3 phases - city of chicago€¦ · xls file · web view · 2017-10-24hard cost budget 05-09 tif...

05/08/202300:34:28

1 of 73 document.xlsKey Assumptions

KEY ASSUMPTIONS

Leasing & Income

Use Type Rent TI's

GREEN EXCHANGE BUILDING

Retail 22,958 NNN $25.00 2.00% $ 30.00

Retail (2nd Floor) 66,600 NNN $18.00 2.00% $ 30.00

Office (3rd Floor) 39,574 $18.00 2.00% $ 30.00

Office (4th Floor) 36,821 $18.00 2.00% $ 30.00

56 units 1099 sf average / unit 61,549 gross $18.00 2.00% $ -

227,501

Parking 96 spaces $150.00 / month 1.50%

Sign Revenue $0,000 / annum 1.50%

STONE SOURCE BUILDING

Stone Source 3,991 NNN $10.43 Chicago CPI

Midwest Appliance Parts 2,074 NNN $14.53 Chicago CPI

6,065

RSF / Count (parking)

Annual Increases

gross with base year 2011


Work/Live Loft Units (3rd/4th/5th Floor)

05/08/202300:34:28 2 of 73 document.xls

Tax Analysis Presentation

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

Total Cost $62,825,809 0 0 0 0 0 0 0 0 0 0 0 0 0Depreciable Basis Reductions $0 0 0 0 0

Tax Credits ($9,607,615) 0 0 00 $0 0

Basis $53,218,194 00 $0 0

Acquisition Costs ($1,625,000) 00 $0

Depreciable Basis $51,593,194

0 1 2 3 4 5 6 7 8 9 10 11 12Tax Calculations Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 0

0 0 0 0 0 0 0 0 0 0 0 0 0Before Tax Cash Flow #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!###Add: Principal #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!###Less: Depreciation $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 ###Less: Points $ 60,000 $ 60,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - ###Taxable Income #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!###

0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% ###Tax Rate 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% ###0 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% ###Taxes #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!###

0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0% 0%Taxes as a percentage of Cash Flow #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%0 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%Beginning Basis $53,218,194 $51,895,291 $50,572,389 $49,249,487 $47,926,584 $46,603,682 $45,280,779 $43,957,877 $42,634,974 $41,312,072 $39,989,170 $38,666,267 Depreciation ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902) ($1,322,902)Ending Basis $51,895,291 $50,572,389 $49,249,487 $47,926,584 $46,603,682 $45,280,779 $43,957,877 $42,634,974 $41,312,072 $39,989,170 $38,666,267 $37,343,365

Table of Contents: HUD 108 Loan GuaranteeGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Description Page

Project Budget 1

Sources and Uses of Funds 2

Cash Flow Analysis with HUD 108 Loan Guarantee without TIF Assistance 3

Cash Flow Analysis 4

Construction Costs 5

Soft Costs 7

Rent Roll and Tenant Improvement Costs 9

Operating Budget 10

BOMA Calculations: Green Exchange @ 2545 W. Diversey, Chicago, Illinois

Commercial

Gross Floor Area Shafts Floor Common Load Factor

Ground Floor 70,338 2,665 37,725 8,725 - 21,223 1,814 - 23,037 1.0855 2nd Floor 64,352 2,979 - - 9,912 51,461 5,245 9,912 66,618 1.2945 3rd Floor 37,533 1,338 - - 115 36,080 3,093 115 39,289 1.0889 4th Floor 37,245 1,075 - 2,220 2,928 31,022 2,901 2,928 36,852 1.1879 5th Floor 2,208 100 - 2,108 - - - - - -

TOTAL AREA 211,677 8,157 37,725 13,053 12,956 139,786 13,053 12,956 165,795 1.1861

NOTE: Multiply actual sf by load factor to obtain rentable sf

Work/ Live

Gross Floor Area Shafts Floor Common Load Factor

Ground Floor 1,785 60 - 1,725 - - - - - - 2nd Floor 58 58 - - - - - - - - 3rd Floor 24,531 731 - - 1,763 22,037 1,076 1,763 24,876 1.1288 4th Floor 24,819 734 - 288 1,976 21,821 1,076 1,976 24,872 1.1398 5th Floor 12,995 974 - 653 1,601 9,767 514 1,601 11,882 1.2165

TOTAL AREA 64,187 2,557 - 2,666 5,339 53,625 2,666 5,339 61,630 1.1493

NOTE: Multiply actual sf by load factor to obtain rentable sf

TOTAL 275,864 10,714 37,725 15,719 193,411 15,719 227,425 1.18

Parking & Building Private

Building Common

Net Useable Floor Area

Building Common Allocation

Floor Common Allocation

Net Rentable Floor Area

Parking & Building Private

Building Common

Net Useable Floor Area

Building Common Allocation

Floor Common Allocation

Net Rentable Floor Area

05/08/2023 Copyright © 2010 Baum Development, LLC. All rights reserved. 00:34:28

Sources and Uses of FundsGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Sources of Funds:Developer Equity 25% $ 13,730,501 Equity currently in placeDeveloper Equity (Deferred General Contracting Fees) 5% $ 2,500,000 Historic Tax Credits 9% $ 4,803,808 Tax credits to be sold for $1.03 per credit. This sources represents the 50% due at closing of the sale of the credits.Solar Energy Tax Credits 0% $ 81,500 Tax credits to be sold for $1.03 per credit. This sources represents the 50% due at closing of the sale of the credits.Solar Thermal Grant 0% $ 240,000 Total Equity 39% $ 21,355,809

Recovery Zone Bonds/1st Mortgage 33% $ 17,900,000 HUD Section 108 Loan 28% $ 15,000,000 Total Debt 61% $ 32,900,000

Total Sources Of Funds 100% $ 54,255,809

Uses of Funds:Purchase Price $ 8,000,000

Hard Costs $ 28,693,932 Tenant Improvements $ 4,978,556

Total Construction Costs $ 33,672,488

Soft CostsAcquisition and Financing Costs $ 1,024,841 Legal, Accounting, Architects, Permits $ 2,406,862 Real Estate Taxes, Insurance, CAM $ 769,317 Project Furnishings, Equipment, Etc. $ 75,000 Marketing and Leasing Commissions $ 1,271,700

Total Soft Costs $ 5,547,720 Contingency $ 3,620,000 Interest $ 3,415,601

Total Uses Of Funds $ 54,255,809

Green Exchange Tenant Status Report Executed Leases

Pending Leases

Company Website Contact Status Suite # Probability Rent Floor Total Rent/SF Rent $ Term

GreenChoice Bank Steve Sherman Signed 104 3,806 100% 3,806 $ 32.00 NNN 1 $ 3.45 $ 35.45 $ 134,923 $ 134,923 $ 76,120 $ 20.00 180 7 $ 134,923

Vaute Couture Leane Mailg Signed 219 710 100% 710 $ 25.00 NNN 2 $ 3.45 $ 28.45 $ 20,200 $ 20,200 $ - 60 3 $ 155,122

Nexus - Green Roundtable Barbra Batshalom Signed 215 10,235 100% 10,235 $ 24.00 GROSS 2 $ - $ 24.00 $ 245,640 $ 245,640 $ 153,525 $ 15.00 90 5 $ 400,762

Balanced Kitchen Jonathan Alper Signed 4th 2,000 100% 2,784 $ 21.00 NNN 2 $ 3.45 $ 24.45 $ 48,900 $ 48,900 $ 30,000 $ 15.00 120 5 $ 449,662

Chicago Association of Realtors Wayne Caplan Signed 209 5,239 100% 5,239 $ 24.00 GROSS 2 $ - $ 24.00 $ 125,736 $ 125,736 $ 183,365 $ 35.00 210 10 $ 575,398

Evergreen Oak Electric Bart Kramer Signed 304 1,116 100% 1,116 $ 22.00 GROSS 3 $ - $ 22.00 $ 24,552 $ 24,552 $ 11,160 $ 10.00 165 5 $ 599,950

Smithereen Pest Management Emily Kluger Signed 302WL 902 100% 902 $ 23.00 GROSS 3 $ - $ 23.00 $ 20,746 $ 20,746 $ - 0 3 $ 620,696

Centre for Sustainability & Excellence Nick Andrews Signed 307 WL 717 100% 717 $ 20.00 GROSS 3 $ - $ 20.00 $ 14,340 $ 14,340 $ - $ - 60 3 $ 635,036

Mindful Metropolis Richard McGinis Signed 313 WL 1,227 100% 1,227 $ 22.00 GROSS 3 $ - $ 22.00 $ 26,994 $ 26,994 $ - 0 1 $ 662,030

Delta Institute Donna Ducharme Signed 404 5,831 100% 5,831 $ 20.00 GROSS 4 $ - $ 20.00 $ 116,620 $ 116,620 $ - $ - 90 5 $ 778,650

Watermark Property Management Chris Kiefor Signed 409 5,288 100% 5,288 $ 23.00 GROSS 4 $ - $ 23.00 $ 121,624 $ 121,624 $ 237,960 $ 45.00 90 5 $ 900,274

Distant Village Packaging Rich Cohen Signed 412WL 780 100% 780 $ 20.00 GROSS 4 $ - $ 20.00 $ 15,600 $ 15,600 $ - $ - 0 2 $ 915,874

Conscious Living TV Michael Alexander Signed 318WL 1,404 100% 1,404 $ 24.00 GROSS 4 $ - $ 24.00 $ 33,696 $ 33,696 1 $ 949,570

Pivotal Productions Shannon Downey Signed 409WL 808 100% 808 $ 20.00 GROSS 4 $ - $ 20.00 $ 16,160 $ 16,160 1 $ 965,730

TCG Flooring, LLC N/A Jerry Freeman Signed 4th 3,000 100% 2,784 $ 24.00 GROSS 4 $ - $ 24.00 $ 72,000 $ 72,000 $ 60,000 $ 20.00 60 5 $ 1,037,730

Barefoot Cement Rene Castro Signed 308 WL 708 100% 708 $ 22.00 GROSS 4 $ - $ 22.00 $ 15,576 $ 15,576 $ - 0 3 $ 1,053,306

Street Level Manwah Lee Lease Out 410 5,350 95% 5,083 $ 20.00 GROSS 4 $ - $ 20.00 $ 105,000 $ 99,750 $ 107,000 $ 20.00 2100 7 $ 1,158,306

Karyn's Jerry Scherer Lease Out 205 9,000 95% 8,550 $ 18.00 NNN 2 $ 3.45 $ 21.45 $ 193,050 $ 183,398 $ 540,000 $ 60.00 120 5 $ 1,351,356

Greater Than Dan Cox Lease Out 4th 1,500 95% 1,425 $ 20.00 GROSS 4 $ - $ 20.00 $ 30,000 $ 28,500 $ 60,000 $ 40.00 0 3 $ 1,381,356

Alper & Alper - Work-live 1 Jonathan Alper Lease Out 411 WL 940 50% 470 $ 20.00 GROSS 3 $ - $ 20.00 $ 18,800 $ 9,400 $ - $ - 0 3 $ 1,400,156

Alper & Alper - Work-live 2 Jonathan Alper Lease Out 412 WL 2,460 50% 1,230 $ 20.00 GROSS 3 $ - $ 20.00 $ 49,200 $ 24,600 $ - $ - 0 3 $ 1,449,356

Consolidated Printing Marilyn Jones Lease Out 407 509 75% 382 $ 21.00 GROSS 4 $ - $ 21.00 $ 10,689 $ 8,017 $ 10,180 $ 20.00 120 3 $ 1,460,045

Publicly Traded Company Ned Fankle LOI Out 3rd 39,289 75% 29,467 $ 18.50 GROSS 3 $ - $ 18.50 $ 726,847 $ 545,135 $ 1,768,005 $ 45.00 210 7.7 $ 2,186,892

National Logistics Company LOI Out 3rd 30,000 75% 22,500 $ 21.00 GROSS 3 $ - $ 21.00 $ 630,000 $ 472,500 $ 1,500,000 $ 50.00 210 5 $ 2,816,892

Intercall Bob Wise LOI Out 301 26,488 5% 1,324 $ 28.83 GROSS 3 $ - $ 28.83 $ 763,649 $ 38,182 $ 2,223,694

UNO Schools Rich Wallich LOI Out TBD 40,000 10% 4,000 $ 20.00 GROSS 3 $ - $ 20.00 $ 800,000 $ 80,000 #REF!

CEDA John Hamilton LOI Out TBD 40,000 50% 20,000 $ 20.00 GROSS 3 $ - $ 20.00 $ 800,000 $ 400,000 $ 2,000,000 $ 50.00 0 8 #REF!

20,000 SF User Lou Vidaillet - Howard Ec LOI Out TBD 20,000 10% 2,000 $ 24.00 GROSS 3 $ - $ 24.00 $ 480,000 $ 48,000 #REF!

Sloan Jim Allen LOI Out TBD 20,000 5% 1,000 $ 24.00 GROSS 3 $ - $ 24.00 $ 480,000 $ 24,000 #REF!

15,000 SF User Ed Galevanti LOI Out TBD 15,000 15% 2,250 $ 22.00 GROSS 3 $ - $ 22.00 $ 330,000 $ 49,500

Green Depot Carmen Arquelles LOI Out 101 15,000 10% 1,500 $ 25.00 NNN 1 $ 3.45 $ 20.00 $ 300,000 $ 30,000

Green Micro Gym Deana Bellamy LOI Out TBD 5,000 10% 500 $ 23.00 GROSS 2 $ - $ 23.00 $ 115,000 $ 11,500 #REF!

Green Grocer Cassie Green LOI Out TBD 2,000 5% 100 $ 25.00 NNN 1 $ 3.45 $ 28.45 $ 56,900 $ 2,845 #REF!

Yoga Studio Jenna LOI Out TBD 5,000 10% 500 $ 23.00 NNN 2 $ 3.45 $ 26.45 $ 132,250 $ 13,225 #REF!

Ambassador Organics Carol Mosley Braun LOI Out TBD 3,000 10% 300 $ 20.00 GROSS 4 $ - $ 20.00 $ 60,000 $ 6,000

Pepper Supplies Tom Berducci LOI Out TBD 2,000 5% 100 $ 22.00 GROSS 3 $ - $ 22.00 $ 44,000 $ 2,200 #REF!

Able Distributors Mike Bleier LOI Out TBD 2,072 10% 207 $ 22.00 NNN 2 $ 3.45 $ 25.45 $ 52,732 $ 5,273 #REF!

Aveda Samantha Kadaras LOI Out 105 2,500 5% 125 $ 25.00 NNN 1 $ 3.45 $ 28.45 $ 71,125 $ 3,556 #REF!

Square Feet

Weighted SF

NNN/ Gross

NNN Charges

Weighted Rent

TI Allowance

TI Allowance/

SF

Free Rent Days

Cumulative Total Rent

www.greenchoicebank.com

www.vautecouture.com

www.nexusboston.com

www.balancedkitchen.com

www.evergreenoak.com

www.smithereen.com

www.cse-net.org

www.mindfulmetroplis.com

www.delta-institute.org/

www.watermarkpm.com

www.distantvillage.com

www.consciouslivingtv.com

www.pivotalproductions.com

www.barefootcement.com

http://www.greenchoicebank.com/

http://www.vautecouture.com/

http://www.nexusboston.com/

http://www.balancedkitchen.com/

http://www.evergreenoak.com/

http://www.smithereen.com/

http://www.cse-net.org/

http://www.mindfulmetroplis.com/

http://www.delta-institute.org/

http://www.watermarkpm.com/

http://www.distantvillage.com/

http://www.consciouslivingtv.com/

http://www.pivotalproductions.com/

http://www.barefootcement.com/

Company Website Contact Status Suite # Probability Rent Floor Total Rent/SF Rent $ TermSquare

Feet Weighted

SF NNN/ Gross

NNN Charges

Weighted Rent

TI Allowance

TI Allowance/

SF

Free Rent Days

Cumulative Total Rent

Recycle Bank Ron Gonen LOI Out TBD 800 75% 600 $ 20.00 GROSS 3 $ - $ 20.00 $ 16,000 $ 12,000 #REF!

Essentia Mattress Dave LOI Out TBD 1,500 10% 150 $ 25.00 NNN 2 $ 3.45 $ 28.45 $ 42,675 $ 4,268 #REF!

The Green Maid Angela Vargas LOI Out TBD 1,500 10% 150 $ 23.00 GROSS 3 $ - $ 23.00 $ 34,500 $ 3,450

Ecosystem Capital Jay Truty LOI Out TBD 1,500 5% 75 $ 23.00 GROSS 3 $ - $ 23.00 $ 34,500 $ 1,725 #REF!

Granite Transformations Randy Butler LOI Out TBD 1,500 50% 750 $ 22.00 NNN 2 $ 3.45 $ 25.45 $ 38,175 $ 19,088 #REF!

Colori Michelle Quaranta LOI Out TBD 1,500 25% 375 $ 20.00 NNN 2 $ 3.45 $ 23.45 $ 35,175 $ 8,794 #REF!

Refurbished Office Environments Dave Feder LOI Out TBD 1,500 25% 375 $ 12.00 GROSS 4 $ - $ 12.00 $ 18,000 $ 4,500 #REF!

Malone Florist Dan Malone LOI Out TBD 1,500 5% 75 $ 23.00 NNN 2 $ 3.45 $ 26.45 $ 39,675 $ 1,984 #REF!

