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RiversPlaza-FullBudgetAnalysis.xls

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COST BUDGET


CONSTRUCTION COST
			Cost
Land Loan To American Bank(2)			$ 8,782,000
SIH Loan Re-Payment (includes 12% interest for one year) (2)			$ 2,240,000
Pre-Development Costs To Date Sep. 24, 2008 (note held by OakBrook LLC and MM, LLC) (2)			$ 6,072,596
Design / Engineering (remaining $$'s to be spent, other costs in pre-development)			$ 500,000
Construction Administration (owners rep, owners office, insurance, bonds, permit fees)			$ 500,000
Site Work (as an amount per acre, assuming 28 acres, surface parked) (1)		$ 271,429	$ 7,600,000
Hardscape			$ 1,000,000
North Oak Parkway Construction (reps. 1/2 of total costs, rest is paid by residential)			$ 1,000,000
North Oak Parkway Signal Entrance			$ 250,000
Wetlands Mitigation			$ 300,000
Interchange Proffers			$ 2,200,000
Building (4)
	Retail (built out to a cold dark shell)	$ 75.00	$ 6,487,350
	Office (built out to a warm, vanilla box, plus elevator and exterior corridor)	$ 110.00	$ 3,319,910
	Theater (owner to build space with a cap of $8,500,000)		$ 8,500,000
	Gym		$ 5,515,200
	Bowling		$ 4,089,150
	Learning Centers		$ 1,105,000
Retail Tenant Allowances
	Specialty	$ 36.22	$ 3,132,570
	Office	$ 10.00	$ 301,810
Retail Leasing Fee to be Executed		$ 5.50	$ 939,120
Retail Leasing Fee Executed to Date			$ 997,000
Marketing			$ 350,000
Finance (assumes 73% of total at 6.46% interest for 1.5 years at 65%)		6.46%	$ 3,436,044	$ 3,436,044
Loan Closing Costs (includes fees, title, and legal, calculated as a % of Loan amount)		2.0%	$ 1,091,067	$ 54,553,373
Legal (per buildable square foot)		$ 1.50	$ 411,146
Taxes			$ 250,000
Development Fee (not including land, fees and finance)		5.0%	$ 2,573,591	$ 51,471,826
Diamond Asset Management Fee (includes hard costs, land costs, design and marketing)		0.00%	$ - 0	$ 57,305,586
Gulf Investment House Asset Management Fee		0.00%	$ - 0	$ 57,305,586
Gulf Investment House Underwriting Fee (% of Gulf Investment House total equity)		0.00%	$ - 0	$ 14,124,093
Contingency - Soft Costs		3.0%	$ 242,512	$ 8,083,742
Contingency - Hard Costs		5.0%	$ 1,544,582	$ 30,891,640
TOTAL CONSTRUCTION COSTS			$ 74,730,648
DEBT		73%	$ 54,553,373
EQUITY
New Equity (assumes SIH Loan Repayment)		69.9%	$ 14,104,679
Oakbrook LLC		30.1%	$ 6,072,596	$ 20,177,275
Notes:
(1) Site work includes clearing, grubbing, grading, utilities, parking, lighting and landscaping.
(2) Land has been appraised for $18 million.

&C&"Arial,Bold"&12RIVERS PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of UoNA&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" For Academic Use Only&R

