412
116,4
1211
6,412
116,4
1211
6,412
116,4
1211
6,412
116,4
12W
orks
hops
and L
abs
33,51
2(s.
f.)0
033
,512
33,51
233
,512
33,51
233
,512
33,51
233
,512
33,51
2Pr
oduc
tion H
ub53
,484
(s.f.)
053
,484
53,48
453
,484
53,48
453
,484
53,48
453
,484
53,48
453
,484
Retai
l79
9,641
(s.f.)
161,0
8723
7,940
290,5
8848
3,631
483,6
3164
0,057
756,6
3179
9,641
799,6
4179
9,641
Food
Mar
ket
95,87
8(s.
f.)0
95,87
895
,878
95,87
895
,878
95,87
895
,878
95,87
895
,878
Conv
entio
n Cen
ter19
,468
(s.f.)
019
,468
19,46
819
,468
19,46
819
,468
19,46
819
,468
19,46
8Ho
tel14
5,245
(s.f.)
72,62
314
5,245
145,2
4514
5,245
145,2
4514
5,245
145,2
4514
5,245
145,2
4514
5,245
Stru
cture
d Par
king
140,6
41(s.
f.)76
,521
76,52
176
,521
76,52
110
2,271
102,2
7113
3,891
140,6
4114
0,641
140,6
41Inf
rastr
uctur
e29
1,919
(s.f.)
46,30
560
,655
127,8
3721
2,945
226,3
4725
5,246
284,7
2729
1,919
291,9
1929
1,919
IN-D
istric
t Bui
ld-o
ut3,1
94,87
8(s
.f.)
397,7
8679
8,179
1,256
,049
1,697
,572
2,198
,862
2,615
,759
2,963
,714
3,194
,878
3,194
,878
3,194
,878
3. Un
it De
velo
pmen
t and
Infra
stru
ctur
e Cos
ts4.
Equi
ty an
d Fi
nanc
ing
Sour
ces
Deve
lopm
ent C
osts
Unit
Unit
Cost
Tota
l Uni
tsTo
tal C
osts
Perc
ent o
f Tot
alAm
ount
% o
f Cha
pter
% o
f Tot
al
Upsc
ale R
eside
ntial
Renta
l Hou
sing
($ pe
r unit
)(2
44,96
8)32
5(7
9,695
,462)
27.91
%
Equi
ty S
ourc
es (t
otal)
Cond
omini
mus
($ pe
r unit
)(2
25,88
5)83
(18,6
35,51
3)Jo
int V
entur
e Equ
ity In
vesto
r11
1,056
,314
90.00
%11
.05%
Mids
cale
Resid
ence
sRe
ntal H
ousin
g($
per u
nit)
(219
,053)
142
(31,0
83,66
3)De
velop
er -
Wind
y Cre
w Inv
estor
s (W
CI)
12,33
9,590
10.00
%1.2
3%Co
ndom
inium
s($
per u
nit)
(228
,277)
427
(97,4
75,19
4)Su
b Tota
l12
3,395
,904
100.0
0%12
.28%
Live W
ork L
ofts
Renta
l Hou
sing
($ pe
r unit
)(1
35,04
2)12
8(1
7,309
,277)
Fina
ncin
g So
urce
s (to
tal)
Affor
dable
Res
idenc
esRe
ntal H
ousin
g($
per u
nit)
(164
,189)
91(1
4,875
,074)
Acqu
isitio
n Loa
n12
6,973
,574
24.28
%12
.63%
Cond
omini
ums
($ pe
r unit
)(2
00,60
7)10
7(2
1,415
,005)
Cons
tructi
on an
d Lon
g Ter
m Lo
an P
roce
eds
396,0
66,53
375
.72%
39.41
%No
n Res
identi
alOf
fices
($ pe
r s.f.)
(254
)11
0,764
(28,1
55,76
5)Su
b Tota
l52
3,040
,107
100.0
0%52
.04%
Incub
ators
($ pe
r s.f.)
(222
)99
,034
(22,0
02,01
5)Pu
blic
Subs
idies
(tot
al, if
any)
Educ
ation
($ pe
r s.f.)
(241
)44
,958
(10,8
39,15
8)Ta
x Inc
reme
nt Fin
ancin
g26
,068,8
8154
.81%
2.59%
Light
Indus
try
($ pe
r s.f.)
(219
)98
,950
(21,6
98,39
9)LIH
TC3,1
51,22
16.6
2%0.3
1%W
orks
hops
and L
abs
($ pe
r s.f.)
(225
)28
,485
(6,42
2,486
)NM
TC16
,347,1
1134
.37%
1.63%
Prod
uctio
n Hub
($ pe
r s.f.)
(212
)45
,461
(9,63
1,934
)So
lar In
vestm
ent T
ax C
redit
211,0
500.4
4%0.0
2%Re
tail
($ pe
r s.f.)
(194
)67
9,695
(132
,079,7
02)
Illino
is EP
A Br
ownfi
eld R
edev
elopm
ent P
rogr
am24
0,000
0.50%
0.02%
Food
Mar
ket
($ pe
r s.f.)
(144
)81
,496
(11,7
08,58
8)Ou
r Gre
at Ri
vers
Prog
ram
+ Ch
i Cal
350,0
000.7
4%0.0
3%Co
nven
tion C
enter
($ pe
r s.f.)
(144
)16
,548
(2,37
7,425
)CM
AQ, T
AP-L
897,7
271.8
9%0.0
9%Ho
tel($
per r
oom)
(93,3
88)
403
(37,6
78,00
5)GO
Gra
nt30
0,000
0.63%
0.03%
Stru
cture
d Par
king
($ pe
r slot
)(1
7,291
)85
2(1
4,738
,626)
Fede
ral H
ome L
oan B
ank o
f Chic
ago
750,0
001.5
8%0.0
7%Su
b To
tal B
uild
ings
Cos
ts($
per s
.f.)(1
81)
3,194
,878
(577
,821,2
93)
57.49
%Su
b Tota
l47
,565,9
9010
0.00%
4.81%
Publ
ic Do
main
Unit
Unit
Cost
Tota
l Uni
tsTo
tal C
osts
Perc
ent o
f Tot
alOt
her S
ourc
esDe
moliti
on an
d Rem
ediat
ion($
per s
.f.)(9
)30
8,842
(2,88
7,814
)Pr
oject
Reinv
ested
proc
eeds
311,0
51,14
630
.95%
Road
s($
per s
.f.)(3
8)15
5,400
(5,82
7,869
)To
tal S
ourc
es 1,
005,0
53,14
8 10
0%Br
idges
($ pe
r s.f.)
(191
)23
,835
(4,55
5,695
)St
orm
Wate
r Man
agem
ent
($ pe
r s.f.)
(100
)82
,234
(8,22
3,400
)Bi
kelan
es an
d Tra
ils($
per s
.f.)(5
0)62
,910
(3,17
2,067
)La
ndsc
aping
($
per s
.f.)(3
3)23
7,634
(7,90
0,432
)W
ater T
axi D
eck
($ pe
r s.f.)
(108
)2,5
40(2
74,68
5)Gr
een R
oofs
and P
V Pa
nels(
$ per
s.f.)
(25)
137,5
90(3
,427,7
82)
Envir
onme
ntal In
stalla
tions
($ pe
r insta
llatio
n)(1
0,000
)2
(20,0
00)
LEED
Volu
me($
per b
uildin
g)(8
,000)
7(5
6,000
)Ma
inten
ance
($ pe
r yea
r)(5
71,74
8)10
(5,71
7,485
)Su
b to
tal P
ublic
Dom
ain($
per s
.f.)(2
3)1,8
01,25
4(4
2,063
,228)
4.19%
Acqu
isitio
n Ta
xes a
nd F
ees($
per s
.f.)(1
74)
1,042
,694
(181
,390,8
20)
18.05
%To
tal D
evelo
pmen
t Cos
ts($
per s
.f.)(2
51)
3,194
,878
(801
,275,3
41)
Fina
ncial
Cos
ts(2
03,77
7,807
)20
.28%
Tota
l Use
s(1
,005,0
53,14
8)
4
Finance Estimates & Variables Construction Estimates & Assumptions
General Variables General Construction Costs Offices Hotel - The INInflation Rate 3.50% Demolition/Remediation Cost per SF* $8.00 Startup Incubators Office spaces Average Room Size (SF) 360Contingency Rate 3.00% Demolition Area in Parcel A 287,379 Average Unit Size (SF) 950 1500 Average Daily Room Rate $180.00Rate of Return 10% Demolition Area in Parcel B 21,463 Private Rate Rent per SF $37.00 $37.00 Avergae Banquets Rent $1,800.00Blended Cap Rate 6.80% Infrastructure Cost per sf. $5.00 Community Rate Rent per SF $33.00 Annual Operating Expenses 30.00%Cost of Sale 3.00% Soft Costs (As percent of Hard Costs) 20% "Book a Shared Space" Rate Rent per SF $27.00 Annual Overhead Expenses 20.00%
Average Annual Rent $33.80 37 Construction Costs per SF $210.00Loans Variables Infrastructure Pricing Data Operating Expenses per SF $4.00 $6.00Acquisition Loan to Parcels Cost Ratio 70% Installation Cost per Tree $175.00 Construction Costs per SF $140.00 $150.00 Structured ParkingAcquisition Loan Interest Rate 4.50% Hardscaping Costs per SF $15.00 Soft costs (% of Hard costs) 20% 20% GeneralAcquisition Loan term (Years) 20 Landscaping Costs per SF $70.00 Costs of Marketing 3% Structured Parking Construction Cost per SF 80Construction Loan to Development Cost Ratio 80% Vehicular Road Construction Costs per SF $19.73 Rentable Spaces 85.00% 85.00% Soft costs (% of Hard costs) 20%Construction Loan Interest Rate 5.50% Pedestrian Bridge Construction per SF $110.00 Square Feet per Space 165Construction Average Balance 65% Bridge Construction Costs per SF $170.00 Light Industry Parking Potential 579Long Term Loan Rate 5% Bike Lane Costs per SF $11.36 Workshops and labs Light Industry Spaces Production Hub Monthly RentalLong term Loan term (Years) 30 Average Unit Size (SF) 1500 2000 Monthly Rent (Work) 150
Sustainability Private Rate Rent per SF $37.00 Work Rental Spaces 41 (24 Hours, all 7 days)Land Acquisition Green Roof Construction Cost per SF $15.00 Community Rate Rent per SF $35.00 Occupancy 75.00%Parcel A Value per sf. $130 Green Roof SF 137,590.00 "Book a Shared Space" Rate Rent per SF $33.00 Monthly Rent (Residential) 175Parcel B Value per sf. $130 Stormwater system $50.00 Average Rent $35.20 $17.00 $25.00 Residential (Condominium) Rental Spaces (24 Hours, all 7 days)Parcel C Value per sf. $135 LEED Volume Buildings: 7.00 Operating Expenses per SF $0.50 $0.50 $0.50 Occupancy 85.00%Home-Depot Parcel Value per sf. $135 LEED Volume cost per building $2,000.00 Construction Costs per SF $140.00 $80.00 $80.00 Hourly RentalParcel on North Ave-Elston Value per sf. $135 LEED Volume admission fee $10,000.00 Soft costs (% of Hard costs) 20% 20% 20% Condo Parking for Commercial 264
LEED Volume Prototype fee $30,000.00 Costs of Marketing 3% 3% 3% Occupancy 75.00%Terminal Cap Rates Solar Panels, $ per kW $9,000.00 Rentable Spaces 85.00% Hotel & Commercial Parking Spaces 274 (24 Hours, all 7 days)Apartments 6.5% Total kW 3.00 Occupancy 60.00%Work Res Lofts 6.5% Landmarks and Environmental Installation $10,000.00 Education Hub Hourly Parking Rate $1.00Condos 0.0% University Centers Conference Center Operating Expenses per SF $0.50Affordable 6.5% Residential Rental Average Unit Size (SF) 1500 300 Parking AreasOffice, Incubators, and Education 7.8% ` Upscale Mid Range Affordable** Live Work Lofts*** Private Rate Rent per SF $40.00 Area Floors TotalLight Industry, Production Hub and Workshops 5.5% Income Average Rent 35 $3,000.00 6750.8 1 6750.8Retail 6.5% Monthly Rent per SF $2.80 $2.50 $1.07 $2.50 Overhead Expenses 20.00% 43628.9 1 43628.9Food Market 6.5% Average Monthly Rent ($) $2,520.00 $2,250.00 $855.00 $1,750.00 Operating Expenses per SF $6.00 30.00% 45215.8 1 45215.8Hotel 7.8% Average Unit Size (SF) 900 900 800 700 Construction Costs per SF $160.00 $210.00 95595.5Convention Center 7.8% Monthly Operating Expenses per SF $0.50 $0.50 $0.30 $0.40 Soft costs (% of Hard costs) 20% 20% Live Work ParkingStructured Parking 10.5% Construction Costs of Marketing Condominium Parking
