2016 04-28IDIAN�
IMPACT FEE ADVISORY COMMITTEE
UPDATED MEETING AGENDA
Public Safety Training Center
Auditorium Room
1223 E. Watertower Ave.
Meridian, ID 83642
Thursday, April 28, 2016, 2:00 P.M.
1. Roll- Call Attendance
David Fulkerson
_Matthew Adams
John Nesmith
2. Adoption of the Agenda
_ Gene Strate
_Spencer Martin
_Brad Pfannmuller
_ "Butch" Weedon
3. Building community perspective presentation (Matt Adams and guest)
4. Impact Fee 101
5. City of Meridian Budget 101
6. City of Meridian CIP 101
7. Fire Department regional discussions
8. Tour Public Safety Training Center (time permitting)
Impact Fee Advisory Committee Meeting Agenda — Thursday April 28, 2016 Page 1 of 1
All materials presented at public meetings shall become property of the City of Meridian.
Anyone desiring accommodation for disabilities related to documents and/or hearing,
please contact the City Clerk's Office at 888-4433 at least 48 hours prior to the public meeting.
X David Fulkerson
X Matthew Adams
John Nesmith
IMPACT FEE ADVISORY COMMITTEE
UPDATED MEETING AGENDA
Public Safety Training Center
Auditorium Room
1223 E. Watertower Ave.
Meridian, ID 83642
Thursday, April 28, 2016, 2:00 P.M.
X Gene Strate
Spencer Martin
X Brad Pfannmuller
X"Butch" Weedon
2. Adoption of the Agenda
3. Building community perspective presentation (Matt Adams and guest)
4. Impact Fee 101
5. City of Meridian Budget 101
6. City of Meridian CIP 101
7. Fire Department regional discussions -Continued to Next Quarterly Meeting
8. Tour Public Safety Training Center (time permitting)
Impact Fee Advisory Committee Meeting Agenda — Thursday April 28, 2016 Page 1 of 1
All materials presented at public meetings shall become property of the City of Meridian.
Anyone desiring accommodation for disabilities related to documents and/or hearing,
please contact the City Clerk's Office at 888-4433 at least 48 hours prior to the public meeting.
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Figure 5.
Police 10 -Year Capital Improvement Plan
Source: City of Meridian and BBC Research & Consulting.
The police CIP in Figure 5 includes the projected expenditures for four substations which will be
located within other, larger facilities such as new fire stations. The precise location of these
future substations has not been officially determined. The police department does not need new
full size stations, but instead needs smaller police offices throughout the city where personnel
can write reports and interact with citizens, The police CIP includes 22 percent of the costs of a
new training center. As previously stated, this improvement will serve both the existing
population and is also necessary to meet the demands of future growth therefore it is only
partially impact fee eligible. This new facility will include a training village and classrooms. It will
also be open for use by other public service departments and the local community.
Current fire assets. The fire department responds to 80 percent of all calls for service within
six minutes (i.e„ one minute "turn out" time and five minutes in transit),
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 14
Infrastructure
Training Center
$7,500,000
22 %
$1,672,484
Station Expansion
800,000
100
800,000
Replace Vehicles ($300,000 annually)
3,000,000
0
0
Substation in Fire Station 45
60,000
100
60,000
Future Substation #1
120,000
100
120,000
Future Substation #2
120,000
100
120,000
Future Substation #3
60,000
100
60,000
Total Infrastructure
$11,660,000
$2,832,484
Fee -Related Research
Portion of Impact Fee Study
$7,333
100 %
$7,333
Minus Impact Fee Fund Balance
FY 2013 Beginning Fund Balance
$639,687
100 %
$639,687
Grand Total
$11,027,646
$2,200,130
Source: City of Meridian and BBC Research & Consulting.
The police CIP in Figure 5 includes the projected expenditures for four substations which will be
located within other, larger facilities such as new fire stations. The precise location of these
future substations has not been officially determined. The police department does not need new
full size stations, but instead needs smaller police offices throughout the city where personnel
can write reports and interact with citizens, The police CIP includes 22 percent of the costs of a
new training center. As previously stated, this improvement will serve both the existing
population and is also necessary to meet the demands of future growth therefore it is only
partially impact fee eligible. This new facility will include a training village and classrooms. It will
also be open for use by other public service departments and the local community.
