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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 Cate!1orv 2006 2007 2008 2009 2010 2011 2012 2015 2020 2025 2026
<br />Estimated Utility Costs and Utility User Tax
<br />Electricity
<br />Stabilized Sq. Ft. 0 0 0 0 0 0 324,454 324,454 324,454 324,454 324,454
<br />Avg. Annual Electricity Rate per Sq. Ft. $4.15 $4.19 $4.23 $4.27 $4.31 $4.36 $4.40 $4.53 $4.77 $5.01 $5.06
<br />Avg. Annual Increase 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
<br />Average Annual Electricity Cost (5) $37,367 $37,740 $38,118 $38,499 $3B,884 $39,273 $1,427,958 $1,471,226 $1,546,274 $1,625,149 $1,641,401
<br />Gas
<br />Avg. Annual Gas Rate per Sq. Ft. $0.64 $0.67 $0.69 $0.72 $0.75 $0.78 $0.81 $0.92 $1.12 $1.37 $1.43
<br />Avg. Annual Increase 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10%
<br />Average Annual Gas Cost (5) $5,770 $6,006 $6,253 $6,509 $6,776 $7,053 $264,322 $298,170 $364,488 $445,555 $463,B15
<br />Total Taxable Utilities $43,137 $43,7 47 $44,370 $45,008 $45,659 $46,326 $1,692,280 $1,769,397 $1,910,761 $2,070,704 $2,105,216
<br />Redwood City Utility User Tax Rate 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0% 5.0%
<br />Redwood City Utility User Tax $s (6) $2,157 $2,187 $2,219 $2,250 $2,283 $2,316 $50,000 $50,000 $50,000 $50,000 $50,000
<br />Notes:
<br />111 Assumptions are documented in Exhibits 1, 2, 3, and 4, unless otherwise stated.
<br />(2) Assumption based on CBRE Consulting market research summarized in the report.
<br />(3) Assumption based on CBRE Consulting market research summarized in the report. It is conservative in the contex! of this analysis to assume an increase given that the building is vacant.
<br />(4) Assumes the property owner will request that the buildings be reassessed in 2006.
<br />(5) Assumes utility consumption of 2.5 percent during vacant years for security purposes.
<br />(61 Utility user tax rate is capped at $50,000 annually. Analysis assumes a single tenant.
<br />Source: C8RE Consulting.
<br />Q:\proiects\2004\ 1004150 Stanford Hasp. Redwood City\Workina Docs\Fiscal 8enefit\IStanford Fiscal6.xlslEx lUBl 27 -Sep-05
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