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Avenue Flats Development Budget
8/5/2024 SOURCES Interim Sources Permanent Sources Tax-Exempt Bond Issuance 27,578,000 Construction Debt 27,000,000 Mortgage - FMAC 21,200,000 City of Wilmington 5,000,000 New Hanover County 1,500,000 Mortgage - N/A 4,500,000 Tax Credit Equity 21,901,592 Investment Income 2,849,727 Deferred Developer Fee 1,969,780 TOTAL SOURCES 113,499,099 TOTAL PERM SOURCES 58,921,099 Permanent Uses Assumed Debt Tax Exempt Bond Redemption 27,578,000 Acquisition Costs 4,814,832 Rehabilitation Costs 38,102,776 Financing Costs / Legal Costs 9,457,773 Soft Costs 1,217,075 Developer Fee 4,140,000 Project Reserves 1,188,643 TOTAL USES 58,921,099 GAP / SURPLUS - FINANCIAL ANALYSIS - 4% TEB & Mortgage - FMAC Avenue Flats 8/5/2024 Strictly Confidential Avenue Flats Development Budget Eligible Ineligible Acquisition Rehab Good Cost Bad Cost ACQUISITION COSTS 1.00% Land Various 4,500,000.00 - 4,500,000.00 4,500,000.00 - $8,000 per unit Building Improvements Various - - - - - - Other (NET ASSETS) Various - - - - Title Abstract TBD - - - - - - Title Insurance & Recording Fees TBD 193,200.00 191,268.00 1,932.00 191,268.00 193,200.00 - Real Estate Attorney - Acquisition TBD 121,632.00 108,374.00 13,258.00 - 108,374.00 109,468.80 12,163.20 Subtotal 4,814,832.00 PRE-DEVELOPMENT COSTS Option Costs - - - - - - Market Study TBD 5,000.00 5,000.00 - 5,000.00 5,000.00 - Zoning - Planning Board - - - - - - Zoning - Legal 20,000.00 20,000.00 - 20,000.00 20,000.00 - Zoning - Architect 10,000.00 10,000.00 - 10,000.00 10,000.00 - Utility Allowance Study 1,000.00 1,000.00 - 1,000.00 1,000.00 - Environmental Report TBD 16,000.00 16,000.00 - 16,000.00 16,000.00 - Termite Bond - - - - - - Survey (ALTA) TBA 20,000.00 20,000.00 - 20,000.00 20,000.00 - Appraisal TBD 5,000.00 5,000.00 - 5,000.00 5,000.00 - LIHTC Application Fee NCHFA 8,000.00 8,000.00 - - 8,000.00 Bond App Fee NCHFA 7,760.00 7,760.00 - - 7,760.00 PILOT App Fee - - - - - Geo Tech ECS 35,000.00 35,000.00 - 35,000.00 35,000.00 - Waiver Request Fee - - - - - - Subtotal 127,760.00 CONSTRUCTION COSTS Off-Site Improvements - - - - - - On Site Improvements (Eligible) $22,283 4,100,000.00 4,100,000.00 - 4,100,000.00 4,100,000.00 - Demolition (in Basis) 100,000.00 100,000.00 - 100,000.00 100,000.00 - Solar Installation - - - - - - Hard Costs (Min Required) TBD $0 - - - - - - Add'l Hard Costs (per unit) TBD $0 - - - - - - Constrx - New Bldgs (per unit) 25,920,000.00 25,920,000.00 - 25,920,000.00 25,920,000.00 - Constrx - Accessory Bldgs (per unit) - - - - - - General Requirements (%) TBD 6.00% 1,807,200.00 1,807,200.00 - 1,807,200.00 1,807,200.00 - Contractor Overhead (%) TBD 2.00% 602,400.00 602,400.00 - 602,400.00 602,400.00 - Contractor Profit (%) TBD 6.00% 1,807,200.00 1,807,200.00 - 1,807,200.00 1,807,200.00 - Impact / Tap Fees (per unit) - - - - - - Permits & Construction Legal $0 546,275.00 546,275.00 - 546,275.00 546,275.00 - Construction Bonding 1.30% 446,378.00 446,378.00 - 446,378.00 446,378.00 - Bld Rsk / GL Ins 154,123.00 154,123.00 - 154,123.00 154,123.00 - (Construction Contract) Subtotal 35,483,576.00 