Current fire assets. The fire department responds to 80 percent of all calls for service within
six minutes (i.e„ one minute "turn out" time and five minutes in transit),
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 14
Figure 7.
Fire 10 -year Capital Improvement Plan
Buildings
Fire Station #5 (to repay Rural Fire)
$806,000
100 %
$806,000
Fire Station #6
2,230,000
100
$2,230,000
Fire Station #7
2,020,000
100
$2,020,000
Fire Station #8
2,020,000
100
$2,020,000
Vehicles
Quint Ladder T- Station #4
$1,100,000
0 %
$0
Heavy Rescue Engine Station #6
700,000
100
$700,000
Quint Ladder T for Station 47
1,100,000
100
$1,100,000
Fire Engine for Station #8
520,000
100
$520,000
Fire Engine MF005
520,000
100
$520,000
Heavy Rescue Tender
380,000
0
0
Replace Engine #38
520,000
0
0
Replace Engine MF009
520,000
0
0
Replace Ladder Truck MF021
1,100,000
0
0
Replace Brush MF022
145,000
0
0
Replace Engine MF010
520,000
0
0
Replace Engine MFO14
520,000
0
0
Replace Engine MFO18
520,000
0
0
Equipment
"Opticom" Traffic Signal Controls
$200,000
100 %
$200,000
Replace Air Unit MF00
98,000
0
0
Replace Breathing Apparatus
380,000
0
0
Total 2014-2023 CIP
$15,919,000
$10,116,000
Fee Related Research
Impact Fee Study
$7,333
100%
$7,333
Minus Increase in Level of Service
Fire Station #8 and Engine #8t
$2,540,000
$2,540,000
Minus Impact Fee Fund Balance
FY 2013 Beginning Fund Balance
$861,861
100%
$861,861
Grand Total
$12,524,472
$6,721,472
Note: t This station was removed in order to maintain the current level of service. Service level calculated by comparing fire stations to
developed land uses in the city.
Source: City of Meridian, Capital Improvement Plan, and BBC Research & Consulting.
The City is expected to purchase $16 million dollars in fire capital improvements, $6.7 million of
which is impact fee eligible from 2013 to 2023.
Current parks and recreation assets. The total number of currently developed park acres is
245.5, which equates to a service standard of 3,04 acres per 1,000 residents. Figure 8 lists the
City's current parks and recreation assets that are responsible for the 3.04 acres per 1,000
residents service standard.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 16
facilities will also meet the demand of the future growth, which enables a portion of the costs to
be recovered through the impact fee.
Park values are calculated at $177,000 per acre, This includes $142,000 for development costs
and $35,000 for land costs, These values were calculated from weighted historical data provided
by the City. See Appendix D for details on this calculation. For Borup and William Watson parks
only the development costs are applied because the land has already been purchased and exists
on the list of current infrastructure,
Figure 9.
Parks and Recreation 10 -year Capital Improvement Plan
Note: $177,000/acre in land and development costs
Source: City of Meridian, Capital Improvement Plan, personal interview with parks and recreation staff and BBC Research & Consulting.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 18
Pathways & Trails
Pathway Connections
$1,150,000
0
%
$0
Neighborhood & Mini -Parks
Isola Creek (7 acres)
$1,239,000
100
%
$1,239,000
Highlands (7 acres)
1,239,000
100
1,239,000
Oaks (7 acres)
1,239,000
100
1,239,000
William Watson Development Only (7 acres)
994,000
100
994,000
Community Parks
Hillsdale (20 acres)
$3,540,000
100
%
$3,540,000
Borup Park Development Only (47 acres)
6,674,000
100
6,674,000
Storey Park (S acres)
885,000
22
197,353
Aldape Construction (60 acres)
10,620,000
100
10,620,000
Large Urban Parks
South Meridian Park
$1,050,000
100
%
$1,050,000
Parks Amenities
Rails with Trails
$1,000,000
22
%
$222,998
Recreation Center (YMCA Partnership)
4,000,000
22
891,991
Equipment
Sweeper/Blower
$18,000
100
%
$18,000
Truck/Plow
35,000
100
35,000
Large Area Mowers(2)
110,000
100
110,000
Mules (4)
48,000
100
48,000
ATV
12,000
100
12,000
Trailer
7,500
100
7,500
Trim Mowers (5)
100,000
100
100,000
Trucks(4)
100,000
100
100,000
Turf Sprayer
40,000
100
40,000
Ball Field Groomer
10,000
100
10,000
Replace Vehicles and Equipment
2,032,000
0
0
Total 2014-2023 CIP
$36,142,500
$28,387,842
Fee -Related Research
Impact Fee Study
$7,333
100%
$7,333
Minus Increase in Service Level
90 acres at $177,000t per acre
$15,930,000
100%
$15,930,000
Minus Impact Fee Fund Balance
FY 2013 Beginning Fund Balance
$3,378,970
100%
$3,378,970
Grand Total
$16,840,863
$9,086,206
Note: $177,000/acre in land and development costs
Source: City of Meridian, Capital Improvement Plan, personal interview with parks and recreation staff and BBC Research & Consulting.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 18
In 2023, the City's residential development is expected to increase by 15,779,452 square feet,
and the nonresidential development is estimated to increase by 3,303,444 square feet.
