MXD Proposal, Scenario 2-A

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MXD Proposal, Scenario 2-A:Phase 1: Hotel

Schedule B: Cash Flow By Participant

Annual

( BTY )( ATY )	Total	1991	1992	1993	1994	1995	1996	1997	1998	1999	2000
Developer( )( )
Start-up Oper. Losses (exp.) ( 1 167)	-1866887	-1866887
Investment Adj. ( 1 320)	-6091165	-6091165
Return of Investment ( 1 370)	7164416										7164416
Subtotal: Developer( )( )	-793635	-7958052									7164416

Public ( )( )
Net Cash Flow (NCF) ( 2 699)

Investor ( 8.5%)( )
Investment ( 3 310)	-7056000	-7056000
Return of Investment ( 3 370)	7056000										7056000
Special Return of Equity ( 3 686)	5977993		115224	380323	473228	569849	670335	774840	883525	996558	1114112
Net Cash Flow (NCF) ( 3 699)
Subtotal: Investor ( 8.5%)( )	5977993	-7056000	115224	380323	473228	569849	670335	774840	883525	996558	8170112

Other ( )( )
Const.Interest ( 4 155)	3583000	3583000

Lender ( ****)( )
Financing Fees ( 5 158)	391000	391000
Orig.Mtge(s) ( 5 240)	-17812000	-17812000
Mtge Interest ( 5 660)	15913679	888903	1764996	1746430	1725921	1703264	1678234	1650584	1620038	1586294	1549016
Mtge Amortization ( 5 670)	2538108	82243	177298	195863	216373	239030	264059	291710	322255	356000	393277
Mtge Amortization ( 5 670)	15273892										15273892
Subtotal: Lender ( ****)( )	16304679	-16449853	1942293	1942293	1942293	1942293	1942293	1942293	1942293	1942293	17216186

Total	25072037	-27880905	2057517	2322617	2415521	2512142	2612628	2717133	2825818	2938851	32550714