MXD Proposal, Scenario 2-A

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

Schedule C: Residual Values & IROR's

(column heading(s) indicate method for calculating residual value)

	Capitalized value
PROJECT
165 Capitalized Cost (TCC)	30,959,165
190 Residual Value	29,494,309
195 Land Residual	5,898,862
670 Mtge Amortization	15,273,892
710 Depreciation	13,432,312

Developer
1 370 Return of Investment	7,164,416
1 916 Pre-Tax Present Value	-4798653
1 926 Pre-Tax Net Cash	-793635

Public
2 916 Pre-Tax Present Value
2 926 Pre-Tax Net Cash

Investor
3 370 Return of Investment	7,056,000
3 916 Pre-Tax Present Value	-1276468
3 926 Pre-Tax Net Cash	5,977,993

Other
4 916 Pre-Tax Present Value	3,199,107
4 926 Pre-Tax Net Cash	3,583,000

Lender
5 670 Mtge Amortization	15,273,892
5 916 Pre-Tax Present Value	-529384
5 926 Pre-Tax Net Cash	16,304,679

All Participants
99 916 Pre-Tax Present Value	-3405398
99 926 Pre-Tax Net Cash	25,072,037

Developer
1 936 IROR Pre-Tax
1 938 FMRR Pre-Tax	0.09

Public
2 936 IROR Pre-Tax
2 938 FMRR Pre-Tax

Investor
3 936 IROR Pre-Tax	8.53
3 938 FMRR Pre-Tax	10.6

Other
4 936 IROR Pre-Tax
4 938 FMRR Pre-Tax

Lender
5 936 IROR Pre-Tax	11.31
5 938 FMRR Pre-Tax	12.96

All Participants
99 936 IROR Pre-Tax	9.53
99 938 FMRR Pre-Tax	11.58