Therefore, the future allocation of land uses is projected,to be 83 percent residential and 17
percent nonresidential.
The study team has calculated all impact fees per residential unit, regardless of unit type, and per
nonresidential square foot, regardless of type. BBC does not recommend imposing fees at a more
detailed level of analysis (i.e., fee differentials for single family and multifamily units and
differentials for commercial, agricultural and industrial square footage). In our judgment, such
distinctions are unwarranted by empirical evidence.
After allocating costs to the appropriate land -uses, impact fees for residential and nonresidential
development are calculated by dividing the residential service costs by new residential units,
and by dividing nonresidential service costs by new nonresidential square footage.
Police impact fees. Figure 11 presents police impact fees of $223 per residential unit and
$0.12 per nonresidential square foot. This represents the full cost recovery impact fee under
Idaho's Impact Fee Act.
Figure 11.
Police Impact Fee Calculation
Notes:
(1) See Figure 45 Police Capital Improvement Plan for a
list of CIP investments required to maintain the current
level of service.
(2) See Figure 10. Distribution of Land Uses, 2013 to 2023
Source:
City of Meridian and BBC Research & Consulting.
Allocated Value for Police Infrastructure I'1
$2,200,130
Future Land Use Percentage (2)
Residential
83
Nonresidential
17
Costs by Land Use Category
Residential
$1,819,265
Nonresidential
$380,865
Growth to 2023
Residential (in dwelling units)
8,165
Nonresidential (in square feet)
3,303,444
Impact Fee by Land Use (rounded)
Residential (per dwelling unit) :
$223
Nonresidential (per square foot)
$0.12
BBC used the current service standard as a benchmark to double check the forward-looking CIP
approach. The team is pleased that the calculated fee amounts are quite similar to Meridian's
current investment in police infrastructure ($200 per residential unit and $0.10 per
nonresidential square foot - see Appendix D). These similar amounts suggest that Meridian's 10 -
Year Police CIP is not overcharging new development for its proportionate share of new capital
improvements.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 20
Fire impact fees. Figure 12 calculates the impact fees for fire capital improvements based on
the future growth projections and anticipated future capital improvement costs described in
earlier exhibits,
Figure 12.
Fire Impact Fee
Calculation.
Notes:
(1) See Figure 7. Fire Capital
Improvement Plan for a list of CIP
investments required to maintain the
current level of service.
(2) See Figure 10. Distribution of Land
Uses 2013 to 2023.
Source:
City of Meridian and BBC.
E� o.� � � �
� N
Value of Future Fire Capital Improvements (1)
$6,721,472
Future Land Use Percentage (2)
Residential
83 %
Nonresidential
17 %
Allocated Value by Land Use Category
Residential
$5,557,917
Nonresidential
$1,163,555
Growth to 2023
Residential (in dwelling units)
8,165
Nonresidential (in square feet)
3,303,444
Impact Fee by Land Use
Residential (per dwelling unit)
$681
Nonresidential (per square foot)
$0.35 I
The full cost recovery impact fees for fire capital improvements total $681 per new residential
unit and $0.35 per new nonresidential square foot.