OPERATING PRO FORMA

RIVERS PLAZA
FINANCIAL ANALYSIS
		CONSTRUCTION		OPERATIONS
		YEAR 1	YEAR 2	YEAR 1	YEAR 2	YEAR 3	YEAR 4 (Term Calc)
INCOME
	ANCHOR RENT			1,693,392	2,406,642	2,781,642	2,853,552
	SPECIALTY RENT			2,160,734	2,584,517	2,957,836	3,046,571
	OFFICE RENT			286,720	442,982	608,361	626,612
	GROUND RENT			150,660	536,455	859,329	885,109
	PERCENTAGE RENT			- 0	- 0	- 0	0
	MISCELLANEOUS INCOME			59,500	83,300	119,000	122,570
	TOTAL RENTS			4,351,006	6,053,895	7,326,168	7,534,414
	SPECIALTY COLLECTION LOSS AND VACANCY			INCLUDED IN RENT		(267,465)	(275,489)
TOTAL RENTS COLLECTED				4,351,006	6,053,895	7,058,704	7,258,925
EXPENSE RECOVERIES
	CAM, INSURANCE & MANAGEMENT FEE			1,194,203	1,289,149	1,358,776	1,399,105
	REAL ESTATE TAXES			644,128	663,452	683,355	703,856
	TOTAL EXPENSE RECOVERIES			1,838,330	1,952,601	2,042,131	2,102,961
EFFECTIVE GROSS INCOME				6,189,336	8,006,496	9,100,835	9,361,887
EXPENSES:
	COMMON AREA MAINTENANCE			(1,096,388)	(1,129,280)	(1,163,158)	(1,198,053)
	REAL ESTATE TAXES			(685,243)	(705,800)	(726,974)	(748,783)
	MANAGEMENT FEE			(174,040)	(242,156)	(282,348)	(290,357)
	TOTAL EXPENSES			(1,955,671)	(2,077,235)	(2,172,480)	(2,237,193)
NET OPERATING INCOME:				4,233,665	5,929,261	6,928,355	7,124,694
	Debt Service			(3,524,148)	(3,524,148)	(3,524,148)
	Partnership Expenses			(15,000)	(15,450)	(15,914)
	Property Capital Reserve			(137,049)	(141,160)	(145,395)
NET CASH FLOW				557,469	2,248,503	3,242,899
	Project Cash on Cost Return @ Land Value			5.7%	7.9%	9.3%
PARTNERSHIP DISTRIBUTIONS
	Net Cash Flow			557,469	2,248,503	3,242,899
	Preference to E+quity @ 12%	(823,233)	(2,421,273)	(2,421,273)	(2,421,273)	(2,421,273)
	Preference Payment to Bos E+quity @ 0%	- 0	- 0	- 0	- 0	- 0
	Cashflow to Partners	- 0	- 0	- 0	- 0	821,626
	Accrued Pref Repay to Equity	- 0	- 0	- 0	- 0	(821,626)
	Accrued Pref Repay to Bos Equity
	Cashflow to Partners	- 0	- 0	- 0	- 0	- 0
	0.075					94,995,917
	Closing Costs @ 3.0%					(2,849,878)
	Loan Payoff					(54,553,373)
	NET TERMINAL VALUE					37,592,667
	Repay Accrued Pref to Equity					(4,459,454)
	Repay Accrued Pref to Bos Equity					- 0
	Net					33,133,213
	Return of Equity to Equity					(20,177,275)
	Return of Equity to Bos Equity					- 0
	Net Available for Distribution					12,955,938
	E+quity @ 100.0%					12,955,938
	Bos E+quity @ 0.0%					- 0
	Bos Group @ 0.0%					- 0
	Diamond Properties @ 0.0%					- 0
EQUITY IRR
	TOTAL PROJECT COSTS	(25,408,420)	(49,322,228)	- 0	- 0	- 0
	DEBT	18,548,147	36,005,226	- 0	- 0	- 0
	EQUITY	(6,860,274)	(13,317,002)	- 0	- 0	- 0
	EQUITY IRR	(6,860,274)	(13,317,002)	- 0	- 0	- 0
	EQUITY AND PREFERENCE REPAYMENT	- 0	- 0	557,469	2,248,503	40,835,565
	TOTAL	(6,860,274)	(13,317,002)	557,469	2,248,503	40,835,565
	IRR Sale YR 3	26.54%
Bos Equity IRR
	TOTAL PROJECT COSTS	(25,408,420)	(49,322,228)	- 0	- 0	- 0
	DEBT	18,548,147	36,005,226	- 0	- 0	- 0
	EQUITY	(6,860,274)	(13,317,002)	- 0	- 0	- 0
	BOS GROUP EQUITY			- 0	- 0	- 0
	EQUITY AND PREFERENCE REPAYMENT	- 0	- 0	- 0	- 0	- 0
	TOTAL	- 0	- 0	- 0	- 0	- 0	- 0
	IRR Sale YR 3	0.00%
FINANCING
	LOAN AMT			54,553,373	54,553,373	54,553,373
	DEBT REPAYMENT			- 0	- 0	- 0
	NET LOAN AMOUNT			54,553,373	54,553,373	54,553,373
	INTEREST			3,524,148	3,524,148	3,524,148
	Equity Capital Account	6,860,274	20,177,275	20,177,275	20,177,275	20,177,275
	Equity Repayments	- 0	- 0	- 0	- 0
	Total	6,860,274	20,177,275	20,177,275	20,177,275	20,177,275
	Bos Equity Capital Account	- 0	- 0	- 0	- 0	- 0
	Equity Repayments	- 0	- 0	- 0	- 0
	Total	- 0	- 0	- 0	- 0	- 0
	Equity Accured Interest	823,233	2,421,273	2,421,273	2,421,273	- 0
	Accrued Interest Repayment	- 0	- 0	(557,469)	(2,248,503)	(821,626)
	Total	823,233	3,244,506	5,108,310	5,281,080	4,459,454
	Bos Equity Accrued Interest	- 0	- 0	- 0	- 0	- 0
	Accrued Interest Repayment	- 0	- 0	- 0	- 0	- 0
	Total	- 0	- 0	- 0	- 0	- 0

&C&"Arial,Bold"&12RIVERS PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of UoNA&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" For Academic Use Only

