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<br /> EXHIBIT 14 <br />SUMMARY 20-YEAR DISCOUNTED MUNICIPAL REVENUE ANALYSIS <br />R&D TENANT, OFFICE TENANT, AND STANFORD HOSPITAL AND CLINICS <br />TOTAL REYENUE AND PRESENT VALUE <br /> Traditional Stanford Hospital <br />Revenue R&D Tenant Office Tenant and Clinics <br />Property Tax $2,326,522 $2,514,235 $0 <br />Sales and Use Tax <br />Construction Related Costs $0 $0 $592,000 <br />Hospital Expenditures N/A N/A $841,636 <br />On-Site Retail N/A N/A $206,379 <br />Employee Expenditures $630,480 $695,344 $308,264 <br />Patient Expenditures N/A N/A $282,307 <br />TOT Tax N/A N/A $782.708 <br />subtotal $630,480 $695,344 $3,013,293 <br />Utility User Tax (1) $763.412 $857.747 $950,000 <br />Total Revenue $3,720,414 $4,067,325 $3,963,293 <br />Present Value (2006 $s) $2,552,116 $2,815,183 $2,885,998 <br />Notes: <br />(1) Utility user tax rate capped at $50,000 annually. <br />Source: CBRE Consulting. <br />Q:\projeds\2004\ 1004150 Stanford Hosp. Redwood City\ Working Docs\Fiscal Benefit\[Stanford <br />Fiscal6.xlslEx1 fJBl <br /> <br />~ <br />'& <br />