These fees are within the same range as the value of Meridian's current investment in fire
infrastructure ($510 per residential unit and $0.24 per nonresidential square foot). It is to be
expected that the full cost recovery fees slightly exceed this current level of investment. Natural
cost increases in providing the same level of service and the addition of several new types of
infrastructure triggered by growth, but not wholly applicable to growth, increase the future
investment in fire infrastructure.
Many factors are responsible for higher fire fees as compared to the current investment in
Appendix D. For example, as the city and the need for fire services have grown, additional fire
engines are required to be held in reserve. Since the requirement for the additional engine is
triggered by growth the costs of are impact fee eligible. Current investment does not reflect any
such type of large improvement, which explains why the fees under the CIP approach are higher.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 21
Parks and recreation impact fees. Parks and recreation impact fees are shown in Figure 13,
which is based on Figure 9 and demographic projections. Parks and recreation investment is
only allocated to residential development since households are the primary consumers of park
services.
Figure 13.
Parks and Recreation
Impact Fee Calculation
Notes:
(1) See Figure 8. Parks and Recreation
Capital Improvement Plan for a list of CIP
investments required to maintain the
current level of service.
Source:
City of Meridian and Impact Fee
Study Team.
The full cost recovery impact fee for parks and recreation capital improvements is $1,113 for any
new residential unit.
The study team is pleased that the calculated fee amount does not exceed Meridian's current
investment in parks and recreation infrastructure ($1,763 per residential unit). These similar
amounts suggest that Meridian's 10 -Year Parks and Recreation CIP is not overcharging new
development for its proportionate share of new capital improvements.
City Participation
Because not all the capital improvements listed in the CIPS are 100 percent growth -related, the
City would assume the responsibility of paying for the portion of the capital improvements that
are not attributable to new growth. These payments would come from existing funds, donations
and/or ongoing revenue sources that are not tied directly to growth.
To arrive at the City participation amount, the expected impact fee revenue and any shared
facility amount need to be subtracted from the total CIP value. Figures 14 through 19 calculate
the City's participation between 2013 and 2023. The participation amount includes the cost of
purely non -growth -related improvements, and portions of growth -related improvements that
are attributable to repair, replacement, or upgrade, and not impact fee eligible.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 22
1
Value of future Parks & Recreation improvements
$9,086,206
Current Land Use Percentage
Residential
100%
Nonresidential
0%
Allocated Value by Land Use Category
Residential
$9,086,206
Nonresidential
$0
Growth to 2023
Residential (total dwelling units)
8,165
Nonresidential (in square feet)
3,303,444
Impact Fee by Unit of Development
Residential (per dwelling unit)
$1,113
Nonresidential (per square foot)
N/A
The full cost recovery impact fee for parks and recreation capital improvements is $1,113 for any
new residential unit.
The study team is pleased that the calculated fee amount does not exceed Meridian's current
investment in parks and recreation infrastructure ($1,763 per residential unit). These similar
amounts suggest that Meridian's 10 -Year Parks and Recreation CIP is not overcharging new
development for its proportionate share of new capital improvements.
City Participation
Because not all the capital improvements listed in the CIPS are 100 percent growth -related, the
City would assume the responsibility of paying for the portion of the capital improvements that
are not attributable to new growth. These payments would come from existing funds, donations
and/or ongoing revenue sources that are not tied directly to growth.
To arrive at the City participation amount, the expected impact fee revenue and any shared
facility amount need to be subtracted from the total CIP value. Figures 14 through 19 calculate
the City's participation between 2013 and 2023. The participation amount includes the cost of
purely non -growth -related improvements, and portions of growth -related improvements that
are attributable to repair, replacement, or upgrade, and not impact fee eligible.
