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<br /> EXHIBIT 10
<br /> DETAILED 20-YEAR DISCOUNTED MUNICIPAL REVENUE ANALYSIS (1)
<br /> R&D TENANT
<br /> 2006 - 2026
<br /> 5-Year Increments
<br />Revenue Cateç ory 2006 2007 2008 2009 2010 2011 2012 2015 2020 2025 2026
<br />Assessed Value and Property Tax
<br />Total Square Feet 360,504 360,504 360,504 360,504 360,504 360,504 360,504 360,504 360,504 360,504 360,504
<br />Stabilized Occupancy 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 90.0% 90.0% 90.0% 90.0% 90.0%
<br />Stabilized Sq. Ft. 0 0 0 0 0 0 324,454 324,454 324,454 324,454 324,454
<br />Rent Per Sq. Ft./Mo. (2) $1.85 $1.91 $2.05 $2.25 $2.37 $2.37 $2.37
<br />Annual Rent Increase (3) 0.0% 3.5% 7.0% 10.0% 5.0% 0.0% 0.0%
<br />Less Operating Expenses (2) $1.10 $1.12 $1.14 $1.17 $1.19 $1.21 $1.24
<br />Annual Increase in Operating Expenses 2.00% 2.00% 2.00% 2.00% 2.00% 2.00% 2.00%
<br />Capitalization Rate 7.00% 8.5%
<br />Assessed Value $41,715,463 $42,549,772 $43,400,768 $44,268,783 $45,154,159 $46,057,242 $51,648,362 $54,809,655 $60,514,288 $66,812,664 $68,148,917
<br />Annual Increase in Assessed Value (4) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0%
<br />Actual Increase -36.0% 2.0% 2.0% 2.0% 2.0% 2.0% 12.1% 2.0% 2.0% 2.0% 2.0%
<br />Redwood City Property Tax $83,932 $85,610 $87,322 $89,069 $90,850 $92,667 $103,917 $110,277 $121,755 $134,427 $137,116
<br />Sales and Use Tox
<br />Taxable Construction Costs
<br />Stabilized Sq. Ft. 0 0 0 0 0 0 324,454 324,454 324,454 324,454 324,454
<br />Taxable Tenant Improvements per Sq. Ft. $7.73 $7.96 $8.20 $8.44 $8.69 $8.96 $9.22
<br />Total Taxable Tenant Improvements $0 $0 $0 $0 $0 $0 $2,992,778
<br />Redwood City Sales Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
<br />Redwood City Sales Tax $s $0 $0 $0 $0 $0 $0 $0
<br />Employee Expenditures
<br />Avg. Sq. Ft. per Employee 250 250 250 250 250 250 250 250 250 250 250
<br />Total Employees 0 0 0 0 0 0 1,298 1,298 1,298 1,298 1,298
<br />Average Annual Expenditures $2,187 $2,253 $2,321 $2,390 $2,462 $2,536 $2,612 $2,854 $3,309 $3,836 $3,951
<br />Average Annual Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
<br />Total Annual Expenditures $0 $0 $0 $0 $0 $0 $3,389,873 $3,704,206 $4,294,190 $4,978,143 $5,127,488
<br />Redwood City Sales Tax Rate 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0% 1.0%
<br />Redwood City Sales Tax $s $0 $0 $0 $0 $0 $0 $33,899 $37,042 $42,942 $49,781 $51,275
<br />Total Redwood City Sales Tax $s $0 $0 $0 $0 $0 $0 $33,899 $37,042 $42,942 $49,781 $51,275
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<br />Continued
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