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1217/2010 Pagel of 5
<br /> EHLERS
<br /> ' i F!lOCIFTF! iHC
<br /> City of Arden Hills
<br /> Presbyterian Homes
<br /> $1,115,000 in PAYGO TIF
<br /> Sfi RCJES,
<br /> OF TOTAL % FINANCE TOTALS
<br /> -
<br /> DEVELOPERFlNANCING 78.50% 70.60% 38,666,037
<br /> DEVELOPER EQUITY 16.28% 16.28% 8,000.000
<br /> ENTRY DEPOSITS 5.22% 5.22% 2,565,000
<br /> INTEREST EARNINGS CONSTRUCTIONS FUND 0.00% 0.00% 0
<br /> INTEREST EARNINGS DEBT SERVICE RESERVE 0.00% 0.00% 0 DIFFERENCE
<br /> AMOUNT FINANCED 100.00% 4%131,037 0
<br /> IRR= 15.48%
<br /> 0.00% 0
<br /> TOTAL SOURCES 100.00% 49 131 037 0
<br /> 0$6.5 d�. .'•�rWi V 4,+.FE.rfL
<br /> Per Unit % TOTAL SUBTOTAL TOTALS -
<br /> ACQUISITION COSTS
<br /> Land-Triangle Wdte Dom 3.00% 241,000 1,473,743 TIF Eligible Expenses
<br /> y*r,"rm.xmma 9n';g,i �'4zy� �t Mr w t r. .z
<br /> �e1oTi0o a ,t�i�g� .'f `000% +- ,'9000 2,883,474
<br /> oar 96is1asAbaleRTen� s ;, ,.;' 1 �' i _ "105000
<br /> ..Yd.*u�.•a...�.�.5 @� k;7v .�'ifY .�.'3�'�J�:.F20���4
<br /> Rate grandfathering 889,243
<br /> CONSTRUCTION COSTS
<br /> BuildinglLand Improvements $154,350 70.98% 31,178.706 34,871,099
<br /> i
<br /> 8 iC � .,,».» �, �.�,,< ��'"�..1�,r'��idLt?'•r�' e 9 �, ��9.;20g�. -
<br /> Park Dedication $0 0.00% 0
<br /> y�'"gneepngE p>•os+eme tg--s: ,:.=� �. r D a.. „$„��90090
<br /> , TemporatyRoad7Pa_,rf .-,,.,� "k"t.s.c `��' 0�04%„,y �DO»;
<br /> Contingency-4% .~3.76% 1,309.419
<br /> Land ca l "13 Elrlli"' `. 0 3 ud
<br /> City Expenses 0.09% 43.000
<br /> SOFT COSTS
<br /> PROFESSIONAL SERVICES
<br /> Architectural,Engineering&Professional Fees 2.43% 1.195.742 3,964.942
<br /> Market Study 0.02% 12,000
<br /> Soils 0.021A 7,500
<br /> Geo Testing&Other Costs 0.07% 32,700
<br /> Survey 0.00% 1.000
<br /> FF&E 3.97% 1.950,000
<br /> Special Testing 0.06% 30,000 _
<br /> Marketing 1.42% 696,000
<br /> Appraisals 0.00% 0
<br /> City Financial&Attorney Fees 0.00% 0
<br /> Legal-Development 0.08% 40,000
<br /> FINANCING COSTS 6,879,465
<br /> Financial Feasibility 0.09% 45.000
<br /> Issuance Fee 0.20% 100,260
<br /> Underwriter 1.19% 586,800
<br /> Real Estate Taxes 0
<br /> Mortgage Registration Tex 0.19% 93,840
<br /> Owner Legal 0.09% 35,000
<br /> Bond Counsel 0.15% 75,000
<br /> Trustee 0.01% 5.000
<br /> Debt Service Reserve 5.80% 2.850,000
<br /> Interest During Constructions 6.11% 3,000,000
<br /> Financing Fee 0.00% 0
<br /> Escrows 0.03% 15.000 _
<br /> Mise COI 0.05% 25.000
<br /> TitleiRecording 0.10% 48,875
<br /> PERMANENTLOAN 0
<br /> ACCRUED EXPENSES 0
<br /> REAL ESTATE TAXES 0 0
<br /> CONTINGENCY.4% 0 0
<br /> PROJECT MANAGEMENT 1.456,788
<br /> Developer Fee 3.78% 1,456,788
<br /> CASH ACCOUNTS 0 485.000
<br /> Working Cap 0.92% 450.000
<br /> Management Start up 0,07% 35.000
<br /> Total Soft Costs 12,786,195
<br /> TOTAL USES 100,00% 49,131,0371
<br /> Prepared By Ehlers IRR Analysis 11-29-10
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