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<br />//1- ¿ cf <br /> <br /> EXHIBIT 3 <br />20-YEAR DISCOUNTED MUNICIPAL REVENUE ANALYSIS (1) <br /> GENERAL ASSUMPTIONS <br /> 2005 DOLLARS <br /> Traditional Stanford Hospital <br />Assumations R&D Tenant Office Tenant And Clinics <br />General <br />Inflation 3.0% 3.0% 3.0% <br />Discount Rate (2) 3.12% 3.12% 3.12% <br />Assessed Value and Property Tax <br />Total Square Feet 360,504 360,504 360,504 <br />Year of Purchase N/A N/A 2006 <br />Construction 2012 2010 2006 <br />First Year of Stabilized Occupancy 2012 2010 Mid - 2007 (3) <br />Stabilized Occupancy (assumed) 90.0% 90.0% 100.0% <br />Annual Increase in Assessed Value (4) 2.0% 2.0% 2.0% <br />Cap Rate (interim reassessment) 7.0% (5) 7.00% (5) N/A <br />Cap Rate (reassessment upon sale) 8.5% (5) 8.50% (5) N/A <br />On-Site Taxable Sales <br />Taxable Construction Costs (6) <br />Year Expended 2012 2010 2006 - Mid 2007 <br />Estimated Total Hard Costs (7) 4,866,804 $4,866,804 N/A, Refer to Exhibit 4 <br />Less Estimated Labor (at 50 percent af construction costs) (8) 2,433,402 $2,433,402 N/A, Refer to Exhibit 4 <br />Estimated Cost of Materials and Equipment 2,433,402 2,433,402 N/A, Refer to Exhibit 4 <br />Cost Subject to Sales and Use Tax per Sq. Ft. (9) $7.50 $7.50 $164 <br />On-Site Retail <br />Total Retail Sq. FI 0 (10) 0 (10) 5,049 (10) <br />Avg. Taxable Sales per Sq. Ft. $0 $0 $158 (11) <br />Employee and Patient Expenditures <br />Employee Expenditures <br />Sq. Ft. per Employee (12) 250 250 538 <br />Total Employees 1,298 1,298 670 (13) <br />Average Annual Expenditures per Employee (14) $2,124 $2,124 $1,676 <br />Patient Expenditures <br />T olal Annual Patient Visits N/A N/A 188,262 (15) <br />Average Local Expenditure per Visit N/A N/A $5.46 (16) <br />Utility User Tax (17) <br />Electricity <br />Avg. Annual Electricity Rate per Sq. Ft. $4.11 (18) $3.76 (18) $4.45 (19) <br />Avg. Annual Increase (20) 1.00% 1.00% 1.00% <br />Gas <br />Avg. Annual Gas Rate per Sq. Ft. $0.62 (18) $0.40 (18) $0.83 (19) <br />Avg. Annual Increase (21) 4.10% 4.10% 4.10% <br /> <br />Continued... <br />