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Table A-9. Scenario 1
<br />Baseline Cashflow
<br />Cash Flow Escalator Yr1 Yr2 Yr3 Yr4 Yr5 Yr6 Yr7 Yr8 Yr9 Yr10
<br />Tenant Rents 2.50%$1,882,320 $1,929,378 $1,977,612 $2,027,053 $2,077,729 $2,129,672 $2,182,914 $2,237,487 $2,293,424 $2,350,760
<br />Rental Subsidy $576,600 $576,600 $576,600 $576,600 $576,600 $576,600 $576,600 $576,600 $576,600 $576,600
<br />Vacancy 5%($122,946)($125,299)($127,711)($130,183)($132,716)($135,314)($137,976)($140,704)($143,501)($146,368)
<br />Effective Gross Income $2,335,974 $2,380,679 $2,426,502 $2,473,470 $2,521,613 $2,570,959 $2,621,538 $2,673,383 $2,726,523 $2,780,992
<br />Operating Expenses (Less Services)3.50%$846,740 $876,376 $907,049 $938,796 $971,654 $1,005,662 $1,040,860 $1,077,290 $1,114,995 $1,154,020
<br />Resident Service Expenses 3.50%$100,000 $103,500 $107,123 $110,872 $114,752 $118,769 $122,926 $127,228 $131,681 $136,290
<br />% of Service Expense Target 100%100%100%100%100%100%100%100%100%100%
<br />Net Operating Income $1,389,234 $1,400,803 $1,412,330 $1,423,803 $1,435,207 $1,446,529 $1,457,753 $1,468,865 $1,479,847 $1,490,682
<br />Replacement Reserves 3.50%$50,500 $52,268 $54,097 $55,990 $57,950 $59,978 $62,077 $64,250 $66,499 $68,826
<br />% of Replacement Reserve Target 100%100%100%100%100%100%100%100%100%100%
<br />Proposed Ordinace Fee 3.50%$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />Cash available for debt service $1,338,734 $1,348,536 $1,358,233 $1,367,812 $1,377,257 $1,386,550 $1,395,676 $1,404,615 $1,413,348 $1,421,856
<br />Debt Service $1,186,621 $1,186,621 $1,186,621 $1,186,621 $1,186,621 $1,186,621 $1,186,621 $1,186,621 $1,186,621 $1,186,621
<br />Net Cash $152,113 $161,915 $171,612 $181,191 $190,636 $199,929 $209,055 $217,994 $226,727 $235,235
<br />Debt Service Coverage Ratio 1.13 1.14 1.14 1.15 1.16 1.17 1.18 1.18 1.19 1.20
<br />Additional Subsidy Required $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
<br />General Partner Fee $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000 $25,000
<br />Residual Receipts $127,113 $136,915 $146,612 $156,191 $165,636 $174,929 $184,055 $192,994 $201,727 $210,235
<br />Developer 35%$44,013 $47,407 $50,765 $54,082 $57,352 $60,570 $63,730 $66,825 $69,849 $72,795
<br />Other Public Funding 44%$55,400 $59,672 $63,898 $68,073 $72,189 $76,240 $80,217 $84,113 $87,919 $91,627
<br />City of Redwood City 22%$27,700 $29,836 $31,949 $34,036 $36,095 $38,120 $40,108 $42,056 $43,959 $45,813
<br />100%
<br />Economic & Planning Systems, Inc. A-5 Appendix A
<br />8.A. - Page 114 of 168
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