Construction Costs per SF $180 $160 $140 $140 Rentable Spaces 85.00% 85.00% Hotel ParkingPartnership Structure Soft costs (% of Hard costs) 20% 20% 20% 20%Equity Contributions % Split Rentable Area 85.00% 85.00% 85.00% 85.00% Retail Sources:Developer - Windy Crew Investors (WCI) 10.00% Food market Restaurant/Bars Shops *EPA Cost TablesInvestor 90.00% Residential Sale Average Size (SF) 300 1750 2500 https://www.epa.gov/sites/production/files/documents/03_CostTables.pdfTotal 100.00% Upscale Condos Midscale Condos Affordable Condos Food Market Stall Rent (Monthly) $2.70 **City of Chicago Maximum Affordable PricingPromote Structure Sponsor % Investor % Income Food Market Stand Rent (Monthly) $2.00 https://www.cityofchicago.org/content/dam/city/depts/dcd/general/housing/2016renttables.pdfHurdle 1 - Cumulative Preferred Return (10%) 10.00% 90.00% Sale price per SF $410.00 $360.00 $225.00 Food Market Average Slot Area 400 ***According to 100% Chicago Median IncomeHurdle 2 (15%) 20.00% 80.00% Average Unit Size (SF) 1000 1000 1000 Premium Rent per SF (Monthly) $2.92Hurdle 3 (>15%) 40.00% 60.00% Construction Regular Rent per SF (Monthly) $2.50
Construction Costs per SF $180 $160 $140 Operating Expenses per SF (Monthly) $0.50 $0.50Property Taxes Soft costs (% of Hard costs) 20% 20% 20% Construction Costs per SF $90.00 $150.00 $140.00Assessed Value (% of Fair Market Value) 40%Property Taxes (Mills per $1000) -0.0534
Estimates & Assumptions
5
Phase I Buildout Income Development Costs Phase II Buildout Income Development Costs
Upscale Residences Rental Housing 0 0 0 Upscale Residences Rental Housing 0 0 0 Condominimus 82,500 20,107,762 (18,635,513) Condominimus 0 8,962,526 0
Midscale Residences Rental Housing 0 0 0 Midscale Residences Rental Housing 0 0 0 Condominiums 0 0 0 Condominiums 0 0 0
Live Work Lofts Rental Housing 0 0 0 Live Work Lofts Rental Housing 89,724 0 (17,309,277)
Affordable Residences Rental Housing 0 0 0 Affordable Residences Rental Housing 29,908 0 (5,769,759)Condominiums 0 0 0 Condominiums 0 0 0
Non Residences Offices 88,942 0 (17,362,368) Non Residences Offices 0 3,528,044 0 Incubators 0 0 0 Incubators 116,510 1,492,122 (22,002,015)Education 52,892 0 (10,839,158) Education 0 1,959,723 0 Light Industry 0 755,498 0 Light Industry 116,412 2,979,227 (21,698,399)Workshops and Labs 0 0 0 Workshops and Labs 33,512 583,280 (6,422,486)Production Hub 53,484 0 (9,631,934) Production Hub 0 2,077,709 0 Retail 237,940 2,657,185 (14,317,714) Retail 245,691 9,795,200 (48,677,054)Food Market 0 0 0 Food Market 95,878 1,236,076 (11,708,588)Convention Center 0 0 0 Convention Center 19,468 291,371 (2,377,425)Hotel 145,245 0 (37,678,005) Hotel 0 15,403,412 0 Structured Parking 76,521 930,383 (7,345,990) Structured Parking 0 2,523,725 0 Infrastructure 60,655 (3,585,380) Infrastructure 152,290 (10,727,974)
Total 798,179 24,450,827 (119,396,061) Total 899,393 50,832,413 (146,692,978)Return On Cost 20.48% Return On Cost 34.65%
Average Cost per sf. 150 Average Cost per sf. 163 Loan Balance (209,106,503) Loan Balance (299,155,454)
Asset Value 544,731,238 Asset Value 610,705,298 LTV 38% LTV 49%
Sale Cost if Sold (16,341,937) Sale Cost if Sold (18,321,159)Unleveraged IRR 104.97% Unleveraged IRR 18.48%
Leveraged IRR 657.5% Leveraged IRR 92.0%
Phase III Buildout Income Development Costs Phase IV Buildout Income Development Costs
Upscale Residences Rental Housing 159,954 4,151,526 (42,174,489) Upscale Residences Rental Housing 132,843 25,529,933 (37,520,973)Condominimus 0 0 0 Condominimus 0 0 0
Midscale Residences Rental Housing 127,710 0 (31,083,663) Midscale Residences Rental Housing 0 8,566,886 0 Condominiums 427,005 112,943,238 (97,475,194) Condominiums 0 40,313,302 0
Live Work Lofts Rental Housing 0 8,186,342 0 Live Work Lofts Rental Housing 0 9,456,369 0
Affordable Residences Rental Housing 42,570 737,033 (9,105,315) Affordable Residences Rental Housing 0 2,116,781 0 Condominiums 106,751 23,364,269 (21,415,005) Condominiums 0 0 0
Non Residences Offices 0 6,524,919 0 Non Residences Offices 41,368 11,077,746 (10,793,397)Incubators 0 8,483,928 0 Incubators 0 10,888,948 0 Education 0 3,624,397 0 Education 0 4,651,839 0 Light Industry 0 9,871,638 0 Light Industry 0 11,444,804 0 Workshops and Labs 0 2,141,101 0 Workshops and Labs 0 2,864,546 0 Production Hub 0 3,842,606 0 Production Hub 0 4,931,906 0 Retail 273,000 35,998,606 (59,235,157) Retail 43,010 65,279,102 (9,849,777)Food Market 0 4,220,010 0 Food Market 0 5,112,651 0 Convention Center 0 994,752 0 Convention Center 0 1,205,168 0 Hotel 0 28,487,742 0 Hotel 0 36,563,434 0 Structured Parking 57,370 3,753,171 (6,568,102) Structured Parking 6,751 4,910,432 (824,535)Infrastructure 71,782 (9,406,051) Infrastructure 7,192 (3,331,099)
Total 1,266,142 257,325,278 (276,462,977) Total 231,164 244,913,848 (62,319,782)Return On Cost 93.08% Return On Cost 393.00%
Average Cost per sf. 218 Average Cost per sf. 270 Loan Balance (471,053,313) Loan Balance (481,631,903)
Asset Value 1,556,358,457 Asset Value 1,322,833,853 LTV 30% LTV 36%
Sale Cost if Sold (46,690,754) Sale Cost if Sold (39,685,016)Unleveraged IRR 26.12% Unleveraged IRR 14.59%
Leveraged IRR 61.6% Leveraged IRR 29.32%
Phasing
6
Equity Waterfall Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Cash Flow Before Tax IRR 23.25% (68,548,730) (19,601,790) (25,472,867) (28,282,797) (4,945,461) (10,152,827) 813,320 1,178,271 (8,144,098) 807,465,602
Sponsor Equity Contribution (6,854,873) (1,960,179) (2,547,287) (2,828,280) (494,546) (1,015,283) 0 0 (814,410) 0 Investor Equity Contribution (61,693,857) (17,641,611) (22,925,581) (25,454,518) (4,450,915) (9,137,545) 0 0 (7,329,688) 0 Total Equity Contributions (68,548,730) (19,601,790) (25,472,867) (28,282,797) (4,945,461) (10,152,827) 0 0 (8,144,098) 0
Cash Available For Distribution 0 0 0 0 0 0 813,320 1,178,271 0 807,465,602 Hurdle 1: Up to 10% Year 0 Phase I Phase II Phase III Phase IV
Factors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028Hurdle 1: Up to 10% 10.00% 10.00% 1 Beginning Balance 0 (68,548,730) (95,005,393) (129,978,799) (171,259,477) (193,330,885) (222,816,801) (244,285,160) (267,535,405) (302,433,043)Equity Contributions (68,548,730) (19,601,790) (25,472,867) (28,282,797) (4,945,461) (10,152,827) 0 0 (8,144,098) 0 Tier 1 Accrual 0 (6,854,873) (9,500,539) (12,997,880) (17,125,948) (19,333,088) (22,281,680) (24,428,516) (26,753,540) (30,243,304)Tier 1 Accrual Distribution 0 0 0 0 0 0 813,320 1,178,271 0 332,676,347 Ending Balance (68,548,730) (95,005,393) (129,978,799) (171,259,477) (193,330,885) (222,816,801) (244,285,160) (267,535,405) (302,433,043) 0 IRR Confirmation 10.00% (68,548,730) (19,601,790) (25,472,867) (28,282,797) (4,945,461) (10,152,827) 813,320 1,178,271 (8,144,098) 332,676,347
Investor Cash Flow 90.00% 0 0 0 0 0 0 731,988 1,060,444 0 299,408,713 Sponsor Equity Cash Flow 10.00% 0 0 0 0 0 0 81,332 117,827 0 33,267,635 Sponsor Promote Cash Flow 0.00% 0 0 0 0 0 0 0 0 0 0
Remaining Cash to Distribute in Tier 2 0 0 0 0 0 0 0 0 0 474,789,255 Year 0 Phase I Phase II Phase III Phase IV
Hurdle 2: 10% to 15% 15.00% 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028Beginning Balance 0 (68,548,730) (98,432,829) (138,670,621) (187,754,011) (220,862,574) (264,144,787) (302,953,185) (347,217,891) (407,444,672)Equity Contributions (68,548,730) (19,601,790) (25,472,867) (28,282,797) (4,945,461) (10,152,827) 0 0 (8,144,098) 0 Tier 2 Accrual 0 (10,282,309) (14,764,924) (20,800,593) (28,163,102) (33,129,386) (39,621,718) (45,442,978) (52,082,684) (61,116,701)Tier 2 Accrual Distribution 0 0 0 0 0 0 813,320 1,178,271 0 468,561,373 Ending Balance (68,548,730) (98,432,829) (138,670,621) (187,754,011) (220,862,574) (264,144,787) (302,953,185) (347,217,891) (407,444,672) 0 IRR Confirmation 15.00% (68,548,730) (19,601,790) (25,472,867) (28,282,797) (4,945,461) (10,152,827) 813,320 1,178,271 (8,144,098) 468,561,373
Investor Cash Flow 85.00% 0 0 0 0 0 0 0 0 0 115,502,272 Sponsor Equity Cash Flow 5.00% 0 0 0 0 0 0 0 0 0 13,588,503 Sponsor Promote Cash Flow 10.00% 0 0 0 0 0 0 0 0 0 13,588,503
Remaining Cash to Distribute in Tier 3 0 0 0 0 0 0 0 0 0 338,904,229 Year 0 Phase I Phase II Phase III Phase IV
Hurdle 3: Above 15% 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028Remaining Cash Available From Prior Tier 0 0 0 0 0 0 0 0 0 338,904,229