PRO FORMA ASSUMPTIONS

Lease Up Assumptions
	Anchor Rent Assumptions			Yr 1	Yr 2	Yr 3	Yr 4
	Theater			1,094,392	1,094,392	1,094,392	1,094,392
	Gym			- 0	713,250	758,250	803,250
	Bowling			300,000	300,000	630,000	630,000
	Learning Centers			299,000	299,000	299,000	325,910
	Total Anchor Rent			1,693,392	2,406,642	2,781,642	2,853,552
	Specialty store lease up YR 1			77.5%	[75% 1&2Q; 80% 3&4Q]
	Specialty store lease up YR 2			90.0%	[85% 5&6Q; 95% 7&8Q]
	Office Space Lease Up Year 1			50.0%
	Office Space Lease Up Year 2			75.0%
	Ground Rent Lease Up Year 1			18.6%	Pad K
	Ground Rent Lease Up Year 2			64.3%	Pad B, C and K
	Ground Rent Lease Up Year 3			100.0%	Pad E, B, C, and K
Rental Assumptions
	Anchors PSF increase every 5th YR			$ 0.50
	Specialty rent annual growth rate			3.0%
	Office Rent Annual Growth Rate			3.0%
	Ground Rent Annual Growth Rate			3.0%
	Specialty Collection Loss / Vacancy Allowance			7.5%
	Percentage Rent YR 3			- 0
	Percentage rent annual growth rate			3.0%
Other Income Assumptions
	Miscellaneous Income YR 3:
		10 Carts		- 0
		5 Payphones		- 0
		3 Vending		6,000
		5 Directory Advertising		- 0
		2 ATM		8,000
		Events		5,000
		Sponsorship		100,000
				119,000
	Misc. Income YR 1 as % of YR 3			50%
	Misc. Income YR 2 as % of YR 3			70%
	Misc. Income annual growth rate			3.0%
Expense Recovery Assumptions
	CAM & Management Fee Recovery			94%
	Real Estate Tax Recovery			94%
Expense Assumptions
	CAM and Insurance expense PSF of GLA			$ 4.00
	Real Estate Taxes			$ 2.50
	Management Fee @ 4% gross rent			$ 0.63
Expense Growth Rates
	CAM expense annual increase			3.0%
	Real estate tax annual increase			3.0%
	Management Fee % of Rents			4.0%
Financing
	Construction Loan Funding Percentage			73.0%
	Interest on Construction Loan			6.46%	1 Month LIBOR (assumed 321bps) + 325bps				646
	Preference on Equity			12.0%
	Preference on Other Equity			0.0%
Ownership
	Equity			100.0%
	Bos Equity			0.0%	0.0%		0.0%	IRR
	Bos Group			0.0%	0.0%	51.0%	$ - 0
	Diamond Properties			0.0%	0.0%	49.0%	$ - 0
VALUATION
	Capitalization Rate			7.50%
	Cost of Sale %			3.0%
Capital Improvements
	Capital Improvements			$ 0.50
			Year 1	Year 2	Year 3	Year 4	Year 5	Year 6	Year 7	Year 8	Year 9	Year 10
	Specialty Rent Growth		2,788,044	2,871,685	2,957,836	3,046,571	3,137,968	3,232,107	3,329,070	3,428,942	3,531,811	3,637,765
	Office Rent Growth		573,439	590,642	608,361	626,612	645,411	664,773	684,716	705,258	726,415	748,208
	Ground Rent Growth		810,000	834,300	859,329	885,109	911,662	939,012	967,182	996,198	1,026,084	1,056,866

&C&"Arial,Bold"&12RIVERS PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of UoNA&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" For Academic Use Only