CONTINGENCY COSTS Hard Cost Contingency NCHFA 5.0% 1,716,840.00 1,716,840.00 - 1,716,840.00 1,716,840.00 - Additional Contingency - - - - - - Subtotal 1,716,840.00 ARCHITECTURE / ENGINEERING Engineer Reports 225,800.00 225,800.00 - 225,800.00 225,800.00 - Architect (Design %) - 65% TBD 3.00% 408,800.00 408,800.00 - 408,800.00 408,800.00 - Architect (Supervision %) - 35% TBD 135,000.00 135,000.00 - 135,000.00 135,000.00 - Other - Survey Update Millman 5,000.00 5,000.00 - 5,000.00 5,000.00 - Subtotal 774,600.00 INTERIM FINANCE COSTS Insurance $0 238,533.00 238,533.00 - 238,533.00 238,533.00 - Interest - Construction Loan Rate Increases - - - - - - Interest - Tax Exempt Bonds 3,209,626.00 2,086,256.90 1,123,369.10 2,086,256.90 2,086,256.90 1,123,369.10 Assuming 4.5% interest,31 months to redemption Interest - Construction Loan 4,234,984.00 1,897,450.00 2,337,534.00 1,897,450.00 1,897,450.00 2,337,534.00 Loan Origination Fee 1.00% 270,000.00 270,000.00 - 270,000.00 270,000.00 - City / County Interest 37,191.00 37,191.00 - 37,191.00 37,191.00 - Taxes 45,000.00 45,000.00 - 45,000.00 45,000.00 - Lender Inspection Draw $24,000 24,000.00 24,000.00 - 24,000.00 24,000.00 - Lender Final Inspection Fee $10,000 10,000.00 7.00 9,993.00 7.00 7.00 9,993.00 Construction Legal Fees / Expenses 80,000.00 80,000.00 - 80,000.00 80,000.00 - Subtotal 8,149,334.00 PERMANENT FINANCE COSTS Origination Fee TBD 1.00% 194,949.00 - 194,949.00 - - 194,949.00 FRE App Fee Lument 0.10% 21,200.00 - 21,200.00 - - 21,200.00 Standby Fee TBD 0.30% 63,600.00 - 63,600.00 - - 63,600.00 Legal Fees - Permanent Lender TBD $90,000 90,000.00 - 90,000.00 - - 90,000.00 City / County Legal TBD 50,000.00 5,000.00 45,000.00 5,000.00 5,000.00 45,000.00 City/County Loan Fees 1.00% 50,000.00 5,000.00 45,000.00 5,000.00 5,000.00 45,000.00 Cost Certification TBD 15,000.00 15,000.00 - 15,000.00 15,000.00 - Loan Application Fee TBD 55,000.00 - 55,000.00 - 55,000.00 Subtotal 539,749.00 BOND ISSUANCE COSTS Bond UW Fee & Expenses RBC 0.750% 206,835.00 - 206,835.00 - - 206,835.00 Estimate Underwriter's Counsel Tiber Hudson $75,000 75,000.00 - 75,000.00 - - 75,000.00 Estimate Remarketing Fee - - - - - - Bond Counsel & Expenses TBD $100,000 100,000.00 - 100,000.00 - - 100,000.00 Estimate Issuer Fee TBD 1.000% 275,780.00 - 275,780.00 - - 275,780.00 Issuer's Counsel TBD $55,075 $55,075.00 - 55,075.00 - - 55,075.00 Estimate Trustee Fee US Bank $7,500 7,500.00 - 7,500.00 - - 7,500.00 Estimate Trustee Legal Nexsn Pruet $8,000 8,000.00 - 8,000.00 - - 8,000.00 Rebate Analyst / Dissemination Fee - - - - - - Estimate Feasibility Analysis Fee 0.000% 10,000.00 - 10,000.00 - - 10,000.00 Rating Agency Fee S&P $18,000 18,000.00 - 18,000.00 - - 18,000.00 Estimate Annual Fee 0.00% - - - - - - Other (TEFRA, LGC Fee etc) 12,500.00 - 12,500.00 - - 12,500.00 Estimate Subtotal 768,690.00 SOFT COSTS Placed In Service Fee $1,000 $1,000 - 1,000.00 - - 1,000.00 Compliance Monitoring NCHFA $1,580 290,720.00 - 290,720.00 - - 290,720.00 Plan & Cost Review $15,000 15,000.00 - 15,000.00 - - 15,000.00 Allocation Fee NCHFA 0.92% 566,053.00 - 566,053.00 - - 566,053.00 Project Administration 