Investor Cash Flow 80.00% 0 0 0 0 0 0 0 0 0 271,123,383 Sponsor Equity Cash Flow 10.00% 0 0 0 0 0 0 0 0 0 33,890,423 Sponsor Promote Cash Flow 10.00% 0 0 0 0 0 0 0 0 0 33,890,423
Year 0 Phase I Phase II Phase III Phase IVReturns Summary 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Investor Equity Contributions (61,693,857) (17,641,611) (22,925,581) (25,454,518) (4,450,915) (9,137,545) 0 0 (7,329,688) 0 Investor Distributions 0 0 0 0 0 0 731,988 1,060,444 0 686,034,368 Investor Net Cash Flows (61,693,857) (17,641,611) (22,925,581) (25,454,518) (4,450,915) (9,137,545) 731,988 1,060,444 (7,329,688) 686,034,368
Investor IRR 22.35%Investor Equity Multiple 4.04
Sponsor Equity Contributions (6,854,873) (1,960,179) (2,547,287) (2,828,280) (494,546) (1,015,283) 0 0 (814,410) 0 Sponsor Distributions 0 0 0 0 0 0 81,332 117,827 0 128,225,486 Sponsor Net Cash Flows (6,854,873) (1,960,179) (2,547,287) (2,828,280) (494,546) (1,015,283) 81,332 117,827 (814,410) 128,225,486
Developer IRR 30.58%Developer Equity Multiple 7.19
Equity Contributions % Split Cash Developer - Windy Crew Investors (WCI) 10.00% 12,339,590 Investor 90.00% 111,056,314 Total 100.00% 123,395,904
Promote Structure (IRR) From Up to Sponsor % Investor %Hurdle 1 - Cumulative Preferred Return (Pari Passu) 0.00% 10.00% 10.00% 90.00%Hurdle 2 10.00% 15.00% 15.00% 85.00%Hurdle 3 15.00% 20.00% 80.00%
SourcesEquity
7
Short Term Loans Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
1. Acquisition LoanLoan 70% $126,973,574Debt Service (87,851,149) 0 0 (9,761,239) (9,761,239) (9,761,239) (9,761,239) (9,761,239) (9,761,239) (9,761,239) (9,761,239) (9,761,239)BOY Balance 0 (126,973,574) (122,926,146) (118,696,584) (114,276,691) (109,657,904) (104,831,270) (99,787,439) (94,516,635) (89,008,645)EOY Balance 0 (126,973,574) (122,926,146) (118,696,584) (114,276,691) (109,657,904) (104,831,270) (99,787,439) (94,516,635) (89,008,645) (83,252,795)Amortization 20 (43,720,779) 0 0 (4,047,428) (4,229,562) (4,419,893) (4,618,788) (4,826,633) (5,043,832) (5,270,804) (5,507,990) (5,755,850)Interest 4.5% (44,130,370) 0 0 (5,713,811) (5,531,677) (5,341,346) (5,142,451) (4,934,606) (4,717,407) (4,490,435) (4,253,249) (4,005,389)2. Construction LoanBeginning of Year Balance 0 0 30,095,300 0 46,719,114 0 71,670,492 139,775,035 0 40,452,088 43,382,192 Loan Proceeds (% of Total Hard Costs) 80% $396,066,533 0 29,056,529 52,551,112 45,106,554 50,493,427 69,196,710 61,948,024 47,296,539 39,055,842 680,898 680,898 Loan Average Balance 65% 0 Interest Carried Forward 5.5% $36,849,426 0 1,038,771 3,533,944 1,612,559 4,374,691 2,473,782 6,156,519 9,378,478 1,396,246 2,249,207 4,635,227 Construction Loan Payment (432,915,959) 0 (86,180,357) (101,587,232) (196,450,053) (48,698,317)End of Year Balance 0 30,095,300 0 46,719,114 0 71,670,492 139,775,035 0 40,452,088 43,382,192 0
Long Term Loans Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Phase 1 - - - 1 2 3 4 5 6 7 8 Debt Service (42,325,960) 0 0 0 (5,290,745) (5,290,745) (5,290,745) (5,290,745) (5,290,745) (5,290,745) (5,290,745) (5,290,745)BOY Balance 0 0 0 86,180,357 84,767,728 83,291,530 81,748,904 80,136,860 78,452,273 76,691,881 74,852,270 EOY Balance 0 0 (86,180,357) (84,767,728) (83,291,530) (81,748,904) (80,136,860) (78,452,273) (76,691,881) (74,852,270) (72,929,877)Amortization 30 13,250,479 0 0 0 1,412,629 1,476,197 1,542,626 1,612,044 1,684,586 1,760,393 1,839,610 1,922,393 Interest 4.5% 29,075,481 0 0 0 3,878,116 3,814,548 3,748,119 3,678,701 3,606,159 3,530,352 3,451,135 3,368,352 Phase 2 - - - - - 1 2 3 4 5 6 Debt Service (37,419,582) 0 0 0 0 0 (6,236,597) (6,236,597) (6,236,597) (6,236,597) (6,236,597) (6,236,597)BOY Balance 0 0 0 0 0 101,587,232 99,922,061 98,181,957 96,363,548 94,463,310 92,477,562 EOY Balance 0 0 0 0 (101,587,232) (99,922,061) (98,181,957) (96,363,548) (94,463,310) (92,477,562) (90,402,456)Amortization 30 11,184,776 0 0 0 0 0 1,665,171 1,740,104 1,818,409 1,900,237 1,985,748 2,075,107 Interest 4.5% 26,234,805 0 0 0 0 0 4,571,425 4,496,493 4,418,188 4,336,360 4,250,849 4,161,490 Phase 3 - - - - - - - - 1 2 3 Debt Service (36,181,116) 0 (12,060,372) (12,060,372) (12,060,372)BOY Balance 0 196,450,053 193,229,933 189,864,908 EOY Balance (196,450,053) (193,229,933) (189,864,908) (186,348,458)Amortization 30 10,101,595 0 3,220,119 3,365,025 3,516,451 Interest 4.5% 26,079,520 0 8,840,252 8,695,347 8,543,921 Phase 4 - - - - - - - - - - -Debt Service 0 0 BOY Balance 0 0 EOY Balance (48,698,317) (48,698,317)Amortization 30 0 0 Interest 4.5% 0 0 Total Debt Service (203,777,807) 0 0 (9,761,239) (15,051,984) (15,051,984) (21,288,581) (21,288,581) (21,288,581) (33,348,953) (33,348,953) (33,348,953)Loan Balance 0 (126,973,574) (209,106,503) (203,464,311) (299,155,454) (291,328,868) (283,150,087) (471,053,313) (458,901,759) (446,203,386) (481,631,903)
Loan Summary Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Acquisition Loan 126,973,574 126,973,574 Construction Loan Proceeeds 396,066,533 0 29,056,529 52,551,112 45,106,554 50,493,427 69,196,710 61,948,024 47,296,539 39,055,842 680,898 680,898 Debt Service (203,777,807) 0 0 (9,761,239) (15,051,984) (15,051,984) (21,288,581) (21,288,581) (21,288,581) (33,348,953) (33,348,953) (33,348,953)Total Mortgage Payoff (End of Year 10) (481,631,903) (481,631,903)Net Cash Flow 0 156,030,103 42,789,874 30,054,570 35,441,444 47,908,129 40,659,443 26,007,958 5,706,889 (32,668,055) (514,299,958)
Loan to Value (LTV) Balance Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Loan Balance (End of Phase) 0 (126,973,574) (209,106,503) (203,464,311) (299,155,454) (291,328,868) (283,150,087) (471,053,313) (458,901,759) (446,203,386) (481,631,903)Total Asset Value 67,002,759 96,905,313 544,731,238 611,396,831 610,705,298 1,388,741,589 1,550,945,176 1,556,358,457 1,741,315,794 1,249,374,548 1,322,833,853 Total Cumulative Development Cost (227,520,348) (316,182,503) (394,256,033) (480,770,782) (610,719,520) (734,426,225) (831,933,774) (919,591,475) (937,663,498) (956,865,505)Loan to Value per Phase 38.39% 48.99% 30.27% 36.41%Loan to Cost per Phase 66.13% 62.22% 56.62% 50.33%
SourcesDebt
8
Low Income Housing Tax Credits (LIHTC) Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Affordable Units Total Development Costs 0 0 0 0 5,769,759 0 0 9,105,315 0 0 0 Less: Ineligible costs 0 0 0 0 (288,488) 0 0 (455,266) 0 0 0 Eligible Basis 0 0 0 0 5,481,271 0 0 8,650,050 0 0 0 Applicable Fraction 25%Qualified Basis 0 0 0 0 1,370,318 0 0 2,162,512 0 0 0 Applicable percentage (AFR)* 7.54%Annual Credit Before Basis Boost 0 0 0 0 103,322 0 0 163,053 0 0 0 Basis Boost 30% 0 0 0 0 30,997 0 0 48,916 0 0 0 Annual Credit After Basis Boost 0 0 0 0 134,319 0 0 211,969 0 0 0 Total Credit 0 0 0 0 1,343,185 0 0 2,119,695 0 0 0 Tax Credit Syndication $0.91 0 0 0 0 1,222,299 0 0 1,928,922 0 0 0 Tax Credit Syndication per Phase 0 1,222,299 1,928,922 0 Total Credit $3,151,221Max. Applicable** $1,500,000
Sources:* Appropriate Percentage for the 70% Present Value Low-Income Housing Credithttps://www.irs.gov/pub/irs-drop/rr-17-08.pdf** The maximum amount of Tax Credits for which a Project may apply will be $1.5M (Section IV(E1))https://www.ihda.org/wp-content/uploads/2015/08/2016-2017-QAP_Approved_New-Address.pdfhttps://www.ihda.org/wp-content/uploads/2015/08/2016-2017-QAP_Approved_New-Address.pdf
New Market Tax Credits (NMTC) Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Unleveraged Cash Flow 755,498 (224,731,476) (67,755,697) (52,633,811) (61,122,055) (51,649,575) (34,377,699) (7,810,439) 14,616,507 50,750,180 1,337,764,266 Cash Flow After Traditional Finance* 755,498 (68,701,373) (24,965,824) (22,579,241) (25,680,611) (3,741,446) 6,281,744 18,197,519 20,323,396 18,082,125 823,464,308
Total Development Costs with benefit to NMTC** -$282,593,478Total Development Costs -$956,865,505Ratio 29.53%NMTC Chicago Development Fund Allocation $25,354,604Qualified Equity Investment (QEI) 0 (20,289,748) (7,373,219) (6,668,383) (7,584,319) (1,104,971) 0 0 0 0 0 Phase 1Year 0 1 2 3 4 5 6 7 Interest Rate 5% 5% 5% 6% 6% 6% 6%NMTC Proceeds $10,788,557 1,383,148 1,383,148 1,383,148 1,659,778 1,659,778 1,659,778 1,659,778 Phase 2Year 0 1 2 3 4 5 6 7 Interest Rate 5% 5% 5% 6% 6% 6% 6%NMTC Proceeds $5,558,554 712,635 712,635 712,635 855,162 855,162 855,162 855,162 Total NMTC Cash Flow $16,347,111 0.00 0 1,383,148 1,383,148 2,095,783 2,372,413 2,372,413 2,514,940 2,514,940 855,162 855,162
*The actual cash investment made by the investor to the CDE.**Does not include Apartments and Condos.