TENANT $

ANCHOR ASSUMPTIONS
			YEAR 3		TOTAL ALLOWANCES
			NET RENT		(DETAIL BELOW)						RENT/
NAME		SF	$/PSF	TOTAL(000)	$/PSF	TOTAL(000)	COMMENTS				COST
Major A	Theater	47,500	$ 23.04	$ 1,094.4	$ 178.95	$ 8,500.1					12.9%
Major B	Gym	45,000	$ 16.85	$ 758.3	$ 122.56	$ 5,515.2					13.7%
Major C	Bowling	31,455	$ 20.03	$ 630.0	$ 130.00	$ 4,089.2					15.4%
Major D	Learning Centers	13,000	$ 23.00	$ 299.0	$ 85.00	$ 1,105.0					27.1%
0	0	0	$ - 0	$ - 0	$ 2.00	$ - 0					0.0%
0	0	0	$ - 0	$ - 0	$ 2.00	$ - 0					0.0%
0	0	0	$ - 0	$ - 0	$ 2.00	$ - 0					0.0%
0	0	0	$ - 0	$ - 0	$ 2.00	$ - 0					0.0%
											0.0%
											0.0%
											0.0%
0
											0.0%
	TOTALS	136,955		$ 2,781.6		$ 19,209.5	TOTAL RENT / TOTAL ALLOWANCES:				0.0%
	AVERAGE PSF		$ 20.31		$ 140.26			14.5%
		454.95	$ 10.11
		TI/CASH		CONSTRUCTION					DESIGN
		ALLOWANCES		ALLOWANCES					ALLOWANCES
NAME		$ PSF	TOTAL(000)	SHELL	WDS	TURNKEY	$/PSF	TOTAL(000)	$/PSF	TOTAL(000)
Major A	Theater	$ - 0	$ - 0	$ - 0	$ - 0	$ 178.95	$ 178.95	$ 8,500.1	$ - 0	$ - 0
Major B	Gym	$ 122.56	$ 5,515.2	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
Major C	Bowling	$ 75.00	$ 2,359.1	$ - 0	$ 55.00	$ - 0	$ 55.00	$ 1,730.0	$ - 0	$ - 0
Major D	Learning Centers	$ 30.00	$ 390.0	$ - 0	$ 55.00	$ - 0	$ 55.00	$ 715.0	$ - 0	$ - 0
0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 2.00	$ - 0
0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 2.00	$ - 0
0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 2.00	$ - 0
0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 2.00	$ - 0
	TOTALS		$8,264.3					$10,945.2		$ - 0
	AVERAGE PSF	$ 60.34					$ 79.92		$ - 0
SPECIALTY TENANT ASSUMPTIONS
					TI / CASH		WHITEBOX
			RENTALS		ALLOWANCES		CONSTRUCTION		DESIGN
	CATEGORY	SF	$/PSF	TOTAL(000)	$/PSF	TOTAL(000)	$/PSF	TOTAL(000)	$/PSF	TOTAL(000)
	Specialty Stores	0		$ - 0		$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Building F			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	F-1	2,197	$ 32.00	$ 70.3	$ 37.00	$ 81.3	$ - 0	$ - 0	$ - 0	$ - 0
	F-3	2,163	$ 32.00	$ 69.2	$ 37.00	$ 80.0	$ - 0	$ - 0	$ - 0	$ - 0
	F-5	2,165	$ 32.00	$ 69.3	$ 37.00	$ 80.1	$ - 0	$ - 0	$ - 0	$ - 0
	F-7	2,015	$ 32.00	$ 64.5	$ 37.00	$ 74.6	$ - 0	$ - 0	$ - 0	$ - 0
	Building A2			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	A-1	2,002	$ 32.00	$ 64.1	$ 37.00	$ 74.1	$ - 0	$ - 0	$ - 0	$ - 0
	A-3	1,975	$ 32.00	$ 63.2	$ 37.00	$ 73.1	$ - 0	$ - 0	$ - 0	$ - 0
	A-5	1,399	$ 32.00	$ 44.8	$ 37.00	$ 51.8	$ - 0	$ - 0	$ - 0	$ - 0
	Thai	2,500	$ 34.00	$ 85.0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Building A3			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	A-9	2,158	$ 32.00	$ 69.1	$ 37.00	$ 79.8	$ - 0	$ - 0	$ - 0	$ - 0
	A-11	2,103	$ 32.00	$ 67.3	$ 37.00	$ 77.8	$ - 0	$ - 0	$ - 0	$ - 0
	A-13	6,677	$ 32.00	$ 213.7	$ 37.00	$ 247.0	$ - 0	$ - 0	$ - 0	$ - 0
	A-15	2,567	$ 32.00	$ 82.1	$ 37.00	$ 95.0	$ - 0	$ - 0	$ - 0	$ - 0
	A-17	2,461	$ 32.00	$ 78.8	$ 37.00	$ 91.1	$ - 0	$ - 0	$ - 0	$ - 0
	Building D			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	D-1	2,449	$ 32.00	$ 78.4	$ 37.00	$ 90.6	$ - 0	$ - 0	$ - 0	$ - 0
	D-3	2,914	$ 32.00	$ 93.2	$ 37.00	$ 107.8	$ - 0	$ - 0	$ - 0	$ - 0
	Nice Restaurant	5,104	$ 32.00	$ 163.3	$ 50.00	$ 255.2	$ - 0	$ - 0	$ - 0	$ - 0
	D-7	2,150	$ 32.00	$ 68.8	$ 37.00	$ 79.6	$ - 0	$ - 0	$ - 0	$ - 0
	D-9	2,525	$ 32.00	$ 80.8	$ 37.00	$ 93.4	$ - 0	$ - 0	$ - 0	$ - 0
	D-11	2,109	$ 32.00	$ 67.5	$ 37.00	$ 78.0	$ - 0	$ - 0	$ - 0	$ - 0
	D-13	1,621	$ 32.00	$ 51.9	$ 37.00	$ 60.0	$ - 0	$ - 0	$ - 0	$ - 0
	D-15	5,002	$ 32.00	$ 160.1	$ 37.00	$ 185.1	$ - 0	$ - 0	$ - 0	$ - 0
	D-17	0	$ 32.00	$ - 0	$ 37.00	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Building G			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	G-1	1,925	$ 32.00	$ 61.6	$ 37.00	$ 71.2	$ - 0	$ - 0	$ - 0	$ - 0
	G-3	1,099	$ 32.00	$ 35.2	$ 37.00	$ 40.7	$ - 0	$ - 0	$ - 0	$ - 0
	G-5	1,308	$ 32.00	$ 41.9	$ 37.00	$ 48.4	$ - 0	$ - 0	$ - 0	$ - 0
	G-7	1,249	$ 32.00	$ 40.0	$ 37.00	$ 46.2	$ - 0	$ - 0	$ - 0	$ - 0
	G-9	1,921	$ 32.00	$ 61.5	$ 37.00	$ 71.1	$ - 0	$ - 0	$ - 0	$ - 0
	G-11	1,984	$ 32.00	$ 63.5	$ 37.00	$ 73.4	$ - 0	$ - 0	$ - 0	$ - 0
	G-13	1,442	$ 32.00	$ 46.1	$ 37.00	$ 53.4	$ - 0	$ - 0	$ - 0	$ - 0
	G-15	2,405	$ 32.00	$ 77.0	$ 37.00	$ 89.0	$ - 0	$ - 0	$ - 0	$ - 0
	Building H			$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Ice Cream	1,483	$ 41.00	$ 60.8	$ 35.00	$ 51.9	$ - 0	$ - 0	$ - 0	$ - 0
	Kabob	1,761	$ 33.00	$ 58.1	$ 15.00	$ 26.4	$ - 0	$ - 0	$ - 0	$ - 0
	H-3	1,928	$ 32.00	$ 61.7	$ 37.00	$ 71.3	$ - 0	$ - 0	$ - 0	$ - 0
	H-5	2,828	$ 32.00	$ 90.5	$ 37.00	$ 104.6	$ - 0	$ - 0	$ - 0	$ - 0
	H-7	2,837	$ 32.00	$ 90.8	$ 37.00	$ 105.0	$ - 0	$ - 0	$ - 0	$ - 0
	H-9	2,187	$ 32.00	$ 70.0	$ 37.00	$ 80.9	$ - 0	$ - 0	$ - 0	$ - 0
	H-11	3,885	$ 32.00	$ 124.3	$ 37.00	$ 143.7	$ - 0	$ - 0	$ - 0	$ - 0
	H-13	0	$ 32.00	$ - 0	$ 37.00	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Office	30,181	$ 19.00	$ 573.4	$ 10.00	$ 301.8	$ - 0	$ - 0	$ - 0	$ - 0
	Ground Rent Pad K	3,800	$ 105.26	$ 400.0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Ground Rent Pad E	3,500	$ 31.43	$ 110.0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Ground Rent Pad C	7,000	$ 21.43	$ 150.0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	Ground Rent Pad B	6,163	$ 24.34	$ 150.0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	RMU / Kiosks	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	0	0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 1.50	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 1.50	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 1.50	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 1.50	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ 1.50	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
		0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0	$ - 0
	TOTALS	137,142		$ 4,171.5		$ 3,434.4		$ - 0		$ - 0
	AVERAGE PSF		$ 30.42		$ 25.04		$ - 0		$ - 0

&C&"Arial,Bold"&12RIVERS PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of UoNA&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" For Academic Use Only

pkroskin: Actual TA is $127/sf this number is net $200,000 for tenant reimbursement of site work.