Ryco Landscaping Colin Tahney LOI Out TBD 1,500 5% 75 $ 24.00 GROSS 4 $ - $ 24.00 $ 36,000 $ 1,800 #REF!

Ethical Planet Fran Horwath LOI Out 204 1,300 5% 65 $ 25.00 NNN 2 $ 3.45 $ 28.45 $ 36,985 $ 1,849 #REF!

Upton's Naturals - Deli Dan Stackhouse LOI Out TBD 1,200 25% 300 $ 21.00 NNN 2 $ 3.45 $ 24.45 $ 29,340 $ 7,335 #REF!

Blue Horizon Joseph Kowalenko LOI Out TBD 1,000 25% 250 $ 25.00 NNN 2 $ 3.45 $ 28.45 $ 28,450 $ 7,113

A Better Clean Greg Peterson LOI Out TBD 900 10% 90 $ 22.00 GROSS 4 $ - $ 22.00 $ 19,800 $ 1,980

Concept A Bill McDowell LOI Out TBD 900 50% 450 $ 22.00 GROSS 4 $ - $ 22.00 $ 19,800 $ 9,900

Green GC - Residential Nate Selvig LOI Out WL 900 25% 225 $ 22.00 GROSS 3 $ - $ 22.00 $ 19,800 $ 4,950 #REF!


Project Budget Green Exchange @ 2545 W. Diversey, Chicago, Illinois

Parcel Size 77,848 s.f. Retail (1st Floor) 22,958 Building Floorplate 62,087 s.f. Retail (2nd Floor) 66,600 Stories 4 (plus penthouse addition) Office (3rd Floor) 39,574 Current Building Size 248,348 s.f. Office (4th Floor) 36,821 F.A.R. 3.19 Work/Live (3rd/4th/5th Floor) 61,549 Building Size (including parking and 5th floor additions 275,012 s.f. Parking 47,511

TOTAL 275,012

PROJECT COSTS: Square Feet Cost/S.F. Total Cost

Building (2545 W. Diversey, aka Cooper Lamp) 275,012 $ 27.27 $ 7,500,000

Land (parking lot @ SEC of Diversey and Maplewood) 6,300 $ 79.37 $ 500,000

Construction Costs 275,012 $ 104.34 $ 28,693,932

Tenant Improvements 165,952 $ 30.00 $ 4,978,556 (only for retail and office space)

Soft Costs (see attached) 275,012 $ 20.17 $ 5,547,720

Soft Costs Contingency 275,012 $ 0.91 $ 250,000

Construction Contingency 10% 275,012 $ 12.25 $ 3,370,000 (contingency on both construction and TI's)

Construction Interest 275,012 $ 12.42 $ 3,415,601

TOTAL PROJECT COSTS: 275,012 $ 197.28 $ 54,255,809


Sources and Uses of FundsGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Sources of Funds:Developer Equity $ 12,177,918 22.22%Developer Equity (Deferred General Contracting Fees) $ 2,500,000 12.62%

$ (4,803,808) -24.26% Future payments due upon C of O and Part III $ 9,607,615 48.52% Historic Tax Credits

FUTURE Solar Energy Tax Credit - Equity Proceeds $ (81,500) -0.41% Future payments due upon C of O and Part III Solar Energy Tax Credit - Equity Proceeds $ 163,000 0.82% See Sheet: Solar Budget & Credit Calculations FUTURE Solar Thermal Grant - Equity Proceeds $ (60,000) -0.11% Future payments due upon C of O Solar Thermal Grant - Equity Proceeds $ 300,000 1.51% State Grant Total Equity 36% $ 19,803,226 36.14%

Recovery Zone Bonds 36% $ 20,000,000 $ 72.72 Loan/SF See Amortization Table - 1st Mortgage Loan for loan assumptions HUD Section 108 Loan 27% $ 15,000,000 See Amortization Table - HUD Loan for loan assumptions Total Debt 64% $ 35,000,000

Total Sources Of Funds 100% $ 54,803,226

Uses of Funds:Purchase Price 2 $ 8,000,000

Hard Costs $ 28,693,932 Tenant Improvements $ 4,978,556


Soft Costs $ 5,547,720 Contingency $ 3,620,000 Interest $ 3,415,601

Total Uses Of Funds $ 54,255,809

Notes:

1 Historic Tax Credit Equity Proceeds will be paid 50% upon loan closing and the balance upon completion and receive a 2% interest return for a period of 5 years and will be subject to a 5% put at the end of the 5 1/2 year period after the property is placed in service.

2 Purchase Price includes 2 parcels: 2545 W. Diversey @ $7,500,000 and SEC of Diversey and Maplewood @ $500,000.

FUTURE Historic Tax Credit - Equity Proceeds 1

Historic Tax Credit - Equity Proceeds 1


Cash Flow Analysis with HUD 108 Loan Guarantee without TIF AssistanceGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

INPUT DATATotal Project Cost $ 54,255,809 Growth Rate of Operating Expenses 3% Depreciable Life of Improvements (Years) 39.00Loan Required $ 20,000,000 Interest Rate on Construction Loan #REF! Residual Cap Rate 10.00%Equity $ 14,677,918 Interest Only Period (# Months) 24 Selling Expenses 3.0%Investor Ownership % 0% Interest Rate on Permanent Loan (%) 6.50% Ordinary Income Tax Rate 35%Developer Ownership % 100% Amortization Term of Bank Loan (Years) 25 Capital Gains Rate 15%Preferred Return on Equity 0% Loan Term 10 Depreciation Recapture Rate 25%Operating Expenses (see expense detail) $ 1,042,914 Yearly Mortgage Payment $ 1,620,497 Land Cost (% of purchase price) 15% $ 1,625,000 Expense Contributions (see expense detail) $ 982,914 Developer Asset Management Fee $ - YEAR TO SELL 12

CASH FLOW ANALYSIS: % of Building Square Feet Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13

Gross Possible Rental Income: Base Rent: Retail 10.1% 22,958 $ 573,938 $ 585,417 $ 597,126 $ 609,068 $ 621,249 $ 633,674 $ 646,348 $ 659,275 $ 672,460 $ 685,910 $ 699,628 $ 713,620 $ 727,893 Pass-Throughs: Retail - $ 66,052 $ 90,149 $ 95,414 $ 98,614 $ 101,474 $ 104,417 $ 107,446 $ 110,562 $ 113,769 $ 117,069 $ 120,465 $ 124,555 $ 128,470 Taxes: Retail $ 33,135 $ 57,124 $ 69,553 $ 71,292 $ 73,074 $ 74,901 $ 76,774 $ 78,693 $ 80,660 $ 82,677 $ 84,744 $ 115,817 $ 133,551 Average Gross Rent PSF: $ 29.32 $ 31.91 $ 33.20 $ 33.93 $ 34.66 $ 35.41 $ 36.18 $ 36.96 $ 37.76 $ 38.58 $ 39.41 $ 41.55 $ 43.12 Base Rent: Retail (2nd Floor) 29.3% 66,600 $ 1,198,791 $ 1,222,767 $ 1,247,222 $ 1,272,167 $ 1,297,610 $ 1,323,562 $ 1,350,034 $ 1,377,034 $ 1,404,575 $ 1,432,667 $ 1,461,320 $ 1,490,546 $ 1,520,357 Pass-Throughs: Retail (2nd Floor) - $ 191,616 $ 261,520 $ 276,794 $ 286,077 $ 294,375 $ 302,913 $ 311,699 $ 320,740 $ 330,043 $ 339,616 $ 349,468 $ 361,331 $ 372,691 Taxes: Retail (2nd Floor) $ 96,126 $ 165,715 $ 201,773 $ 206,817 $ 211,988 $ 217,287 $ 222,720 $ 228,288 $ 233,995 $ 239,845 $ 245,841 $ 335,982 $ 387,430 Average Gross Rent PSF: $ 22.32 $ 24.77 $ 25.91 $ 26.50 $ 27.09 $ 27.68 $ 28.30 $ 28.92 $ 29.56 $ 30.21 $ 30.88 $ 32.85 $ 34.24 Base Rent: Office (3rd Floor) 17.4% 39,574 $ 712,334 $ 726,580 $ 741,112 $ 755,934 $ 771,053 $ 786,474 $ 802,203 $ 818,247 $ 834,612 $ 851,305 $ 868,331 $ 885,697 $ 903,411 Pass-Throughs: Office (3rd Floor) $ - $ - $ 31,139 $ 57,606 $ 66,804 $ 76,258 $ 85,975 $ 95,961 $ 106,226 $ 116,776 $ 127,620 $ 189,702 $ 228,537 Average Gross Rent PSF: $ 18.00 $ 18.36 $ 18.73 $ 19.10 $ 19.48 $ 19.87 $ 20.27 $ 20.68 $ 21.09 $ 21.51 $ 21.94 $ 22.38 $ 22.83 Base Rent: Office (4th Floor) 16.2% 36,821 $ 662,773 $ 676,029 $ 689,549 $ 703,340 $ 717,407 $ 731,755 $ 746,390 $ 761,318 $ 776,544 $ 792,075 $ 807,917 $ 824,075 $ 840,557 Pass-Throughs: Office (4th Floor) - $ - $ - $ 28,973 $ 53,598 $ 62,157 $ 70,952 $ 79,993 $ 89,285 $ 98,835 $ 108,651 $ 118,741 $ 176,504 $ 212,636 Average Gross Rent PSF: $ 18.00 $ 18.36 $ 19.51 $ 20.56 $ 21.17 $ 21.80 $ 22.44 $ 23.10 $ 23.77 $ 24.46 $ 25.17 $ 27.17 $ 28.60 Base Rent: Work/Live Loft Units (3rd/4th/5th Floor) 27.1% 61,549 $ 1,107,891 $ 1,130,049 $ 1,152,650 $ 1,175,703 $ 1,199,217 $ 1,223,201 $ 1,247,665 $ 1,272,618 $ 1,298,071 $ 1,324,032 $ 1,350,513 $ 1,377,523 $ 1,405,074 Pass-Throughs: Work/Live Loft Units (3rd/4th/5th Floor) - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Average Gross Rent PSF: $ 18.00 $ 18.36 $ 18.73 $ 19.10 $ 19.48 $ 19.87 $ 20.27 $ 20.68 $ 21.09 $ 21.51 $ 21.94 $ 22.38 $ 22.83 Base Rent: Parking - $ 172,800 $ 175,392 $ 178,023 $ 180,693 $ 183,404 $ 186,155 $ 188,947 $ 191,781 $ 194,658 $ 197,578 $ 200,541 $ 203,550 $ 206,603 Base Rent: Sign Revenue - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - ###

Total Gross Potential Income 100.0% 227,501 $ 4,815,456 $ 5,090,742 $ 5,309,327 $ 5,470,910 $ 5,599,812 $ 5,731,551 $ 5,866,193 $ 6,003,803 $ 6,144,449 $ 6,288,201 $ 6,435,128 $ 6,798,902 $ 7,067,209

Vacancy/Collection Loss % 50% 25% 10% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8%Less: Vacancy Allowance: $ 2,407,728 $ 1,272,685 $ 530,933 $ 437,673 $ 447,985 $ 458,524 $ 469,295 $ 480,304 $ 491,556 $ 503,056 $ 514,810 $ 543,912 $ 565,377

Effective Gross Income $ 2,407,728 $ 3,818,056 $ 4,778,394 $ 5,033,237 $ 5,151,827 $ 5,273,027 $ 5,396,897 $ 5,523,499 $ 5,652,893 $ 5,785,145 $ 5,920,317 $ 6,254,990 $ 6,501,832

Average Gross Rent/SF (excluding signage, parking and roof revenue) $ 20.41 $ 21.61 $ 22.56 $ 23.25 $ 23.81 $ 24.38 $ 24.95 $ 25.55 $ 26.15 $ 26.77 $ 27.40 $ 28.99 $ 30.16

Less: Real Estate Taxes (see Property Tax Analysis sheet) $ 328,361 $ 566,077 $ 689,249 $ 706,480 $ 724,142 $ 742,245 $ 760,802 $ 779,822 $ 799,317 $ 819,300 $ 839,783 $ 1,147,703 $ 1,323,445 ######Real Estate Taxes/SF $ 1.44 $ 2.49 $ 3.03 $ 3.11 $ 3.18 $ 3.26 $ 3.34 $ 3.43 $ 3.51 $ 3.60 $ 3.69 $ 5.04 $ 5.82

Less: Operating Expenses $ 714,552 $ 1,015,482 $ 1,071,321 $ 1,206,244 $ 1,241,459 $ 1,277,702 $ 1,315,003 $ 1,353,394 $ 1,392,907 $ 1,433,574 $ 1,475,430 $ 1,524,404 $ 1,571,912 ######Operating Expenses/SF $ 3.14 $ 4.46 $ 4.71 $ 5.30 $ 5.46 $ 5.62 $ 5.78 $ 5.95 $ 6.12 $ 6.30 $ 6.49 $ 6.70 $ 6.91

Total Operating Expenses and Property Taxes $ 1,042,914 $ 1,581,559 $ 1,760,569 $ 1,912,724 $ 1,965,601 $ 2,019,947 $ 2,075,805 $ 2,133,216 $ 2,192,224 $ 2,252,874 $ 2,315,212 $ 2,672,107 $ 2,895,357

Total Operating Expenses PSF including Property Taxes: $ 4.58 $ 6.95 $ 7.74 $ 8.41 $ 8.64 $ 8.88 $ 9.12 $ 9.38 $ 9.64 $ 9.90 $ 10.18 $ 11.75 $ 12.73

NET OPERATING INCOME (NOI) $ 1,364,814 $ 2,236,498 $ 3,017,825 $ 3,120,514 $ 3,186,226 $ 3,253,080 $ 3,321,093 $ 3,390,283 $ 3,460,670 $ 3,532,271 $ 3,605,105 $ 3,582,883 $ 3,606,475

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - #REF! $ -

Historic Tax Credit (HTC) Proceeds $ 4,803,808 $ - $ - Solar Tax Credit Proceeds $ 81,500 $ - $ -

Solar Thermal Grant Proceeds $ 60,000 $ - $ - Less: HUD Section 108 Loan Debt Service (interest only year 1 and 2) #REF! #REF! $ 690,000 $ 690,000 $ 690,000 $ 690,000 $ 690,000 $ 690,000 $ 690,000 $ 690,000 $ 690,000 $ 690,000 Less: Debt Service #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Cash Flow After Debt Service ; Before HTC Investor Payments (14,677,918) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

HTC Investor Preference and Put Payment (144,114) (288,228) (288,228) (288,228) (288,228) (1,729,371) 0 0 0 0 0 0

Cash Flow After Debt AND After HTC Investor Payments $ (14,677,918) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Project IRR To Equity #REF! Residual CalculationsTotal Project Cash Returned #REF! Yr To Sell 12Equity Multiple #REF! Yr To Cap 13

Sales Price 10.0% $ 36,064,753 NOI To Cap = $3,606,475Less: Selling Expenses 3.0% $ (1,081,943)Amount Realized $ 34,982,811 Less: Balance Due on HUD 108 Loan (End of Year) $ 7,685,815 Less: Balance Due on Mortgage (End of Year) #REF! Pre-Tax Residual Value To Equity #REF!

Net Pre-Tax Residual


FUNDED CAPITAL STRUCTURE GRIDGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Description % LTV

Solar Thermal Grant $ 240,000 #REF! #REF! Completion guarantee with the State of Illinois Dept. of Environment

Solar Energy Tax Credit $ 81,500 #REF! #REF! Personal guarantee, completion guarantee, recapture guarantee for 5 years

Historic Tax Credit Proceeds $ 4,803,808 #REF! #REF! Personal guarantee, completion guarantee, recapture guarantee for 5 years

Developer Equity $ 14,677,918 #REF! #REF!

HUD Section 108 Loan

2nd Mortgage from City of Chicago $ 15,000,000 #REF! #REF! Personal guarantee, completion guarantee

#REF!