Ad Valorem Tax Increment Financing (TIF) Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Projected Property Value 67,002,759 96,905,313 544,731,238 611,396,831 610,705,298 1,388,741,589 1,550,945,176 1,556,358,457 1,741,315,794 1,249,374,548 1,322,833,853 Assessed Value 10% 6,700,276 9,690,531 54,473,124 61,139,683 61,070,530 138,874,159 155,094,518 155,635,846 174,131,579 124,937,455 132,283,385 State Equalizer* 2.6685Equalized Assessed Value (EVA) 17,879,686 25,859,183 145,361,531 163,151,244 162,966,709 370,585,693 413,869,720 415,314,254 464,670,120 333,395,598 352,998,214 TIF Property Tax Rate** 7.6% 1,359,035 1,965,556 11,048,930 12,401,126 12,387,100 28,168,219 31,458,237 31,568,036 35,319,576 25,341,399 26,831,394 City 1.55%County 0.55%School District 5.5%Increment 606,522 606,522 9,083,373 1,352,196 (14,027) 15,781,119 3,290,019 109,799 3,751,539 (9,978,176) 1,489,995 Cumulative Increment 606,522 1,213,043 10,296,417 11,648,613 11,634,586 27,415,705 30,705,724 30,815,523 34,567,062 24,588,886 26,078,881 Less Job Training 0.1% (607) (1,213) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000) (10,000)Total Available for Development 605,915 1,211,830 10,286,417 11,638,613 11,624,586 27,405,705 30,695,724 30,805,523 34,557,062 24,578,886 26,068,881 Total $26,068,881
Sources:* Cook County Assessor's Officehttp://www.cookcountyassessor.com/Resources/Residential-Tax-Bill.aspx** Cook County Tax Rateshttp://www.cookcountyclerk.com/tsd/DocumentLibrary/2015%20Tax%20Rate%20Report.pdf
SourcesTax Credits
9
Other Grants Phase I Phase II Phase III Phase IVFactors Total 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Congestion Mitigation & Air Quality Improvement Program (CMAQ)Rating Criteria Score Total GrantTrail or Arterial Sidepath, Cycletrack, or Buffered Bike Lane 10 Proposal Fills a Gap Between Existing Bikeways 10 Transit Circulation 4 Total Granted for Bycicle Facility and Trails Facilities $500,000 500,000
Transportation Alternatives Programs (TAP-L) Score Total GrantConnects Two Existing Trail Sections 30 Top Quintile of Region 30 Trail or Arterial Sidepath, Cycletrack, or Buffered Bike Lane 30 Bonus 5 Total Granted for Bicycle Trails Trails 397,727 0 0 99,432 99,432 99,432 99,432 0 0 0 0
Grants for River Natural Resources Developement Total GrantChi-Cal The Creek $250,000 250,000 The Chicago Community Trust - Our Great Rivers Program The Creek $100,000 100,000 Grants for RemediationIllinois EPA Brownfield Redevelopment Program $240,000 240,000 Grants for Education and InnovationGO grants $300,000 100,000 100,000 100,000 Grants for Home AffordabilityFederal Home Loan Bank of Chicago (FHLB) $750,000Grants for Sustainable CollaborationFederal Solar Investment Tax Credit (For PV Panels) 30% $211,050 211,050 Total Other Grants $1,998,777 240,000 100,000 699,432 410,482 99,432 99,432 350,000 0 0 0 Total Grants & Subsidies 46,878,255 845,308 10,556,522 3,424,776 3,704,538 18,242,964 5,751,864 4,893,661 6,256,479 (9,133,014) 2,335,157
SourcesGrants
10
Construction Costs
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Rental ApartmentUp-Scale: Hard Costs (66,412,885) 0 0 0 0 0 (35,145,407) 0 (31,267,478) 0 0 Up-Scale: Soft Costs (13,282,577) 0 0 0 0 0 (7,029,081) 0 (6,253,496) 0 0 Mid-Scale: Hard Costs (25,903,053) 0 0 0 0 0 0 (25,903,053) 0 0 0 Mid-Scale: Soft Costs (5,180,611) 0 0 0 0 0 0 (5,180,611) 0 0 0 Affordable: Hard Costs (12,395,895) 0 0 0 (4,808,132) 0 0 (7,587,763) 0 0 0 Affordable: Soft Costs (2,479,179) 0 0 0 (961,626) 0 0 (1,517,553) 0 0 0 Live Work LoftsHard Costs (14,424,397) 0 0 0 (14,424,397) 0 0 0 0 0 0 Soft Costs (2,884,879) 0 0 0 (2,884,879) 0 0 0 0 0 0 For Sale CondominiumsUp-Scale: Hard Costs (15,529,594) (7,631,250) (7,898,344) 0 0 0 0 0 0 0 0 Up-Scale: Soft Costs (3,105,919) (1,526,250) (1,579,669) 0 0 0 0 0 0 0 0 Mid-Scale: Hard Costs (81,229,329) 0 0 0 0 (70,001,446) (11,227,883) 0 0 0 0 Mid-Scale: Soft Costs (16,245,866) 0 0 0 0 (14,000,289) (2,245,577) 0 0 0 0 OfficesHard Costs (23,463,138) 0 (14,468,640) 0 0 0 0 0 (8,994,498) 0 0 Soft Costs (4,692,628) 0 (2,893,728) 0 0 0 0 0 (1,798,900) 0 0 IncubatorsHard Costs (18,335,013) 0 0 (11,303,191) (7,031,821) 0 0 0 0 0 0 Soft Costs (3,667,003) 0 0 (2,260,638) (1,406,364) 0 0 0 0 0 0 EducationHard Costs (9,032,631) 0 (9,032,631) 0 0 0 0 0 0 0 0 Soft Costs (1,806,526) 0 (1,806,526) 0 0 0 0 0 0 0 0 Light IndustryHard Costs (18,081,999) 0 0 (18,081,999) 0 0 0 0 0 0 0 Soft Costs (3,616,400) 0 0 (3,616,400) 0 0 0 0 0 0 0 Workshops and LabsHard Costs (5,352,072) 0 0 (5,352,072) 0 0 0 0 0 0 0 Soft Costs (1,070,414) 0 0 (1,070,414) 0 0 0 0 0 0 0 Production HubHard Costs (8,026,611) 0 (8,026,611) 0 0 0 0 0 0 0 0 Soft Costs (1,605,322) 0 (1,605,322) 0 0 0 0 0 0 0 0 RetailHard Costs (134,229,509) (24,163,091) (11,931,428) (8,459,678) (32,104,534) 0 (27,867,749) (21,494,882) (8,208,148) 0 0 Soft Costs (26,845,902) (4,832,618) (2,386,286) (1,691,936) (6,420,907) 0 (5,573,550) (4,298,976) (1,641,630) 0 0 Food MarketHard Costs (9,757,157) 0 0 (9,757,157) 0 0 0 0 0 0 0 Soft Costs (1,951,431) 0 0 (1,951,431) 0 0 0 0 0 0 0 Convention CenterHard Costs (1,981,188) 0 0 (1,981,188) 0 0 0 0 0 0 0 Soft Costs (396,238) 0 0 (396,238) 0 0 0 0 0 0 0 HotelHard Costs (31,398,338) (15,613,838) (15,784,500) 0 0 0 0 0 0 0 0 Soft Costs (6,279,668) (3,122,768) (3,156,900) 0 0 0 0 0 0 0 0 Total Hard Costs (475,552,808) (47,408,178) (67,142,155) (54,935,285) (58,368,885) (70,001,446) (74,241,039) (54,985,697) (48,470,124) 0 0 Total Soft Costs (95,110,562) (9,481,636) (13,428,431) (10,987,057) (11,673,777) (14,000,289) (14,848,208) (10,997,139) (9,694,025) 0 0 Total Building Costs (570,663,370) (56,889,814) (80,570,586) (65,922,342) (70,042,662) (84,001,735) (89,089,247) (65,982,836) (58,164,148) 0 0
UsesDevelopment Costs
11
IN-District Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Total IN-District Build-out 3,194,878 397,786 400,394 457,870 441,524 501,290 416,897 347,956 231,164 0 0 Percent Built 12% 13% 14% 14% 16% 13% 11% 7% 0% 0%Cumulative Percent Built 12% 25% 39% 53% 69% 82% 93% 100% 100% 100%
Project Phasing & Built-up Area Year 0 Phase I Phase II Phase III Phase IVArea (sf) 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Upscale Rental Housing 292,797 0 0 0 0 0 159,954 0 132,843 0 0 Condominimus 82,500 41,250 41,250
Midscale Rental Housing 127,710 0 0 0 0 0 0 127,710 0 0 0 Condominiums 427,005 0 0 0 0 369,710 57,294 0 0 0 0
Work Res Lofts Rental Housing 89,724 0 0 0 89,724 0 0 0 0 0 0
Affordable Rental Housing 72,478 0 0 0 29,908 0 0 42,570 0 0 0 Condominiums 106,751 0 0 0 0 92,428 14,324 0 0 0 0 Offices 130,310 0 88,942 0 0 0 0 0 41,368 0 0 Incubators 116,510 0 0 72,770 43,740 0 0 0 0 0 0 Education 52,892 52,892 Light Industry 116,412 0 0 116,412 0 0 0 0 0 0 0 Workshops and Labs 33,512 0 0 33,512 0 0 0 0 0 0 0 Production Hub 53,484 0 53,484 0 0 0 0 0 0 0 0 Retail 799,641 161,087 76,853 52,648 193,043 0 156,426 116,574 43,010 0 0 Food Market 95,878 95,878 Convention Center 19,468 19,468 Hotel 145,245 72,623 72,623 Structured Parking 140,641 76,521 0 0 0 25,750 0 31,620 6,751 0 0 Infrastructure 291,919 46,305 14,350 67,182 85,109 13,402 28,899 29,482 7,192 0 0
Total Built-up Area 3,194,878 397,786 400,394 457,870 441,524 501,290 416,897 347,956 231,164 0 0 Percent Built 12% 13% 14% 14% 16% 13% 11% 7% 0% 0%Cumulative Percent Built 12% 25% 39% 53% 69% 82% 93% 100% 100% 100%
Project Phasing & Cumulative Built-up Area
Year 0 Phase I Phase II Phase III Phase IVArea (sf) 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
UpscaleRental Housing 292,797 0 0 0 0 0 159,954 159,954 292,797 292,797 292,797 Condominimus 82,500 41,250 82,500 82,500 82,500 82,500 82,500 82,500 82,500 82,500 82,500
MidscaleRental Housing 127,710 0 0 0 0 0 0 127,710 127,710 127,710 127,710 Condominiums 427,005 0 0 0 0 369,710 427,005 427,005 427,005 427,005 427,005
Work Res Lofts Rental Housing 89,724 0 0 0 89,724 89,724 89,724 89,724 89,724 89,724 89,724
AffordableRental Housing 72,478 0 0 0 29,908 29,908 29,908 72,478 72,478 72,478 72,478 Condominiums 106,751 0 0 0 0 92,428 106,751 106,751 106,751 106,751 106,751 Offices 130,310 0 88,942 88,942 88,942 88,942 88,942 88,942 130,310 130,310 130,310 Incubators 116,510 0 0 72,770 116,510 116,510 116,510 116,510 116,510 116,510 116,510 Education 52,892 52,892 52,892 52,892 52,892 52,892 52,892 52,892 52,892 52,892 Light Industry 116,412 0 0 116,412 116,412 116,412 116,412 116,412 116,412 116,412 116,412 Workshops and Labs 33,512 0 0 33,512 33,512 33,512 33,512 33,512 33,512 33,512 33,512 Production Hub 53,484 0 53,484 53,484 53,484 53,484 53,484 53,484 53,484 53,484 53,484 Retail 799,641 161,087 237,940 290,588 483,631 483,631 640,057 756,631 799,641 799,641 799,641 Food Market 95,878 0 95,878 95,878 95,878 95,878 95,878 95,878 95,878 95,878 Convention Center 19,468 0 19,468 19,468 19,468 19,468 19,468 19,468 19,468 19,468 Hotel 145,245 72,623 145,245 145,245 145,245 145,245 145,245 145,245 145,245 145,245 145,245 Structured Parking 140,641 76,521 76,521 76,521 76,521 102,271 102,271 133,891 140,641 140,641 140,641 Infrastructure 291,919 46,305 60,655 127,837 212,945 226,347 255,246 284,727 291,919 291,919 291,919
Total Built-up Area 3,194,878 397,786 798,179 1,256,049 1,697,572 2,198,862 2,615,759 2,963,714 3,194,878 3,194,878 3,194,878
Project PhasingTotal Built Area
12
IN-District Hospitality Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Hotel H1 145245 72622.5 72622.5Built-up Area 145245 72622.5 72622.5
IN-District Commerce Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Commercial Building C1 50,001 2 67,001 74,530 74,530 2,689 1 1,802
Podium 1 2,543 1 2,543 Podium 2 3,184 1 3,184
