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<br /> EXHIBIT 12
<br /> DETAILED 20-YEAR DISCOUNTED MUNICIPAL REVENUE ANALYSIS (1)
<br /> STANFORD HOSPITAL AND CLINICS OCCUPANCY
<br /> 2006 - 2026
<br /> 5-Year Increments
<br />Revenue Cateaorv 2006 2007 2008 2009 2010 2015 2020 2025 2026
<br />Patient Expenditures
<br />Total Annual Patients 0 0 188,262 188,262 188,262 188,262 188,262 188,262 188,262
<br />Average Expenditure per Visit $5.63 $5.80 $5.97 $6.15 $6.33 $7.34 $8.51 $9.87 $10.16
<br />Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
<br />Total Annual Expenditures (4) $0 $0 $1,123,973 $1,157,693 $1,192,423 $1,382,345 $1,602,517 $1,857,757 $1,913,489
<br />Redwood City Sales Tax Rate 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 $11 ,240 $11,577 $11,924 $13,823 $16,025 $18,578 $19,135
<br />TOT Tax
<br />Annual TOT Tax Collected $0 $0 $31,163 $32,098 $33,060 $38,326 $44,430 $51,507 $53,052
<br />Annual Inflation 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%
<br />Total Redwood City Sales Tax $s $197,333 $410,625 $95,766 $98,639 $101,598 $117,780 $136,539 $158,286 $163,035
<br />Estimated Utility Costs and Utility User Tax
<br />Electricity
<br />Stabilized Sq. Ft. 0 0 360,504 360,504 360,504 360,504 360,504 360,504 360,504
<br />Avg. Annual Electricity Rate per Sq. Ft. $4.49 $4.54 $4.58 $4.63 $4.68 $4.92 $5.17 $5.43 $5.48
<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) $0 $0 $1,652,853 $1,669,381 $1,686,075 $1,772,082 $1,862,476 $1,957,481 $1,977,056
<br />Gas
<br />Avg. Annual Gas Rate per Sq. Ft. $0.86 $0.90 $0.94 $0.97 $1.01 $1.24 $1.52 $1.85 $1. 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) $0 $0 $337,535 $351,369 $365,769 $447,121 $546,567 $668,131 $695,514
<br />Total Taxable Utilities $0 $0 $1,990,388 $2,020,750 $2,051,844 $2,219,203 $2,409,043 $2,625,613 $2,672,569
<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) $0 $0 $50,000 $50,000 $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) Due to Stanford Hospital and Clinics not for profit status, they do not pay property tax.
<br />(3) It is assumed that Stanford Hospital and Clinics will begin to make expenditures beginning at the start of 2007, reflecting gearing up for mid-2007 occupancy
<br />(4) Total expenditures adjusted by 50.0 percent to account for mid-year occupancy in 2007.
<br />(5) Total annual utility costs are adjusted by 50.0 percent to account for mid-year occupancy in 2007.
<br />(6) Utility user tax is capped at $50,000 annually. Analysis assumes a single tenant.
<br />N/A denotes not applicable.
<br />Source: CBRE Consulting.
<br />Q:\proiects\2004\ 1004150 Stanford Hosp. Redwood City\ Workinq Docs\Fiscal Benefit\rStanford Fiscal6.xlslEx 1 rJBl 27-Sep-05
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