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Sources: <br />(25%) Equity: (Tax ciedit Proceeds) <br />(75%) Financing: <br />K7 <br />Note: <br />Soft Costs <br />Finance Costs <br />Land/Land Development Costs <br />Construction Costs <br />Marketing Costs <br />Project / Development, General Conditions, Consulting, <br />Overhead & Contingency <br />Reserves: <br />6 Months Debt Service Reserve: <br />-.1i—ect W TIF <br />$ 2,30Q, 00D <br />$ 61900,000 $ <br />5,706,205 <br />$ 9,200,000 $ 8,006,205 <br />$ 275,000 <br />$ 390,000 <br />$ 1,2W,000 <br />$3,860,000 <br />$ 315,000 <br />$ 968,180 <br />$ 7.91,320 <br />9,200,000 <br />Tax Cfedlt Investment (calculation)- <br />88% Typical Eligible Tax Credits <br />Project: $9,200,000 x 88% X 9.1% ® $2,09,760 Tax Credits x 92 C ® $2,308,979 (rounded to $2,300,000) <br />:.\Users\C)enlseJohnson\DOCuments\2012 New PrOjectAROPANew Project Info 8-2-10\Elk River\ER OS 2-28-13 5/30/201312:11 PM <br />