C2 64,595 2 86,557 86,557 86,557 C3 12,709 3 38,127 38,127 38,127
New Parcel on North Elston C4 13,918 2 27,836 38,726 38,726 10,890 1 10,890
W/ Repurposed Fire House C5 5,465 2 10,930 29,187 29,187 1,945 2 3,890 4,719 2 9,438 4,929 1 4,929
C6 3,713 2 7,426 7,426 7,426
Residential-R2 Commercial C8 21,102 1 21,102 45,222 45,222 12,060 1 12,060 12,060 1 12,060
near Home Depot C9 6,715 3 20,145 53,720 53,720 6,715 2 13,430 6,715 3 20,145
C10 8,700 5 43,500 92,730 92,730 6,795 2 13,590
11,880 3 35,640 C11 8,703 2 17,406 17,406 17,406 C12 46,706 1 15,413 27,777 27,777
6,213 1 6,213 Podium 1 2,967 1 2,967 Podium 2 3,184 1 3,184
C13 51,500 1 25,750 81,860 81,860 24,000 2 48,000
4,055 2 8,110 C14 14,244 3 42,732 42,732 42,732 C15 4,057 1 4,057 4,057 4,057 C16 5,918 2 11,836 73,682 73,682
16,670 3 50,010 5,918 2 11,836
Residential R4 Commercial C17 26,418 1 26,418 42,892 42,892 16,474 1 16,474
Commercial outside of Parking C18 9,644 1 12,537 12,537 12,537 Angular Building C19 7,255 3 21,765 21,765 21,765 Along Willow Street C20 2,457 1 2,457 8,708 8,708
2,471 1 2,471 3,780 1 3,780
Total Commercial Build-Out 799,641 161,087 76,853 52,648 193,043 0 156,426 116,574 43,010 0 0 Percent Built 20% 10% 7% 24% 0% 20% 15% 5% 0% 0%Cumulative Percent Built 20% 30% 36% 60% 60% 80% 95% 100% 100% 100%
In-District Food Market Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Re-purposed Market Building F1 95,878 1 95,878 95,878 95,878 Total Food Market Build-Out 95,878 95,878 Number of Units 240 0 0 240 0 0 0 0 0 0 0
In-District Convention Center Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Part of F1 F1 19,468 1 19,468 19,468 19,468 Total Convention Center Build-Out 19,468 19,468
Project PhasingDetailed Built Area
13
IN-District Parking Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
H1-C2 Parking P1 64,595 2 42,633 42,633 42,633 R1-C1 Parking P2 50,001 2 33,001 33,888 33,888
2,689 1 887 R5-C16 Parking P3 46,706 1 31,620 31,620 31,620 Opposite Finkl Parking P4 6,751 1 6,751 6,751 6,751 North Avenue P5 51,500 1 25,750 25,750 25,750 Total Parking Build-Out 140,641 0 76,521 0 0 0 25,750 0 31,620 6,751 0 0
IN-District Works Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Production Hub 1 P1 5,012 2 10,024 10,024 Production Hub 2 P2 5,760 2 11,520 11,520 Production Hub 3 P3 31,940 1 31,940 31,940 31,940 Total Production Hub Build-Out 53,484 0 53,484 0 0 0 0 0 0 0 0 Offices on Parcel B O1 3,375 2 6,750 6,750 Offices on Parcel B O2 4,500 1 4,500 4,500 Offices on Parcel B O3 19,423 4 77,692 77,692 Office opp Finkl O4 5,043 4 20,172 20,172 20,172 3 Office Bldgs Along Willow O5 2,457 2 4,914 21,196 21,196
2,471 2 4,942 3,780 3 11,340
Total Office Build-Out 130,310 0 88,942 0 0 0 0 0 41,368 0 0 Percent Built 0% 68% 0% 0% 0% 0% 0% 32% 0% 0%Cumulative Built 0% 68% 68% 68% 68% 68% 68% 100% 100% 100%Number of Units 87 0 59 0 0 0 0 0 28 0 0 Incubator 1 I1 17,496 5 87,480 87,480 43,740 43,740 Incubator 2 I2 14,515 2 29,030 29,030 29,030 Total Incubator Build-out 116,510 0 0 72,770 43,740 0 0 0 0 0 0 Percent Built 0% 0% 62% 38% 0% 0% 0% 0% 0% 0%Cumulative Built 0% 0% 62% 100% 100% 100% 100% 100% 100% 100%Number of Units 0 0 77 46 0 0 0 0 0 0 Kendall Culinary- DePaul University E1 13,223 4 52,892 52,892 Total Educational Build-out 52,892 52,892 Number of Units 35 0 35 0 0 0 0 0 0 0 0 Workshops & Labs W1 3,077 4 12,308 12,308 12,308 Workshops & Labs W2 10,602 2 21,204 21,204 21,204 Total Workshops & Labs Build-out 33,512 0 0 33,512 0 0 0 0 0 0 0 Number of Units 22 0 0 22 0 0 0 0 0 0 0 Light Industry 1 L1 24,826 2 49,652 49,652 49,652 Light Industry 2 L2 11,804 1 11,804 11,804 11,804 Light Industry 3 L3 27,478 2 54,956 54,956 54,956 Total Light Industry Build-out 116,412 0 0 116,412 0 0 0 0 0 0 0 Number of Units 58 0 0 58 0 0 0 0 0 0 0 Total Works Build-Out 503,120 0 195,318 222,694 43,740 0 0 0 41,368 0 0 Percent Built 0% 39% 44% 9% 0% 0% 0% 8% 0% 0%Cumulative Built 0% 39% 83% 92% 92% 92% 92% 100% 100% 100%Units Built 3 98 160 49 3 3 3 31 3 3 Cumulative Units Built 3 101 261 310 313 316 319 349 352 355
Project PhasingDetailed Built Area
14
IN-District Lives Building Code Ground Cover (SF)
Number of Floors
Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Up-scale Condominium (For Sale) R1 16,500 5 82,500 82,500 41,250 41,250 Total Up-scale Condominium (For Sale) Build-out 82,500 41,250 41,250 Percent Built 50% 50% 0% 0% 0% 0% 0% 0% 0% 0%Cumulative Percent Built 50% 100% 100% 100% 100% 100% 100% 100% 100% 100%Units Built 46 46 0 0 0 0 0 0 0 0 Cumulative Units Built 46 92 92 92 92 92 92 92 92 92 Live-Work Loft (Rental) R2 11,818 4 47,272 119,632 119,632
9,045 4 36,180 9,045 4 36,180
Total Live-Work Loft (Rental) Build-out (75%) 89,724 0 0 0 89,724 0 0 0 0 0 0 Number of Units 128 0 0 0 128 0 0 0 0 0 0 Cumulative number of Units 0 0 0 128 128 128 128 128 128 128 Mid-scale Condominium (Rental) R3 12245 6 73470 104930 104930
6292 5 31460Mid-scale Condominium (Rental) R4 9194 6 55164 65350 65350
1134 5 56701129 4 4516
Total Mid-scale Condominium (Rental) Build-out (75%) 127710 0 0 0 0 0 0 127710 0 0 0Number of Units 0 0 0 0 0 0 142 0 0 0 Cumulative number of Units 0 0 0 0 0 0 142 142 142 142 Upscale Condominium (Rental) R5 15,584 2 31,168 159,954 159,954
18,016 2 36,032 23,024 2 46,048 46,706 1 46,706
Upscale Condominium (Rental) R10 15,747 5 78,735 78,735 78,735 Upscale Condominium (Rental) R11 13,527 4 54,108 54,108 54,108 Total Up-scale Condominium (Rental) Build-out 292,797 0 0 0 0 0 159,954 0 132,843 0 0 Percent Built 0% 0% 0% 0% 0% 55% 0% 45% 0% 0%Cumulative Percent Built 0% 0% 0% 0% 0% 55% 55% 100% 100% 100%Units Built 0 0 0 0 0 178 0 148 0 0 Cumulative Units Built 0 0 0 0 0 178 178 325 325 325 Mid-scale Condominium (For Sale) R6 17,840 5 89,200 142,684 142,684
8,914 6 53,484 Mid-scale Condominium (For Sale) R7 17,117 3 51,351 98,324 98,324
6,848 4 27,392 6,527 3 19,581
Mid-scale Condominium (For Sale) R8 8,242 4 32,968 71,618 71,618 7,730 5 38,650
Mid-scale Condominium (For Sale) R9 10,530 7 73,710 221,130 221,130 10,530 7 73,710 10,530 7 73,710
Total Mid-scale Condominium (For Sale) Build-out (80%) 427,005 0 0 0 0 369,710 57,294 0 0 0 0 Percent Built 0% 0% 0% 0% 87% 13% 0% 0% 0% 0%Cumulative Percent Built 0% 0% 0% 0% 87% 100% 100% 100% 100% 100%Units Built 0 0 0 0 411 64 0 0 0 0 Cumulative Units Built 0 0 0 0 411 474 474 474 474 474 Total Affordable Housing (Rental) Build-out (25%) 72,478 0 0 0 29,908 0 0 42,570 0 0 0 Percent Built 0% 0% 0% 41% 0% 0% 59% 0% 0% 0%Cumulative Percent Built 0% 0% 0% 41% 41% 41% 100% 100% 100% 100%Units Built 0 0 0 37 0 0 53 0 0 0 Cumulative Units Built 0 0 0 37 37 37 91 91 91 91 Total Affordable Condominium (For Sale) Build-out (20%) 106,751 0 0 0 0 92,428 14,324 0 0 0 0 Percent Built 0% 0% 0% 0% 87% 13% 0% 0% 0% 0%Cumulative Percent Built 0% 0% 0% 0% 87% 100% 100% 100% 100% 100%Units Built 0 0 0 0 92 14 0 0 0 0 Cumulative Units Built 0 0 0 0 92 107 107 107 107 107 Total In-District Lives Build-out 1,198,965 41,250 41,250 0 119,632 462,138 231,572 170,280 132,843 0 0 Percent Built 3% 3% 0% 10% 39% 19% 14% 11% 0% 0%Cumulative Percent Built 3% 7% 7% 17% 55% 75% 89% 100% 100% 100%Units Built 46 46 0 166 503 256 53 148 0 0 Cumulative Units Built 46 92 92 257 760 1,016 1,069 1,217 1,217 1,217
Project PhasingDetailed Built Area
15
IN-frastructure Area Code Width (F) Length (F) Built-up Area (SF)
Total Built-up Area (SF)
Year 0 Phase I Phase II Phase III Phase IV2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
IN-District Plaza Z1 66,816 Innovation Plaza Z2 22,225 Food Plaza Z3 14,432 Food Plaza Extension Z4 35,050 IN-District Plaza Entension Z5 8,357 The Creek Z6 2,170 Total Plaza Build-out 82,234 0 0 0 71,707 0 8,357 2,170 0 0 0 Percent Built 0% 0% 0% 87% 0% 10% 3% 0% 0% 0%Cumulative Percent Built 0% 0% 0% 87% 87% 97% 100% 100% 100% 100%N Throop Ave Rd1 35 1,170 40,950 40,950 Concord Rd2 35 410 14,350 14,350 Wabansia Rd3 35 460 16,100 16,100 IN District Road (New) Rd4 35 900 31,500 31,500 Willow St Rd5 35 500 17,500 17,500 Bike Lanes 5 7,000 35,000 35,000 8,750 8,750 8,750 8,750 Total Road Development 3,440 155,400 40,950 14,350 56,350 8,750 8,750 8,750 17,500 0 0 0 Percent Built 26% 9% 36% 6% 6% 6% 11% 0% 0% 0%Cumulative Percent Built 26% 36% 72% 77% 83% 89% 100% 100% 100% 100%The North Throop Bridge B1 35 153 5,355 5,355 The Hotel Bridge B2 30 206 6,180 6,180 The Park Bridge B3 30 238 7,140 7,140 606 Finkl Bridge B4 30 172 5,160 5,160 Total Bridge Build-out 23,835 5,355 0 6,180 0 0 7,140 5,160 0 0 0 Percent Built 22% 0% 26% 0% 0% 30% 22% 0% 0% 0%Cumulative Percent Built 22% 22% 48% 48% 48% 78% 100% 100% 100% 100%River trails 10 2,791 27,910 27,910 4,652 4,652 4,652 4,652 4,652 4,652 Water Taxi T1 2,540 2,540 2,540 Total Water Front Development 30,450 0 0 4,652 4,652 4,652 4,652 4,652 7,192 0 0 Percent Developed 0% 0% 15% 15% 15% 15% 15% 24% 0% 0%Cumulative Percent Developed 0% 0% 15% 31% 46% 61% 76% 100% 100% 100%Total IN-frastructure Build-out 291,919 46,305 14,350 67,182 85,109 13,402 28,899 29,482 7,192 0 0 Percent Built 16% 5% 23% 29% 5% 10% 10% 2% 0% 0%Cumulative Percent Built 16% 21% 44% 73% 78% 87% 98% 100% 100% 100%
Project PhasingDetailed Built Area
16