Lender TBD #REF! #REF! #REF! Personal guarantee, completion guarantee

First Mortgage Leading Lender $ 20,000,000 #REF! #REF! Personal guarantee, completion guarantee

Total Project Cost #REF! #REF! 100%

Dollars (millions)

Cumulative % LTV

ASSOCIATED BANK (assumes loan is increased from $11.27M current loan)


Cash Flow Analysis Green Exchange @ 2545 W. Diversey, Chicago, Illinois

INPUT DATATotal Project Cost $ 54,255,809 Growth Rate of Operating Expenses 3% Depreciable Life of Improvements (Years) 39.00Recovery Zone Bonds $ 17,900,000 Interest Rate on Construction Loan 5.27% Residual Cap Rate 8.50%HUD Section 108 Loan $ 15,000,000 Interest Only Period (# Months) 36 Selling Expenses 2.5%Equity $ 14,677,918 Interest Rate on Permanent Loan (%) 6.88% Ordinary Income Tax Rate 35%Investor Ownership % 0% Amortization Term of Bank Loan (Years) 25 Capital Gains Rate 15%Developer Ownership % 100% Loan Term 10 Depreciation Recapture Rate 25%Preferred Return on Equity 0% Yearly Mortgage Payment (1,501,758) Land Cost (% of purchase price) 15% $ 1,625,000 Operating Expenses (see expense detail) $ 1,042,914 Developer Asset Management Fee 0.0% YEAR TO SELL 12Expense Contributions (see expense detail) $ 982,914

CASH FLOW ANALYSIS: % of Building Square Feet Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13

Gross Possible Rental Income: Base Rent: Retail 10.1% 22,958 $ 573,938 $ 585,417 $ 597,126 $ 609,068 $ 621,249 $ 633,674 $ 646,348 $ 659,275 $ 672,460 $ 685,910 $ 699,628 $ 713,620 $ 727,893 Pass-Throughs: Retail - $ 66,052 $ 90,149 $ 95,414 $ 98,614 $ 101,474 $ 104,417 $ 107,446 $ 110,562 $ 113,769 $ 117,069 $ 120,465 $ 124,555 $ 128,470 Taxes: Retail $ 33,135 $ 57,124 $ 69,553 $ 71,292 $ 73,074 $ 74,901 $ 76,774 $ 78,693 $ 80,660 $ 82,677 $ 84,744 $ 115,817 $ 133,551 Average Gross Rent PSF: $ 29.32 $ 31.91 $ 33.20 $ 33.93 $ 34.66 $ 35.41 $ 36.18 $ 36.96 $ 37.76 $ 38.58 $ 39.41 $ 41.55 $ 43.12 Base Rent: Retail (2nd Floor) 29.3% 66,600 $ 1,198,791 $ 1,222,767 $ 1,247,222 $ 1,272,167 $ 1,297,610 $ 1,323,562 $ 1,350,034 $ 1,377,034 $ 1,404,575 $ 1,432,667 $ 1,461,320 $ 1,490,546 $ 1,520,357 Pass-Throughs: Retail (2nd Floor) - $ 191,616 $ 261,520 $ 276,794 $ 286,077 $ 294,375 $ 302,913 $ 311,699 $ 320,740 $ 330,043 $ 339,616 $ 349,468 $ 361,331 $ 372,691 Taxes: Retail (2nd Floor) $ 96,126 $ 165,715 $ 201,773 $ 206,817 $ 211,988 $ 217,287 $ 222,720 $ 228,288 $ 233,995 $ 239,845 $ 245,841 $ 335,982 $ 387,430 Average Gross Rent PSF: $ 22.32 $ 24.77 $ 25.91 $ 26.50 $ 27.09 $ 27.68 $ 28.30 $ 28.92 $ 29.56 $ 30.21 $ 30.88 $ 32.85 $ 34.24 Base Rent: Office (3rd Floor) 17.4% 39,574 $ 712,334 $ 726,580 $ 741,112 $ 755,934 $ 771,053 $ 786,474 $ 802,203 $ 818,247 $ 834,612 $ 851,305 $ 868,331 $ 885,697 $ 903,411 Pass-Throughs: Office (3rd Floor) $ - $ - $ 31,139 $ 57,606 $ 66,804 $ 76,258 $ 85,975 $ 95,961 $ 106,226 $ 116,776 $ 127,620 $ 189,702 $ 228,537 Average Gross Rent PSF: $ 18.00 $ 18.36 $ 18.73 $ 19.10 $ 19.48 $ 19.87 $ 20.27 $ 20.68 $ 21.09 $ 21.51 $ 21.94 $ 22.38 $ 22.83 Base Rent: Office (4th Floor) 16.2% 36,821 $ 662,773 $ 676,029 $ 689,549 $ 703,340 $ 717,407 $ 731,755 $ 746,390 $ 761,318 $ 776,544 $ 792,075 $ 807,917 $ 824,075 $ 840,557 Pass-Throughs: Office (4th Floor) - $ - $ - $ 28,973 $ 53,598 $ 62,157 $ 70,952 $ 79,993 $ 89,285 $ 98,835 $ 108,651 $ 118,741 $ 176,504 $ 212,636 Average Gross Rent PSF: $ 18.00 $ 18.36 $ 19.51 $ 20.56 $ 21.17 $ 21.80 $ 22.44 $ 23.10 $ 23.77 $ 24.46 $ 25.17 $ 27.17 $ 28.60 Base Rent: Work/Live Loft Units (3rd/4th/5th Floor) 27.1% 61,549 $ 1,107,891 $ 1,130,049 $ 1,152,650 $ 1,175,703 $ 1,199,217 $ 1,223,201 $ 1,247,665 $ 1,272,618 $ 1,298,071 $ 1,324,032 $ 1,350,513 $ 1,377,523 $ 1,405,074 Pass-Throughs: Work/Live Loft Units (3rd/4th/5th Floor) - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Average Gross Rent PSF: $ 18.00 $ 18.36 $ 18.73 $ 19.10 $ 19.48 $ 19.87 $ 20.27 $ 20.68 $ 21.09 $ 21.51 $ 21.94 $ 22.38 $ 22.83 Base Rent: Parking - $ 172,800 $ 175,392 $ 178,023 $ 180,693 $ 183,404 $ 186,155 $ 188,947 $ 191,781 $ 194,658 $ 197,578 $ 200,541 $ 203,550 $ 206,603 Base Rent: Sign Revenue - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - ###


Vacancy/Collection Loss % 50% 25% 10% 8% 8% 8% 8% 8% 8% 8% 8% 8% 8%Less: Vacancy Allowance: $ 2,407,728 $ 1,272,685 $ 530,933 $ 437,673 $ 447,985 $ 458,524 $ 469,295 $ 480,304 $ 491,556 $ 503,056 $ 514,810 $ 543,912 $ 565,377

Effective Gross Income $ 2,407,728 $ 3,818,056 $ 4,778,394 $ 5,033,237 $ 5,151,827 $ 5,273,027 $ 5,396,897 $ 5,523,499 $ 5,652,893 $ 5,785,145 $ 5,920,317 $ 6,254,990 $ 6,501,832

Average Gross Rent/SF (excluding signage, parking and roof revenue) $ 20.41 $ 21.61 $ 22.56 $ 23.25 $ 23.81 $ 24.38 $ 24.95 $ 25.55 $ 26.15 $ 26.77 $ 27.40 $ 28.99 $ 30.16

Less: Real Estate Taxes (see Property Tax Analysis sheet) $ 328,361 $ 566,077 $ 689,249 $ 706,480 $ 724,142 $ 742,245 $ 760,802 $ 779,822 $ 799,317 $ 819,300 $ 839,783 $ 1,147,703 $ 1,323,445 ######Real Estate Taxes/SF $ 1.44 $ 2.49 $ 3.03 $ 3.11 $ 3.18 $ 3.26 $ 3.34 $ 3.43 $ 3.51 $ 3.60 $ 3.69 $ 5.04 $ 5.82

Less: Operating Expenses $ 714,552 $ 1,015,482 $ 1,071,321 $ 1,206,244 $ 1,241,459 $ 1,277,702 $ 1,315,003 $ 1,353,394 $ 1,392,907 $ 1,433,574 $ 1,475,430 $ 1,524,404 $ 1,571,912 ######Operating Expenses/SF $ 3.14 $ 4.46 $ 4.71 $ 5.30 $ 5.46 $ 5.62 $ 5.78 $ 5.95 $ 6.12 $ 6.30 $ 6.49 $ 6.70 $ 6.91

Total Operating Expenses and Property Taxes $ 1,042,914 $ 1,581,559 $ 1,760,569 $ 1,912,724 $ 1,965,601 $ 2,019,947 $ 2,075,805 $ 2,133,216 $ 2,192,224 $ 2,252,874 $ 2,315,212 $ 2,672,107 $ 2,895,357

Total Operating Expenses PSF including Property Taxes: $ 4.58 $ 6.95 $ 7.74 $ 8.41 $ 8.64 $ 8.88 $ 9.12 $ 9.38 $ 9.64 $ 9.90 $ 10.18 $ 11.75 $ 12.73

ADD: TIF PROCEEDS @ 90% OF AVAILABLE INCREMENT $ 238,958 $ 452,902 $ 563,757 $ 579,265 $ 595,161 $ 611,454 $ 628,155 $ 645,273 $ 662,819 $ 680,803 $ 699,237 $ 976,366 ###

NET OPERTING INCOME (NOI) $ 1,603,773 $ 2,689,400 $ 3,581,582 $ 3,699,779 $ 3,781,387 $ 3,864,534 $ 3,949,247 $ 4,035,556 $ 4,123,488 $ 4,213,074 $ 4,304,343 $ 4,559,248 $ 3,606,475

$ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ 20,375,948 $ -

ADD: TIF PROCEEDS NPV FOR BALANCE OF TERM @ 6% DISCOUNT RATE $ 10,229,644 ###Historic Tax Credit Proceeds $ 4,803,808 $ - $ - Solar Tax Credit Proceeds $ 81,500 $ - $ - Solar Thermal Grant Proceeds $ 60,000 $ - $ - Less: HUD Section 108 Loan Debt Service (interest only year 1 and 2) $ 690,000 $ 690,000 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 $ 1,273,473 Less: 1st Mortgage $ 943,330 $ 943,330 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758 $ 1,501,758

Cash Flow After Debt Service ; Before HTC Investor Payments (14,677,918) 4,915,750 1,056,070 806,351 924,548 1,006,156 1,089,303 1,174,016 1,260,325 1,348,257 1,437,843 1,529,112 32,389,609

HTC Investor Preference and Put Payment (144,114) (288,228) (288,228) (288,228) (288,228) (1,729,371) 0 0

Cash Flow After Debt AND After HTC Investor Payments $ (14,677,918) $ 4,771,636 $ 767,841 $ 518,123 $ 636,319 $ 717,927 $ (640,068) $ 1,174,016 $ 1,260,325 $ 1,348,257 $ 1,437,843 $ 1,529,112 $ 32,389,609

Project IRR To Equity After HTC Payments 13.69% Residual CalculationsTotal Project Cash Returned 45,910,939 Yr To Sell 12Equity Multiple 3.13 X Yr To Cap 13

Sales Price 9.0% $ 40,071,948 NOI To Cap = $3,606,475Less: Selling Expenses 2.5% $ (1,001,799)Amount Realized $ 39,070,149 Less: Balance Due on HUD 108 Loan (End of Year) $ 5,762,531 Less: Balance Due on Mortgage (End of Year) $ 12,931,671 Pre-Tax Residual Value To Equity $ 20,375,948

Net Pre-Tax Residual

CONFIDENTIAL05/08/202300:34:28

13 of 73 document.xlsProperty Tax Analysis

Property Tax Analysis (page 1 of 2)Green Exchange @ 2545 W. Diversey, Chicago, Illinois

Reassessment Increase Rate: 2.5%TIF Designation Year: 2007

Property Tax Analysis: TIF Year #: 2 3 4 5 6 7 8 9 10Actual Year: 2008 2009 2010 2011 2012 2013 2014 2015 2016

25%Tenant Description Square Footage Planning Construction ConstructionRetail 22,958 $ - $ - $ 1,295,786 $ 2,167,591 $ 2,777,226 $ 2,846,657 $ 2,917,823 $ 2,990,769 $ 3,065,538 Retail (2nd Floor) 66,600 $ - $ - $ 2,733,861 $ 5,359,221 $ 7,324,269 $ 7,507,376 $ 7,695,061 $ 7,887,437 $ 8,084,623 Office 76,395 $ - $ - $ 3,135,951 $ 5,573,682 $ 6,721,205 $ 6,889,235 $ 7,061,466 $ 7,238,003 $ 7,418,953 Work/Live Units 61,549 $ - $ - $ 3,183,467 $ 4,516,999 $ 4,873,604 $ 4,995,444 $ 5,120,330 $ 5,248,338 $ 5,379,547 Parking 47,511 $ - $ - $ 609,466 $ 1,274,394 $ 1,306,253 $ 1,338,910 $ 1,372,382 $ 1,406,692 $ 1,441,859 Equalized Assessed Value (EAV) Total $ - $ - $ 10,958,531 $ 18,891,887 $ 23,002,558 $ 23,577,622 $ 24,167,062 $ 24,771,239 $ 25,390,520 Less: Class L Reduction (assume 40% reduction years 1-10, 20% year 11, 10% year 12) $ (4,383,412) $ (7,556,755) $ (9,201,023) $ (9,431,049) $ (9,666,825) $ (9,908,496) $ (10,156,208)Class L Equalized Assessed Value (EAV) Total $ - $ 6,575,119 $ 11,335,132 $ 13,801,535 $ 14,146,573 $ 14,500,237 $ 14,862,743 $ 15,234,312 Base EAV $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 Incremental EAV $ - $ - $ 5,316,568 $ 10,076,581 $ 12,542,984 $ 12,888,022 $ 13,241,686 $ 13,604,192 $ 13,975,761 Local Tax Rate 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994%

Note: Taxes are collected 1 year in arrearsEstimated Incremental Taxes to Project $ - $ - $ 265,509 $ 503,224 $ 626,397 $ 643,628 $ 661,290 $ 679,393 $ 697,949 Cumulative Property Taxes to Project $ - $ - $ 265,509 $ 768,734 $ 1,395,130 $ 2,038,758 $ 2,700,048 $ 3,379,441 $ 4,077,391



Property Tax Analysis (page 2 of 2)Green Exchange @ 2545 W. Diversey, Chicago, Illinois

11 12 13 14 15 16 17 18 19 20 21 22 23 242017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030

$ 3,142,177 $ 3,220,731 $ 3,301,249 $ 3,383,780 $ 3,468,375 $ 3,555,084 $ 3,643,961 $ 3,735,060 $ 3,828,437 $ 3,924,148 $ 4,022,252 $ 4,122,808 $ 4,225,878 $ 4,331,525 $ 8,286,739 $ 8,493,907 $ 8,706,255 $ 8,923,911 $ 9,147,009 $ 9,375,684 $ 9,610,076 $ 9,850,328 $ 10,096,586 $ 10,349,001 $ 10,607,726 $ 10,872,919 $ 11,144,742 $ 11,423,361 $ 7,604,427 $ 7,794,537 $ 7,989,401 $ 8,189,136 $ 8,393,864 $ 8,603,711 $ 8,818,803 $ 9,039,274 $ 9,265,255 $ 9,496,887 $ 9,734,309 $ 9,977,667 $ 10,227,108 $ 10,482,786 $ 5,514,035 $ 5,651,886 $ 5,793,184 $ 5,938,013 $ 6,086,463 $ 6,238,625 $ 6,394,591 $ 6,554,455 $ 6,718,317 $ 6,886,275 $ 7,058,432 $ 7,234,892 $ 7,415,765 $ 7,601,159 $ 1,477,906 $ 1,514,853 $ 1,552,725 $ 1,591,543 $ 1,631,331 $ 1,672,115 $ 1,713,918 $ 1,756,766 $ 1,800,685 $ 1,845,702 $ 1,891,844 $ 1,939,140 $ 1,987,619 $ 2,037,309 $ 26,025,283 $ 26,675,915 $ 27,342,813 $ 28,026,383 $ 28,727,043 $ 29,445,219 $ 30,181,349 $ 30,935,883 $ 31,709,280 $ 32,502,012 $ 33,314,562 $ 34,147,426 $ 35,001,112 $ 35,876,140 $ (10,410,113) $ (10,670,366) $ (10,937,125) $ (11,210,553) $ (5,745,409) $ (2,944,522) $ - $ - $ - $ - $ - $ - $ - $ - $ 15,615,170 $ 16,005,549 $ 16,405,688 $ 16,815,830 $ 22,981,634 $ 26,500,697 $ 30,181,349 $ 30,935,883 $ 31,709,280 $ 32,502,012 $ 33,314,562 $ 34,147,426 $ 35,001,112 $ 35,876,140 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 1,258,551 $ 14,356,619 $ 14,746,998 $ 15,147,137 $ 15,557,279 $ 21,723,083 $ 25,242,146 $ 28,922,798 $ 29,677,332 $ 30,450,729 $ 31,243,461 $ 32,056,011 $ 32,888,875 $ 33,742,561 $ 34,617,589

4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994% 4.994%

$ 716,970 $ 736,465 $ 756,448 $ 776,931 $ 1,084,851 $ 1,260,593 $ 1,444,405 $ 1,482,086 $ 1,520,709 $ 1,560,298 $ 1,600,877 $ 1,642,470 $ 1,685,103 $ 1,728,802 $ 4,794,360 $ 5,530,826 $ 6,287,274 $ 7,064,204 $ 8,149,055 $ 9,409,648 $ 10,854,052 $ 12,336,138 $ 13,856,848 $ 15,417,146 $ 17,018,023 $ 18,660,494 $ 20,345,597 $ 22,074,399



252031

$ 4,439,813 $ 11,708,945 $ 10,744,856 $ 7,791,188 $ 2,088,242 $ 36,773,043 $ - $ 36,773,043 $ 1,258,551 $ 35,514,492

4.994%

$ 1,773,594 $ 23,847,993


16 of 73 document.xlsTIF Eligible Budget

TIF Eligible BudgetGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

TIF ELIGIBLE COSTS:

Construction Costs (see Construction Budget sheet) 274,550 $ 104.51 $ 28,693,932


TOTAL TIF ELIGIBLE COSTS 274,550 $ 124.72 $ 34,241,652


17 of 73 document.xlsMBE-WBE Budget

MBE/WBE BudgetGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

MBE/WBE COSTS: Total Cost

Construction Costs (see Construction Budget sheet) $ 28,693,932

Architectural and Engineering $ 184,981

FF and E $ 75,000

TOTAL MBE/WBE BUDGET $ 28,953,913


Rent Roll and Tenant Improvement CostsGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Tenant Type Lease Type Total Base Rent C.A.M. Increases

Retail NNN 22,958 $ 25.00 $ 573,938 $ 2.87 $ 1.44 $ 98,947 $ 29.31 $ 672,885 $ 30.00 $ 688,726 2.00%Retail (2nd Floor) NNN 66,600 $ 18.00 $ 1,198,791 $ 2.87 $ 1.44 $ 287,044 $ 22.31 $ 1,485,835 $ 30.00 $ 1,997,985 2.00%

Office (3rd Floor) 39,574 $ 18.00 $ 712,334 $ - $ - $ - $ 18.00 $ 712,334 $ 30.00 $ 1,187,223 2.00%

Office (4th Floor) 36,821 $ 18.00 $ 662,773 $ - $ - $ - $ 18.00 $ 662,773 $ 30.00 $ 1,104,622 2.00%

Work/Live Loft Units (3rd/4th/5th Floor) gross 61,549 $ 18.00 $ 1,107,891 $ - $ - $ - $ 18.00 $ 1,107,891 $ - $ - 2.00%

Parking (see notes) gross 47,511 $ 3.64 $ 172,800 $ - $ - $ - $ 3.64 $ 172,800 $ - $ - 1.50%Sign Revenue gross - $ - $ - $ - $ - $ - $ - $ - $ - $ - 1.50%

TOTALS 227,501 $ 18.71 $ 4,428,527 $ 385,991 $ 25.79 $ 4,814,518 $ 4,978,556

Parking assumes spaces are rented for: $150.00 /month. All exterior spaces assumed to be included in retail rent.