2,802.00 - 2,802.00 - - 2,802.00 Fixtures / Furniture / Equipment TBD 290,000.00 290,000.00 - 290,000.00 290,000.00 - Relocation Costs $0 - - - - - - Soft Cost Contingency 0.0% - - - - - - Other Soft Costs - - - - - - Subtotal 1,165,575.00 PARTNERSHIP COSTS Organizational - Partnership 1,500.00 - 1,500.00 - 1,500.00 Syndicator Legal & Due Diligence TBD $50,000 50,000.00 - 50,000.00 - 50,000.00 Legal Opinion - - - - - Asset Management Fee $5,000 - - - - - Subtotal 51,500.00 DEVELOPER FEES Fee - Acquisition Portion BRAD - - - - - - $0 deferred Developer Fee - Contrx BRAD 28.5% 4,140,000.00 4,140,000.00 - 4,140,000.00 4,140,000.00 - $0 deferred Other / Developer's Overhead 0%- - - - - Subtotal 4,140,000.00 PROJECT RESERVES PRA Escrow - - - - - - Operating Deficit Reserve Owner 1,096,594.00 - 1,096,594.00 - - 1,096,594.00 6 mos OPEX, 6 mos DS, 6 mos ADRR Rent-up Reserve Owner 55,200.00 - 55,200.00 - - 55,200.00 Replacement Reserve Deposit Owner - - - - - - Deposit to Operating Account Owner 36,849.00 - 36,849.00 - - 36,849.00 Estimated to fund insurance escrow Subtotal 1,188,643.00 Total 58,921,099.00$ 47,520,095.90$ 11,401,003.10$ 191,268.00$ 47,328,827.90$ 52,023,122.70$ 6,897,976.30$ Loan/TDC: 35.98% Per unit:$320,223.36 c Credits Per unit:$13,448.63 ELIGIBLE BASIS COMMENTSAGGREGATE BASIS OK = TDCOK = TDC OK = Eligible Basis DEVELOPMENT COST ITEMS PAYEE TOTAL LIHTC BASIS 8/5/2024 Strictly Confidential Avenue Flats Unit Mix and Rents Unit ## BRs / BAs Unit Type Current Pro Forma Current Pro Forma Proforma Rent Increase Current UA Pro Forma UA Restricted Units Applicable AMI Applicable LIHTC % Applicable LIHTC Rents - Gross Applicable LIHTC Rents - Net Pro Forma vs. LIHTC 1 1 BR/1 BA Garden 9 9 9 9 496.00$ -$ -$ 72.00$ 9 75,825.00$ 30.00% 568.00$ 496.00$ 100.00% 2 2 BR/2 BA Garden 14 14 14 14 591.00$ -$ -$ 91.00$ 14 90,990.00$ 30.00% 682.00$ 591.00$ 100.00% 3 3 BR/2 BA Garden 7 7 7 7 678.00$ -$ -$ 110.00$ 7 105,144.00$ 30.00% 788.00$ 678.00$ 100.00% 4 1 BR/1 BA Garden 15 15 15 15 875.00$ -$ -$ 72.00$ 15 75,825.00$ 50.00% 947.00$ 875.00$ 100.00% 5 2 BR/2 BA Garden 12 12 12 12 1,046.00$ -$ -$ 91.00$ 12 90,990.00$ 50.00% 1,137.00$ 1,046.00$ 100.00% 6 3 BR/2 BA Garden 9 9 9 9 1,204.00$ -$ -$ 110.00$ 9 105,144.00$ 50.00% 1,314.00$ 1,204.00$ 100.00% 7 1 BR/1 BA Garden 17 17 17 17 1,065.00$ -$ -$ 72.00$ 17 75,825.00$ 60.00% 1,137.00$ 1,065.00$ 100.00% 8 2 BR/2 BA Garden 30 30 30 30 1,273.00$ -$ -$ 91.00$ 30 90,990.00$ 60.00% 1,364.00$ 1,273.00$ 100.00% 9 3 BR/2 BA Garden 18 18 18 18 1,467.00$ -$ -$ 110.00$ 18 105,144.00$ 60.00% 1,577.00$ 1,467.00$ 100.00% 10 1 BR/1 BA Garden 17 17 17 17 1,200.00$ -$ -$ 72.00$ 17 75,825.00$ 80.00% 1,516.00$ 1,444.00$ 83.10% 11 2 BR/2 BA Garden 22 22 22 22 1,400.00$ -$ -$ 91.00$ 22 90,990.00$ 80.00% 1,819.00$ 1,728.00$ 81.02% 12 3 BR/2 BA Garden 14 14 14 14 1,800.00$ -$ -$ 110.00$ 14 105,144.00$ 80.00% 2,102.00$ 1,992.00$ 90.36% Totals / Averages 184 184 184 184 1,158.14$ -$ 89.97$ 184 89,902.08$ 58.91% 1,324.48$ 1,234.51$ 95.44% Total Units LIHTC LimitsRevenue Units 8/5/2024 Strictly Confidential Avenue Flats Financing Kerr Ave Wilmington NC 28403 New Hanover County FUNDING