Infrastructure Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%RoadsRoads (sf) 155,400 40,950 14,350 56,350 8,750 8,750 8,750 17,500 0 0 0 Vehicular Road Construction Costs (per sf) $19.73 20 20 21 22 23 23 24 25 26 27 Sidewalk Construction (per sf) $15.00 15 16 16 17 17 18 18 19 20 20 Total Roads Costs (5,827,869) (1,422,134) (515,797) (2,096,337) (336,911) (348,703) (360,908) (747,079) 0 0 0 BridgesBridges SF 23,835 5,355 0 6,180 0 0 7,140 5,160 0 0 0 Vehicular Bridge Construction Costs (per sf) $170 170 176 182 188 195 202 209 216 224 232 Pedestrian Bridge Construction Costs (per sf) $110 110 114 118 122 126 131 135 140 145 150 Total Bridges Costs (4,555,695) (910,350) 0 (1,125,429) 0 0 (1,441,614) (1,078,303) 0 0 0 Landscaping Plazas (sf) 82,234 0 0 0 71,707 0 8,357 2,170 0 0 0 Hardscaping Costs (per sf) $15 15 16 16 17 17 18 18 19 20 20 Landscaping Costs (per sf) $70 70 72 75 78 80 83 86 89 92 95 Plazas Landscaping (6,446,707) 0 0 0 (5,565,198) 0 (694,785) (186,724) 0 0 0 River trail Costs (2,774,339) 0 0 (423,553) (438,378) (453,721) (469,601) (486,037) (503,049) 0 0 Trees Installation Cost (1,453,725) (20,475) (716,625) 0 0 (716,625) 0 0 0 0 0 Water Taxi Deck (274,685) 0 0 0 0 0 0 0 (274,685) 0 0 Total Landscaping Costs (10,949,456) (20,475) (716,625) (423,553) (6,003,576) (1,170,346) (1,164,386) (672,761) (777,734) 0 0 Sustainable FeaturesStorm Water Management (8,223,400) (4,111,700) 0 0 0 0 (3,585,350) 0 (417,850) (108,500) 0 Green Roofs (2,724,282) (681,071) (681,071) (681,071) 0 (681,071) 0 0 Bike Lanes (397,727) 0 0 (99,432) (99,432) (99,432) (99,432) 0 0 0 0 PV Panels (703,500) (703,500)LEED Volume (56,000) (10,000) (30,000) (16,000)Landmarks and Environmental Installation (20,000) (10,000) (10,000)Total Sustainable Features Costs (12,124,909) (4,121,700) (30,000) (780,502) (1,510,002) (780,502) (3,684,782) (691,071) (417,850) (108,500) 0 Construction hard costs (33,457,930) (6,474,659) (1,262,422) (4,425,822) (7,850,490) (2,299,552) (6,651,689) (3,189,214) (1,195,584) (108,500) 0 Operating expenses $10 0 0 0 (742,167) (742,167) (828,662) (851,122) (851,122) (851,122) (851,122)Total Development Costs (39,175,415) (6,474,659) (1,262,422) (4,425,822) (8,592,657) (3,041,719) (7,480,352) (4,040,336) (2,046,706) (959,622) (851,122)Annual Cash FlowNet Cash Flow (6,474,659) (1,262,422) (4,425,822) (8,592,657) (3,041,719) (7,480,352) (4,040,336) (2,046,706) (959,622) (851,122)Rate of Return 10%Net Present Value (25,997,846)
DevelopmentInfrastructure
17
Upscale Condominium Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size (sf) 1000Net Salable Area 85%Total Built Area (sf) 82,500 41,250 41,250 Construction Cost (per sf) $180 180 186 193 200 207 214 221 229 237 245 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Sale Price (per sf) $410 410 424 439 455 470 487 504 522 540 559 RevenuePercentage of Units Sold 10% 60% 30%Area sold (sf) 7,013 42,075 21,038 0 0 0 0 0 0 0 Sale Revenues 2,875,125 17,854,526 9,239,717 0 0 0 0 0 0 0 Cost of Sales 3% (86,254) (535,636) (277,192) 0 0 0 0 0 0 0 Net Operating Income 2,788,871 17,318,890 8,962,526 0 0 0 0 0 0 0 Development CostsPercent Built by Year 50% 50% 0% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 50% 100% 100% 100% 100% 100% 100% 100% 100% 100%Hard Costs (7,631,250) (7,898,344) 0 0 0 0 0 0 0 0 Soft Cost (% of Hard Cost) 20% (1,526,250) (1,579,669) 0 0 0 0 0 0 0 0 Total Development Costs (9,157,500) (9,478,013) 0 0 0 0 0 0 0 0 Annual Cash FlowNet Operating Income 2,788,871 17,318,890 8,962,526 0 0 0 0 0 0 0 Total Development Costs (9,157,500) (9,478,013) 0 0 0 0 0 0 0 0 Net Cash Flow (6,368,629) 7,840,878 8,962,526 0 0 0 0 0 0 0 Return of Rate 10%Net Present Value 7,424,080 Unleveraged IRR Before Taxes 95%Leveraged IRR Before Taxes
DevelopmentUpscale Condominium
18
Upscale Rental Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size 900Net Rentable Area 85%Occupancy Factor 90% 90% 92% 94% 96%Total built area (SF) 292,797 0 0 0 0 0 159,954 0 132,843 0 0 Construction hard costs (per sf) $180 180 186 193 200 207 214 221 229 237 245 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Annual Rent (per sf) $33.6 34 35 36 37 39 40 41 43 44 46 Annual operating expenses (per sf) $6 6 6 6 7 7 7 7 8 8 8 RevenueGross Lease Revenues 0 0 0 0 0 0 5,054,031 9,788,026 10,350,837 10,941,055 Annual Operating Expenses 0 0 0 0 0 0 (902,506) (1,747,862) (1,848,364) (1,953,760)Net Operating Income 0 0 0 0 0 0 4,151,526 8,040,164 8,502,473 8,987,295 Development CostsPercent Built by Year 0% 0% 0% 0% 0% 55% 0% 45% 0% 0%Cumulative percent built 0% 0% 0% 0% 0% 55% 55% 100% 100% 100%Construction Costs 0 0 0 0 0 (35,145,407) 0 (31,267,478) 0 0 Soft costs (% of Hard costs) 20% 0 0 0 0 0 (7,029,081) 0 (6,253,496) 0 0 Total Development Costs 0 0 0 0 0 (42,174,489) 0 (37,520,973) 0 0 Annual Cash FlowTerminal Cap Rate 6.5%Net Operating Income 0 0 0 0 0 0 4,151,526 8,040,164 8,502,473 8,987,295 Asset Value 138,266,081 Costs of Sale 3% (4,147,982)Total Development Costs 0 0 0 0 0 (42,174,489) 0 (37,520,973) 0 0 Net Cash Flow 0 0 0 0 0 (42,174,489) 4,151,526 (29,480,810) 8,502,473 143,105,394 Rate of Return 10%Net Present Value 23,350,178 Unleveraged IRR Before Taxes 28%Leveraged IRR Before Taxes
DevelopmentUpscale Rental
19
Mid-scale Condominium Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size (sf) 1000Net Salable Area 85%Total Built Area (sf) 427,005 0 0 0 0 369,710 57,294 0 0 0 0 Construction Cost (per sf) $160 160 166 171 177 184 190 197 204 211 218 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Sale Price (per sf) $360 360 373 386 399 413 428 443 458 474 491 RevenuePercentage of Units Sold 25% 25% 25% 25%Area sold (sf) 0 0 0 0 90,739 90,739 90,739 90,739 0 0 Sale Revenues 0 0 0 0 37,484,834 38,796,803 40,154,691 41,560,105 0 0 Cost of Sales 3% 0 0 0 0 (1,124,545) (1,163,904) (1,204,641) (1,246,803) 0 0 Net Operating Income 0 0 0 0 36,360,289 37,632,899 38,950,051 40,313,302 0 0 Development CostsPercent Built by Year 0% 0% 0% 0% 87% 13% 0% 0% 0% 0%Cumulative percent built 0% 0% 0% 0% 87% 100% 100% 100% 100% 100%Construction Costs 0 0 0 0 (70,001,446) (11,227,883) 0 0 0 0 Soft Cost (% of Hard Cost) 20% 0 0 0 0 (14,000,289) (2,245,577) 0 0 0 0 Total Development Costs 0 0 0 0 (84,001,735) (13,473,459) 0 0 0 0 Annual Cash FlowNet Operating Income 0 0 0 0 36,360,289 37,632,899 38,950,051 40,313,302 0 0 Total Development Costs 0 0 0 0 (84,001,735) (13,473,459) 0 0 0 0 Net Cash Flow 0 0 0 0 (47,641,446) 24,159,440 38,950,051 40,313,302 0 0 Rate of Return 10%Net Present Value 22,849,772 Unleveraged IRR Before Taxes 46%Leveraged IRR Before Taxes
DevelopmentMid-scale Condominium
20
Mid-scale Rental Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size 900Net Rentable Area 85%Occupancy Factor 85% 85% 87% 89%Total built area (sf) 127,710 0 0 0 0 0 0 127,710 0 0 0 Construction hard costs (per sf) $160 160 166 171 177 184 190 197 204 211 218 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Annual Rent (per sf) $30 30 31 32 33 34 36 37 38 40 41 Annual Operating expenses (per sf) $6 6 6 6 7 7 7 7 8 8 8 RevenueGross Lease Revenues 0 0 0 0 0 0 0 3,521,814 3,730,844 3,950,192 Annual Operating Expenses 0 0 0 0 0 0 0 (828,662) (877,846) (929,457)Net Operating Income 0 0 0 0 0 0 0 2,693,152 2,852,999 3,020,735 Development CostsPercent Built by Year 0% 0% 0% 0% 0% 0% 100% 0% 0% 0%Cumulative percent built 0% 0% 0% 0% 0% 0% 100% 100% 100% 100%Construction Costs 0 0 0 0 0 0 (25,903,053) 0 0 0 Soft costs (% of Hard costs) 20% 0 0 0 0 0 0 (5,180,611) 0 0 0 Total Development Costs 0 0 0 0 0 0 (31,083,663) 0 0 0 Annual Cash FlowTerminal Cap Rate 6.5%Net Operating Income 0 0 0 0 0 0 0 2,693,152 2,852,999 3,020,735 Asset Value 46,472,851 Costs of Sale 3% (1,394,186)Total Development Costs 0 0 0 0 0 0 (31,083,663) 0 0 0 Net Cash Flow 0 0 0 0 0 0 (31,083,663) 2,693,152 2,852,999 48,099,401 Rate of Return 10%Net Present Value 5,059,892 Unleveraged IRR Before Taxes 21%Leveraged IRR Before Taxes
DevelopmentMid-scale Rental
21
Live Work Rental (R2) Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size (sf) 700Net Rentable Area (sf) 85%Occupancy Factor 85% 85% 87% 88% 90% 91% 93%Total built area (sf) 89,724 0 0 0 89,724 0 0 0 0 0 0 Construction hard costs (per sf) $140 140 145 150 155 161 166 172 178 184 191 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Annual Rent (per sf) $30 30 31 32 33 34 36 37 38 40 41 Annual Operating expenses (per sf) $5 5 5 5 5 6 6 6 6 6 7 RevenueGross Lease Revenues 0 0 0 0 2,231,666 2,350,535 2,474,991 2,605,279 2,696,464 2,837,614 Annual Operating Expenses per SF 0 0 0 0 (357,067) (376,086) (395,999) (416,845) (438,665) (461,502)Net Operating Income 0 0 0 0 2,588,732 2,726,620 2,870,989 3,022,124 3,135,129 3,299,116 Development CostsPercent Built by Year 0% 0% 0% 100% 0% 0% 0% 0% 0% 0%Cumulative Percent Built 0% 0% 0% 100% 100% 100% 100% 100% 100% 100%Construction Costs 0 0 0 (14,424,397) 0 0 0 0 0 0 Soft costs (% of Hard costs) 20% 0 0 0 (2,884,879) 0 0 0 0 0 0 Total Development Costs 0 0 0 (17,309,277) 0 0 0 0 0 0 Annual Cash FlowTerminal Cap Rate 6.5%Net Operating Income 0 0 0 0 2,588,732 2,726,620 2,870,989 3,022,124 3,135,129 3,299,116 Asset Value 50,755,635 Costs of Sale 3% (1,522,669)Total Development Costs 0 0 0 (17,309,277) 0 0 0 0 0 0 Net Cash Flow 0 0 0 (17,309,277) 2,588,732 2,726,620 2,870,989 3,022,124 3,135,129 52,532,082 Rate of Return 10%Net Present Value 15,790,143 Unleveraged IRR Before Taxes 31%Leveraged IRR Before Taxes
DevelopmentLive-Work Rental
22
Affordable Condominium Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size (sf) 1000Net Salable Area 85%Total Built Area (sf) 106,751 0 0 0 0 92,428 14,324 0 0 0 0 Construction Cost (per sf) $140 140 145 150 155 161 166 172 178 184 191 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Sale Price (per sf) $225 225 233 241 249 258 267 277 286 296 307 RevenuePercentage of Units Sold 30% 60% 10%Area sold (sf) 0 0 0 0 27,222 54,443 9,074 0 0 0 Sale Revenues 0 0 0 0 7,028,406 14,548,801 2,509,668 0 0 0 Cost of Sales 3% 0 0 0 0 (210,852) (436,464) (75,290) 0 0 0 Net Operating Income 0 0 0 0 6,817,554 14,112,337 2,434,378 0 0 0 Development CostsPercent Built by Year 0% 0% 0% 0% 87% 13% 0% 0% 0% 0%Cumulative percent built 0% 0% 0% 0% 87% 100% 100% 100% 100% 100%Construction Costs 0 0 0 0 (15,379,106) (2,466,732) 0 0 0 0 Soft Cost (% of Hard Cost) 20% 0 0 0 0 (3,075,821) (493,346) 0 0 0 0 Total Development Costs 0 0 0 0 (18,454,927) (2,960,078) 0 0 0 0 Annual Cash FlowNet Operating Income 0 0 0 0 6,817,554 14,112,337 2,434,378 0 0 0 Total Development Costs 0 0 0 0 (18,454,927) (2,960,078) 0 0 0 0 Net Cash Flow 0 0 0 0 (11,637,372) 11,152,259 2,434,378 0 0 0 Rate of Return 10%Net Present Value 318,488 Unleveraged IRR Before Taxes 14%Leveraged IRR Before Taxes