Rentable Square Feet

Base Rent/S.F.

Year 1 Real Estate Taxes

Total Pass Throughs

Total Rent/S.F.

Total Yearly Rent

Tenant Improvement

Allowance Per S.F.

Tenant Improvement

Allowance



(excludes parking)

(excluding parking, sign

income)


income)


income & Work/Live)

Rent Roll and Construction Costs Dated: 2/4/2010 NNN/ NNN Tenant TI (days)

Useable Load Rentable Base Total MODIFIED GROSS/ Charges Total Rent Total Yearly Improvement Allowance Free Commissions ExecutionUnit # Status Tenant Name Square Feet Factor Square Feet Rent/S.F. Base Rent GROSS /SF /SF Rent Allowance /SF Rent Term ($) Date

101 Available TBD 4,257 1.0853 4,620 $ 25.00 $ 115,505 NNN $ 4.32 $ 29.32 $ 135,467 $ 138,606 $ 30.00 102 Available TBD 5,400 1.0853 5,861 $ 25.00 $ 146,518 NNN $ 4.32 $ 29.32 $ 171,839 $ 175,822 $ 30.00 103 Available TBD 3,997 1.0853 4,338 $ 25.00 $ 108,451 NNN $ 4.32 $ 29.32 $ 127,193 $ 130,141 $ 30.00 104 Available TBD 680 1.0853 738 $ 25.00 $ 18,450 NNN $ 4.32 $ 29.32 $ 21,639 $ 22,141 $ 30.00 105 Available TBD 3,312 1.0853 3,595 $ 25.00 $ 89,864 NNN $ 4.32 $ 29.32 $ 105,395 $ 107,837 $ 30.00 106 Signed GreenChoice Bank 3,577 1.0853 3,806 $ 32.00 $ 121,792 NNN $ 4.32 $ 36.32 $ 138,236 $ 76,120 $ 20.00 180 7 8/5/2008Subtotal: 21,223 22,958 $ 26.16 $ 600,580 $ 4.32 $ 30.48 $ 699,768 $ 650,666 $ 28.34

201 Available TBD 4,564 1.2929 5,901 $ 18.00 $ 106,217 NNN $ 4.32 $ 22.32 $ 131,712 $ 177,029 $ 30.00 202 Available TBD 543 1.2929 702 $ 18.00 $ 12,637 NNN $ 4.32 $ 22.32 $ 15,670 $ 21,062 $ 30.00 203 Available TBD 2,752 1.2929 3,558 $ 18.00 $ 64,047 NNN $ 4.32 $ 22.32 $ 79,420 $ 106,745 $ 30.00 204 Available TBD 541 1.2929 699 $ 18.00 $ 12,591 NNN $ 4.32 $ 22.32 $ 15,613 $ 20,984 $ 30.00 205 Available TBD 3,698 1.2929 4,781 $ 18.00 $ 86,063 NNN $ 4.32 $ 22.32 $ 106,721 $ 143,439 $ 30.00 206 Available TBD 2,003 1.2929 2,590 $ 18.00 $ 46,616 NNN $ 4.32 $ 22.32 $ 57,805 $ 77,693 $ 30.00 207 Available TBD 3,207 1.2929 4,146 $ 18.00 $ 74,636 NNN $ 4.32 $ 22.32 $ 92,551 $ 124,394 $ 30.00 208 Available TBD 1,744 1.2929 2,255 $ 18.00 $ 40,588 NNN $ 4.32 $ 22.32 $ 50,330 $ 67,647 $ 30.00 209 Signed Chicago Association of Realtors 4,052 1.2929 5,239 $ 24.00 $ 125,736 GROSS $ 4.32 $ 28.32 $ 148,371 $ 183,364 $ 35.00 210 10 12/18/2009210 Available TBD 4,614 1.2929 5,966 $ 18.00 $ 107,381 NNN $ 4.32 $ 22.32 $ 133,155 $ 178,968 $ 30.00 211 Available TBD 2,378 1.2929 3,075 $ 18.00 $ 55,343 NNN $ 4.32 $ 22.32 $ 68,627 $ 92,238 $ 30.00 212 Available TBD 3,062 1.2929 3,959 $ 18.00 $ 71,262 NNN $ 4.32 $ 22.32 $ 88,366 $ 118,769 $ 30.00 213 Available TBD 2,455 1.2929 3,174 $ 18.00 $ 57,135 NNN $ 4.32 $ 22.32 $ 70,849 $ 95,225 $ 30.00 215 Signed Nexus - Green Roundtable 7,910 1.2929 10,235 $ 24.00 $ 245,640 GROSS $ 4.32 $ 28.32 $ 289,860 $ 153,525 $ 15.00 90 5 12/16/2008216 Available TBD 4,327 1.2929 5,595 $ 18.00 $ 100,702 NNN $ 4.32 $ 22.32 $ 124,873 $ 167,836 $ 30.00 217 Available TBD 3,105 1.2929 4,015 $ 18.00 $ 72,262 NNN $ 4.32 $ 22.32 $ 89,607 $ 120,437 $ 30.00 219 Signed Vaute Couture 546 1.2929 710 $ 25.00 $ 17,750 NNN $ 4.32 $ 29.32 $ 20,818 $ - $ - 60 3 12/22/2008Subtotal: 51,501 66,600 $ 19.47 $ 1,296,605 $ 4.32 $ 23.79 $ 1,584,347 $ 1,849,355 $ 27.77

313C Available TBD 5,689 1.2072 6,868 $ 18.00 $ 123,625 GROSS w 2011 base yr $ 18.00 $ 123,625 $ 206,041 $ 30.00 312C Available TBD 2,076 1.2072 2,506 $ 18.00 $ 45,112 GROSS w 2011 base yr $ 18.00 $ 45,112 $ 75,187 $ 30.00 303C Available TBD 1,219 1.2072 1,472 $ 18.00 $ 26,489 GROSS w 2011 base yr $ 18.00 $ 26,489 $ 44,149 $ 30.00 307C Available TBD 3,491 1.2072 4,215 $ 18.00 $ 75,861 GROSS w 2011 base yr $ 18.00 $ 75,861 $ 126,435 $ 30.00 308C Available TBD 1,940 1.2072 2,342 $ 18.00 $ 42,157 GROSS w 2011 base yr $ 18.00 $ 42,157 $ 70,262 $ 30.00 309C Available TBD 1,896 1.2072 2,289 $ 18.00 $ 41,201 GROSS w 2011 base yr $ 18.00 $ 41,201 $ 68,668 $ 30.00 310C Available TBD 2,170 1.2072 2,620 $ 18.00 $ 47,155 GROSS w 2011 base yr $ 18.00 $ 47,155 $ 78,592 $ 30.00 311C Available TBD 3,530 1.2072 4,262 $ 18.00 $ 76,709 GROSS w 2011 base yr $ 18.00 $ 76,709 $ 127,848 $ 30.00 302C Available TBD 3,396 1.2072 4,100 $ 18.00 $ 73,797 GROSS w 2011 base yr $ 18.00 $ 73,797 $ 122,994 $ 30.00 304C Signed Evergreen Oak Electric 930 1.2072 1,116 $ 22.00 $ 24,552 GROSS $ 22.00 $ 24,552 $ 11,160 $ 10.00 165 5 9/24/2008305C Available TBD 957 1.2072 1,155 $ 18.00 $ 20,796 GROSS w 2011 base yr $ 18.00 $ 20,796 $ 34,660 $ 30.00 306C Available TBD 5,492 1.2072 6,630 $ 18.00 $ 119,344 GROSS w 2011 base yr $ 18.00 $ 119,344 $ 198,906 $ 30.00 Subtotal: 32,786 39,574 $ 18.11 $ 716,798 $ 18.11 $ 716,798 $ 1,164,903 $ 29.44

301WL Available TBD 972 1.1288 1,097 $ 18.00 $ 19,750 GROSS $ 18.00 $ 19,750 302WL Signed Smithereen Pest Management 819 1.1288 902 $ 23.00 $ 20,746 GROSS $ - $ 23.00 $ 20,746 0 3 10/1/2008303WL Available TBD 640 1.1288 722 $ 18.00 $ 13,004 GROSS $ 18.00 $ 13,004 304WL Available TBD 1,464 1.1288 1,653 $ 18.00 $ 29,746 GROSS $ 18.00 $ 29,746 305WL Available TBD 823 1.1288 929 $ 18.00 $ 16,722 GROSS $ 18.00 $ 16,722 306WL Available TBD 1,406 1.1288 1,587 $ 18.00 $ 28,568 GROSS $ 18.00 $ 28,568 307 WL Signed Centre for Sustainability & Excellence 635 1.1288 717 $ 20.00 $ 14,336 GROSS $ - $ 20.00 $ 14,336 60 3 5/15/2009308 WL Signed Barefoot Cement 689 1.1288 708 $ 22.00 $ 15,576 GROSS $ - $ 22.00 $ 15,576 0 3 6/9/2009309WL Available TBD 709 1.1288 800 $ 18.00 $ 14,406 GROSS $ 18.00 $ 14,406 310WL Available TBD 1,295 1.1288 1,462 $ 18.00 $ 26,313 GROSS $ 18.00 $ 26,313 311WL Available TBD 834 1.1288 941 $ 18.00 $ 16,946 GROSS $ 18.00 $ 16,946 312WL Available TBD 674 1.1288 761 $ 18.00 $ 13,695 GROSS $ 18.00 $ 13,695 313 WL Signed Mindful Metropolis 1,087 1.1288 1,227 $ 22.00 $ 26,994 GROSS $ - $ 22.00 $ 26,994 0 1 6/9/2009314WL Available TBD 944 1.1288 1,066 $ 18.00 $ 19,181 GROSS $ 18.00 $ 19,181 315WL Available TBD 977 1.1288 1,103 $ 18.00 $ 19,851 GROSS $ 18.00 $ 19,851 316WL Available TBD 936 1.1288 1,057 $ 18.00 $ 19,018 GROSS $ 18.00 $ 19,018 317WL Available TBD 864 1.1288 975 $ 18.00 $ 17,555 GROSS $ 18.00 $ 17,555 318WL Signed Conscious Living TV 1,244 1.1288 1,404 $ 24.00 $ 33,702 GROSS $ - $ 24.00 $ 33,702 0 1 1/28/2009319WL Available TBD 664 1.1288 750 $ 18.00 $ 13,492 GROSS $ 18.00 $ 13,492 320WL Available TBD 708 1.1288 799 $ 18.00 $ 14,386 GROSS $ 18.00 $ 14,386 321WL Available TBD 738 1.1288 833 $ 18.00 $ 14,995 GROSS $ 18.00 $ 14,995 322WL Available TBD 848 1.1288 957 $ 18.00 $ 17,230 GROSS $ 18.00 $ 17,230 323WL Available TBD 668 1.1288 754 $ 18.00 $ 13,573 GROSS $ 18.00 $ 13,573 324WL Available TBD 1,399 1.1288 1,579 $ 18.00 $ 28,426 GROSS $ 18.00 $ 28,426 Subtotal: 22,037 24,783 $ 18.89 $ 468,210 $ 18.89 $ 468,210

401C Available TBD 5,603 1.1878 6,655 $ 18.00 $ 119,791 GROSS w 2011 base yr $ 18.00 $ 119,791 $ 199,652 $ 30.00 402C Available TBD 3,206 1.1878 3,808 $ 18.00 $ 68,544 GROSS w 2011 base yr $ 18.00 $ 68,544 $ 114,239 $ 30.00 403C Available TBD 838 1.1878 995 $ 18.00 $ 17,916 GROSS w 2011 base yr $ 18.00 $ 17,916 $ 29,860 $ 30.00 404C Signed Delta Institute 4,931 1.1878 5,831 $ 20.00 $ 116,620 GROSS $ - $ 20.00 $ 116,620 $ - $ - 90 5 6/6/2008405C Available TBD 1,993 1.1878 2,367 $ 18.00 $ 42,610 GROSS w 2011 base yr $ 18.00 $ 42,610 $ 71,017 $ 30.00 406C Signed TCG Flooring 2,526 1.1878 3,000 $ 24.00 $ 72,000 GROSS $ - $ 24.00 $ 72,000 $ - $ 20.00 60 5 5/14/2009407C Available TBD 1,871 1.1878 2,222 $ 18.00 $ 40,002 GROSS w 2011 base yr $ 18.00 $ 40,002 $ 66,669 $ 30.00 409C Signed Watermark Property Management 3,459 1.1878 4,108 $ 23.00 $ 94,495 GROSS $ - $ 23.00 $ 94,495 $ 184,882 $ 45.00 90 5 12/31/2008410C Available TBD 1,803 1.1878 2,142 $ 18.00 $ 38,548 GROSS w 2011 base yr $ 18.00 $ 38,548 $ 64,246 $ 30.00 411C Available TBD 4,792 1.1878 5,692 $ 18.00 $ 102,452 GROSS w 2011 base yr $ 18.00 $ 102,452 $ 170,753 $ 30.00

F12

Matt Wesley Lease SF

F23

Matt Wesley: 5239- Lease SF matches Boma

F28

Matt Wesley: Lease SF

F31


F43


F49


F54


F55


F60


F65

Matt Wesley: 1404-Lease SF matches Boma

F77


F81

Matt Wesley 4108 Same as lease

Subtotal: 31,022 36,821 $ 19.36 $ 712,978 $ 19.36 $ 712,978 $ 901,319 $ 24.48

401WL Available TBD 563 1.1398 642 $ 18.00 $ 11,551 GROSS $ 18.00 $ 11,551 402WL Available TBD 819 1.1398 934 $ 18.00 $ 16,804 GROSS $ 18.00 $ 16,804 403WL Available TBD 582 1.1398 663 $ 18.00 $ 11,941 GROSS $ 18.00 $ 11,941 404WL Available TBD 1,465 1.1398 1,670 $ 18.00 $ 30,058 GROSS $ 18.00 $ 30,058 405WL Available TBD 589 1.1398 671 $ 18.00 $ 12,085 GROSS $ 18.00 $ 12,085 406WL Available TBD 1,407 1.1398 1,604 $ 18.00 $ 28,868 GROSS $ 18.00 $ 28,868 407WL Available TBD 878 1.1398 1,001 $ 18.00 $ 18,014 GROSS $ 18.00 $ 18,014 408WL Available TBD 935 1.1398 1,066 $ 18.00 $ 19,184 GROSS $ 18.00 $ 19,184 409WL Signed Pivotal Productions 709 1.1398 808 $ 20.00 $ 16,163 GROSS $ - $ 20.00 $ 16,163 1 1/29/2009410WL Available TBD 1,295 1.1398 1,476 $ 18.00 $ 26,570 GROSS $ 18.00 $ 26,570 411WL Available TBD 825 1.1398 940 $ 18.00 $ 16,927 GROSS $ 18.00 $ 16,927 412WL Signed Distant Village Packaging 674 1.1398 780 $ 20.00 $ 15,600 GROSS $ - $ 20.00 $ 15,600 0 2 10/22/2008413WL Available TBD 1,223 1.1398 1,394 $ 18.00 $ 25,092 GROSS $ 18.00 $ 25,092 414WL Available TBD 944 1.1398 1,076 $ 18.00 $ 19,368 GROSS $ 18.00 $ 19,368 415WL Available TBD 844 1.1398 962 $ 18.00 $ 17,316 GROSS $ 18.00 $ 17,316 416WL Available TBD 936 1.1398 1,067 $ 18.00 $ 19,204 GROSS $ 18.00 $ 19,204 417WL Available TBD 863 1.1398 984 $ 18.00 $ 17,706 GROSS $ 18.00 $ 17,706 418WL Available TBD 1,243 1.1398 1,417 $ 18.00 $ 25,503 GROSS $ 18.00 $ 25,503 419WL Available TBD 662 1.1398 755 $ 18.00 $ 13,582 GROSS $ 18.00 $ 13,582 420WL Available TBD 708 1.1398 807 $ 18.00 $ 14,526 GROSS $ 18.00 $ 14,526 421WL Available TBD 746 1.1398 850 $ 18.00 $ 15,306 GROSS $ 18.00 $ 15,306 422WL Available TBD 852 1.1398 971 $ 18.00 $ 17,481 GROSS $ 18.00 $ 17,481 423WL Available TBD 661 1.1398 753 $ 18.00 $ 13,562 GROSS $ 18.00 $ 13,562 424WL Available TBD 1,398 1.1398 1,593 $ 18.00 $ 28,683 GROSS $ 18.00 $ 28,683 Subtotal: 21,821 24,884 $ 18.13 $ 451,092 $ 18.13 $ 451,092

