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REVENUES <br />T REVENUES <br />65,020 <br />Rental Revenue <br />Rental Vacancies 6,502 <br />Net Rent Revenues <br />TOTAL PROJECTED ANNUAL REVENUES <br />OPERATING EXPENSES <br />$58,518 <br />Page 1 <br />EXPLANATION <br />Rent Potential $25 rent increase effective Mayl, 2012 <br />Calculated 10% potential vacancy rate <br />Page: 12 <br />West Grove 2011 Cash ProjectionAs <br />'ES & INSURANCE <br />Real Estate Taxes (PILOT) 3,250 Estimate for 2012 <br />Property Insurance 5,000 Estimate for 2012 <br />Total Taxes & Insurance 8,250 <br />TOTAL OPERATING EXPENSES BEFORE DEBT $20,400 <br />TOTAL PROJECTED REVENUES 58,518 <br />TOTAL EXPENSES BEFORE DEBT (20,400) <br />NET OPERATING INCOME 38,118 <br />REPLACEMENT RESERVE - DEPOSITS (2,400) $200 x 12 months <br />ANNUAL DEBT SERVICE <br />Mortgage Principal $15,000 <br />Mortgage Interest $58,968 P & I payable in January and July <br />Annual Mortgage ($73,968) <br />ESTIMATED CASH FLOW TO BE FUNDED BY CITY OF PEQUOT LAKES SPECIAL LEVY <br />($38,250) <br />11*./ <br />0.517112245 <br />4,350 <br />Office Staff time <br />Administrative Expenses <br />Accounting Fees <br />1,800 <br />Includes Monthly fee accountant and annual audit costs <br />Credit Reports <br />50 <br />$35 /report. <br />Office Supplies <br />100 <br />Total Administrative Expenses <br />6,200 <br />UTILITIES <br />Electric <br />150 <br />Estimate for Vacant Units Utilities <br />Gas <br />350 <br />Estimate for Vacant Units Utilities <br />Sewer & Water <br />150 <br />Estimate for Vacant Units Utilities <br />Refuse Removal <br />750 <br />Total Utilities <br />1,400 <br />MAINTENANCE & REPAIRS <br />Maintenance Labor <br />2,500 <br />PLHRA Maintenance Personnel cost (repairs, lawn care, snow removal) <br />Maintenance Supplies <br />350 <br />Self Explanatory <br />Contracts <br />1,200 <br />Exterminating, Fertilizer, and Weed Control (in contracts) <br />General Repairs <br />500 <br />As needed outside contractor labor repairs. <br />Total Repairs & Maintenance <br />4,550 <br />'ES & INSURANCE <br />Real Estate Taxes (PILOT) 3,250 Estimate for 2012 <br />Property Insurance 5,000 Estimate for 2012 <br />Total Taxes & Insurance 8,250 <br />TOTAL OPERATING EXPENSES BEFORE DEBT $20,400 <br />TOTAL PROJECTED REVENUES 58,518 <br />TOTAL EXPENSES BEFORE DEBT (20,400) <br />NET OPERATING INCOME 38,118 <br />REPLACEMENT RESERVE - DEPOSITS (2,400) $200 x 12 months <br />ANNUAL DEBT SERVICE <br />Mortgage Principal $15,000 <br />Mortgage Interest $58,968 P & I payable in January and July <br />Annual Mortgage ($73,968) <br />ESTIMATED CASH FLOW TO BE FUNDED BY CITY OF PEQUOT LAKES SPECIAL LEVY <br />($38,250) <br />11*./ <br />0.517112245 <br />