DevelopmentAffordable Condominium
23
Affordable Rental Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Average Unit Size 800Net Rentable Area 90%Occupancy Factor 85.00% 85% 87% 89% 91% 93% 95%Total built area (sf) 72,478 0 0 0 29,908 0 0 42,570 0 0 0 Construction hard costs (per sf) $140.00 140 145 150 155 161 166 172 178 184 191 Infrastructure Costs (per sf) $5.00 5 5 5 6 6 6 6 6 7 7 Annual Rent (per sf) $12.83 13 13 14 14 15 15 16 16 17 17 Operating expenses (per sf) $3.6 4 4 4 4 4 4 4 5 5 5 RevenueGross Lease Revenues 0 0 0 0 336,719 356,704 377,676 968,568 1,024,500 1,083,161 Annual Operating Expenses per s.f. 0 0 0 0 (105,020) (111,253) (117,794) (302,087) (319,532) (337,828)Net Operating Income 0 0 0 0 231,699 245,451 259,882 666,480 704,968 745,333 Development CostsPercent Built by Year 0% 0% 0% 41% 0% 0% 59% 0% 0% 0%Cumulative percent built 0% 0% 0% 41% 41% 41% 100% 100% 100% 100%Construction Costs 0 0 0 (4,808,132) 0 0 (7,587,763) 0 0 0 Soft costs (% of Hard costs) 20.00% 0 0 0 (961,626) 0 0 (1,517,553) 0 0 0 Total Development Costs 0 0 0 (5,769,759) 0 0 (9,105,315) 0 0 0 Annual Cash FlowTerminal Cap Rate 6.5%Net Operating Income 0 0 0 0 231,699 245,451 259,882 666,480 704,968 745,333 Asset Value 11,466,657 Costs of Sale 3% (344,000)Total Development Costs 0 0 0 (5,769,759) 0 0 (9,105,315) 0 0 0 Net Cash Flow 0 0 0 (5,769,759) 231,699 245,451 (8,845,433) 666,480 704,968 11,867,990 Rate of Return 10%Net Present Value (3,011,994)Unleveraged IRR Before Taxes -2%Leveraged IRR Before Taxes
DevelopmentAffordable Rental
24
Offices Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 90%Occupancy factor 65% 65% 68% 72% 75% 79% 83% 87% 91%Soft costs (% of Hard costs) 20%Total built area (sf) 130,310 0 88,942 0 0 0 0 0 41,368 0 0 Construction hard costs (per sf) $150 150 158 165 174 182 191 201 211 222 233 Infrastructure Costs (per sf) $5.00 5 5 5 6 6 6 6 6 7 7 Average Annual rent (per sf) $37 37 38 40 41 42 44 45 47 49 50 Annual Operating expenses (per sf) $6 6 6 6 7 7 7 7 8 8 8 RevenueLeasing Revenues 0 0 2,062,268 2,241,170 2,435,592 2,646,879 2,876,496 3,126,032 4,977,301 5,409,082 Operations and Maintenance Expenses 0 0 (371,580) (403,814) (438,845) (476,915) (518,288) (563,249) (896,811) (974,609)Net Operating Income 0 0 1,690,688 1,837,356 1,996,746 2,169,964 2,358,208 2,562,783 4,080,490 4,434,473 Development CostsPercent Built by Year 0% 68% 0% 0% 0% 0% 0% 32% 0% 0%Cumulative percent built 0% 68% 68% 68% 68% 68% 68% 100% 100% 100%Construction costs 0 (14,468,640) 0 0 0 0 0 (8,994,498) 0 0 Soft costs 20% 0 (2,893,728) 0 0 0 0 0 (1,798,900) 0 0 Total Development Costs 0 (17,362,368) 0 0 0 0 0 (10,793,397) 0 0 Annual Cash FlowTerminal Cap rate 7.8%Net Operating Income 0 0 1,690,688 1,837,356 1,996,746 2,169,964 2,358,208 2,562,783 4,080,490 4,434,473 Asset Value 57,219,003 Costs of Sale 3% (1,716,570)Total Development Costs 0 (17,362,368) 0 0 0 0 0 (10,793,397) 0 0 Net Cash Flow 0 (17,362,368) 1,690,688 1,837,356 1,996,746 2,169,964 2,358,208 (8,230,614) 4,080,490 59,936,906 Rate of Return 10%Net Present Value 12,850,114 Unleveraged IRR Before Taxes 21%Leveraged IRR Before Taxes
DevelopmentOffices
25
Incubators Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 90%Occupancy factor 70% 70% 74% 77% 81% 85% 89% 94%Total built area (sf) 116,510 0 0 72,770 43,740 0 0 0 0 0 0 Construction hard costs (per sf) $140 140 145 150 155 161 166 172 178 184 191 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average rent (per sf) $34 34 35 36 37 39 40 42 43 45 46 Operating expenses (per sf) $4 4 4 4 4 5 5 5 5 5 5 RevenueLeasing Revenues 0 0 0 1,718,030 2,989,311 3,248,634 3,530,453 3,836,720 4,169,555 4,531,264 Operations and Maintenance Expenses 0 0 0 (225,908) (393,072) (427,171) (464,228) (504,500) (548,265) (595,827)Net Operating Income 0 0 0 1,492,122 2,596,240 2,821,463 3,066,225 3,332,220 3,621,290 3,935,437 Development CostsPercent Built by Year 0% 0% 62% 38% 0% 0% 0% 0% 0% 0%Cumulative percent built 0% 0% 62% 100% 100% 100% 100% 100% 100% 100%Construction costs 0 0 (11,303,191) (7,031,821) 0 0 0 0 0 0 Soft costs 20% 0 0 (2,260,638) (1,406,364) 0 0 0 0 0 0 Total Development Costs 0 0 (13,563,830) (8,438,186) 0 0 0 0 0 0 Annual Cash FlowTerminal Cap rate 7.8%Net Operating Income 0 0 0 1,492,122 2,596,240 2,821,463 3,066,225 3,332,220 3,621,290 3,935,437 Asset Value 50,779,836 Costs of Sale 3% (1,523,395)Total Development Costs 0 0 (13,563,830) (8,438,186) 0 0 0 0 0 0 Net Cash Flow 0 0 (13,563,830) (6,946,064) 2,596,240 2,821,463 3,066,225 3,332,220 3,621,290 53,191,878 Rate of Return 10%Net Present Value 13,441,258 Unleveraged IRR Before Taxes 23%Leveraged IRR Before Taxes
DevelopmentIncubators
26
Education Spaces Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 90%Occupancy factor 65% 65% 68% 72% 75% 79% 83% 87% 91%Total built area (sf) 52,892 52,892 Construction hard costs (per sf) $160 160 166 171 177 184 190 197 204 211 218 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average rent (per sf) $35 35 36 37 39 40 42 43 45 46 48 Operating expenses (per sf) $6 6 6 6 7 7 7 7 8 8 8 RevenueLeasing Revenues 0 0 1,160,098 1,260,736 1,370,105 1,488,962 1,618,129 1,758,502 1,911,052 2,076,836 Operations and Maintenance Expenses 0 0 (220,971) (240,140) (260,972) (283,612) (308,215) (334,953) (364,010) (395,588)Net Operating Income 0 0 939,127 1,020,596 1,109,133 1,205,350 1,309,914 1,423,549 1,547,042 1,681,248 Development CostsPercent Built by Year 0% 100% 0% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 0% 100% 100% 100% 100% 100% 100% 100% 100% 100%Construction costs 0 (9,032,631) 0 0 0 0 0 0 0 0 Soft costs 20% 0 (1,806,526) 0 0 0 0 0 0 0 0 Total Development Costs 0 (10,839,158) 0 0 0 0 0 0 0 0 Annual Cash FlowTerminal Cap rate 7.8%Net Operating Income 0 0 939,127 1,020,596 1,109,133 1,205,350 1,309,914 1,423,549 1,547,042 1,681,248 Asset Value 21,693,522 Costs of Sale 3% (650,806)Total Development Costs 0 (10,839,158) 0 0 0 0 0 0 0 0 Net Cash Flow 0 (10,839,158) 939,127 1,020,596 1,109,133 1,205,350 1,309,914 1,423,549 1,547,042 22,723,964 Rate of Return 10%Net Present Value 4,567,210 Unleveraged IRR Before Taxes 17%Leveraged IRR Before Taxes
DevelopmentEducational Spaces
27
Light Industry Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 93%Occupancy factor 85% 85% 86% 88% 89% 90% 92% 93%Total built area (sf) 116,412 0 0 116,412 0 0 0 0 0 0 0 Construction hard costs (per sf) $140 140 145 150 155 161 166 172 178 184 191 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average annual rent (per sf) $35 35 36 38 39 40 42 43 45 46 48 Operating expenses (per sf) $6 $6 $6 $6 $7 $7 $7 $7 $8 $8 $8 RevenueLeasing Revenues 0 0 0 3,591,396 3,772,852 3,963,475 4,163,730 4,374,102 4,595,104 4,827,271 Operations and Maintenance Expenses 0 0 0 (612,170) (643,100) (675,592) (709,727) (745,586) (783,256) (822,830)Net Operating Income 0 0 0 2,979,227 3,129,752 3,287,883 3,454,003 3,628,516 3,811,847 4,004,441 Development CostsPercent Built by Year 0% 0% 100% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 0% 0% 100% 100% 100% 100% 100% 100% 100% 100%Construction costs 0 0 (18,081,999) 0 0 0 0 0 0 0 Soft costs 20% 0 0 (3,616,400) 0 0 0 0 0 0 0 Total Development Costs 0 0 (21,698,399) 0 0 0 0 0 0 0 Annual Cash FlowTerminal Cap rate 6.5%Net Operating Income 0 0 0 2,979,227 3,129,752 3,287,883 3,454,003 3,628,516 3,811,847 4,004,441 Asset Value 61,606,782 Costs of Sale 3% (1,848,203)Total Development Costs 0 0 (21,698,399) 0 0 0 0 0 0 0 Net Cash Flow 0 0 (21,698,399) 2,979,227 3,129,752 3,287,883 3,454,003 3,628,516 3,811,847 63,763,019 Rate of Return 10%Net Present Value 19,196,956 Unleveraged IRR Before Taxes 26%Leveraged IRR Before Taxes
DevelopmentLight Industry
28
Workshops & Labs Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 93%Occupancy factor 65% 65% 68% 72% 75% 79% 83% 87%Total built area (sf) 33,512 0 0 33,512 0 0 0 0 0 0 0 Construction hard costs (per sf) $140 140 147 154 162 170 179 188 197 207 217 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average annual rent (per sf) $35 35 36 38 39 40 42 43 45 46 48 Annual Operating expenses (per sf) $6 6 6 6 7 7 7 7 8 8 8 RevenueLeasing Revenues 0 0 0 790,606 859,192 933,726 1,014,727 1,102,755 1,198,419 1,302,382 Operations and Maintenance Expenses 0 0 0 (207,327) (214,583) (222,094) (229,867) (237,912) (246,239) (254,858)Net Operating Income 0 0 0 583,280 644,608 711,633 784,860 864,842 952,180 1,047,524 Development CostsPercent Built by Year 0% 0% 100% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 0% 0% 100% 100% 100% 100% 100% 100% 100% 100%Construction costs 0 0 (5,352,072) 0 0 0 0 0 0 0 Soft costs 20% 0 0 (1,070,414) 0 0 0 0 0 0 0 Total Development Costs 0 0 (6,422,486) 0 0 0 0 0 0 0 Annual Cash FlowTerminal Cap rate 5.5%Net Operating Income 0 0 0 583,280 644,608 711,633 784,860 864,842 952,180 1,047,524 Asset Value 19,045,890 Costs of Sale 3% (571,377)Total Development Costs 0 0 (6,422,486) 0 0 0 0 0 0 0 Net Cash Flow 0 0 (6,422,486) 583,280 644,608 711,633 784,860 864,842 952,180 19,522,037 Rate of Return 10%Net Present Value 5,111,649 Unleveraged IRR Before Taxes 24%Leveraged IRR Before Taxes
DevelopmentWorkshops & Labs
