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Shelter School Renovation:Phase 1: Residential

Schedule C: Residual Values & IROR's

(column heading(s) indicate method for calculating residual value)

  Capitalized value
PROJECT  
165 Capitalized Cost (TCC) 2,824,377
190 Residual Value 2,077,370
195 Land Residual 415474
670 Mtge Amortization 1,269,804
710 Depreciation 1,587,578
   
Developer  
1 196 Equity Residual 8076
1 916 Pre-Tax Present Value 766524
1 926 Pre-Tax Net Cash 1,386,197
   
Lender  
2 670 Mtge Amortization 1,269,804
2 916 Pre-Tax Present Value -282179
2 926 Pre-Tax Net Cash 1,987,409
   
Investor  
3 196 Equity Residual 799490
3 880 Inc.Taxes:Equity Residual 187590
3 916 Pre-Tax Present Value -1535005
3 917 After-Tax Present Value -76410
3 926 Pre-Tax Net Cash -1156315
3 927 After-Tax Net Cash 1,467,029
   
Other  
4 916 Pre-Tax Present Value 207876
4 926 Pre-Tax Net Cash 273706
   
All Participants  
99 916 Pre-Tax Present Value -842784
99 926 Pre-Tax Net Cash 2,490,997
   
Developer  
1 936 IROR Pre-Tax  
1 938 FMRR Pre-Tax  
   
Lender  
2 936 IROR Pre-Tax 8.95
2 938 FMRR Pre-Tax 11.21
   
Investor  
3 936 IROR Pre-Tax  
3 937 IROR After-Tax 10.6
3 937.1 IROR After-Tax(w/o pass.loss) 8.64
3 938 FMRR Pre-Tax -1.33
3 939 FMRR After-Tax 11.88
3 939.1 FMRR After-Tax(w/o pass.loss) 10.08
   
Other  
4 936 IROR Pre-Tax  
4 938 FMRR Pre-Tax  
   
All Participants  
99 936 IROR Pre-Tax 6.6
99 938 FMRR Pre-Tax 9.5



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