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EXHIBIT D <br /> HUGO COMMONS PROFORMA <br /> EFFECT ON RETURN ON EQUITY INVESTMENT OF NO TIF <br /> .............................................................................................................................................................................................................................................................................................................................. <br /> WITHOUT TIF WITH TIF <br /> ................................................................................. .......................................................................................................................... ........................................................................................................... <br /> SQ FT RENT/SQ FT SQ FT RENT/SQ FT <br /> ..................................;................................. <br /> .............................................. ......................... .................................................;............................................................................................................ <br /> RETAIL 23,000 $16.80 $386,400 RETAIL 23,000 $16.80 $386,400 <br /> .............................................. ................................. .............................................................. ................................................. ........................................................................................................... <br /> TIF $0 TIF $59,143 <br /> ............................................. ................................ .............................................................. .......................................................... ........................................................................................................... <br /> TOTAL 23,000 $386,400 TOTAL 23,000 <br /> $445,543 <br /> .............................................. ......................... .......................................................................... ................................................. .................................... ....................................... <br /> ............................... <br /> VACANCY 10% $38,640 VACANCY 10% $38,640 <br /> ........................... ................................. <br /> ............................ ................................................. .................................... ...................................................................... <br /> EFFECTIVE RENT $347,760 1 EFFECTIVE RENT $406,903 <br /> .................................................................................. ............................................................... ................................................................................................ ...................................................................... <br /> RE TAX ON VACANCY $3.88 sq.ft. $8,924 RE TAX ON VACANCY $8,924 <br /> ................................................................................. ...................................................................... ........................................................................................ <br /> ....................................................................... <br /> CAM ON VACANCY $3.95 $9,085 CAM ON VACANCY $9,085 <br /> ................................................................................. ..................................: <br /> ............................. ........................................ .............................................................................. <br /> ............................... <br /> ........................... ................................i.............................i........ ................................................. ........................................................................................................... <br /> NO] $329,751 NOI <br /> $388,894 <br /> ......................................... ................................. ............................................................... <br /> ................................................. ..................................... <br /> ...................................................................... <br /> DEBT $326,252 DEBT <br /> $326,252 <br /> .............................................. ................................. .................................I............................. ................................................. ............................................................................ <br /> ............................... <br /> CASH FLOW $3,499 CASH FLOW <br /> $62,642 <br /> .......................................... ................................. ............................................................. ........o................................................. ............................................................................................................ <br /> EQUITY $853,490 EQUITY $853,490 <br /> r..............................................T.................................7....................................................................................................................................................................................................................................... <br /> RETURN **0.41% E RETURN **7.34% <br /> ................................................................................ .............................................................. ................................................. ...................................... <br /> ....................................................................... <br /> .......................................................................................................................................... <br /> BLDG VAL/SQ FT TOT VAL <br /> 23,000 $160.87 $3,700,000 <br /> COST: $183.85 $4,353,490 WITHOUT DE- <br /> VELOPER FEE <br /> DEBT AS PERCENT OF COST 80% <br /> DEBT $3,500,000 <br /> EQUITY $853,490 <br /> RETURN ON EQUITY GOAL 10% $85,349 <br /> DEBT PMT7% 20 YR $326,252 <br /> ...................................I........................................................................................................................ <br /> ** Need to get to a 10%annual return <br />