29
Commercial- Retail Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 90%Occupancy factor 75% 75% 77% 80% 82% 84% 87% 90% 92% 95%Total built area (sf) 799641 161,087 76,853 52,648 193,043 0 156,426 116,574 43,010 0 0 Construction hard costs (per sf) $150 150 155 161 166 172 178 184 191 198 204 Infrastructure costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average Annual rent (per sf) $33 33 34 35 36 37 39 40 41 43 44 Annual Operating expenses (per sf) $6 $6 $6 $6 $7 $7 $7 $7 $8 $8 $8 RevenueLeasing Revenues 0 3,657,537 5,759,344 7,498,264 13,303,765 14,182,479 20,009,405 25,216,059 28,409,645 30,286,102 Operations and Maintenance Expenses 0 (1,000,352) (1,529,325) (1,933,082) (3,329,868) (3,446,413) (4,720,763) (5,775,877) (6,317,851) (6,538,975)Net Operating Income 0 2,657,185 4,230,018 5,565,181 9,973,897 10,736,066 15,288,642 19,440,181 22,091,794 23,747,126 Development CostsPercent Built by Year 20% 10% 7% 24% 0% 20% 15% 5% 0% 0%Cumulative percent built 20% 30% 36% 60% 60% 80% 95% 100% 100% 100%Construction costs (24,163,091) (11,931,428) (8,459,678) (32,104,534) 0 (27,867,749) (21,494,882) (8,208,148) 0 0 Soft costs 20% (4,832,618) (2,386,286) (1,691,936) (6,420,907) 0 (5,573,550) (4,298,976) (1,641,630) 0 0 Total Development Costs (28,995,709) (14,317,714) (10,151,614) (38,525,440) 0 (33,441,299) (25,793,858) (9,849,777) 0 0 Annual Cash FlowTerminal Cap rate 6.5%Net Operating Income 0 2,657,185 4,230,018 5,565,181 9,973,897 10,736,066 15,288,642 19,440,181 22,091,794 23,747,126 Asset Value 365,340,408 Costs of Sale 3% (10,960,212)Total Development Costs (28,995,709) (14,317,714) (10,151,614) (38,525,440) 0 (33,441,299) (25,793,858) (9,849,777) 0 0 Net Cash Flow (28,995,709) (11,660,529) (5,921,595) (32,960,259) 9,973,897 (22,705,233) (10,505,215) 9,590,404 22,091,794 378,127,322 Rate of Return 10%Net Present Value 84,655,361 Unleveraged IRR Before Taxes 23%Leveraged IRR Before Taxes
DevelopmentCommercial - Retail
30
Food Market Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Net Rentable Area 90%Occupancy factor 60% 60% 62% 64% 66% 68% 70% 72%Total built area (sf) 95,878 95,878 Rehabilitation Costs (per sf) $90 90 93 96 100 103 107 111 115 119 123 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average Annual Rent (per sf) $28 28 29 30 31 32 33 35 36 37 38 Annual Operating Expenses (per sf) $6 6 6 6 7 7 7 7 8 8 8 RevenueNo. of Booths 240Leasing Revenues 0 0 0 1,618,762 1,725,681 1,839,662 1,961,172 2,090,707 2,228,798 2,376,010 Operations and Maintenance Expenses 0 0 0 (382,686) (407,962) (434,908) (463,634) (494,257) (526,903) (561,705)Net Operating Income 0 0 0 1,236,076 1,317,718 1,404,754 1,497,538 1,596,450 1,701,896 1,814,306 Development CostsPercent Built by Year 0% 0% 100% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 0% 0% 100% 100% 100% 100% 100% 100% 100% 100%Construction costs 0 0 (9,757,157) 0 0 0 0 0 0 0 Soft costs 20% 0 0 (1,951,431) 0 0 0 0 0 0 0 Total Development Costs 0 0 (11,708,588) 0 0 0 0 0 0 0 Annual Cash FlowTerminal CAP Rate 6.5%Net Operating Income 0 0 0 1,236,076 1,317,718 1,404,754 1,497,538 1,596,450 1,701,896 1,814,306 Asset Value 27,912,397 Costs of Sale 3% (837,372)Total Development Costs 0 0 (11,708,588) 0 0 0 0 0 0 0 Net Cash Flow 0 0 (11,708,588) 1,236,076 1,317,718 1,404,754 1,497,538 1,596,450 1,701,896 28,889,331 Rate of Return 10%Net Present Value 7,031,654 Unleveraged IRR Before Taxes 22%Leveraged IRR Before Taxes
DevelopmentFood Market
31
Convention Center Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.50%Occupancy factor 60% 60% 62% 64% 66% 68% 70% 72%Total built area 19,468 19,468 Rehabilitation hard costs (per sf) $90 90 93 96 100 103 107 111 115 119 123 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average Annual rent (per sf) $1,095,000 1,095,000 1,133,325 1,172,991 1,214,046 1,256,538 1,300,517 1,346,035 1,393,146 1,441,906 1,492,373 RevenueLeasing Revenues 0 0 0 728,428 776,540 827,831 882,509 940,799 1,002,938 1,069,183 Annual Overhead Expenses 20% 0 0 0 (218,528) (232,962) (248,349) (264,753) (282,240) (300,882) (320,755)Operations and Maintenance Expenses 30% 0 0 0 (218,528) (232,962) (248,349) (264,753) (282,240) (300,882) (320,755)Net Operating Income 0 0 0 291,371 310,616 331,132 353,004 376,319 401,175 427,673 Development CostsPercent built 0% 0% 100% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 0% 0% 100% 100% 100% 100% 100% 100% 100% 100%Construction costs 0 0 (1,981,188) 0 0 0 0 0 0 0 Soft costs 20% 0 0 (396,238) 0 0 0 0 0 0 0 Total Development Costs 0 0 (2,377,425) 0 0 0 0 0 0 0 Annual Cash FlowTerminal CAP Rate 7.8%Net Operating Income 0 0 0 291,371 310,616 331,132 353,004 376,319 401,175 427,673 Asset Value 5,518,362 Costs of Sale 3% (165,551)Total Development Costs 0 0 (2,377,425) 0 0 0 0 0 0 0 Net Cash Flow 0 0 (2,377,425) 291,371 310,616 331,132 353,004 376,319 401,175 5,780,484 Rate of Return 10%Net Present Value 1,548,066 Unleveraged IRR Before Taxes 23%Leveraged IRR Before Taxes
DevelopmentConvention Center
32
Hotel Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Total Project Buildout (sf) 145,245 72,623 72,623 Construction Costs (per sf) $210 210 217 225 233 241 249 258 267 277 286 Infrastructure Costs (per sf) $5 5 5 5 6 6 6 6 6 7 7 Average Room Size (per sf) 360Number of rooms 343Banquet Rent (per Event) $1,800 1,800 1,863 1,928 1,996 2,066 2,138 2,213 2,290 2,370 2,453 Banquet Occupancy Factor 40% 40% 42% 44% 46% 49% 51% 54% 56%Average Daily Room Rate $180 180 186 193 200 207 214 221 229 237 245 Rooms Occupancy Factor 50% 50% 53% 55% 58% 61% 64% 67% 70%RevenueRoom Revenues 0 0 12,067,955 13,114,850 14,252,564 15,488,973 16,832,642 18,292,874 19,879,780 21,604,351 Banquet Revenues 0 0 281,518 305,940 332,480 361,323 392,667 426,731 463,750 503,980 Other Revenues 20% 0 0 2,413,591 2,622,970 2,850,513 3,097,795 3,366,528 3,658,575 3,975,956 4,320,870 Annual Revenue 0 0 14,763,064 16,043,760 17,435,556 18,948,091 20,591,838 22,378,179 24,319,487 26,429,202 Annual Total Overhead Expenses 20% 0 0 (2,952,613) (3,208,752) (3,487,111) (3,789,618) (4,118,368) (4,475,636) (4,863,897) (5,285,840)Annual Operating Expenses 30% 0 0 (4,428,919) (4,813,128) (5,230,667) (5,684,427) (6,177,551) (6,713,454) (7,295,846) (7,928,761)Total Expenses 0 0 (7,381,532) (8,021,880) (8,717,778) (9,474,045) (10,295,919) (11,189,090) (12,159,743) (13,214,601)Net Operating Income 0 0 7,381,532 8,021,880 8,717,778 9,474,045 10,295,919 11,189,090 12,159,743 13,214,601 Development CostsPercent built 50% 50% 0% 0% 0% 0% 0% 0% 0% 0%Cumulative percent built 50% 100% 100% 100% 100% 100% 100% 100% 100% 100%Construction Costs (15,613,838) (15,784,500) 0 0 0 0 0 0 0 0 Soft costs (% of Hard costs) 20% (3,122,768) (3,156,900) 0 0 0 0 0 0 0 0 Total Development Costs (18,736,605) (18,941,400) 0 0 0 0 0 0 0 0 Annual Cash FlowTerminal CAP Rate 7.8%Net Operating Income 0 0 7,381,532 8,021,880 8,717,778 9,474,045 10,295,919 11,189,090 12,159,743 13,214,601 Asset Value 170,510,980 Costs of Sale 3% (5,115,329)Total Development Costs (18,736,605) (18,941,400) 0 0 0 0 0 0 0 0 Net Cash Flow (18,736,605) (18,941,400) 7,381,532 8,021,880 8,717,778 9,474,045 10,295,919 11,189,090 12,159,743 178,610,252 Rate of Return 10%Net Present Value 73,620,614 Unleveraged IRR Before Taxes 32%Leveraged IRR Before Taxes
DevelopmentHotel
33
Structured Parking Year 0 Phase I Phase II Phase III Phase IVFactors 2017-2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
AssumptionsInflation Factor 3.5%Total Built Area (sf) 140,641 76,521 0 0 0 25,750 0 31,620 6,751 0 0 Construction Cost (per sf) $80 80 83 86 89 92 95 98 102 105 109 Percent built 54% 0% 0% 0% 18% 0% 22% 5% 0% 0%Cumulative percent built 54% 54% 54% 54% 73% 73% 95% 100% 100% 100%Occupancy 60% 60% 60% 60% 60% 60% 60% 60% 60% 60%Total No. of Parking Spaces 852Development CostsConstruction Cost (6,121,658) 0 0 0 (2,363,897) 0 (3,109,521) (687,112) 0 0 Soft Costs 20% (1,224,332) 0 0 0 (472,779) 0 (621,904) (137,422) 0 0 Total Development Costs (7,345,990) 0 0 0 (2,836,677) 0 (3,731,425) (824,535) 0 0 RevenueIncomeMonthly Parking AllocationP2-P3 Parking Spaces 397 205 0 0 0 0 0 192 0 0 0 Cumulative number of Parking Spaces 0 205 205 205 205 205 397 397 397 397 Annual Rent per space $2,100 2,100 2,174 2,250 2,328 2,410 2,494 2,581 2,672 2,765 2,862 Annual Monthly Income 0 0 277,213 286,915 296,958 307,351 318,108 636,449 658,724 681,780 Hourly Parking AllocationP1-P4 Parking Spaces 299 258 0 0 0 0 0 0 41 0 0 Cumulative number of Parking Spaces 0 258 258 258 258 258 258 299 299 299 Annual Parking Rate per space $8,760 8,760 9,067 9,384 9,712 10,052 10,404 10,768 11,145 11,535 11,939 Annual Hourly Income 0 1,405,577 1,454,772 1,505,689 1,558,388 1,612,932 1,669,384 2,001,408 2,071,458 2,143,959 Annual Revenue 0 1,405,577 1,731,985 1,792,605 1,855,346 1,920,283 1,987,493 2,637,857 2,730,182 2,825,738 ExpensesAnnual Operating Expenses (sf) 6 6 6 6 7 7 7 7 8 8 8 Annual Expenses 0 (475,194) (491,826) (509,039) (526,856) (728,793) (754,301) (1,022,078) (1,111,188) (1,150,080)Net Operating Income 0 930,383 1,240,160 1,283,565 1,328,490 1,191,490 1,233,192 1,615,779 1,618,994 1,675,659 Annual Cash FlowTerminal CAP Rate 10.5%Total Development Costs (7,345,990) 0 0 0 (2,836,677) 0 (3,731,425) (824,535) 0 0 Net Operating Income 0 930,383 1,240,160 1,283,565 1,328,490 1,191,490 1,233,192 1,615,779 1,618,994 1,675,659 Asset Value 15,958,656 Costs of Sale 3% (478,760)Net Cash Flow (7,345,990) 930,383 1,240,160 1,283,565 (1,508,187) 1,191,490 (2,498,233) 791,244 1,618,994 17,155,556 Rate of Return 10%Net Present Value 2,023,234 Unleveraged IRR Before Taxes 14%Leveraged IRR Before Taxes `
DevelopmentStructured Parking
