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<br />XII. ATTACHMENT D: SAMPLE BUT-FOR ANALYSIS
<br />
<br /> WITHOUT WITH
<br /> TAX INCREMENT FINANCING TAX INCREMENT FINANCING
<br />
<br /> SOURCES AND USES SOURCES AND USES
<br />
<br /> SOURCES SOURCES
<br />Mortgage 9,600,000 8,667,000
<br />Equity 2,400,000 2,400,00
<br />Tax Increment Financing 0 933,000
<br /> TOTAL SOURCES 12,000,000 12,000,000
<br />
<br /> USES USES
<br />Land 1,500,000 1,500,000
<br />Site Work 300,000 300,000
<br />Soil Correction 468,000 468,000
<br />Demolition 100,000 100,000
<br />Relocation 65,000 65,000
<br /> Subtotal Land Costs 2,433,000 2,433,000
<br />
<br />Construction 6,750,000 6,750,000
<br />Finish Manufacturing 250,000 250,000
<br /> Subtotal Construction Costs 7,000,000 7,000,000
<br />
<br />Soft Costs 350,000 350,000
<br />Taxes 35,000 35,000
<br />Finance Fees 850,000 850,000
<br />Project Manager 542,000 542,000
<br />Developer Fee 540,000 540,000
<br />Contingency 250,000 250,000
<br /> Subtotal Soft Costs 2,567,000 2,567,000
<br />
<br /> TOTAL USES 12,000,000 12,000,000
<br />
<br /> Income Statement Income Statement
<br /> Sq. Ft. Per Sq. Ft. Sq. Ft. Per Sq. Ft.
<br />Rent-Space 1 100,000 $8.00 800,000 100,000 $8.00 800,000
<br />Rent-Space 2 25,000 $8.50 212,500 25,000 $8.50 212,500
<br />Rent-Space 3 25,000 $9.00 225,000 25,000 $9.00 225,000
<br />Other 0 $0.00 0 0 $0.00 0
<br /> 1,237,500 1,237,500
<br />
<br />Mortgage 20 Term 1,051,646 20 Term 949,439
<br /> 9.00% Interest 9.00% Interest
<br /> 9,600,000 Principal 8,667,000 Principal
<br />
<br />Net Income 185,854 288,061
<br />Total Return on Equity 7.74% 12.00%
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<br />N:\DATA\GROUPS\ECONDEV\TIF\Policy.DOC
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