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7ity OfHuzo, Minnesota EXHIBIT D FRENCHMAN CENTRE PROFORMA EFFECT ON RETURN ON EQUITY INVESTMENT OF NO TIF .................................................................................................................................................. ................................................................................................................................................................ WITHOUT TIF WITH TIF ........................................................................................................................................................... .................................................................................................................................................................. SQ FT RENT/SQ FT SQ FT RENT/SQ FT ................................................................................ ................................. ............................ .............................................................................................................................. .............................. RETAIL 23,000 --$17.75 $408,250 RETAIL 23,000 **$17.75 $408,250 ................................................................................ ................................. ............................ ................................................. ..................................... ....................................... ................... TIF $0 TIF $46,000 .................................................................................................................. ............................ ................................................. ............................................................................ ............................... TOTAL 23,000 $408,250 TOTAL 23,000 $454,250 1 .................................................................................................................... ....................................................................................... ............................................................................................................ I VACANCY 10% $40,825 1 VACANCY 10% $40,825 ......................................................................................................... .............................. EFFECTIVE RENT $367,425 EFFECTIVE RENT $413,425 ................................ ............................ ............................................................................... .................................. .......................................o..............................: RE TAX ON VACANCY $3.19 sq.ft. $7,337 RE TAX ON VACANCY $7,337 .................................................................................. ................................. ........................................................................................................... .......................................................................................... I CAM ON VACANCY $3.95 $9,085 1 CAM ON VACANCY $9,085 1 ................................................................... ............................ .................................................... ...................I.......... .................................................................................................................... ............................ .................................................. ............................................................................................................ I NOI $351,003NOI $397,003 1 .......... ........................................................................................................................... DEBT $314,496 1 DEBT $314,496 .......... .............................................................................................................................. .............................. CASH FLOW $36,507 CASH FLOW $82,507 ...................................................................................... ............................................................................................................ .................................................................................. ................................. EQUITY $828,490 1 1 EQUITY $828,490 .................................................................................. .................................. ............................ ................................................. ..................................... ................................. .............................. RETURN 4.40% RETURN 9.96% ..................................................................................;.................................;........................................................................................................... .......................................................... ............................... ......................................................................... ............................................................................... BLDG VAUSQ FT TOT VAL 23,000 $160.87 $3,700,000 COST: $183.85 $4,228,490 WITHOUT DE- VELOPER FEE DEBT AS PERCENT OF COST 80% DEBT $3,400,000 I EQUITY $828,490 RETURN ON EQUITY GOAL 100/1, $82,849 I DEBT PMT 7% 20 YR $314,496 ... .................I................................................................................. ....................................... ** Rents at$17.75 may be somewhat above the market. We believe the market is closer to $17 per square foot. We have based the TIF request on the numbers run by Springsted but believe we may need more.