Appendix 1A State and Division Street Property Vacancy (Fall 2012)

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1 Appendix 1A State and Division Street Property Vacancy (Fall 2012) ST. JOE RIVER WATERFALL DR. FRANKLIN ST MARION ST. EAST ST PRAIRIE ST SoMa Gardens DIVISION ST HARRISON ST S. MAIN ST STATE ST TYLER AVE. MIDDLEBURY ST. LEGEND ### - Address Vacant Lot Vacant Building Source: 2012 DCI Housing Inventory SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX 67

2 Appendix 1B State and Division Street Housing New Development Scenarios DRAFT SoMa Residential Development Assumptions Studio 1-Bedroom 2-Bedroom Projected Mo Rent per SF Monthly Rent Monthly ROI Percent ROI 11% 67% 88% 1 Sq.Ft BR/Bath 0/1 1/1 2/1.5 3 Assumes Existing Property Owner Land Total Rehab Cost 18,750 37,500 62,500 5 Garage** Optional Site Work/Land Prep 1,000 1,500 2,000 7 Administrative 1,000 1,000 1,000 8 Construction Management & Contingencies 1,500 1,500 1, Total Construction & Development Costs 22,250 41,500 67, Overhead & Profit 13% 2,893 5,395 8, Development Budget 25,143 46,895 75, Commissions 7% 1,760 3,283 5, Total Development Costs (equal to sales price) 26,902 50,178 81, Basic Construction 50/SF Sales/SF Adjustments Subsidy 18 Less Acquisition City Less Site Work/Land Prep City 1,000 1,500 2, Total Apartment Rehab Project Cost 25,902 48,678 79, Total Price Per Sq. Ft Total Subsidy per unit (/SF) Total Subsidy per unit (%) 4% 3% 3% i=4.5%; t=30yrs 24 Market Rate -- Monthly Payment 20% down Insurance 1000/yr Taxes 500/yr Market Rate Monthly Financing Payment SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX

3 Appendix 1C Garden District - Indiana Landmarks Interim Report SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX 69

4 Appendix 1C Garden District - Indiana Landmarks Interim Report 70 SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX

5 Appendix 1C Garden District - Indiana Landmarks Interim Report SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX 71

6 Appendix 1C Garden District - Indiana Landmarks Interim Report 72 SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX

7 Appendix 1C Garden District - Indiana Landmarks Interim Report SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX 73

8 Appendix 1C Garden District - Indiana Landmarks Interim Report 74 SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX

9 Appendix 1D Block South Main Street Property Inventory (Fall 2012) ckson Blvd RIVERWALK Lexington Ave CENTRAL PARK High St. 2nd St. Waterfall Dr. 307 S. Main St. Franklin St. 107 W. FRANKLIN Marion St. Marion St Division St. 600 UPPER FLOOR REHABILITATION GROUND FLOOR VACANCY GROUND FLOOR VACANCY & UPPER FLOOR REHABILITATION Harrison St. 601 Tyler St State St SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX 75

10 Appendix 1E TIF Waiver - Tax Abatement Loan Concept Assumptions No Assistance TIF Increment Waiver TIF Waiver & Tax Abatement 100% Lease 10/SF Space 1500 SF Tenant Improvements 15, , , Bldg Code Upgrades 25, , , Annual Sales 150, , , Cost of Goods Sold (COGS) Annual Lease 15, , , Inventory Expense 75, , , Labor Expense 45, , , Annual Operating Expenses 135, , , Debt Expenses Tenant Improvements to space 5, , , Bldg Code Upgrades 9, , , Total Annual Debt Expenses 15, , TIF Waiver of , New Property Taxes (original AV 100k) 2, , TIF Waiver & Tax Total Expenses 153, , Abatement 100% 150, NOI/Profit (3,329.63) (2,529.63) (529.63) NOI return/profit Percent -2% -2% 0% Business Industry PROFIT NORM 10% 15, , , % 10% 10% BUSINESS GAP (18,662.59) (17,782.59) (15,582.59) New Property AV 140, , , NEW TIF Increment SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX

11 Appendix 1F Balloon Loan Concept Assumptions NO Assistance Building Code Balloon after 5 years Building Code Balloon after 5 years Lease 10/SF Space 1500 SF Tenant Improvements 15, , , Bldg Code Upgrades 25, , , Annual Sales 150, , , Cost of Goods Sold (COGS) Annual Lease 15, , , Inventory Expense 75, , , Labor Expense 45, , , Annual Operating Expenses 135, , , Yr Balloon amortized over Debt Expenses Tenant Improvements to space 5, , % interest to be refinanced after 5 Yrs Bldg Code Upgrades 9, , , Total Annual Debt Expenses 15, , Yr Balloon amortized over 2, % interest to be New Property Taxes (original AV 100k) 2, , refinanced after 5 Yrs 2, Total Expenses 153, , , NOI/Profit (3,329.63) , NOI return/profit Percent -2% 0% 8% Business Industry PROFIT NORM 10% 15, , , % 10% 10% BUSINESS GAP (18,662.59) (14,815.32) (3,780.00) New Property AV 140, , NEW TIF Increment SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX 77

12 Appendix 1G Flexible Terms Loan Concept No Assistance WITHOUT Flexible Loan Package WITH Flexible Loan Package Assumptions Lease 10/SF % Lease 50% Lease 5.00 Space 1500 SF Write down Write down 1500 Tenant Improvements 15, , , Bldg Code Upgrades 25, , , Annual Sales 150, , , Cost of Goods Sold (COGS) Annual Lease 15, , % Lease 7, Inventory Expense 75, , Write down Write down 75, Labor Expense 45, , , Annual Operating Expenses 135, , , Debt Expenses Tenant Improvements to space 5, , Bldg Code Upgrades 9, , , Total Annual Debt Expenses 15, , % Lease 5 Yr Balloon amortized over % interest to be refinanced 5 Yr Balloon amortized over 20 0% interest to be refinanced after 5 Yrs 2, New Property Taxes (original AV 100k) 2, , , TIF Waiver TIF Waiver Total Expenses 153, , , NOI/Profit (3,329.63) 8, , NOI return/profit Percent -2% 7% 15% Business Industry PROFIT NORM 10% 15, , , % 10% 10% BUSINESS GAP (18,662.59) (5,685.32) 5, New Property AV 140, , , NEW TIF Increment SoMa LIVE / WORK DEVELOPMENT STRATEGY APPENDIX

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