SOURCES - Equity BASIS BOOST FED RATE CREDIT PRICE AF DOLLARS $2,134,080.00 423,096.00$ Federal LIHTC - 9%Jul-20 N 9.00% $0.8900 100%- 0.00% Federal LIHTC - 4%Jul-20 Y 4.00% $0.8900 100%21,901,592.00 37.17% Per Unit Solar Equity Jul-20 N $0.0000 100%- 0.00% Gross Potential Income 2,557,176$ 13,898$ Direct Equity Investment - 0.00% Non Revenue Unit - - Owner Investment - 0.00% Other Income - Apartments 21,000 114 Other - Other Income - Non-Apartments - Other - Gross Income 2,578,176 Other - Vac/Bad Debt 7.00% (180,472) (981) Other - Effective Gross Income 2,397,704$ 13,031$ Operating Expenses (781,018) (4,245) FUNDING SOURCES - Debt AMORTIZING? START DATE RATE AMORT TERM DSCR LTV % DOLLARS ANNUAL DEBT SERVICE RR Transfer (46,000) (250) Net Operating Income 1,570,686$ 8,536$ New Debt Sources: 32,200,000 Debt Service Mortgage - FMAC Yes 1/1/2028 5.50% 35 1.15 79.67%21,200,000 1,366,169.41 New Debt 21,200,000 (1,366,169) (7,425) City of Wilmington No 6/1/2025 1.00% 40 5,000,000 10,225.83 Assumed Debt - - - New Hanover County No 6/1/2025 1.00% 40 1,500,000 9,203.25 Net Cash Flow 204,517$ 1,112$ Mortgage - N/A No 6/1/2025 1.00% 50 4,500,000 - Deferred Developer Fee 1,969,780 (102,258) (556) 1 Assumed Debt Sources: - City of Wilmington 5,000,000 (10,226) (56) 2 New Hanover County 1,500,000 (9,203) (50) 3 - 1 - NET CASH FLOW 92,032$ 500$ FUNDING SOURCES - Other DOLLARS Other - Investment Income 2,849,727.00 Other - Additional Cash - Other - Project Operations - Deferred Developer Fee Paid in full - yr. 13 1,969,780.00 47.58% of Total Fee Gap in funds: - TDC = $58,921,099.00 PRO FORMA CASH FLOW (Post Rehab) PERMANENT FUNDING SOURCES 8/5/2024 Strictly Confidential Avenue Flats Operating Statements First Year of New Operations: 2028 PROFORMA PER UNIT COMMENTS / NOTES Rental Income Gross Rent Potential 2,557,176 13,898 Tenant Assistance Payments - - -Calculated Total Rental Income 2,557,176$ 13,898$ Subject to approved budget Vacancy Vacancy (180,472) (981) -7% Total Vacancy Total Vacancy (180,472)$ (981)$ Subject to approved budget Other Revenue & Interest OTHER INCOME 21,000 114 -Approximately $19 per unit Total Other Revenue & Interest 21,000$ 114$ Subject to approved budget Effective Gross Income 2,397,704$ 13,031$ Subject to approved budget Administrative Expense 6210-00 - Advertising 15,000 82 6250-00 - Other Renting Expenses 200 1 6311-00 - Office Supplies 3,000 16 6311-05 - Computer Maintenance 4,350 24 6311-09 - Bank Service Charges 250 1 6313-00 - Postage 300 2 6315-00 - Resident Parties/Functions 3,000 16 6332-00 - Education & Training 2,400 13 6340-00 - Legal Expense 750 4 6345-00 - Credit & Collections 1,300 7 6350-00 - Audit Expense 8,000 43 6351-00 - Bookkeeping Fee/Accounting Svc 13,824 75 6360-00 - Telephone/Pager/Internet Exp 12,000 65 6370-00 - Bad Debt Expense 1,000 5 6390-00 - Misc Administrative Expenses 840 5 6390-03 - Employee Travel-Manager 700 4 Compliance Reporting 8,000 43 Total Administrative Expense 74,914$ 407$ Subject to approved budget Management Fee 6320-00 - Management Fee 107,897 586 -4.50% Total Management Fee 107,897$ 586$ Subject to approved budget Utilities 6450-00 - Electricity 