501WL Available TBD 1,160 1.2165 1,411 $ 18.00 $ 25,401 GROSS $ 18.00 $ 25,401 502WL Available TBD 1,372 1.2165 1,669 $ 18.00 $ 30,044 GROSS $ 18.00 $ 30,044 503WL Available TBD 1,110 1.2165 1,350 $ 18.00 $ 24,306 GROSS $ 18.00 $ 24,306 504WL Available TBD 1,370 1.2165 1,667 $ 18.00 $ 30,000 GROSS $ 18.00 $ 30,000 505WL Available TBD 1,317 1.2165 1,602 $ 18.00 $ 28,839 GROSS $ 18.00 $ 28,839 506WL Available TBD 1,118 1.2165 1,360 $ 18.00 $ 24,482 GROSS $ 18.00 $ 24,482 507WL Available TBD 1,154 1.2165 1,404 $ 18.00 $ 25,270 GROSS $ 18.00 $ 25,270 508WL Available TBD 1,166 1.2165 1,418 $ 18.00 $ 25,533 GROSS $ 18.00 $ 25,533 Subtotal: 9,767 11,882 $ 18.00 $ 213,875 $ 18.00 $ 213,875

Total Rent: 190,157 227,501 $ 19.73 4,460,137 $ 20.97 4,847,066 4,566,244 (excluding parking)

Parking assumes spaces are rented for $100/month. All exterior spaces assumed to be included in retail rent. $ 682,084

Rentable Square Foot Check Retail Office Work/Live Totals1st 22,958 22,9582nd 66,600 66,6003rd 39,574 24,783 64,3574th 36,821 24,884 61,7055th 11,882 11,882

Totals 89,557 76,395 61,549 227,501

Usable Square Foot Check Retail Office Work/Live Totals1st 21,223 21,2232nd 51,501 51,5013rd 32,786 22,037 54,8234th 31,022 21,821 52,8435th 9,767 9,767

Totals 72,724 63,808 53,625 190,157

F94


F97



Construction Budget (page 1 of 2)Green Exchange @ 2545 W. Diversey, Chicago, Illinois

TOTAL TRADE DESCRIPTION COSTS $ / SF

2105 Tree Removal $ 3,500 $ 0.01 2110 Demolition $ 649,495 $ 2.36 2115 Shoring $ 79,250 $ 0.29 2220 Excavation & Backfill $ 88,805 $ 0.32 2620 Concrete Curb/Gutter/Walks $ 58,000 $ 0.21 2710 Fences & Gates $ 28,000 $ 0.10 2760 Site Furnishings $ 5,000 $ 0.02 2800 Landscaping $ 103,000 $ 0.37 2820 Irrigation Systems $ 20,000 $ 0.07 2850 Green Roof $ 748,500 $ 2.72 3300 Cast-In-Place (Stair, elevator & Cistern) $ 152,158 $ 0.55 3300 Cast-In-Place Concrete $ 408,487 $ 1.49 3321 Concrete Topping $ 118,000 $ 0.43 3325 Concrete Staining & Sealing $ 11,500 $ 0.04 3328 Self Leveling Underlayment $ 188,500 $ 0.69 3330 Concrete Cutting & Coring $ 35,141 $ 0.13 3330 Concrete Cutting & Coring $ 47,993 $ 0.17 3350 Exterior Restoration $ 194,157 $ 0.71 3350 Exterior Restoration $ 843,768 $ 3.07 3400 Precast Concrete $ 118,645 $ 0.43 4200 Masonry/CMU $ 42,770 $ 0.16 4200 Masonry/CMU $ 384,924 $ 1.40 4220 Waterproofing $ 4,325 $ 0.02 4400 Stone Work Exterior $ 67,500 $ 0.25 5100 Structural Steel $ 472,252 $ 1.72 5100 Structural Steel $ 991,603 $ 3.61 5510 Metal Stairs & Railings $ 195,365 $ 0.71 6100 Rough Carpentry $ 700,678 $ 2.55 6150 Wood Decks $ 94,700 $ 0.34 6200 Finish Carpentry $ 512,500 $ 1.86 6240 Plastic Laminated Tops $ 35,200 $ 0.13 6250 Stone Tops $ 8,000 $ 0.03 6500 Kitchen & Vanity Cabinets $ 314,780 $ 1.14 7200 Building Insulation $ 102,400 $ 0.37 7405 Drivit/Stucco $ 35,200 $ 0.13 7410 Metal Siding $ 177,000 $ 0.64 7500 Membrane Roofing - Plaza roof $ 144,000 $ 0.52 7500 Membrane Roofing - Main roof $ 799,639 $ 2.91 7900 Caulking & Sealants $ 35,000 $ 0.13 8200 Interior Doors $ 75,000 $ 0.27

Construction Budget (page 2 of 2)Green Exchange @ 2545 W. Diversey, Chicago, Illinois

8360 Overhead Doors $ 21,897 $ 0.08 8400 Entrances - Exterior Retail $ 219,800 $ 0.80 8500 Windows $ 1,400,689 $ 5.09 8800 Glass & Glazing $ 548,100 $ 1.99 8830 Mirrors/Shower Doors $ 32,200 $ 0.12 9250 Drywall $ 1,056,400 $ 3.84 9300 Ceramic Tile $ 130,300 $ 0.47 9400 Terrazzo Flooring $ 313,550 $ 1.14 9550 Wood Flooring $ 353,900 $ 1.29 9680 Carpeting $ 33,800 $ 0.12 9840 Spray-on Fireproofing $ 89,500 $ 0.33 9900 Painting $ 292,700 $ 1.06 9999 Final Cleaning $ 52,500 $ 0.19

10170 Tub/Shower Enclosures $ 89,000 $ 0.32 10360 Firefighting Devices $ 4,500 $ 0.02 10400 Graphics & Signs $ 141,200 $ 0.51 10500 Lockers $ 15,000 $ 0.05 10550 Postal Specialties $ 9,650 $ 0.04 10800 Toilet Accessories $ 71,095 $ 0.26 10900 Closet Shelving $ 8,200 $ 0.03 11850 Parking Equipment & Accessories $ 5,000 $ 0.02 11860 Trash Chute & Compactor $ 42,500 $ 0.15 11900 Appliances $ 115,655 $ 0.42 12500 Blinds & Shades $ 250,400 $ 0.91 14200 Elevators $ 565,000 $ 2.05 15000 HVAC $ 4,590,270 $ 16.69 15200 Plumbing $ 2,059,291 $ 7.49 15250 Site Plumbing $ 105,063 $ 0.38 15300 Sprinkler/Fire Protection $ 442,100 $ 1.61 16200 Security System $ 225,900 $ 0.82 16300 Low Voltage $ 173,000 $ 0.63 16500 Light Fixtures $ 340,000 $ 1.24 16000a Electrical to Meters $ 1,516,163 $ 5.51 16000b Electrical From Meters $ 120,000 $ 0.44

General Conditions $ 1,664,875 $ 6.05 General Contractor's Fee $ 2,500,000 $ 9.09 TOTAL $ 28,693,932 $ 104.34


GENERAL CONDITIONS

TRADE DESCRIPTION BUDGET ACTUAL DIF + / - % OF TOTAL $ / SF SUBCONTRACTOR

TOTAL SQUARE FOOTAGE 275,012

91000 Barricades - Dust Partitions $ 23,775 0.00 1.4% $0.0991100 Blueprinting $ 9,000 0.00 0.5% $0.0391200 Bonds, Performance/Payment $ - 0.00 0.0% $0.0091300 Bridge, Sidewalk $ 24,910 0.00 1.5% $0.0991400 Construction Labor $ 56,960 0.00 3.4% $0.2191500 Crane Rentals $ - 0.00 0.0% $0.0091600 E.E.O. $ - 0.00 0.0% $0.0091700 Employees Misc. Items $ - 0.00 0.0% $0.0091800 Engineering and Layout $ 3,000 0.00 0.2% $0.0191900 Equipment Rentals $ - 0.00 0.0% $0.0092000 Fees, Professional $ - 0.00 0.0% $0.0092100 Fence, Temporary $ 5,690 0.00 0.3% $0.0292200 Field Clerk $ - 0.00 0.0% $0.0092300 Field Office $ 7,640 0.00 0.5% $0.0392400 Hardware - Miscellaneous $ 3,750 0.00 0.2% $0.0192500 Heat, Temporary $ 42,400 0.00 2.5% $0.1592600 Hoist, Material & Person $ - 0.00 0.0% $0.0092650 Freight Elevator $ 21,250 0.00 1.3% $0.0892700 Insurance, Builders Risk $ - 0.00 0.0% $0.0092800 Insurance, General Contr. $ 130,000 0.00 7.8% $0.4792900 O.S.H.A. $ - 0.00 0.0% $0.0093000 Permits and Fees $ - 0.00 0.0% $0.0093100 Photographs, Progress $ - 0.00 0.0% $0.0093200 Pumping $ - 0.00 0.0% $0.0093300 Punchlist $ 20,000 0.00 1.2% $0.0793400 Roads, Temporary $ - 0.00 0.0% $0.0093500 Refuse/Dumpsters (Inc. Permits) $ 50,400 0.00 3.0% $0.1893600 Scaffolding $ - 0.00 0.0% $0.0093700 Signs, Project $ - 0.00 0.0% $0.0093800 Snow Removal $ 4,800 0.00 0.3% $0.0293900 Special Work $ - 0.00 0.0% $0.0094000 Superintendent, Asst. $ 78,000 0.00 4.7% $0.2894100 Superintendent, General $ - 0.00 0.0% $0.0094200 Superintendent, Project - Ted P $ 216,000 0.00 13.0% $0.7994300 Survey $ - 0.00 0.0% $0.0094400 Telephone, Superintendent $ 6,825 0.00 0.4% $0.0294500 Testing & Inspection $ 2,800 0.00 0.2% $0.0194600 Toilets, Temporary $ 6,840 0.00 0.4% $0.0294700 Tools $ - 0.00 0.0% $0.0094800 Travel $ - 0.00 0.0% $0.0094900 Trucking $ - 0.00 0.0% $0.0095000 Temporary Electric $ 16,100 0.00 1.0% $0.0695100 Security $ 4,968 0.00 0.3% $0.0295200 Window Wash $ 15,000 0.00 0.9% $0.0595300 Winter Protection $ 26,215 0.00 1.6% $0.1095600 Postage - Messenger $ 450 0.00 0.0% $0.0097200 Manager, Project $ 355,830 0.00 21.4% $1.29

$ 64,983 0.00 3.9% $0.2497400 Initial Estimating $ - 0.00 0.0% $0.0097500 Operating Engineer $ - 0.00 0.0% $0.0098200 Reserve $ - 0.00 0.0% $0.0099000 Fee $ - 0.00 0.0% $0.0099100 Fee, Miscellaneous $ - 0.00 0.0% $0.00

PRIOR GC's/OVERHEAD (through 4/30/08) $ 467,289 0.00 28.1% $1.70

TOTAL GENERAL CONDITIONS $ 1,664,875 100.0% $6.05


23 of 73 document.xlsMBE-WBE Budget Internal

MBE/WBE BudgetGreen Exchange @ 2545 W. Diversey, Chicago, IL 60647

PROJECT COSTS: Contract Amount Total Cost

Construction Costs (see Construction Budget sheet) $ 28,693,932 Exclusions:General Conditions $ 1,664,875 Sole Source Item Exclusions: $ (9,791,863) Remainder of Contract Only

Structural Steel $ 962,413 Kitchen & Vanity Cabinets $ 195,365 LEED required no VOC cabinetsPlastic Laminated Tops $ 472,252 LEED required no VOC countertops (formaldehyde free)Metal Siding $ 512,500 Special requirement for historic landmarkEntrances - Exterior Retail $ 35,200 Special requirement for historic landmarkWindows $ 177,000 Special requirement for historic landmarkTerrazzo Flooring $ 89,500 Expressway/Bldg Signage $ 8,200 Parking Equipment & Accessories $ 565,000 Specialty EquipmentTrash Chute & Compactor $ 4,590,270 Specialty EquipmentElevators/Escalators $ 442,100 Solar Cooling System $ 697,000 LEED specialty systemSprinkler/Fire Protection $ 1,516,163 HVAC System $ (471,100) LEED specialty system

Architectural and Engineering $ 184,981 FF and E $ 75,000

TOTAL MBE/WBE BUDGET $ 20,826,924


Soft Costs (page 1 of 2)Green Exchange @ 2545 W. Diversey, Chicago, Illinois

BUDGETAcquisition Related $ 696,898 Purchase of Partner's Shares (premium over original cost) $ 200,000 paidSales Commissions for Building Purchase (paid to outside brokers) $ 450,000 paidClosing Costs Per CT&T Stmt (2545 Diversey) $ 3,715 paidClosing Costs Per CT&T Stmt (Maplewood) $ 27,887 paidClosing Fee (CT & T) $ 750 paidTitle Insurance $ 14,366 paidRecording Fees $ 180 paid

Financing Costs $ 327,943 Points (partial A & D loan) $ 56,365 paidPoints and Fees (construction loan) $ 20,000,000 0.6% $ 120,000 estimateMiscellaneous Financing Charges $ 42,128 paidAppraisals $ 20,000 estimateArchitectural Appraisal/Inspection Fees $ 5,000 estimateConstruction Escrow Fee $ 4,250 estimateBank's Attorney $ 80,200 paid

Legal, Accounting, Consultants $ 868,810 Legal: Purchasing $ 106,967 paidLegal: Zoning $ 22,793 paidLegal: Lease Negotiation $ 1.50 $ 248,900 paid partialLegal: Syndication Costs (Equity) $ 63,000 Legal: Miscellaneous $ 50,000 Legal: TIF $ 100,000 Consultants (TIF) $ 2,150 Consultants (Tax Credit Legal and Accounting) $ 200,000 Accounting $ 50,000 Final HTC Cost Certification $ 25,000

Technical Studies/Surveys $ 10,000 Environmental Surveys $ 5,000 Geotechnical Survey $ - Site and Topographical Survey $ 5,000

Architects, Engineers, Design Consultants $ 1,257,052 Architectural - including Structural, Civil, MEP, Landscape $ 3.41 $ 936,275 Architectural - space planning and self-certification permits 50.0% $ 3.00 $ 123,074 Architectural Reimbursables $ 0.20 $ 55,002 Architectural - Permit Revisions $ 100,000 Consultants - Historical $ 19,000 Consultants - LEED $ 23,700

Permits & Fees $ 271,000 Permits - Demolition, Driveway, DCAP review, misc. $ 221,000 Permits - Other Building $ - $ - Permit Fees For Revisions $ 50,000 Permit Expediting $ - Impact Fees 56 units $ - /unit $ -

Soft Costs (page 2 of 2)Green Exchange @ 2545 W. Diversey, Chicago, Illinois

Real Estate Taxes, Insurance, CAM $ 769,317 Taxes $76,468 annual $ 76,468 Time Related Taxes (closing - 5/1/09) 3.6 years $ 275,285 Time Related Tax Proration At Closing $ (89,737)Taxes (Total) $ 262,016 Builder's Risk Insurance $26,257 annual $ 26,257 Time Related Builder's Risk Insurance (closing - 5/1/09) 3.6 years $ 94,525 Time Related Builder's Risk (Total) $ 120,782 C.A.M. $84,981 annual $ 84,981 Time Related C.A.M. (closing - 5/1/09) 3.6 years $ 305,932 Time Related C.A.M. Proration at Closing $ (4,394)C.A.M. (Total) $ 386,519

Leasing Commissions $ 1,196,700 Leasing Commissions for Work/Live Units (assumes 2 yr. avg. @ 7%/2%) $ 100,700 Leasing Commissions for Commercial (assumes base yr leases 5 yr. avg. @ 7%/2%) $ 227,100 Leasing Commissions for Retail (assumes NNN 5 yr. avg. @ 8%/3%) $ 368,900 Leasing Commissions for Retail/Office Premium for Outside Deals $ 500,000

Project Furnishings, Equipment, Etc. $ 75,000 FF & E (hotel rooms, management office, building conf. rooms, common areas) $ 75,000

Marketing $ 75,000 Marketing Materials, Website and Advertising $ 75,000

TOTAL SOFT DEVELOPMENT COSTS (Before Interest) $ 5,547,720 $ 5,547,720

TOTAL PROJECT INTERESTFirst Mortgage Interest (9/2005 closing thru 6/30/10) $ 2,474,059 approx. First Mortgage Interest $ 20,000,000 100% 5.27% 8 months $ 702,667 approx. #REF! #REF! 50% 5.27% 12 months #REF!HUD Section 108 Loan Interest $ 15,000,000 50% 3.19% 12 months $ 238,875

