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<br />10/25/2004
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<br />iE:; ,iN .~ II!
<br />OPERATING EXP - 200S 1222 - 2008 2009
<br />Operation 42,016 42,656 43,713 44,S6e 45,479
<br />Resel"Jes nOO/Unit 6,400 6,400 6,400 6,400 6,400
<br />Total Office Overhead 0 0 0 0 0
<br />Total Utilities 25,600 26,112 26,634 27,167 27,710
<br />Total Maintenance 26.560 27,091 27,633 28,186 28,749
<br />MANAGEMENT AND OTHER FEES
<br />Management Fees 6.00% 13,928 11,839 12,075 12,317 12,563
<br />Property Taxes 32,000 32,640 33,293 33,959 34,638
<br />Property Insurance 8,000 8,160 8,323 8,490 8,659
<br />Licenses and Fees 0 0 0 0 0
<br />Asset Menagement Fee 5,000 5,000 5,000 5,000 5,000
<br />Developer/Administrative/Contractor Fee 0 0 0 0 0
<br />TOTAL FEES 58,928 57,639 56,691 59,765 60,860
<br />TOTAL EXPENSES 159,504 160,098 163,072 166,105 189,200
<br />NETOPERAT1NG INCOME 72,624 78,613 18,434 80,231 62,063
<br />TIF PAYMENTS - 90% 0 0 0 0 0
<br />CASH FL.OW AVAIL.. FOR DEBT SERVICE 72,624 76,673 78,434 80,231 82,063
<br />DEBTSERVICE.SeriesA 73,404 73,404 73,404 73,404 73,404
<br />ASSET FEE 5,000 5,000 5,000 5,000 5,000
<br />CASH FL.OW AFTER FINANCING S,780} 1,732 30 1,826 3,659
<br />Develo erpa ment.-65% 3,757) 1,126 " 1,187 2,378
<br />Tax Credit Equi Partnerpa ment.35% 2,023) '" 10 '" 1,281
<br />ANNUAL DEBT COVERAGE 98.94% 10-4.45% 106.85% 109.30% 111.80%
<br />
<br />OPERATING EXP. (-) 2010 2011 2012 2013 2014
<br />Opera~on 46,389 47,317 48.263 49,228 50.213
<br />Reserves 6,400 6,400 6,400 6,400 6,400
<br />Total Office Ovemead 0 0 0 0 0
<br />Total Utilities 28.264 28,830 29,406 29,994 30,594
<br />Total Maintenance 29,324 29,911 30.509 31,119 31,742
<br />MANAGEMENT AND OTHER FEES
<br />ManallementFees 12.814 13,071 13,332 13,599 13,871
<br />Property Taxes 35,331 36,037 36,758 37,493 38,243
<br />Property Insurance 8,833 9,009 9,189 9,373 9,561
<br />UcensesandFees 0 0 0 0 0
<br />Asset Management Fee 5,000 5,000 5,000 5,000 5,000
<br />Developer/Administrative/COntractor Fee 0 0 0 0 0
<br />TOTAL FEES 61,978 63,117 64,280 65,465 66,674
<br />TOTAL EXPENSES 112,356 175,515 118,858 182,207 185,623
<br />NET OPERATING INCOME 83,933 85,839 87,784 89,168 91,791
<br />TlF PAYMENTS. 90% 0 0 0 0 0
<br />CASH FLOW AVAIl. FOR DEBT SERVICE 83,933 85,839 87,784 89,768 91,791
<br />DEBTSERVICE.SeriesA&B 73,404 73,404 73,404 73.404 73,404
<br />ASSET FEE 5,000 5,000 5,000 5,000 5,000
<br />CASH FLOW AFTER FINANCING 5,528 7,435 9,380 11,363 13,381
<br />DeveloperPavment.65% 3,593 4,833 6,097 7,386 8,701
<br />Tax Credit E uit Partner Pa ment .35% 1,935 2,602 3,283 3,977 4,685
<br />ANNUAL DEBT COVERAGE 114.34% 116.94% 119.59% 122.29% 125.05%
<br />
<br />OPERATING EXP. 1-1 2015 2016 2017 2018 2019
<br />Operation 51,217 52,242 53,286 54,352 55,439
<br />Reserves 6,400 6,400 6,400 6,400 6,400
<br />Total Office Ovemead 0 0 0 0 0
<br />Total Utilities 31,206 31,830 32,467 33,116 33,779
<br />Total Maintenance 32,376 33,024 33,665 34,358 35,045
<br />MANAGEMENT AND OTHER FEES
<br />ManaljlementFees 14,148 14,431 14,720 15,014 15,314
<br />Property Taxes 39,008 39,768 40.584 41,395 42,223
<br />Property Insurance 9,752 9,947 10,146 10,349 10,556
<br />Licenses and Fees 0 0 0 0 0
<br />Asset Management Fee 5,000 5,000 5,000 5,000 5,000
<br />Deveioper/Administrative/ContractorFee 0 0 0 0 0
<br />TOTAL FEES 67,908 69,166 70,449 71,758 73,094
<br />TOTAL EXPENSES 189,108 192,662 196,287 199,915 203,151
<br />NET OPERATING tNCOME 93,855 95,960 98,101 100,297 102,531
<br />TIF PAYMENTS 0 0 0 0 0
<br />CASH FLOW AVAil, FOR DEBT SERVICE 93,855 95,960 98,107 100,297 102,531
<br />DEBT SERVICE. Series A & 8 73,404 73,404 73,404 73,404 73,404
<br />ASSET FEE 5.000 5.000 5,000 5,000 5,000
<br />CASH FLOW AFTER FINANCING 15,451 11,556 19,703 21,893 24,127
<br />DevelooerPavment-65% 10,043 11,411 12,807 14,230 15,683
<br />Tax Credit EQuitv Partner Pavment.35% 5,408 6,145 6,896 7,663 8,444
<br />RETURtiI:Otil:INVES;;.A.NNUAL
<br />RETURN ON INVES..AVERAGE
<br />ANNUAL DEBT COVERAGE 121.86% 130.73% 133.65% 136,64% 139.68%
<br />
<br />Prepared By Ehlers
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<br />~ag.13 of 13
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<br />Appendix H Metroplains proforma
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