Indirect Cost Property Taxes During Construction Construction Loan Fees Construction Loan Interest Consultants Leasing Commissions Total...

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Indirect Cost Property Taxes During Construction Construction Loan Fees Construction Loan Interest Consultants Leasing Commissions Total Indirect Cost Entrepreneurial Incentive 1.2% of land value annually See loan metrics See loan metrics $200,000 total $1.00 per building SF 60,480 $1.26 141,169 $2.94 291,161 $6.07 200,000 $4.17 48,000 $1.00 $ 740,810 $15.43 12% of direct & indirect costs $ 1,249,858 $26.04 $ 10,859,148 $226.23 Total Development Cost (TDC) Depreciation Physical Deterioration Functional Obsolescence Economic Obsolescence Total Depreciation Summary and Conclusion Total Development Cost Total Depreciation Market Value (effective age / total economic life)*(TDC-site value) * -1 None $ (1,249,858) ($26.04) $ (1,249,858) $0.00 $0.00 ($26.04) $ 10,859,148 $226.23 (1,249,858) ($26.04) $ 9,609,290 $200.19 Indirect Cost Property Taxes During Construction Construction Loan Fees Construction Loan Interest Consultants Leasing Commissions Total Indirect Cost Entrepreneurial Incentive 1.2% of land value annually See loan metrics See loan metrics $200,000 total $1.00 per building SF 60,480 $1.26 141,169 $2.94 291,161 $6.07 200,000 $4.17 48,000 $1.00 $ 740,810 $15.43 12% of direct & indirect costs $ 1,249,858 $26.04 $ 10,859,148 $226.23 Total Development Cost (TDC) Depreciation Physical Deterioration Functional Obsolescence Economic Obsolescence Total Depreciation Summary and Conclusion Total Development Cost Total Depreciation Market Value (effective age / total economic life)*(TDC-site value) * -1 None $ (1,249,858) ($26.04) $ (1,249,858) $0.00 $0.00 ($26.04) $ 10,859,148 $226.23 (1,249,858) ($26.04) $ 9,609,290 $200.19