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<br /> EXHIBIT 11
<br /> DETAILED 20-YEAR DISCOUNTED MUNICIPAL REVENUE ANALYSIS (1)
<br /> TRADITIONAL OFFICE TENANT
<br /> 2006 - 2026
<br /> 5-Year Increments
<br />Revenue CateQorv 2006 2007 2008 2009 2010 2015 2020 2025 2026
<br />Estimated Utility Costs and Utility User Tax
<br />Electricity
<br />Stabilized Sq. Ft. 0 0 0 0 324,454 324,454 324,454 324,454 324,454
<br />Avg. Annual Electricity Rate per Sq. Ft. $3.80 $3.84 $3.87 $3.91 $3.95 $4.15 $4.37 $4.59 $4.63
<br />Avg. Annual Increase 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00% 1.00%
<br />Average Annual Electricity Cost (5) $34,226 $34,569 $34,914 $35,263 $1,282,175 $1,347,579 $1,416,319 $1,488,565 $1,503,451
<br />Gas
<br />Avg. Annual Gas Rate per Sq. Ft. $0.42 $0.43 $0.45 $0.47 $0.49 $0.60 $0.73 $0.89 $0.93
<br />Avg. Annual Increase 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10% 4.10%
<br />Average Annual Gas Cost (5) $3,753 $3,907 $4,067 $4,233 $158,647 $193,932 $237,065 $289,792 $301,669
<br />Total Taxable Utilities $37,979 $38,475 $38,981 $39,497 $1,440,822 $1,541,511 $1,653,384 $1,778,357 $1,805,120
<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%
<br />Redwood City Utility User Tax $s (6) $1,899 $1,924 $1,949 $1,975 $50,000 $50,000 $50,000 $50,000 $50,000
<br />Notes:
<br />(1) Assumptions are documented in Exhibits 1,2,3, and 4, unless otherwise stated.
<br />(2) Assumption based on CBRE Consulting market research contained in Appendix B.
<br />(3) Assumption based on CBRE Consulting market research contained in Appendix B. It is conservative in the context of this analysis to assume an increase given that the building is vacant.
<br />(4) Assumes the properly 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 />(6) Utility user tax rate is capped at $50,000 annually. Analysis assumes a single tenant.
<br />Source: CBRE Consulting.
<br />Q:\projects\2004\ 1004150 Stanford Hasp. Redwood City\ WorkinQ Docs\Fiscal Benefit\rStanford Fiscal6.xlslEx 1 US 27 -Sep-05
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