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of Hugo, Minnesota <br /> FRENCHMAN CENTRE PROFORMA <br /> EFFECTS ON RENTS OF NO TIF <br /> ......................................................................................................................................................................................................................................................................................................................................... <br /> WITHOUT TIF WITH TIF <br /> r........................ ................................... <br /> SQ FT RENT/SQ FT SQ FT RENT/SQ FT <br /> .................................................. .................................................................................................... ................................................ ................................. ................................. ............................................ <br /> RETAIL 23,000 $20.00 $460,000 RETAIL 23,000 $17.75 $408,250 <br /> .................................... ...................................... ..................................................................................................................... ............................................ <br /> TIF $0 TIF $46,000 <br /> .................................... ...................................... <br /> TOTAL $460,000 TOTAL $454,250 <br /> ................................................................................................................ ...................................... ................................................................................... ................................. ............................................ <br /> I VACANCY 100/0 $46,000 S VACANCY <br /> 100/0 $40,825 1 <br /> ................................................. ............................................................. ...................................... ................................................. ................................. ................................. ............................................ <br /> EFFECTIVE RENT $414,000 EFFECTIVE RENT $413,425 <br /> ............................................................................................................... -4................................................................................... ................................. ............................................ <br /> RE TAX ON VACANCY $3.19 sq.ft. $7,337 RE TAX ON VACANCY $3.19 sq.ft. $7,337 <br /> ............................................................................................................... ...................................... 4................................................................................... <br /> CAM ON VACANCY 1 $3.95 $9,085 CAM ON VACANCY $3.95 $9,085 <br /> ................................................................................................................................................................................................................................................................................... ............................................ <br /> ................................................................................................................. ................................................................................................ ......................... <br /> NOT $397,578 NOT $397,003 <br /> ................................................................................................................ .............................................................................................. ............................................................................................................... <br /> DEBT $314,496 E 1 DEBT $314,496 <br /> ................................................. ............................................................. ..................................... ................................................. ................................. ................................. ............................................ <br /> CASH FLOW $83,082 CASH FLOW $82,507 <br /> ............................................................. ...................................... <br /> EQUITY $828,490 EQUITY $828,490 <br /> ................................................................................................................................................................................................................................................... .............................................................................. <br /> RETURN 10.03% E RETURN 9.96% <br /> ................................................................................................................ ...................................... ...................................................................................................................... ............................................ <br /> .............................................. ............................................................................................................. <br /> BLDG VAIJSQ FT TOT VAL <br /> 23,000 $160.87 $3,700,000 <br /> COST: $183.85 $4,228,490 WITHOUT DE- <br /> VELOPER FEE <br /> DEBT AS PERCENT OF COST 80% <br /> DEBT $3,400,000 <br /> EQUITY $828,490 <br /> RETURN ON EQUITY GOAL 10% $82,849 <br /> DEBT PMT 7% 20 YR $314,496 <br /> .................................................................................. ........................................................................... <br /> Rents at $17.75 may be somewhat above the market. We believe the market is closer to $17 per square <br /> foot. We have based the TIF request on the numbers run by Springsted but believe we may need more. <br />