$ 3,176,726

05/08/202300:34:29 25 of 73 document.xls

SS-Rent Roll & TI's

Rent Roll and Construction CostsStone Source Building @ 2601 W. Diversey, Chicago, IL (PSF)

Total Tenant TenantLease Rentable Base Total Total Pass

Total Rent/PSF

Yearly Improvement Improvement

Tenant Name Type Square Feet Rent/S.F. Base Rent C.A.M. Throughs Rent Allowance Allowance Increases

Stone Source NNN 3,991 $ 10.43 $ 41,640 NNN NNN NNN $ 10.43 $ 41,640 Chicago CPI

Midwest Appliance Parts NNN 2,074 $ 14.53 $ 30,141 NNN NNN NNN $ 14.53 $ 30,141 Chicago CPI

TOTALS 6,065 $ 11.84 $ 71,781 $ 11.84 $ 71,781


based on Chicago CPI, assumed increases at 2.5% and 4.1% for 2006 and 2007, 2.5% thereafter

based on Chicago CPI, assumed increases at 2.5% and 4.1% for 2006 and 2007, 2.5% thereafter


Operating Budget Green Exchange @ 2545 W. Diversey, Chicago, IL

Chargeable Area: 227,501 Annual Increases: 103.0%

1 2 3 4 5 6 7 8 9 10 11 12 132010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Cost/SF Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 OPERATING EXPENSESBuilding Manager $0.26 $60,000 $61,800 $63,654 $65,564 $67,531 $69,556 $71,643 $73,792 $76,006 $78,286 $80,635 $83,054 $85,546Janitor $0.22 $50,000 $51,500 $53,045 $54,636 $56,275 $57,964 $59,703 $61,494 $63,339 $65,239 $67,196 $69,212 $71,288UTILITIESElectric Common Area $0.33 $75,202 $154,916 $159,563 $164,350 $169,281 $174,359 $179,590 $184,978 $190,527 $196,243 $202,130 $208,194 $214,440Gas Common Area $0.09 $20,985 $43,288 $44,587 $45,924 $47,302 $48,721 $50,183 $51,688 $53,239 $54,836 $56,481 $58,175 $59,921Water Common Area $0.08 $18,000 $37,080 $38,192 $39,338 $40,518 $41,734 $42,986 $44,275 $45,604 $46,972 $48,381 $49,832 $51,327CONTRACT EXPENSESCleaning Contract $0.23 $52,000 $53,560 $55,167 $56,822 $58,526 $60,282 $62,091 $63,953 $65,872 $67,848 $69,884 $71,980 $74,140HVAC-Contract $0.06 $13,250 $27,295 $28,114 $28,957 $29,826 $30,721 $31,642 $32,592 $33,569 $34,576 $35,614 $36,682 $37,783Elevator/Escalator-Contract $0.00 $0 $24,522 $25,258 $26,015 $26,796 $27,600 $28,428 $29,281 $30,159 $31,064 $31,996 $32,956 $33,944Window Cleaning $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Landscaping Contract $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Snow Removal-General $0.04 $8,000 $8,240 $8,487 $8,742 $9,004 $9,274 $9,552 $9,839 $10,134 $10,438 $10,751 $11,074 $11,406Scavenger $0.03 $6,821 $7,026 $7,237 $7,454 $7,677 $7,908 $8,145 $8,389 $8,641 $8,900 $9,167 $9,442 $9,725Pest Control $0.03 $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555Plants & Flowers $0.02 $5,200 $5,356 $5,517 $5,682 $5,853 $6,028 $6,209 $6,395 $6,587 $6,785 $6,988 $7,198 $7,414Fountains/Sprinklers $0.02 $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129Alarms & Monitoring $0.02 $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129Fire Extinguishers-Contract $0.01 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564Phone $0.01 $2,400 $2,472 $2,546 $2,623 $2,701 $2,782 $2,866 $2,952 $3,040 $3,131 $3,225 $3,322 $3,422Internet $0.01 $1,200 $1,236 $1,273 $1,311 $1,351 $1,391 $1,433 $1,476 $1,520 $1,566 $1,613 $1,661 $1,711MAINTENANCE & REPAIRSMiscellaneous $0.17 $38,910 $40,077 $41,280 $42,518 $43,794 $45,107 $46,461 $47,854 $49,290 $50,769 $52,292 $53,861 $55,476Marketing /PR Employee $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Website $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Roof Repairs $0.00 $0 $19,570 $20,157 $20,762 $21,385 $22,026 $22,687 $23,368 $24,069 $24,791 $25,534 $26,300 $27,089R & M General Repairs $0.08 $17,500 $18,025 $18,566 $19,123 $19,696 $20,287 $20,896 $21,523 $22,168 $22,834 $23,519 $24,224 $24,951HVAC supplies $0.04 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 $13,439 $13,842 $14,258Plumbing-Repairs $0.04 $9,375 $9,656 $9,946 $10,244 $10,552 $10,868 $11,194 $11,530 $11,876 $12,232 $12,599 $12,977 $13,367Painting-Contract-Common Areas $0.04 $9,000 $9,270 $9,548 $9,835 $10,130 $10,433 $10,746 $11,069 $11,401 $11,743 $12,095 $12,458 $12,832Overhead Door Maintenance $0.03 $7,200 $7,416 $7,638 $7,868 $8,104 $8,347 $8,597 $8,855 $9,121 $9,394 $9,676 $9,966 $10,265Janitorial-Supplies $0.03 $7,000 $7,210 $7,426 $7,649 $7,879 $8,115 $8,358 $8,609 $8,867 $9,133 $9,407 $9,690 $9,980R & M Supplies-Other $0.02 $4,500 $4,635 $4,774 $4,917 $5,065 $5,217 $5,373 $5,534 $5,700 $5,871 $6,048 $6,229 $6,416Signage R&M $0.00 $0 $3,600 $3,708 $3,819 $3,934 $4,052 $4,173 $4,299 $4,428 $4,560 $4,697 $4,838 $4,983Structural Repairs $0.01 $3,300 $3,399 $3,501 $3,606 $3,714 $3,826 $3,940 $4,059 $4,180 $4,306 $4,435 $4,568 $4,705R & M Exterior $0.01 $3,300 $3,399 $3,501 $3,606 $3,714 $3,826 $3,940 $4,059 $4,180 $4,306 $4,435 $4,568 $4,705Electrical-Light Bulbs $0.01 $3,078 $3,170 $3,265 $3,363 $3,464 $3,568 $3,675 $3,785 $3,899 $4,016 $4,136 $4,260 $4,388Doors/Entrances Mats, Other $0.01 $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800 $3,914 $4,032 $4,153 $4,277Security Repairs $0.01 $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800 $3,914 $4,032 $4,153 $4,277Meals/Entertainment $0.01 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564Electrical-Repairs & Misc $0.01 $2,400 $2,472 $2,546 $2,623 $2,701 $2,782 $2,866 $2,952 $3,040 $3,131 $3,225 $3,322 $3,422Inspection Fees $0.01 $2,000 $2,060 $2,122 $2,185 $2,251 $2,319 $2,388 $2,460 $2,534 $2,610 $2,688 $2,768 $2,852Permits and City Fees $0.01 $2,000 $2,060 $2,122 $2,185 $2,251 $2,319 $2,388 $2,460 $2,534 $2,610 $2,688 $2,768 $2,852Conferences/Events $0.01 $2,000 $2,060 $2,122 $2,185 $2,251 $2,319 $2,388 $2,460 $2,534 $2,610 $2,688 $2,768 $2,852Painting Exterior $0.01 $1,500 $1,545 $1,591 $1,639 $1,688 $1,739 $1,791 $1,845 $1,900 $1,957 $2,016 $2,076 $2,139Security Equipment $0.00 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426Marketing Collateral $0.00 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426Dues/Subscriptions $0.00 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426Locks & Keys (FOBS) $0.00 $500 $515 $530 $546 $563 $580 $597 $615 $633 $652 $672 $692 $713Uniforms $0.00 $500 $515 $530 $546 $563 $580 $597 $615 $633 $652 $672 $692 $713Fire Extinguishers-Supplies $0.00 $200 $206 $212 $219 $225 $232 $239 $246 $253 $261 $269 $277 $285GENERAL & ADMINManagement Fee (3%) 3.0% $72,232 $114,542 $143,352 $150,997 $154,555 $158,191 $161,907 $165,705 $169,587 $173,554 $177,610 $187,650 $195,055INSURANCEInsurance $0.15 $35,000 $36,050 $37,132 $38,245 $39,393 $40,575 $41,792 $43,046 $44,337 $45,667 $47,037 $48,448 $49,902REAL ESTATE TAXESReal Estate Taxes $1.44 $328,361 $566,077 $689,249 $706,480 $724,142 $742,245 $760,802 $779,822 $799,317 $819,300 $839,783 $1,147,703 $1,323,445NON-REIMBURSABLE EXPENSES Leasing Commissions $0.20 $0 $0 $0 $49,719 $51,211 $52,747 $54,330 $55,960 $57,638 $59,368 $61,149 $62,983 $64,873Tenant Improvements $0.20 $0 $0 $0 $49,719 $51,211 $52,747 $54,330 $55,960 $57,638 $59,368 $61,149 $62,983 $64,873Operating Reserves $0.25 $0 $60,339 $62,149 $64,014 $65,934 $67,912 $69,949 $72,048 $74,209 $76,436 $78,729 $81,091 $83,523Garage Operating Costs $0.22 $50,000 $51,500 $53,045 $54,636 $56,275 $57,964 $59,703 $61,494 $63,339 $65,239 $67,196 $69,212 $71,288Legal and Accounting $0.04 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 $13,439 $13,842 $14,258TOTAL EXPENSES $4.95 $1,042,914 $1,581,559 $1,760,569 $1,912,724 $1,965,601 $2,019,947 $2,075,805 $2,133,216 $2,192,224 $2,252,874 $2,315,212 $2,672,107 $2,895,357Expenses/S.F. $4.58 $6.95 $7.74 $8.41 $8.64 $8.88 $9.12 $9.38 $9.64 $9.90 $10.18 $11.75 $12.73

Non-Reimbursable Expenses $60,000 $122,139 $125,803 $229,016 $235,887 $242,963 $250,252 $257,760 $265,492 $273,457 $281,661 $290,111 $298,814PSF $0.26 $0.54 $0.55 $1.01 $1.04 $1.07 $1.10 $1.13 $1.17 $1.20 $1.24 $1.28 $1.31

Taxes $328,361 $566,077 $689,249 $706,480 $724,142 $742,245 $760,802 $779,822 $799,317 $819,300 $839,783 $1,147,703 $1,323,445PSF $1.44 $2.49 $3.03 $3.11 $3.18 $3.26 $3.34 $3.43 $3.51 $3.60 $3.69 $5.04 $5.82

Insurance $35,000 $36,050 $37,132 $38,245 $39,393 $40,575 $41,792 $43,046 $44,337 $45,667 $47,037 $48,448 $49,902PSF $0.15 $0.16 $0.16 $0.17 $0.17 $0.18 $0.18 $0.19 $0.19 $0.20 $0.21 $0.21 $0.22

C.A.M. $619,552 $857,293 $908,386 $938,982 $966,179 $994,164 $1,022,959 $1,052,589 $1,083,077 $1,114,450 $1,146,732 $1,185,846 $1,223,197PSF $2.72 $3.77 $3.99 $4.13 $4.25 $4.37 $4.50 $4.63 $4.76 $4.90 $5.04 $5.21 $5.38

Total Reimbursable (CAM, Tax, Ins) $982,914 $1,459,420 $1,634,766 $1,683,707 $1,729,714 $1,776,984 $1,825,553 $1,875,456 $1,926,731 $1,979,417 $2,033,551 $2,381,997 $2,596,543$4.32 $ 6.41 $ 7.19 $ 7.40 $ 7.60 $ 7.81 $ 8.02 $ 8.24 $ 8.47 $ 8.70 $ 8.94 $ 10.47 $ 11.41

D19

Baum Realty Group: $25,000.00 per year + Use $1,456 for the residential units – 4 filter changes per year x $6.50 x 56 units

D20

Baum Realty Group: Per Matt L, 5% annual increases

D40

Baum Realty Group: Assume repainting every 3 years for $27,000.

D46

Baum Realty Group: 10K every 3 years

D56

Baum Realty Group: Assuming we purchase equipment in year one. 5K is for upkeep and repairs

05/08/202300:34:29 27 of 73 document.xls

Commission Calcs

Rent

Term Year 1 Year 2 Year 3 Year 4 Year 5

7% 2% Leasing Commissions for Work/Live Units (assumes 2 yr. avg. @ 7%/2%) 2 61,549 9.0% 2.0% $ 18.00 $ 18.36 $ 36.36 $ 100,700 8% 3% Leasing Commissions for Retail (assumes NNN 5 yr. avg. @ 8%/3%) 5 89,557 20.0% 2.0% $ 19.79 $ 20.19 $ 20.59 $ 21.00 $ 21.42 $ 102.99 $ 368,900 7% 2% Leasing Commissions for Commercial (assumes base yr leases 5 yr. avg. @ 7%/2%) 5 76,395 15.0% 2.0% $ 19.04 $ 19.42 $ 19.81 $ 20.21 $ 20.61 $ 99.08 $ 227,100

Leasing Commissions for Intercall - 2.0% $ - $ - $ - $ - $ - $ - $ - 227,501 696,700

Leasing Commissions for Retail/Office Premium For Outside Deals Prem Amt & Proportion at Prem 50% 25% $ 74,500

771,200

Commission Rate

Annual Rent Increases

05/08/202300:34:29

28 of 73 document.xlsSplit of Project Cash Flow

PREFERENCE PAYMENTS & SPLITS OUT OF CASH FLOW

Equity Invested (INCLUDES DEFERRE FEES) (1)

1 2 3 4 5 6 7 8 9 10 11 12Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

1,364,814 2,236,498 3,017,825 3,120,514 3,186,226 3,253,080 3,321,093 3,390,283 3,460,670 3,532,271 3,605,105 3,582,883 ###

Asset Mgmt Fees - - - - - - - - - - - - ###

Budgeted Operating Shortfall Reserve - - - - - - - - - 690,000 690,000 690,000

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Cash Flow After Debt Service - Total Project #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

(144,114) (288,228) (288,228) (288,228) (288,228) (1,729,371) - - - - - -

Amount Remaining To Equity #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Amount Remaining For Split #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0% Investor Split #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

100% Developer Split #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Total Sponsor/Investor Pretax Cash and Residual (after HTC Investor Pref & Put)

Pre-tax Cash Flow (1) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Historic Tax Credit Proceeds (C of O and Part III) 4,803,808 Pre-Tax Refi Proceeds & Residual - - - - - - - - - - - - #REF!

(1) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

PreTax Project IRR #REF!Total Pre-tax Cash #REF!Equity Multiple #REF!

SPLITResidual Calculations Year To Cap 12 Equity Investor Developer

Year To Cap 13 Pre-Tax Residual Value To Equity #REF!Sales Price NOI to Cap 3,606,475 $ 36,064,753 10.0% Return of Remaining EquityLess: Selling Expenses $ (1,081,943) 3.0% Original Equity (1)Amount Realized $ 34,982,811 Equity Returned Thru Refi - (1) $ 1 Less: Balance Due on Mortgage (End of Year) #REF! Remainder to Split #REF! Pre-Tax Residual Value To Equity #REF! #REF!

0% Investor Share #REF! #REF!

100% Developer Share #REF! #REF!#REF!#REF! #REF! Total>> #REF! #REF!#REF! #REF! Remainder #REF!#REF! #REF!

#REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF!

#REF!#REF! #REF!

#REF! #REF!