BBC RESEARCH & CONSULTING FINAL REPORT, PAGE 22
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Impact • •Statute Overview
• 67-8202: Describes the purpose of establishing a need for impact fees
• 67-8203: Definitions for all the terms used within 67-82
• 67-8204 : Describes the minimum requirements for developing impact fees
• 67-8204(1) : A development impact fee shall not exceed a proportionate share of
the cost of system improvements
• 67-8204(2) :A development impact fee shall be calculated on the basis of levels
of service
■ 67-8204(15) : A development impact fee ordinance shall provide for
appeals regarding development impact fees in accordance with the
requirements of section 67-8212, Idaho Code
o 67-8204 : Developers have the right to request specific information about the
calculations of impact fees relating to their project
• 87-8205: Describes the purpose and function of the Impact Fee Advisory Committee
• 87-8206: Describes the procedures for establishing Capital Improvement Plans
• 87-8208: Describes the requirements to establish Capital Improvement Plans
o 87-8208(2) : The governmental entity imposing a development impact fee shall
update the capital improvements plan at least once every five (5) years
• 87-8210 : Describes the requirements for the management of Impact Fees collected and
the necessary audit reporting requirements
o 87-8210(4) : Collected development impact fees must be expended within eight
(8) years from the date they were collected
Idaho State Statues — Impact Fees 67-82
City of Meridian Impact Fee
Development Schedule
• The City develops an annual Capital Improvement Plan
• The City will review the Impact Fee Calculations at least every 5 years to coincide with 87-
8208(2)
o The beginning of the Impact Fee Calculation review will commence within at least 5
calendar years after the date of the last adopted Impact Fee Schedule
DEVELOPMENT PROFORMA - Dated January 21, 2010
BASED ON SITE PLAN SCHEME - A dated N/A
Parcel size 2 ac 87,120 sf
Less ROW 0.0 ac - sf
2 ac 87,120 sf
SITE AREA Building Area Land
Medical office 15,000 Sq. Ft. 15,000 2.00 Acres
9 5q. vt. 0 u.UU Acres
TOTAL SITE AREA 15,000 Sq. Ft. 15,000 2.00 Acres
LAND COST
Land Value
TOTAL LAND COSTS
CONSTRUCTION COST
ON-SITE COSTS
Demolition
Asbestos Removal (City Bldgs -Assumes no significant contamination pending Phase II)
On Site Improvements - Extrapolated w/ adjustments for Landscaping/Storm Drain
On -Site Owner's Costs
Project Signage
Contingency (5%)
TOTAL ON-SITE COSTS
OFF-SITE COSTS
Off Site Improvements
Contingency (10%)
TOTAL OFF-SITE COSTS
BUILDING COSTS
Medical Office
Contingency (5%)
TOTAL BUILDING COSTS
TENANT ALLOWANCES
Medical Office
TOTAL TA
TOTAL CONSTRUCTION COSTS
SOFT COSTS
LEGAL & ACCOUNTING COUNSEL
A & E CONSULTANTS
ENTITLEMENT FEES
PLAN CHECK AND BUILDING PERMITS
SEWER, WATER, FIRE, POLICE, PI
SURVEY AND REPORTS
PROPERTY TAXES/ASSESSMENTS
IMPACT FEES
PROJECT MANAGEMENT
COMMISSION (LEASING)
Subtotal Soft Costs
Developer's Fee
87,120 Sq. Ft. @
Allowance
$5.00 psf
Allowance
15,000
Sq. Ft. @
15,000
Sq. Ft.
15,000
Sq. Ft. @
15,000
Sq. Ft.
5.00%
5.00
1.00
1.75
2.50
2.50
13.39
4.00
X Costs (excl land)
10%
5%
5%
$10.00
4.5
15,000
$871,200
$0
$0
$435,600
$10,000
$30,000
$47,560
$0.00 $0
$0
$150 $2,250,000 GL
$112,500
$2,362,500
$45 $675,000 GL
$675,000
$60,000.00
$75,000.00
$15,000.00
$26,250.00
$37,500.00
$37,500.00
$12,500.00
$200,850.00
$60,000.00
$160,000.00
$168,703
Sq. Ft.
Per sq. ft. land Per sq. ft. bldg
$10.00
$871,200 $58.08
$3,560,660
$684,600
$0.00
$29.04
Reimbursed by Tenants
$34.88
$0.00
4/28/2016 1 Proforma l.xls
FINANCING COSTS
Construction Interest
$0
Loan Fees (const'n loan 0.5%, perm loan bkr 0.5%)
1%
Title Insurance, Escrow and Loan Closing Costs
$85,000
$85,000
Soft Cost Contingency (5%)
5.00%
$43,915
TOTAL SOFT COSTS
$982,218
$65.48
TOTAL DEVELOPMENT COSTS
$4,542,878
$302.86
w
TENANT REIMBURSEMENTS
Medical office
$0
w
Signage Reimbursements from Tenants (90%)
($27,000)
TOTAL REIMBURSEMENTS
($27,000)
-$1.80
r
NET TOTAL DEVELOPMENT COSTS
$4,515,
$301.06
!
