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EXHIBIT D
<br /> • "But-For" Analysis COPY
<br /> WITH NO WITH
<br /> TAX INCREMENT TAX INCREMENT
<br /> Source and Uses Source and Uses
<br /> Sources Sources
<br /> Mortgage 3,800,000 3,100,000
<br /> Equity 1,520,000 1,520,000
<br /> Tax Increment 0 700,000
<br /> TOTAL SOURCES 5,320,000 5,320,000
<br /> USES USES
<br /> Land 700,000 700,000
<br /> Sitework 150,000 150,000
<br /> Soil Correction 0 0
<br /> Demolition 0 0
<br /> Relocation 0 0
<br /> Subtotal Land Costs 850,000 850,000
<br /> Construction 3,960,000 3,960,000
<br /> Finish Manufacturing 0 0
<br /> 110 Subtotal Constr Costs 3,960,000 3,960,000
<br /> Soft Costs 360,000 360,000
<br /> Taxes 5,000 5,000
<br /> Finance Fees 45,000 45,000
<br /> Project Manager 0 0
<br /> Developer Fee 0 0
<br /> Contingency 100,000 100,000
<br /> Subtotal Soft Costs 510,000 510,000
<br /> TOTAL USES 5,320,000 5,320,000
<br /> Income Statement Income Statement
<br /> Rent - PouchPac Sq. Ft. PSF Sq. Ft. PSF
<br /> 72,000 $8.50 612,000 72,000 $8.50 612,000
<br /> 612,000 612,000
<br /> Mortgage 15 Term 462,505 15 Term 377,307
<br /> 9.00% Interest 9.00% Interest
<br /> 3,800,000 Principal 3,100,000 Principal
<br /> Net Income 149,494 234,692
<br /> Total Return on Equity 9.84% 15.44%
<br /> 0
<br /> R
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