Net Operating Income BEFORE Asset Mgmt Fees (see "Project Cash Flow" sheet)

Debt Service (see "Project Cash Flow" sheet)

Preference to Historic Tax Credit Investor (including assumed "put" - (see "Preferred Return Calculations" sheet))

Preference To Equity Investor (see "Preferred Return Calculations" sheet)


Federal Rehabilitation Tax Credit CalculationGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Qualified Federal Rehabilitation Tax Credit Calculations Rehabilitation

Rate Expenditures Tax Credits Sales Rate Net Proceeds20% $ 48,038,075 $ 9,607,615 100% $ 9,607,615

TimingClosing $ 4,803,808 50.00%Completion $ 3,843,046 40.00%Part III $ 960,762 10.00%

$ 9,607,615 100%

48038075PROJECT COSTS: Square Feet Cost/S.F. Total Cost

Building (2545 W. Diversey, aka Cooper Lamp) 275,012 $ 27.27 $ 7,500,000

Land (parking lot @ SEC of Diversey and Maplewood) 6,300 $ 79.37 $ 500,000

Building (2601 W. Diversey aka Stone Source) 6,300 $ - $ -

Construction CostsHard Costs (including general conditions & contractor fe 275,012 $ 104.34 $ 28,693,932 Tenant Improvements 165,952 $ 30.00 $ 4,978,556



Soft Costs Contingency 0% 275,012 $ 0.91 $ 250,000 Construction Contingency 10% 275,012 $ 12.25 $ 3,370,000

Development Fee 20% 275,012 $ 31.16 $ 8,570,000

Construction Interest 275,012 $ 12.42 $ 3,415,601

TOTAL PROJECT COSTS: 275,012 $ 228.45 $ 62,825,809 $ 54,255,809

LESS: NON-QUALIFIED REHABILITATION EXPENDITURES:

Building 275,012 $ 27.27 $ 7,500,000 Land (SEC of Diversey and Maplewood) 6,300 $ 79.37 $ 500,000 Building (2601 W. Diversey aka Stone Source) 6,300 $ - $ - Site Work 275,012 $ 1.82 $ 500,000 Penthouse Structure for Work-Live Units 12,560 $ 120.00 $ 1,507,200 New Garage Addition 10,212 $ 100.00 $ 1,021,200 Furniture and Fixtures 275,012 $ 0.27 $ 75,000 Marketing 275,012 $ 0.27 $ 75,000 Leasing Commissions 275,012 $ 4.35 $ 1,196,700 Operating Reserve 275,012 $ - $ - Purchase of Partner's Shares (premium over original cost) 275,012 $ 0.73 $ 200,000 Sales Commissions for Building Purchase (paid to outside bro 275,012 $ 1.64 $ 450,000 Miscellaneous Non-Qualified Expenditures 275,012 $ 3.64 $ 1,000,000 QRE Reduction Before Interest 275,012 $ 51.00 $ 14,025,100 22.30% Proportion of Non-QRE To Total Costs

Interest Allocated As Non-QRE 275,012 $ 2.77 $ 761,679 Rounding $ 955

TOTAL NON-QUALIFIED REHABILITATION EXPENDITURES: 275,012 $ 53.77 $ 14,787,734

QUALIFIED REHABILITATION EXPENDITURES: 275,012 $ 174.68 $ 48,038,075

This amount is deferred to pay, from cash flow (not initial sources/uses of funds) after Historic Tax Investor's preferred return. Not a "true" cost but a cash flow preference payout which payout will be shared as cash flow would otherwise be shared between "all investors". Also serves to increase costs eligible for HTC's.

Cost Net of "Development Fee" (see note above & Sources/Uses page)

THIS $$ NEEDS TO BE "PLUGGED" NOT CALC'D OTHERWISE BAD CIRCULAR REFERENCE WHERE TAX CREDITS DEPEND ON INTEREST AND INTEREST DEPENDS ON CREDITS (See Cell A2 above)

H11

THIS $$ NEEDS TO BE "PLUGGED" NOT CALC'D OTHERWISE BAD CIRCULAR REFERENCE WHERE TAX CREDITS DEPEND ON INTEREST AND INTEREST DEPENDS ON CREDITS (See Cell A2 above)


0 1 2 3 4 5 6 7 8 9 10 11 12 13

Cumulative Preference Paid Out Of Cash Flow 1 2 3 4 5 6 7 8 9 10 11 12

- - - - - - - - - - -

HTC Investor Preference

Beginning Tax Credit Equity Invested - 4,803,808 9,607,615 9,607,615 9,607,615 9,607,615 - - - - - - - - 9,607,615 Additional Tax Credit Equity 4,803,808 4,803,808

3.0% Preference On Equity - 144,114 288,228 288,228 288,228 288,228 - - - - - - Preference Paid To HTC - (144,114) (288,228) (288,228) (288,228) (288,228) - -

18.0% Put Paid To HTC - - - - - - (1,729,371) - - - - - - - Preference Cumulated (Unpaid) - - - - - - - - - - - -

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of 73 document.xls$12.985 Spent Thru 04-08 (Recap

Contract Including Previously Draw Funds Owner FundsDescription and Name Kind of Expense Extras & Credits Paid Used Used

PURCHASES & CLOSING COSTSCooper Lamp Building (2545) Purchase Price $ 7,500,000 $ 7,500,000 $ 4,836,035 $ 2,663,965

$ 3,547,721

Purchase of Parking Lot Purchase Price $ 500,000 $ 500,000 $ - $ 500,000 Purchase of Partner's Shares 11/06 Premium over original cost $ 200,000 $ 200,000 $ 200,000 $ -

Closing Costs 2545 Closing costs $ 3,715 $ 3,715 $ 3,715 $ - Closing Costs for parking lot Closing costs $ 27,887 $ 27,887 $ - $ 27,887

Centrum Contract Option $ 350,000 $ 350,000 $ 350,000 Hansen Realty Commission $ 100,000 $ 100,000 $ 100,000

FINANCINGInterest Reserve Primary loan interest $ 1,058,545 $ 1,058,545 $ 1,058,545 $ - Interest paid by check Primary loan interest $ 119,084 $ 119,084 $ 119,084 $ - Associated Bank Loan Modification Paid from Loan $ 8,357 $ 8,357 $ 8,357 Associated Bank Financing Fees - Closing $ 30,117 $ 30,117 $ 30,117 $ -

INSURANCE & TAXESBuilder's Risk Insurance 2005-2008 $ 73,073 $ 46,816 $ 46,816 $ - Real Estate Taxes 2006-2008 $ 177,937 $ 153,391 $ 153,391 $ - Closing Credits Real Estate Taxes $ (89,737) $ (89,737) $ (89,737)

OPERATIONSClosing Adjustments Expense Prorations $ (4,394) $ (4,394) $ (4,394)Maintenance, Utilities & Operating Cost 2005-2008 $ 265,645 $ 207,324 $ 207,324

$ 1,808,030

ARCHITECTS / ENGRS / DESIGN & CONSTRUCTION CONSULTNTSArchitectural - including Structural, Civil, MEP, Landscape $ 936,275 $ 793,185 $ 392,667 $ 400,518 Architectural Reimbursables $ 54,554 $ 11,424 $ 11,424 Consultants - Historical $ 19,000 $ 13,429 $ 13,429 Consultants - LEED $ 23,700 $ 21,450 $ 21,450 Permits - Demolition, Driveway, DCAP review, misc. $ 221,000 $ 35,961 $ 35,961 Site and Topographical Survey $ 5,000 $ 5,000 $ 5,000

LEGALLegal: Zoning $ 50,000 $ 22,793 $ 22,793 Legal: Lease Negotiation $ 190,550 $ 91,677 $ 91,677 Legal: Miscellaneous $ 50,000 $ 29,670 $ 29,670 Legal-Closing Wildman Harold $ 8,500 $ 8,500 $ 8,500 $ - Legal-Closing Sonnenchein Nath & Rosent $ 25,640 $ 25,640 $ 25,640 $ -

OVERHEADDevelopment Overhead and Salaries $ 1,495,816 $ 467,289 $ 467,289

MARKETINGMarketing Materials, Website and Advertising $ 75,000 $ 52,609 $ 52,609

HARD COSTSConstruction #REF! $ 1,195,878 $ 746,991 $ 448,887

TOTALS #REF! $ 12,985,608 $ 7,629,857 $ 5,355,751

SUMMARY DATA ONLY ( Not Required for Draw)Total ProjectBuilding & Lot $ 8,000,000 Total Soft Costs #REF!Soft Costs Contingency $ 421,731 Total Construction Costs #REF!Tenant Improvements $ 5,031,373

Total Project Costs #REF! 100.00%

EquityCooper Venture One, LLC purchases $ 3,547,721 #REF!Additional Baum funds invested $ 1,808,030 #REF!

#REF!#REF!

Total Equity $ 5,355,751

Loan Amount $ 5,962,500 Additional Loan Amount $ 1,667,357 Additional Construction loan

Amended Loan Amount $ 7,629,857 #REF!

Total Loan Disbursements $ 7,629,857

Remaining Loan Funds Available $ -

F31

INCREASED CHRIS # TO INCLUDE R/E TAX CREDIT FOR MAPLEWOOD

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Green Exchange

0 1 2 3 4 5 6 7

TOTAL % Upfront Remainder 6/30/2008 #N/A #N/A #N/A #N/A #N/A #N/A #N/A

0 ACQUISITION COSTS 8,696,898 8,681,602 0 0 15,296 8,696,898 0 8,696,898 0 0 0 0 0 0 0

0 Building (2545 W. Diversey, aka Cooper Lamp) 7,500,000 100% 4 3 7,500,000 0 0 7,500,000 0 7,500,000 0 0 0 0 0 0 0 0 Land (parking lot @ SEC of Diversey and Maplewood) 500,000 100% 1 6 500,000 0 0 500,000 0 500,000 0 0 0 0 0 0 0 0 Building (2601 W. Diversey aka Stone Source) 0 100% 2 8 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Other Acquisition 696,898 100% 681,602 0 0 15,296 696,898 0 696,898

#REF! HARD COSTS (Incl General Conditions) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! Hard Costs (including General Conditions) #REF! See Detailed Hard Costs #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!0 Hard Cost Contingency 3,370,000 0% 6 7 0 0 0 0 0 3,370,000 0 0 0 0 0 0 0 561,667

#REF! Contractor Fee #REF! 100% 12 1 0 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 OWNER DEVELOPMENT COSTS 75,000 0 0 0 0 0 75,000 0 0 0 0 0 0 0 0

0 FF&E 75,000 0% 1 9 0 0 0 0 0 75,000 0 0 0 0 0 0 0 0 0 Other Owner Purchases 0 100% 1 9 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 LEGAL AND PROFESSIONAL / DEVELOPMENT FEE 868,810 169,780 0 0 150,000 319,780 549,030 319,780 13,102 13,102 62,078 62,078 62,078 62,078 62,078

0 Development Fee/Overhead 0 12 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Legal Leasing 248,900 12 1 91,677 0 0 0 91,677 157,223 91,677 13,102 13,102 13,102 13,102 13,102 13,102 13,102 0 Legal Other 619,910 28% 8 3 78,103 0 0 150,000 228,103 391,807 228,103 0 0 48,976 48,976 48,976 48,976 48,976

#REF! ARCH, ENGR, DESIGN, STUDIES #REF! #REF! 0 0 #REF! #REF! #REF! #REF! 83,346 78,346 #REF! #REF! #REF! #REF! #REF!

#REF! A & E #REF! 7 3 #REF! 0 0 #REF! #REF! #REF! #REF! 0 0 #REF! #REF! #REF! #REF! #REF!0 Studies 10,000 1 1 5,000 0 0 0 5,000 5,000 5,000 5,000 0 0 0 0 0 0 0 Permits & Fees 271,000 3 1 35,961 0 0 0 35,961 235,039 35,961 78,346 78,346 78,346 0 0 0 0

0 MARKETING, COMMISSIONS, TI's 6,250,256 52,609 0 0 0 52,609 6,197,647 52,609 0 0 5,598 5,598 5,598 5,598 1,029,209 0 0 Marketing 75,000 4 3 52,609 0 0 0 52,609 22,391 52,609 0 0 5,598 5,598 5,598 5,598 0 0 Commissions 1,196,700 6 7 0 0 0 0 0 1,196,700 0 0 0 0 0 0 0 199,450 0 Tenant Improvements 4,978,556 6 7 0 0 0 0 0 4,978,556 0 0 0 0 0 0 0 829,759

#REF! OPERATIONS, REAL ESTATE TAXES, INSURANCE #REF! #REF! 0 0 #REF! #REF! #REF! #REF! 31,829 31,829 40,582 40,582 40,582 31,829 31,829

0 CAM 386,519 12 1 202,930 0 0 0 202,930 183,589 202,930 15,299 15,299 15,299 15,299 15,299 15,299 15,299 0 Real Estate Taxes 262,016 12 1 63,654 0 0 0 63,654 198,362 63,654 16,530 16,530 16,530 16,530 16,530 16,530 16,530 0 Insurance 120,782 3 3 94,525 0 0 0 94,525 26,257 94,525 0 0 8,752 8,752 8,752 0 0

#REF! Operating Deficit #REF! 1 12 #REF! 0 0 #REF! #REF! #REF! #REF! 0 0 0 0 0 0 0

0 FINANCING COSTS 3,040,877 1,250,851 0 0 1,785,026 3,035,877 5,000 3,035,877 500 500 500 500 500 500 500

0 Preferred Return on Developer Loan (closing - 3/31/ 238,875 100% 0 0 0 238,875 238,875 0 238,875 0 0 0 0 0 0 0 0 Interest on Bank Loan (closing - 12/31/08) 2,474,059 100% 1 1 1,177,629 0 0 1,296,430 2,474,059 0 2,474,059 0 0 0 0 0 0 0 0 Points (partial A & D loan) 56,365 100% 1 1 56,365 0 0 0 56,365 0 56,365 0 0 0 0 0 0 0 0 Points (construction loan) 120,000 100% 0 0 0 120,000 120,000 0 120,000 0 0 0 0 0 0 0 0 Miscellaneous Financing Charges 42,128 100% 0 0 0 42,128 42,128 0 42,128 0 0 0 0 0 0 0 0 Appraisals 20,000 100% 0 0 0 20,000 20,000 0 20,000 0 0 0 0 0 0 0 0 Architectural Appraisal/Inspection Fees 5,000 10 1 0 0 0 0 0 5,000 0 500 500 500 500 500 500 500 0 Construction Escrow Fee 4,250 100% 0 0 0 4,250 4,250 0 4,250 0 0 0 0 0 0 0 0 Bank's Attorney 80,200 100% 16,857 0 0 63,343 80,200 0 80,200 0 0 0 0 0 0 0

#REF! Construction Period Interest #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! Bridge Interest During Construction #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 CONTINGENCY 250,000 0 0 0 0 0 250,000 0 0 0 0 0 0 0 41,667

0 Owner's Contingency + Rounding 250,000 6 7 0 0 0 0 250,000 0 0 0 0 0 0 0 41,667

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! TTL MONTHLY PROJECT COSTS, EXCL INTEREST #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF!

CUMULATIVE $$$$ #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

CUMULATIVE % #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

INCREMENTAL MONTHLY % #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

# Mos To Spread After

Upfront

Beginning Month

Paid to Date Thru 4/30/08

Incurred - Not Yet Paid

Anticipate To Pay - Now Until Close

Additional Due/Paid at

Closing

Total To Draw At Closing

TOTAL COSTS EXCLUDING INTEREST

TOTAL COSTS INCLUDING INTEREST

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Green ExchangeTOTAL % Upfront

ACQUISITION COSTS 8,696,898

Building (2545 W. Diversey, aka Cooper Lamp) 7,500,000 100% 4 Land (parking lot @ SEC of Diversey and Maplewood) 500,000 100% 1 Building (2601 W. Diversey aka Stone Source) 0 100% 2 Other Acquisition 696,898 100%

HARD COSTS (Incl General Conditions) #REF!

Hard Costs (including General Conditions) #REF! See Detailed Hard CostsHard Cost Contingency 3,370,000 0% 6 Contractor Fee #REF! 100% 12

OWNER DEVELOPMENT COSTS 75,000

FF&E 75,000 0% 1 Other Owner Purchases 0 100% 1

LEGAL AND PROFESSIONAL / DEVELOPMENT FEE 868,810

Development Fee/Overhead 0 12 Legal Leasing 248,900 12 Legal Other 619,910 28% 8

ARCH, ENGR, DESIGN, STUDIES #REF!

A & E #REF! 7 Studies 10,000 1 Permits & Fees 271,000 3

MARKETING, COMMISSIONS, TI's 6,250,256

Marketing 75,000 4 Commissions 1,196,700 6 Tenant Improvements 4,978,556 6

OPERATIONS, REAL ESTATE TAXES, INSURANCE #REF!

CAM 386,519 12 Real Estate Taxes 262,016 12 Insurance 120,782 3 Operating Deficit #REF! 1

FINANCING COSTS 3,040,877

Preferred Return on Developer Loan (closing - 3/31/ 238,875 100%Interest on Bank Loan (closing - 12/31/08) 2,474,059 100% 1 Points (partial A & D loan) 56,365 100% 1 Points (construction loan) 120,000 100%Miscellaneous Financing Charges 42,128 100%Appraisals 20,000 100%Architectural Appraisal/Inspection Fees 5,000 10 Construction Escrow Fee 4,250 100%Bank's Attorney 80,200 100%

Construction Period Interest #REF!Bridge Interest During Construction #REF!

CONTINGENCY 250,000

Owner's Contingency + Rounding 250,000 6

#REF!

#REF! #REF!