GBA - RETAIL


							12/31/99
						CURRENT	PREVIOUS	VARIANCE		194,029	0.7649960179
						SF	SF	incr/(decr)	COMMENTS	152,803	0.6024547182
ANCHORS:										134,803
Space #	Name									274,097	49.2%
										253,634	53.1%
Major A	Theater					47,500	0	47,500		245,094	55.0%
Major B	Gym					45,000	0	45,000
Major C	Bowling					31,455	0	31,455
Major D	Learning Centers					13,000	0	13,000
Major E						0	0	0
Major F						0	0	0
Major G						0	0	0
Major H						0	0	0
	TOTAL ANCHORS					136,955	0	136,955
SPECIALTY TENANTS:
			# Stores	Avg S.F.	Total
	Specialty Stores						0	0
		Building F
		F-1		2,197		2,197
		F-3		2,163		2,163
		F-5		2,165		2,165
		F-7		2,015		2,015
		Building A2
		A-1		2,002		2,002
		A-3		1,975		1,975
		A-5		1,399		1,399
		Thai		2,500		2,500
		Building A3
		A-9		2,158		2,158
		A-11		2,103		2,103
		A-13		6,677		6,677
		A-15		2,567		2,567
		A-17		2,461		2,461
		Building D
		D-1		2,449		2,449
		D-3		2,914		2,914
		Nice Restaurant		5,104		5,104
		D-7		2,150		2,150
		D-9		2,525		2,525
		D-11		2,109		2,109
		D-13		1,621		1,621
		D-15		5,002		5,002
		D-17		0		0
		Building G
		G-1		1,925		1,925
		G-3		1,099		1,099
		G-5		1,308		1,308
		G-7		1,249		1,249
		G-9		1,921		1,921
		G-11		1,984		1,984
		G-13		1,442		1,442
		G-15		2,405		2,405
		Building H
		Ice Cream		1,483		1,483
		Kabob		1,761		1,761
		H-3		1,928		1,928
		H-5		2,828		2,828
		H-7		2,837		2,837
		H-9		2,187		2,187
		H-11		3,885		3,885
		H-13		0		0
		Total			86,498
	Office
		Building G		13,120		13,120
		Building H-1		17,061		17,061
		Building H-2		0		0
		Total			30,181
	Grab and Go Restaurants				0	0
	Restaurants				0	0
	Ground Rent				20,463	20,463
	Storage - Retail				0	0
	RMU / Kiosks				0	0
						0
						0
						0
						0
						0
-
-
						0
						0
						0
						0
						0
						0
						0
							0	0
							0	0
	TOTAL SPECIALTY TENANTS					137,142	0	0
	GROSS LEASABLE AREA (GLA)					274,097	0	136,955
COMMON AREA:
	Mainstreet					0	0	0	N/A.
	Food Court Common Area					0	0	0	N/A.
	Courts					0	0	0	N/A.
	Central Service Corridor					0	0	0	N/A.
	Other Corridors					0	0	0	N/A.
	Mech. / Elec. / Fire Control Rooms					0	0	0	N/A.
	Toilets / JC					0	0	0	N/A.
	Property Management / Police					0	0	0	N/A.
	Storage					0	0	0	N/A.
	TOTAL COMMON AREA					0	0	0
	GROSS BUILDABLE AREA (GBA)					274,097	0	274,097
EFFICIENCY:				GLA / GBA		100%	0%
GBA BUILT				GLA		274,097	0	274,097
				less future/grndlse/sales		0	0	0
				Common Area		0	0	0
				GBA built		274,097	0	274,097

&C&"Arial,Bold"&12RIVERS PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of UoNA&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" For Academic Use Only

