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<br />EXHIBIT I-K <br /> <br />FORM OF PROFIT STATEMENT <br /> <br /> <br />SOURCES AND USES AND PROFIT STATEMENT <br />Bluff Block Commercial and Condos <br /> <br /> <br />Land Acquisition 1,912,750 11.90% <br />Site Work-Environmental, and 1m rovements $ 200,000 1.24% <br />Total Acquisition $ 2,112,750 13.14% <br />Rehabilitation/New Construction 53.45% <br /> 2.18% <br /> 10.52% <br />Contingency 2.65% <br /> 0.00% <br /> 0.00% <br />City Fees-Park Oed, 152,615 0.95% <br />Total Construction costs $ 11,213,041 69.74% <br />Architectural and Engineerin 355,000 2.21% <br />Total Architectural/Engineering $ 355,000 2.21% <br />Sale Fees and Marketin 853,758 5.31% <br />Total marketing $ 853,758 5.31% <br />Interim Costs 836,888 5.21% <br />Financing Fees and Expenses 71,800 0.45% <br />Total Carrying Costs $ 908,688 5.65% <br />Environmental Consultants $ 0.00% <br />Total Special Consultants $ 0.00% <br />Related Costs 109,000 0.68% <br />Total Financin Costs $ 109,000 0.68% <br />Condo Documents-Attorney and Survey 119,000 0.74% <br />Total Title and Recordin $ 119,000 0.74% <br /> 2.53% <br />Total Other Soft Costs 406,000 2.53% <br />Total Project Cost $ 16,077,237 100.00% <br /> <br /> <br /> <br /> <br />Equity Gap <br />Total Proceeds <br />Project Cost <br />Allowable Profit <br /> <br />I 824344vRED V2 to VI; 10/12/05 <br /> <br />K-l <br />