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FEB, 5, 2002 1:05PM EHLERS & ASSOCIATES NO, 6471 P. 4 <br />CI The only long -term equity in the rental housing development is the tax credit equity. The <br />developer will need to up -front funds until the building is leased and the tax credit partners <br />release funds. Annual cash flow is expected to be $100,000 to $150,000 per year, which is high <br />relative to the amount of equity expected in the project. <br />d If the density of the owner- occupied housing drops, the tax increment and land sales proceeds <br />will also drop from the $2,000,000 estimate for the townhome portion of sources. For example, <br />if the density of the townhomes were reduced to 75 units, the following sources of funds would <br />apply: <br />Land Sales - Townhomes; $750,000 <br />TIF - Townhomes (City funds) 875,000 <br />TIF - Presbyterian Homes (City funds): 250,000 <br />Rental /Retail Land Sales; 300,000 <br />Total Sources $2,175,000 <br />0 Many of the developer's assumptions appear to be aggressive, therefore the estimates above <br />should be viewed as higher. -end estimates. <br />5 <br />