DETAIL

BROADWAY ARTS CENTER
PROJECT COST DETAIL
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
10	Land Acquisition
	01	Purchase Price				17,559,306
	02	BAC Held				6,000,000
	03	City Owned				1,130,000
	04	Other Acquisition/Condemnation				500,000
	05	Relocation - Radio Tower				550,000
	06	Appraisal Fee				65,000
	07	Title Insurance				78,100
	08	Recordation Fees
	09	Survey Fees				60,000
	10	Real Estate Taxes At Closing
	11	Transfer Fees
	12	Other Closing Costs
	13	Brokers Commission				476,502
	14	Market Study				13,800
	Retail / Residential Allocation				70.2%	(18,555,761)	18,555,761
		SUBTOTAL				7,876,947	18,555,761	28.74	per S.F. Retail Building Area	(Land)
Project GBA:		468,116						Land Per Project GBA SF	56.47
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
21	Master Planning
	01 Site Planning
	02 Conceptual Design					193,520
	03 Traffic Engineering
	04 Pre-Construction Cost Estimating					225,000
23	Sitework
	01 Surveying					23,400
	02 Soils Investigation					85,000
	03 Civil Engineering					180,000
	04 Traffic Consultants					20,000
	05 Environmental / Geotechnical Consultants					100,800
25	Shell & Common Area Design
	01 Architectural Design		6.0%		80,259,150	4,815,549		all bldg eng and consultants included here. % slightly higher in Phase 1 than combo
	02 Structural Engineering
	03 Mechanical Engineering
	04 Fire Protection Engineering
	05 Electrical Engineering
	06 Lighting Consultant
	07 Code Consultants
	08 Landscape Architect
	09 Hardscape Design		274,097	sf	0.00	0
	10 Graphics Consultant
	11 Lighting Consultant
	12 Other Consultants
	13 Architectural Reimbursables					110,000		2.3%	of Architectural Services
	14 Design Revisions Contingency							0.0%	of Architectural Services
26	Specialty Tenant Design
	01 Spec Tenant Design Allowance		137,142	sf	0.00	0
												0.0
27	Anchor / Mall Design
	00 Anchor/Major Design Allowance
	01 Architectural Design
	Major A	Theater	47,500	sf	0.00	0
	Major B	Gym	45,000	sf	0.00	0
	Major C	Bowling	31,455	sf	0.00	0
	Major D	Learning Centers	13,000	sf	0.00	0
	Major E	0	0	sf	2.00	0
	Major F	0	0	sf	2.00	0
	Major G	0	0	sf	2.00	0
	Major H	0	0	sf	2.00	0
	13 Other Consultants		0	ls	0.00	0
	Retail / Residential Allocation				70.2%	(4,038,795)	4,038,795
		SUBTOTAL				1,714,474	4,038,795	6.25	per S.F. Building Area	(Design)
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
31	Construction Administration
	01 Project Management					540,000
	01.01 Assistant PM/TC					337,500
	01.02 APM /TC Reimbursables					125,000
	03 Travel & Entertainment					200,000
	04 Reg. Fees & Permits					600,000		Place Holder. Estimates: PZ 200K, Bldg Dpt 8X15K, City Site inspect 75K, 15K soil erose inspctn, 15K sewer, 15K water inspect, other hook ups or utility fees, etc… TBD
	04.01 Sewer Connection Fees - Residential		179	Units	3,011		538,969
	04.02 Sewer Connection Fees - Retail					100,000		Remaining $400K charged back to tenants
	05 Office					300,000
	06 Blueprints - printing and reproduction					415,000
	06 Quality Control & Materials Testing					521,000
	07 Temporary facilities					100,000		2 years 50K year
	08 Security					350,000
	09 Owner General Conditions					100,000		Includes field office, FF&E, temp signs, phones, photos, vehicles, trash removal
	10 Insurance & Bond
	Retail / Residential Allocation				70.2%	(2,589,327)	2,589,327
		SUBTOTAL				1,099,173	3,128,296	4.01	per S.F. Building Area	(Construction Administration))
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
											Pleasant Crossing Blvd	3100 lf
32	Off-Sitework Construction										Pleasant Crossing Drive	1600 lf
	01 Traffic Signal		0.00	ea.	0.0	0
	03 Fencing (Allowance)		0	lf	7.0	0
	04 Landscaping & Irrigation				0.0	0
	05 Site Lighting				0.0	0
		SUBTOTAL				0	0	0.00	per S.F. Building Area	(Off-Sitework)
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
33	On-Sitework Construction
	Site Work					9,751,382
	Temporry parking					575,000		Phase 1 $525K, Phase 3 lot $50K,
	Demolition					1,000,000
	Remediation					744,000
	01 Site Layout & Engineering		8.52	acre	0.0	0		acreage is phase 1 site pads - exlcudes ROW
	02 Clear & Grub		8.52	acre	0.0	0
	03 Site Grading & Excavation		8.52	acre	0.0	0
	04 Erosion Control		8.52	acre	0.0	0
	05 Storm Sewer System		8.52	acre	0.0	0
	06 Underground Water System		8.52	acre	0.0	0
	07 Sanitary Sewer System		8.52	acre	0.0	0
	08 Natural Gas Distribution		8.52	acre	0.0	0
	09 Temporary Roads Allowance		8.52	acre	0.0	0
	10 Base and Paving		8.52	acre	0.0	0
	11 Curb and Gutter		8.52	acre	0.0	0
	12 Pavement Striping/Traffic		8.52	acre	0.0	0
	13 Landscaping & Irrigation		8.52	acre	0.0	0
	14 Site Lighting/Signage		8.52	acre	0.0	0
	15 Electrical & Telephone		8.52	acre	0.0	0					1.50
	16 Concrete Walks		8.52	acre	0.0	0					1.50
	Retail / Residential Allocation				70.2%	(8,473,408)	8,473,408
		SUBTOTAL				3,596,974	8,473,408	13.12	per S.F. Building Area	(Sitework)
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
34	Out-Parcel Preparation		0.01	acres
	01 Site Layout & Engineering		0.01	acre	0.0	0
	02 Clear & Grub		0.01	acre	0.0	0
	03 Site Grading & Excavation		0.01	acre	0.0	0
	04 Soil Stabilization & Seeding		0.01	acre	0.0	0
	05 Storm Sewer System		0.01	acre	0.0	0
	06 Underground Water System		0.01	acre	0.0	0
	07 Sanitary Sewer System		0.01	acre	0.0	0
	08 Natural Gas Distribution		0.01	acre	0.0	0
	09 Temporary Roads		0.01	acre	0.0	0
	15 Primary Electric and Telephone		0.01	acre	0.0	0
		SUBTOTAL				0	0	0.00	per S.F. Building Area	(Off-Sitework)
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
35	Building Construction
	01 Anchor Tenant Shell		136,955	sf	95.00	13,010,725
	02 Specialty Tenant Shell (cold dark shell)		44,816	sf	95.00	4,257,520		Glass and Metal Finish
	03 Retail Expansion demising to cold shell		0	sf	95.00	0								0
	04 Specialty Tenant White Box		136,955	sf	0.00	0
	05 Residential / Lobby Amenity Common Area		0	sf	110.00		0	This is included in Res and Retail GBA's now
