Rough

Cut Annual Net Operating Income Statement for Shopping Center

Annual Income from Rents
Family Dollar
RCC
19,000 remaining square feet
Annual max income
Revenue lost to vacancy
Gross income from rents

$39,680.00
$24,000.00
$140,600.00
$204,280.00
-$32,560.00
$171,720.00

Annual Expenses
Management
Insurance
Maintenance
Utilities
Taxes
Reserves
Total expenses

$8,586.00
$7,920.00
$39,600.00
$8,800.00
$0.00 If community owns as a non-profit land trust, then no taxes due. Otherwise $26,184
$15,400.00
$80,306.00

Net Operating Income before Debt Service

$91,414.00

Assumptions
Sq footage of grocery store/comm'y space
Grocery store rent per yr
Family Dollar sq footage
Family Dollar rent per yr
Total sq footage of center
Remaining sq footage
Annual sq ft rental price
Vacancy rate
management costs
Insurance per sq ft
Maintenance per sq ft
Utilities per sq ft
Reserve per sq ft

15,000
$24,000.00
10,000
$40,000.00
44,000
19,000
$7.40
10%
5%
$0.18
$0.90
$0.20
$0.35

see assumptions used by New bessemer Associates in 5/20 submission

likely given long-term leases signed by Family Dollar and RCC
see assumptions used in Michael Watts 4/23 report to City
see assumptions used in Michael Watts 4/23 report to City
see assumptions used in Michael Watts 4/23 report to City
see assumptions used in Michael Watts 4/23 report to City
see assumptions used in Michael Watts 4/23 report to City

Comparison of four scenarios in which a Community Land Trust purchases Renaissance Center

Scenario 1
$1,900,000
5
2018
40
2058
2058
$400,000
$250,000
$150,000
$1,500,000
$800,000
$700,000
$91,414

Scenario 2
$1,900,000
10
2023
15
2038
2038
$950,000
$800,000
$150,000
$950,000
$500,000
$450,000
$91,414

Scenario 3
$1,900,000
10
2023
20
2043
N/A
$950,000
$800,000
$150,000
$950,000
$950,000
$0
$91,414

Scenario 4
$1,900,000
2
2015
30
2045
2045
$100,000
$20,000
$80,000
$1,800,000
$300,000
$1,500,000
$91,414

$58,174
$58,174
$58,174
$35,000
$35,000

$74,381
$74,381
$0
$0
$0

$69,082
$69,082
$69,082
$0
$0

$66,300
$60,000
$60,000
$60,000
$0

$33,240
$33,240
$33,240
$56,414
$56,414

$17,033
$17,033
$91,414
$91,414
$91,414

$22,332
$22,332
$22,332
$91,414
$91,414

$25,114
$31,414
$31,414
$31,414
$91,414

Accumulated Cash relative to purchase date

Year 3
Year 5
Year 10
Year 15
Year 20
Year 25
Year 30
Year 35
Year 40
Year 45

$0
$166,200
$332,399
$498,599
$664,798
$946,868
$1,228,938
$1,511,008
$1,793,078
$2,250,148

$0
$85,164
$170,327
$255,491
$712,561
$1,169,631
$2,083,771
$2,540,841
$2,997,911
$3,454,981

$0
$111,661
$223,323
$334,984
$446,646
$903,716
$1,360,786
$1,817,856
$2,274,926
$2,731,996

$75,343
$125,572
$282,642
$439,712
$596,782
$753,852
$910,922
$1,367,992
$1,825,062
$2,282,132

Accumulated cash by year

2018
2023
2028
2033
2038
2043
2048
2053
2058
2063

$0
$166,200
$332,399
$498,599
$664,798
$946,868
$1,228,938
$1,511,008
$1,793,078
$2,250,148

$0
$0
$85,164
$170,327
$255,491
$712,561
$1,169,631
$2,083,771
$2,540,841
$2,997,911

$0
$0
$111,661
$223,323
$334,984
$446,646
$903,716
$1,360,786
$1,817,856
$2,274,926

$75,343
$219,814
$376,884
$533,954
$691,024
$848,094
$1,185,164
$1,642,234
$2,099,304
$2,556,374

Purchase Price of Shopping center

Years to save down payment
Year of purchase
Years to pay off (Term)
Year paid off
Last year City is owed money
Initial Equity Stake
Amount of down payment from RCC
Amount of down payment - other sources
Amount of Financing Needed
Financing from Self Help @ 4%
Financing from City @ 0%
Annual NOI before debt service
Annual Debt Service
Years 1-5
Years 6-15
Years 16-20
Years 21-30
Years 31-40
Annual NOI after debt service
Years 1-5
Years 1-15
Years 16-20
Years 21-30
Years 31-40