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BUT-FOR ANALYSIS <br /> EXHIBIT D - RIPPLINGER <br /> NO TAX INCREMENT WITH TAX INCREMENT <br /> COST: <br /> Land: $109,000.00 $0.00 <br /> Site Work: $163,000.00 $163,000.00 <br /> Construction: $533.000.00 $533,000.00 <br /> Total $809,000.00 $700,000.00 <br /> MORTGAGE: $409,000.00 $300,000.00 <br /> EQUITY: $400,000.00 $400,000.00 <br /> ANNUAL INCOME: <br /> 15,000 S.F.@$4.50 S.F. $67,500.00 $67,500.00 <br /> • ANNUAL EXPENSE: <br /> Mortgage 22.5 years©9.5% $46,184.00 $33,876.00 <br /> NET INCOME: $21,316.00 $33,624.00 <br /> TOTAL RETURN ON EQUITY 5.40% 8.40% <br /> s <br />