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•Base Rent: $3,000 <br />•Substantial Remodel Cost:$100,000 <br />1.Right to Return Rent -$3,189 <br />–Annual allowable increase under TPA:6.3% <br />2.Baseline Stabilized Rent -$3,516 <br />–Rent 2 years post remodel with 5%annual increases (minimum under TPA) <br />3.Substantial Remodel Cost Supported by Baseline Stabilized Rent -$71,309 <br />–Using cap rate of 5.5% <br />4.Feasibility Test <br />–Supported cost ($71,309) is less than the substantial remodel costs ($100,000) <br />5.Fair Rate of Return Rent - $3,647 <br />–Rent calculated using actual remodel costs ($100,000) and cap rate (5.5%) <br />10 of 16 <br />Example FRR Appeal Calculation