9,800 53 6450-01 - Electricity-Vacant 5,000 27 -Assumes 75% maintenance 6451-00 - Water & Sewer 75,000 408 6525-00 - Garbage & Trash Removal 15,000 82 Total Utilities 104,800$ 570$ Subject to approved budget Payroll Expense 6540-00 - Maintenance Payroll 105,000 571 -Includes part time maintenance employee 6330-00 - Manager Payroll 105,000 571 -Includes part time manager employee 6711-00 - Payroll Taxes 13,342 73 6722-00 - Workmen's Compensation Insur 2,200 12 6723-00 - Health Insur/Other EE Benefits 14,000 76 Total Payroll Expense 239,542$ 1,302$ Subject to approved budget Operating and Maintence Expense 6515-00 - Janitor & Cleaning Supplies 3,200 17 6517-00 - Janitor & Cleaning Contract 1,250 7 6517-01 - Cleaning, Carpet 3,200 17 6519-00 - Exterminating Contract 7,000 38 6520-00 - Exterminating Supplies 550 3 6530-00 - Security Contract/Equip/Maint 18,000 98 6536-00 - Grounds Supplies 6,500 35 6537-00 - Grounds Contract 15,000 82 6541-00 - Repairs Supplies/Materials 8,000 43 6542-00- Repairs Contract 6,000 33 6542-01 - Repairs Contract-Electrical 1,800 10 6542-02 - Repairs Contract-Plumbing 800 4 6542-04 - Repairs Contract-Roof 100 1 6542-05 - Repairs Contract-Appliance 2,000 11 6546-00 - HVAC Equip/Repair & Maint 5,000 27 6548-00 - Snow Removal 200 1 6560-00 - Decorating Payroll/Contract 200 1 6562-00 - Turnover Painting, Vacant 6,500 35 6565-00 - Turnover Cleaning 2,000 11 6590-05 - Uniforms 70 0 Elevator Maintenace/Contract 18,000 98 Total Operating and Maintence Expense 105,370$ 573$ Subject to approved budget Taxes and Insurance 6710-00 - Real Estate Taxes - - 6720-00 - Property & Liability Insurance 147,200 800 6721-00 - Fidelity Bond Insurance 195 1 6730-00 - Personal Property Taxes 1,100 6 Total Taxes and Insurance 148,495$ 807$ Subject to approved budget Services Total Services -$ -$ Subject to approved budget TOTAL OPERATING EXPENSES: 781,018$ 4,245$ Subject to approved budget NET OPERATING INCOME: 1,616,686$ 8,786$ Subject to approved budget Replacement Reserve 46,000$ 250$ ADJUSTED NET OPERATING INCOME 1,570,686$ 8,536$ Subject to approved budget CATEGORY 8/5/2024 Avenue Flats Pro Forma Income Escalator 2.0%Expenses Escalator 3.0%Reserves Escalator 4.0%PIS Date 1/1/2028 Asset Mgmt Fee / Unit $5,000 Total Asset Mgmt Fee $5,000 Asset Mgmt Fee Escalator 3.0%Restricted Use Period (Yrs)30 ***Assumes rental income is supplemented by $55,200 lease-up reserve after placed-in-service*** 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 Gross Potential Income 2,557,176 2,608,320 2,660,486 2,713,696 2,767,970 2,823,329 2,879,796 2,937,392 2,996,140 3,056,063 3,117,184 3,179,528 3,243,119 3,307,981 3,374,141 Other Income - Apartments 21,000 21,420 21,848 22,285 22,731 23,186 23,650 24,123 24,605 25,097 25,599 26,111 26,633 27,166 27,709 Gross Income 2,578,176 2,629,740 2,682,334 2,735,981 2,790,701 2,846,515 2,903,446 2,961,515 3,020,745 3,081,160 3,142,783 3,205,639 3,269,752 3,335,147 3,401,850 Vac/Bad Debt 7.00%(179,002) (182,582) (186,234) (189,959) (193,758) (197,633) (201,586) (205,617) (209,730) (213,924) (218,203) (222,567) (227,018) (231,559) (236,190) Effective Gross Income 