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ki C. Waldron Page 2 figure, which for the Minneapolis Business College is 9.7 months. The attendance figure of 9.7 months is the time an "average student" is in school and is calculated as an average of the mix of students in various length programs. Once this multiplication is completed, the total projected Gross Rent is arrived at. This is illustrated in greater detail on the attachment I have labeled Facility Rents. To arrive at the market rents for the school facility, we then divide the rents by the square foot area of the facility and arrive at the $1.4_,Q5 per square foot gross rent. You will note that rate is fairly similar to suburban rental figures around the metropolitan area. This is also illustrated on the attachment. 2. The rates regarding the town houses are a reflection of what's referred to in the school industry as a "per bed rate." Using a gross revenue figure per bed for the Minneapolis Business College, and then adjusting out the expenses unique to Bradford's use of the townhouses (and the fact that they pay all the operating expenses), we approximated a market rent which was adjusted for a 3% vacancy factor. Another approach, typical of the school industry, is simply to take the number of beds and multiply it b the revenue per bed which yields the gross rent. This simplified approach is also illustrated in the attachment. 3. The parking amount was arrived at simply by estimating the cost of amortization of the debt on the parking areas. This is also reflected in the attachment for that portion of the parking allocated to the school building. The remainder was allocated to the town houses and is included in the "per bed rate." When adding thr- theelcomponent parts together, we then arrive at the 5Z 765 gross total revenue figure. That approximates the normal revenue projection for a school facility of this type. The other questions you asked pertained to the $4.02 per foot: for operating costs. I have also attached the details for your review. They reflect the higher occupancy costs associated with the large number of people the school serves during the year.