	06 Low Rise Units Type 5A Construction		246,605	sf	110.00		27,126,550	Stick Build
	07 Low Rise Unit Delux Home Portion of Work		246,605	sf	0.00		0	N/A. All stick build now.
	08 High Rise Units Type 2A Construction		0	sf	0.00		0	N/A to phase 1
	09 High Rise Delux Home Portion of Work		0	sf	0.00		0	N/A to phase 1
	10 Hardscape		136,955	sf	0.00	0
	10.01 Allowance for Signage					60,000
	17 Dedicated Reserve
		17.01 Escalation Factor			0.00%	0		64,435,174
		17.02 Contingency			5.00%	3,496,759		69,935,174
	18 Allowances			ls		0
		19997 Architectural Icons				4,000,000
		19998 G C Allowance
	19 General Conditions			ls	3.88%	5,500,000		62,179,174	Hard Costs @ ??	(Fixed. No longer %)
	20 General Contractor Fees (OH & P)			ls	2.75%	1,923,217		69,935,174	Hard Costs + G.C.x
	21 Insurance			ls	0.00%	0		62,179,174	Hard Costs + G.C. x
	21.01	Builders Risk			0.44%	283,515		64,435,174
	21.02	Subcontractor Bonding			1.25%	805,440		64,435,174
	21.03	Liability Insurance			1.00%	699,352		69,935,174
	21.04	Pre-Construction Property Carry				250,051
	22 Bond			ls	0.00%	0		62,179,174	Hard Costs + G.C. x
	Retail / Residential Allocation				70.2%	(11,946,870)	11,946,870
		SUBTOTAL				22,339,708	39,073,420	81.50	per S.F. Building Area
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
36	Specialty Tenant Allowance
	01	Specialty Stores	123,979	sf	0.00	0
	02	Office	0	sf	10.00	0
	03	Ground Rent Pad K	0	sf	0.00	0
	04	Ground Rent Pad E	0	sf	0.00	0
	05	Ground Rent Pad C	20,463	sf	0.00	0
	06	Ground Rent Pad B	0	sf	0.00	0
	07	RMU / Kiosks	0	sf	0.00	0
	08	Incubator Tenant Support	0	sf	0.00	400,000
		0	0	sf	0.00	0
		0	0	sf	0.00	0
	Retail / Residential Allocation				0.0%	0	0
		SUBTOTAL	144,442			400,000	0	1.46	per S.F. Building Area
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
37	Anchor Tenant Allowance
	Major A	Theater	47,500	sf	0.00	0
	Major B	Gym	45,000	sf	122.56	5,515,200							0
	Major C	Bowling	31,455	sf	75.00	2,359,125
	Major D	Learning Centers	13,000	sf	30.00	390,000
	Major E	0	0	sf	0.00	0
	Major F	0	0	sf	0.00	0
	Major G	0	0	sf	0.00	0
	Retail / Residential Allocation				0.0%	0	0
		SUBTOTAL	136,955			8,264,325	0	30.15	per S.F. Building Area
								1,106,998.60
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
38	Custom Build Construction
	01	Parking - Structured	7,531	SF	81	606,999		ABC + 1&2 garages: 589954 SF of prkng = 1533 spots; plus 90375 SF of resindential structured slab
	02	Deck Over Parking spprtng Res	7,531	SF	81	606,999		A,B,C, (90375); Bldg 1 (7,531) Bldg 2 (9319 SF of res slab not spprtd by retail)
	03	Street Meters				300,000							0
	04	Building 1 Modifications				200,000
	05	Auto Pay Equipment
	06	Parking Controls
	07	Summers Building - Renovation	0	sf	0.00	2,568,720		BAC RDA commitment (balance to be covered by Theater owner and/or Seperate RAB)
	08	Paramount Theater - Renovation	0	sf	0.00	4,531,280		BAC RDA commitment (balance to be covered by Theater owner and/or Seperate RAB)
			0	sf	SF
	Retail / Residential Allocation				70.2%	(6,187,426)	6,187,426	Allocation Refflects Garage (retail/res parking zoning burden allocation)
		SUBTOTAL	15,062			2,626,571	6,187,426	9.58	per S.F. Building Area
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
40	Commissions
	40.01	Retail Leasing Commissions	260,934	sf	5.50	1,435,137
	40.02	All non-Retail Sales Commissions			2.0%		1,372,640
50	Marketing / Brochures / Signs/Leasing Office				1,600,000	476,800	1,123,200	includes office for two years
60	Pre-opening Management				150,000	75,000	75,000
70	Finance / Carrying Costs / Equity Pref.		- 0	7.50%	0	0	0
	EDC Loan		20,000,000	2.71%	813,000	242,274	570,726
	70.01	Legal			65,000	19,370	45,630
	70.02	Appraisal			10,000	2,980	7,020
	70.03	Capital Origination Fees			750,000	223,500	526,500
	70.04	Construction Origination Fees		1.0%	0	0	0
75	Development Legal		274,097	sf	1.50	0
	75.01	Consultant / Contractor Contracts			100,000	29,800	70,200
	75.02	Transactions			160,000	47,680	112,320
	75.03	Reimbursables			10,000	2,980	7,020
	75.04	Land Closing Legal			90,000	26,820	63,180
	75.05	City Consultants			475,000	141,550	333,450
	75.06	Development Agreement			80,000	23,840	56,160
76	Development Accounting / Auditing				50,000	14,900	35,100
77	Real Estate Taxes				499,586	148,877	350,709
81	Development/Construction Management		102,407,156	5.00%	5,120,358	1,525,867	3,594,491
85	Development Contingency			3.00%	3,072,215	915,520	2,156,695
	Retail / Residential Allocation				70.2%
		SUBTOTAL				0	0	0.00	per S.F. Building Area
Series	Category Description		Quantity	Unit	Unit Price	Retail Total	Residential Total	Comments
91	Residential Sales
	91.01	Market Rate Subtotals	0	units	- 0			subtotal market rate sales	0
	91.01.1	Market Rate 1BR	0	units	392,000		0
	91.01.2	Market Rate 2BR	0	units	420,000		0
	91.01.3	Market Rate 3 BR	0	units	460,000		0
	91.02	Affordable	8	units	200,000		1,600,000
	91.03	Live/Work	130	units	392,000		50,960,000
	91.04	Office	41	units	392,000		16,072,000	68,632,000
93	Parking Sales		0	spaces	25,000		0
95	Construction Recoveries		0	0	0	500,000	0	Contibution for common streetscape and utility work
	95.01	AdjacentDevlpmnts
96	Public Funds
	96.01	RAB Contribution			27,000,000	2,150,000	24,850,000
	96.02	Affordable Housing Grants	8	unit	100,000		800,000	COAH & RDA
	96.03	DOT Grants			1,500,000	447,000	1,053,000	(75% of elegible streetscape and underground cost)
	96.04	NJ Dpt of Commerce Grants			1,500,000	447,000	1,053,000	Incubator and Minority Business applied to tennant allowance
	96.05	NJ EDC			4,000,000	0	4,000,000	New Communities Grants
	96.06	Monmouth County Grants			1,000,000	298,000	702,000	Smart Growth and others
	96.07	Other Public Grants for Redvlt			4,000,000	1,192,000	2,808,000	TBD (HMFA & others)
	Retail / Residential Allocation				70.2%
		SUBTOTAL				5,034,000	103,898,000	18.37	per S.F. Building Area
		TOTAL				0	0	0.00	per S.F. Building Area	(Total Project)
							0
	Hard Hard Construction Costs (Site, Retail, Res, Prkg, Theaters				78,335,933