NET TOTAL DEVELOPMENT COSTS (W/ LAND)
$5,387,078
$359.14
OPERATING PROFORMA
1
2
3
4
5
6
7
8
9
10
k
INCOME
Medical office
$270,000
$270,000
$270,000
$270,000
$270,000
$270,000
$270,000
$270,000
$270,000
$270,000
Y
t
Common Area Reimbursements (assumes $3.25/psf-$0.25 premium for security)
$48,750
$49,725
$50,720
$51,734$52,769$53,824
$54,900
$55,998$57,118$58,261
j
TOTAL INCOME
$318,750
$319,725
$320,720
$321,734
$322,769
$323,824
$324,900
$325,998
$327,118
$328,261
EXPENSES
Vacancy + CAM/Taxes (5% of shops)
$0
0.00
$0
$0
$0.00
$0
$0
$0
$0
l
$0
Common Area Expenses and Taxes
$48,750
$49,725
$50,720
$51,734
$52,769
$53,824
$54,900
$55,998
$57,118
$58,261
Net Operating Expense (1%)
$3,188
$3,197
$3,207
$3,217
$3,228
$3,238
$3,249
$3,260
$3,271
$3,283
Replacement Reserve (1%)
$3,188
$3,197
$3,207
$3,217
$3,228
$3,238
$3,249
$3,260
$3,271
$3,283 h
TOTAL EXPENSES
$55,125
56,119.50
$57,134
$58,169
$59,223.94
$60,300
$61,398
$62,518
$63,661
$64,826
NET OPERATING INCOME
$263,625
263,606
$263,586
$263,565
$263,545
$263,524
$263,502
$263,480
$263,458
$263,435
Loan Payment
($384,462)
CASH RETURN
-$120,857
Plus Principal Payment
$41,062
TOTAL RETURN
-79,795
RETURN ON COST (NET COSTS W/O LAND)
5.84%
6%
6%
6%
6%
6%
6%
6%
6%
6%
RETURN ON TOTAL COSTS (INCL. LAND)
4.9%
4.9%
4.9%
4.9%
5%
5%
5%
5%
5%
5%
Year
Year
Year
CF ANALYSIS FOR MARKET DEVELOPMENT DEAL
(538,708)
0
-$1,245,762
sales proceeds and 1 year of NO[
IRR ANALYSIS FOR MARKET DEVELOPMENT DEAL
#NUM!
4/28/2016 2 Proforma l.xls
LOAN ANALYSIS
I don't typically deal with the loan numbers.
Net Operating Income
Project Cap Rate
Loan
Loan Proceeds net of points/costs
Project Cost
CAPITAL SURPLUS/(REQUIRED)
Interest Rate
Amortization Period
Term
Loan Payment
Loan Interest
Loan Principal
Debt Service Coverage
LEASING ANALYSIS
Medical office
TOTAL DEVELOPMENT
263,605.50
3,514,740.00
$4,610,712
$4,541,551
$4,515,878
$25,673
7.5%
30
10
($384,462)
($343,400)
($41,062)
0.69
Sq. Ft. Bldg. $/sf/mon
15,000 1.50
15,000
Years
Years
per year
per year
peryear
INVESTMENT ANALYSIS
Project Cost
7.5% Equity Req'd
131% LTV Loan Size
Sales Value
Less Sales Expenses
Net Sales Proceeds
Less Repay Loan
Construction interest for 1 year
Available for Distribution
$/sf/year
$18.00
Annual
Rent
$270,000
$270,000
BTS
FAR: 100.0%
5,387,078
538,708 10%
4,848,370
3,514,740
175,737
3,339,003
4,848,370
- capitalized as part of loan - interest is after project opens
(1,509,367)
10% every 10 years
4/28/2016 3 Proforma l.xls