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JUL 21 '00 02:26PM 763 441 8829 P.1 <br /> BUT-FOR ANALYSIS <br /> • EXHIBIT D - EQUITY MANAGEMENT <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: $787.000.00 $787.000.00 <br /> Total $1,059,000.'00 $950,000.00 <br /> MORTGAGE: $659,000.00 $550,000.00 <br /> EQUITY: $400,000.'00 $400,000.00 <br /> • ANNUAL INCOME: <br /> 22,500 B.F.@ 54.50 S.F. $101,250.00 $101,250.00 <br /> ANNUAL EXPENSE: <br /> Mortgage 22.5 years i 925% $73,228:00 $61,116.00 <br /> NET INCOME: $28,022.00 $40,134.00 <br /> TOTAL RETURN ON EQUITY 7.05% 10.03% <br />