&C&"Arial,Bold"&12AVONLEA PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of Bos Group LLC&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" Copying or Distribution is Strictly Prohibited&R&F Page &P of &N &D

Redmond Walsh: source pz submission building calcs table. 5-15-07 (levels of retail GBA) (less 40K put into anchor above)

ASSUME

PLEASANT CROSSING POWER CENTER
ASSUMPTIONS
Item
No.
1		Government contributions - $20,000,000 towards the Bass Pro TA or infrastructure improvements.
2		Entitlements -
		Zoning - Commercial
		Permits - Pending
		Environmental - Pending
		Soils - Pending
3		Timing -
		Site Construction Commencement - 1st quarter 2003
		Building Construction Commencement - 2nd quarter 2003
		Grand Opening - 3rd quarter 2004
4		Size - land 40 acres, retail 346,800sf
5		Parking - Retail 4.5 per 1000 (672 spaces), Bass Pro (880 spaces), Cinema (750 spaces), Total (2,302 spaces)
6		Tenants with Signed Lease - none
7		Tenants in Negotiation - Bass Pro
8		Construction -
		Sequencing - normal, no phasing
		Acceleration - none and no $'s in budget
		Landlord Work - site and building. Specialty tenant space to white box. Anchor tenant space to warm dark shell.
		Tenant Work - specialty is FF&A, anchor full fit out.
9		Budget -
		Based on - Site Signatures Plan 8/14/2002
		Land Cost - $70,000 per acre
		Site Design - calculated at 8% of site work construction costs
		Building Design - 8% of building construction.
		Leasing Fees - $3 psf for outside brokers, $1.5 psf for Bos
		Financing - interest carry at 6%, preference payment at 9%. See attached Cash Requirement
		Real Estate Taxes - estimated
		Development Management - 4% of costs excluding payroll, fees, and interest carry.
		Contingency - 5% of hard costs, 3% of soft costs.
		Land Sales - none

&C&"Arial,Bold"&12AVONLEA PLAZA SUMMARY DEVELOPMENT BUDGET &14

&LProprietary Information of Bos Group LLC&C&"Arial,Bold"CONFIDENTIAL&"Arial,Regular" Copying or Distribution is Strictly Prohibited&R&F Page &P of &N &D

Pre-Construction Budget

BROADWAY ARTS CENTER
PRE-CONSTRUCTION BUDGET
FEBRUARY 2008 TO FEBRUARY 2009
Past Bills Due and payable
	TOTAL	$550,000
Interest on Land Debt ($150,000 / month)
	TOTAL	$1,800,000
General Overhead Expenses ($150,000 / month)
	TOTAL	$1,800,000
Architecture Engineering (assume 70% of fee paid)
	TOTAL	$350,000
General Contractor (assume 2.5% of total paid)
	TOTAL	$352,184
Owners Representative (assume 5% paid)
	TOTAL	$25,000
MuniCap (public finance consultant)
	TOTAL	$40,000
Financial forecasting and economic impact analysis
	TOTAL	$25,000
Legal (real estate, leasing, land use and partnership)
	TOTAL	$150,000
Leasing and Marketing (materials, events, advertising, ICSC)
	TOTAL	$250,000
BAC LLC
	Development Fee (assume $150,000 / month)	$1,800,000
	Leasing Fee (assume 50% pre-leased and 50% paid	$234,780
	Expenses (travel and entertainment)	$100,000
	TOTAL	$2,134,780
Miscellaneous
	TOTAL	$100,000
TOTAL PRE-DEVELOPMENT BUDGET		$7,576,964

&C&"Arial,Bold"&12AVONLEA PLAZA SUMMARY DEVELOPMENT BUDGET &14

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