2,399,174 2,447,158 2,496,100 2,546,022 2,596,943 2,648,882 2,701,860 2,755,898 2,811,015 2,867,236 2,924,580 2,983,072 3,042,734 3,103,588 3,165,660 Operating Expenses (781,018) (804,448) (828,581) (853,438) (879,041) (905,412) (932,574) (960,551) (989,368) (1,019,049) (1,049,620) (1,081,109) (1,113,542) (1,146,948) (1,181,356) RR Transfer (46,000) (47,840) (49,754) (51,744) (53,814) (55,967) (58,206) (60,534) (62,955) (65,473) (68,092) (70,816) (73,649) (76,595) (79,659) Net Operating Income 1,572,156 1,594,870 1,617,765 1,640,840 1,664,088 1,687,503 1,711,080 1,734,813 1,758,692 1,782,714 1,806,868 1,831,147 1,855,543 1,880,045 1,904,645 Debt Service New Debt (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) (1,366,169) Assumed Debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Cash Flow 205,987 228,700 251,596 274,671 297,919 321,334 344,911 368,643 392,523 416,544 440,699 464,978 489,373 513,876 538,475 Start Date Fee Investor Dividend / AM Fee 12/1/2027 $5,000 (5,000) (5,150) (5,305) (5,464) (5,628) (5,796) (5,970) (6,149) (6,334) (6,524) (6,720) (6,921) (7,129) (7,343) (7,563) GP Cash Flow 200,987 223,550 246,291 269,207 292,291 315,537 338,941 362,494 386,189 410,020 433,979 458,056 482,244 506,533 530,912 Yr Paid Off % of CF Term Deferred Developer Fee 13 50.00% 15 (100,493) (111,775) (123,146) (134,604) (146,146) (157,769) (169,470) (181,247) (193,094) (205,010) (216,990) (229,028) (1,009) 0 0 City of Wilmington 30+ 10.00% 20 (20,099) (22,355) (24,629) (26,921) (29,229) (31,554) (33,894) (36,249) (38,619) (41,002) (43,398) (45,806) (48,224) (50,653) (53,091) New Hanover County 30+ 10.00% 30 (20,099) (22,355) (24,629) (26,921) (29,229) (31,554) (33,894) (36,249) (38,619) (41,002) (43,398) (45,806) (48,224) (50,653) (53,091) Remaining Cash Flow 60,296 67,065 73,887 80,762 87,687 94,661 101,682 108,748 115,857 123,006 130,194 137,417 384,787 405,227 424,730 Trends Negative 1st Mortgage Debt Coverage Ratio Year 60+1.15 1.17 1.18 1.20 1.22 1.24 1.25 1.27 1.29 1.30 1.32 1.34 1.36 1.38 1.39 Debt Coverage Ratio - All Amortizing Loans Year 60+1.15 1.17 1.18 1.20 1.22 1.24 1.25 1.27 1.29 1.30 1.32 1.34 1.36 1.38 1.39 Non-Amortizing Debt Paydown Rate Amount Deferred Developer Fee 0.0% 1,969,780 1,869,287 1,757,512 1,634,366 1,499,763 1,353,617 1,195,849 1,026,378 845,131 652,037 447,027 230,037 1,009 0 0 0 City of Wilmington 1.0% 5,000,000 5,029,901 5,057,845 5,083,794 5,107,712 5,129,560 5,149,301 5,166,900 5,182,320 5,195,524 5,206,478 5,215,144 5,221,490 5,225,481 5,227,082 5,226,262000000000000000Total Remaining Balance 12,939,089 12,893,302 12,832,256 12,755,790 12,663,746 12,555,972 12,432,314 12,292,628 12,136,771 11,964,604 11,775,994 11,570,814 11,589,055 11,603,638 11,613,492 PROFORMA YEAR 8/5/2024 Wilmington ▪ Atlanta ▪ Dallas ▪ Bellevue Blue Ridge Atlantic Development provided the best information we could on the construction sources and uses New Hanover County template. There were material errors that did not allow us to complete it. Upon request, Blue Ridge Atlantic Development would be happy to share our internal construction sources and uses. Construction Sources and Uses Tab #6