TTL MONTHLY PROJECT COSTS, EXCL INTEREST

# Mos To Spread After

Upfront

TOTAL COSTS EXCLUDING INTEREST

TOTAL COSTS INCLUDING INTEREST

8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24

#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

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 0 0 0 0

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!561,667 561,667 561,667 561,667 561,667 0 0 0 0 0 0 0 0 0 0 0 0

#REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 0 0 0 0 0 0 0

0 75,000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 75,000 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

62,078 62,078 62,078 13,102 13,102 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 13,102 13,102 13,102 13,102 13,102 0 0 0 0 0 0 0 0 0 0 0 0 48,976 48,976 48,976 0 0 0 0 0 0 0 0 0 0 0 0 0 0

#REF! #REF! 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

#REF! #REF! 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

1,029,209 1,029,209 1,029,209 1,029,209 1,029,209 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 0 199,450 199,450 199,450 199,450 199,450 0 0 0 0 0 0 0 0 0 0 0 0 829,759 829,759 829,759 829,759 829,759 0 0 0 0 0 0 0 0 0 0 0 0

31,829 31,829 31,829 31,829 #REF! 0 0 0 0 0 0 0 0 0 0 0 0

15,299 15,299 15,299 15,299 15,299 0 0 0 0 0 0 0 0 0 0 0 0 16,530 16,530 16,530 16,530 16,530 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 #REF! 0 0 0 0 0 0 0 0 0 0 0 0

500 500 500 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 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

500 500 500 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

#REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 0 0 0 0 0 0 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

41,667 41,667 41,667 41,667 41,667 0 0 0 0 0 0 0 0 0 0 0 0

41,667 41,667 41,667 41,667 41,667 0 0 0 0 0 0 0 0 0 0 0 0







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0 1 2 3 4 5 6 7 8#N/A 6/30/2008 #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

USES OF FUNDS 12 Mos Construction

#REF! TTL MONTHLY PROJECT COSTS, EXCL INTEREST [SEE "SCHEDULE AND MONTHLY DRAW" TAB] #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

CUMULATIVE #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!CUMULATIVE % #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

OWNER'S EQUITY #REF! #REF! #REF! Month to Fund >>>>>>>> 0 Monthly Use In Project #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Excess In Bank #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! 0.0% Interest #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

PROJECT COSTS REMAINING TO BE FUNDED AFTER OWNER'S EQUITY #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! SOLAR THERMAL GRANT #REF! Month to Fund >>>>>>>> 0 Monthly Use In Project #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Cumulative #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Excess In Bank #REF! #REF! #REF! #REF! #REF!#REF! 0.0% Interest #REF! #REF! #REF! #REF! #N/A #N/A #N/A #N/A

PROJECT COSTS REMAINING TO BE FUNDED AFTER SOLAR THERMAL GRANT #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! FEDERAL HISTORIC TAX CREDIT SCHE #REF! Amount Used for Monthly Costs #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Cumulative #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Mo To Fund Amount0 $ 4,803,808 50.0% Periodic Investment 4,803,808 - - - - - - - 3,843,046 8 $ 3,843,046 40.0%16 $ 960,762 10.0% Excess In Bank #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! $ 9,607,615 100.0% Bridge Paydown #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!0.0% Interest #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

INT INCOME THRU CONSTRUCTION #REF!INT INCOME POST CONSTRUCTION #REF!TTL INTEREST INCOME #REF!

PROJECT COSTS REMAINING TO BE FUNDED AFTER HTC #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! FEDERAL SOLAR TAX ENERGY CREDIT $ 163,000 Amount Used for Monthly Costs #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Cumulative #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Mo To Fund Amount0 $ 81,500 50.0% Periodic Investment 81,500 - - - - - - - 81,500 8 $ 81,500 50.0%

$ 163,000 100.0% Excess In Bank #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! Bridge Paydown #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0.0% Interest #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

INT INCOME THRU CONSTRUCTION #REF!INT INCOME POST CONSTRUCTION #REF!

TTL INTEREST INCOME #REF!

PROJECT COSTS REMAINING TO BE FUNDED AFTER SOLAR #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! Beginning Balance - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! Interest Expense #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! 1st MORTGAGE CONSTRUCTION LOAN #REF! $ 20,000,000 Construction Loan Draw #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! Debt Repayment - - - - - - - - -

Outstanding Balance End of Month #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

PROJECT COSTS REMAINING TO BE FUNDED AFTER CONSTRUCTION LOAN #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BRIDGE LINE (DURING CONSTRUCTION)#REF! Loan Draw (For Costs Other Than 1st Mtg Interest) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! Loan Draw For 1st Mtg Interest #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BEGINNING BALANCE - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! BRIDGE LOAN DRAW #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! OFFSET BRIDGE DRAW FOR ADDT'L CAPITAL #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! INTEREST (EXPENSE NET OF INCOME) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! -

INTEREST INCOME 0.000% OPERATING CASH TO PAY BRIDGE - - - - - - - - -

USE OPERATING CASH TO PAY BRIDGE (1=YES) 0 ENDING BRIDGE BALANCE #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

BRIDGE INTEREST (AFTER CONSTRUCTION) #REF!

#REF! Costs Before Interest (Excl Tax Credit Dev Fee) SUM OF SOURCES #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! Interest #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! Subtotal

- Tax Credit Dev Fee#REF! SUM OF SOURCES MINUS USES #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

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TTL MONTHLY PROJECT COSTS, EXCL INTEREST [SEE "SCHEDULE AND MONTHLY DRAW" TAB]

OWNER'S EQUITY #REF! #REF! Month to Fund >>>>>>>> 0 Monthly Use In Project

Excess In Bank#REF! 0.0% Interest

PROJECT COSTS REMAINING TO BE FUNDED AFTER OWNER'S EQUITY

SOLAR THERMAL GRANT #REF! Month to Fund >>>>>>>> 0 Monthly Use In ProjectCumulative

Excess In Bank#REF! 0.0% Interest

PROJECT COSTS REMAINING TO BE FUNDED AFTER SOLAR THERMAL GRANT

FEDERAL HISTORIC TAX CREDIT SCHE #REF! Amount Used for Monthly CostsCumulative

Mo To Fund Amount0 $ 4,803,808 50.0% Periodic Investment8 $ 3,843,046 40.0%

16 $ 960,762 10.0% Excess In Bank $ 9,607,615 100.0% Bridge Paydown

0.0% Interest

INT INCOME THRU CONSTRUCTION #REF!INT INCOME POST CONSTRUCTION #REF!TTL INTEREST INCOME #REF!

PROJECT COSTS REMAINING TO BE FUNDED AFTER HTC

FEDERAL SOLAR TAX ENERGY CREDIT $ 163,000 Amount Used for Monthly CostsCumulative

Mo To Fund Amount0 $ 81,500 50.0% Periodic Investment8 $ 81,500 50.0%

$ 163,000 100.0% Excess In BankBridge Paydown

0.0% Interest

INT INCOME THRU CONSTRUCTION #REF!INT INCOME POST CONSTRUCTION #REF!

TTL INTEREST INCOME #REF!

PROJECT COSTS REMAINING TO BE FUNDED AFTER SOLAR

#REF! Beginning Balance#REF! #REF! Interest Expense

1st MORTGAGE CONSTRUCTION LOAN #REF! $ 20,000,000 Construction Loan DrawDebt RepaymentOutstanding Balance End of Month

PROJECT COSTS REMAINING TO BE FUNDED AFTER CONSTRUCTION LOAN

BRIDGE LINE (DURING CONSTRUCTION)#REF! Loan Draw (For Costs Other Than 1st Mtg Interest)#REF! Loan Draw For 1st Mtg Interest

BEGINNING BALANCE#REF! BRIDGE LOAN DRAW#REF! OFFSET BRIDGE DRAW FOR ADDT'L CAPITAL

#REF! #REF! #REF! INTEREST (EXPENSE NET OF INCOME) -

INTEREST INCOME 0.000% OPERATING CASH TO PAY BRIDGEUSE OPERATING CASH TO PAY BRIDGE (1=YES) 0 ENDING BRIDGE BALANCE

BRIDGE INTEREST (AFTER CONSTRUCTION) #REF!

#REF! Costs Before Interest (Excl Tax Credit Dev Fee) SUM OF SOURCES#REF! Interest#REF! Subtotal

- Tax Credit Dev Fee#REF! SUM OF SOURCES MINUS USES

9 10 11 12 13 14 15 16 17 18#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!





#N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A



- - - - - - - 960,762 - -

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!



- - - - - - - - - -

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!


#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! - - - - - - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

- - - - - - - - - - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!




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document.xls TTL Baum $ Invested & Interest of 73

Boise Banks Company, LLC Direct Loans Schedule

$$ IN 6,247,463.92 $$ OUT (891,711.87)

Members = Doug @ 50% and David @ 50% 6/30/2008 5,355,752.05 5,355,752.05 Advances

6/30/2008 #N/A #N/A Accrued Interest

ALL INTEREST AT>>> 8.00% #N/A #N/A Total Investment

8% Interest Rate Start End 8% Interest Rate Start End Interest Accrual Cumulative Interest Loan Adjustments Loan Balance

8.0000% 07/15/05 07/15/05 8.0000% 07/16/05 #N/A - 8.0000% #N/A 08/07/05 8.0000% 08/08/05 #N/A #N/A #N/A 1,819,998.00 1,819,998.00 #N/A8.0000% #N/A 09/19/05 8.0000% 09/20/05 #N/A #N/A #N/A 30,796.67 1,850,794.67 #N/A #N/A8.0000% #N/A 10/15/05 8.0000% 10/16/05 #N/A #N/A #N/A 63,000.00 1,913,794.67 #N/A #N/A8.0000% #N/A 11/15/05 8.0000% 11/16/05 #N/A #N/A #N/A 68,875.00 1,982,669.67 #N/A #N/A8.0000% #N/A 12/12/05 8.0000% 12/13/05 #N/A #N/A #N/A 155,255.18 2,137,924.85 #N/A #N/A8.0000% #N/A 01/30/06 8.0000% 01/31/06 #N/A #N/A #N/A 128,000.00 2,265,924.85 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 103,000.00 2,368,924.85 #N/A #N/A8.0000% #N/A 03/27/06 8.0000% 03/28/06 #N/A #N/A #N/A 108,000.00 2,476,924.85 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A (476,604.00) 2,000,320.85 #N/A #N/A8.0000% #N/A 05/09/06 8.0000% 05/10/06 #N/A #N/A #N/A 71,604.00 2,071,924.85 #N/A #N/A8.0000% #N/A 06/28/06 8.0000% 06/29/06 #N/A #N/A #N/A 24,003.00 2,095,927.85 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 3,000.00 2,098,927.85 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 581,364.15 2,680,292.00 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 75,135.92 2,755,427.92 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 84,371.79 2,839,799.71 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 892,889.97 3,732,689.68 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 128,455.84 3,861,145.52 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 41,611.26 3,902,756.78 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 197,293.63 4,100,050.41 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 100,142.77 4,200,193.18 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A (326,730.01) 3,873,463.17 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 177,722.50 4,051,185.67 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 140,139.66 4,191,325.33 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 96,130.79 4,287,456.12 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A (88,377.86) 4,199,078.26 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 58,447.90 4,257,526.16 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 104,072.82 4,361,598.98 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 273,384.57 4,634,983.55 #N/A #N/A8.0000% #N/A 12/10/07 8.0000% 12/11/07 #N/A #N/A #N/A 145,814.24 4,780,797.79 #N/A #N/A8.0000% #N/A 01/21/08 8.0000% 01/22/08 #N/A #N/A #N/A 154,183.86 4,934,981.65 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 124,663.16 5,059,644.81 #N/A #N/A8.0000% #N/A 03/17/08 8.0000% 03/18/08 #N/A #N/A #N/A 192,448.24 5,252,093.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 103,659.00 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A

8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A #N/A8.0000% #N/A #N/A 8.0000% #N/A #N/A #N/A #N/A 5,355,752.05 #N/A

http://www.hsh.com/indices/prime00s.html

Cumulative Loan Adjustments



Federal Solar Tax Credit CalculationGreen Exchange Building @ 2545 W. Diversey, Chicago IL, 60647

Solar Tax Credit CalculationsEligible Amount Credit Rate Tax Credits Sales Rate Net Proceeds

$ 544,050 30% $ 163,215 100% $ 163,000

TimingClosing $ 81,500 50%Completion $ 81,500 50%

$ 163,000 100%

Eligible Costs Total Cost

Panel Costs $ 67,500 Panel Installation costs $ 421,250

Chiller $ 24,000 Chiller Installation $ 31,300

Heat Exchanger Included 2 DHW Tanks Included Plumbing/Piping Included

Subtotal $ 544,050

05/08/202300:34:29

38 of 73 document.xlsPreleasing Requirements

Preleasing Requirements Green Exchange @ 2545 W. Diversey, Chicago, Illinois

TotalRentable Preleasing Base (year 1) (year 1) Total Yearly

Tenant Name Square Feet Preleasing % Square Feet Rent/S.F. C.A.M. Taxes Rent/S.F. Rent Retail 22,958 40% 9,183 $ 25.00 $ 2.88 $ 1.44 $ 29.32 $ 269,250 Retail (2nd Floor) 66,600 50% 33,300 $ 18.00 $ 2.88 $ 1.44 $ 22.32 $ 743,272 Office (3rd Floor) 39,574 50% 19,787 $ 18.00 $ - $ - $ 18.00 $ 356,166 Office (4th Floor) 36,821 50% 18,410 $ 18.00 $ - $ - $ 18.00 $ 331,380 Work/Live (3rd/4th/5th Floor) 61,549 - - $ - $ - $ - $ - $ - Parking 47,511 - - $ - $ - $ - $ - $ - Roof Revenue - - - $ - $ - $ - $ - $ - Sign Revenue - - - $ - $ - $ - $ - $ -

TOTALS 227,501 80,680 $ 18.80 $ 2.88 $ 1.44 $ 21.07 $ 1,700,068 (excludes parking)

05/08/202300:34:29 39 of 73 document.xls

Taxable Income Analysis

Total Cost $62,825,809 Depreciable Basis Reductions

Tax Credits ($9,607,615)

Basis $53,218,194

Acquisition Costs ($1,625,000)

Depreciable Basis $51,593,194

1 2 3 4 5 6 7 8 9 10 11 12Tax Calculations Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12

Before Tax Cash Flow #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Add: Principal #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Less: Depreciation $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 $ 1,322,902 Less: Points $ 60,000 $ 60,000 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - Taxable Income #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Tax Rate 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35% 35%

Taxes #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Taxes as a percentage of Cash Flow #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Beginning Basis $53,218,194 $51,895,291 $50,572,389 $49,249,487 $47,926,584 $46,603,682 $45,280,779 $43,957,877 $42,634,974 $41,312,072 $39,989,170 $38,666,267 Depreciation $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902) $ (1,322,902)Ending Basis $51,895,291 $50,572,389 $49,249,487 $47,926,584 $46,603,682 $45,280,779 $43,957,877 $42,634,974 $41,312,072 $39,989,170 $38,666,267 $37,343,365

05/08/202300:34:29 40 of 73 document.xls

Loan Request

First Mortgage Loan RequestGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

TERMS

Amount: $20,000,000

Loan-to-Value Ratio: 0%

Prime Rate 3.25% as of 1/9/2009

Spread Over Libor (bps) 50

Additional cushion for budget (bps) 175

Rate: 5.50%

Term: 3 years

Points: 1/2 percent

Amortization: n/a interest only

Loan per Square Foot: $ 72.72

Disbursement Date: 5/1/2008

D13

M ALSCHER:

D15

M ALSCHER:

document.xls 1031 Invested & Interest of 73

Boise Banks Company, LLC 1031 Funds Loan Schedule

Members = Doug @ 50% and David @ 50% 9/1/2005 1,819,998.00 Invest in GX

3/31/2008 #N/A Accrued Interest

#N/A Total Invested

Start End Start End Interest Accrual Loan Balance

6.2500% 07/15/05 07/15/05 6.2500% 07/16/05 07/31/056.2500% 08/01/05 08/07/05 6.5000% 08/08/05 08/31/05 - 1,819,998.00 1,819,998.00 6.5000% 09/01/05 09/19/05 6.7500% 09/20/05 09/30/05 9,860.40 1,829,858.40 6.7500% #N/A 10/15/05 6.7500% 10/16/05 #N/A #N/A #N/A7.0000% #N/A 11/15/05 7.0000% 11/16/05 #N/A #N/A #N/A7.0000% #N/A 12/12/05 7.2500% 12/13/05 #N/A #N/A #N/A7.2500% 01/01/06 01/30/06 7.5000% 01/31/06 #N/A #N/A #N/A7.5000% #N/A #N/A 7.5000% #N/A #N/A #N/A #N/A7.5000% #N/A 03/27/06 7.7500% 03/28/06 #N/A #N/A #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A #N/A7.7500% #N/A 05/09/06 7.7500% 05/10/06 #N/A #N/A #N/A8.0000% #N/A 06/28/06 8.2500% 06/29/06 #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A #N/A8.2500% #N/A #N/A 7.7500% #N/A #N/A #N/A #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A #N/A7.7500% #N/A 12/10/07 7.2500% 12/11/07 #N/A #N/A #N/A7.2500% #N/A 01/21/08 6.5000% 01/22/08 #N/A #N/A #N/A6.0000% #N/A #N/A 6.0000% #N/A #N/A #N/A #N/A6.0000% #N/A 03/17/08 5.2500% 03/18/08 #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A


Prime Interest Rate

Prime Interest Rate


document.xls Baum Invested & Interest of 73

Boise Banks Company, LLC

$$ IN 935,533.85 Direct Loans Schedule $$ OUT (914,062.42)Members = Doug @ 50% and David @ 50% 3/31/2008 21,471.43 Net Investment


#N/A Total Invested

Start End Start End Interest Accrual Loan Adjustments Loan Balance

6.2500% 07/15/05 07/15/05 6.2500% 07/16/05 07/31/056.2500% 08/01/05 08/07/05 6.5000% 08/08/05 08/31/05 - - 6.5000% 09/01/05 09/19/05 6.7500% 09/20/05 09/30/05 - 27,796.67 27,796.67 6.7500% #N/A 10/15/05 6.7500% 10/16/05 #N/A #N/A 60,000.00 #N/A7.0000% #N/A 11/15/05 7.0000% 11/16/05 #N/A #N/A 65,875.00 #N/A7.0000% #N/A 12/12/05 7.2500% 12/13/05 #N/A #N/A 152,255.18 #N/A7.2500% 01/01/06 01/30/06 7.5000% 01/31/06 #N/A #N/A 125,000.00 #N/A7.5000% #N/A #N/A 7.5000% #N/A #N/A #N/A 100,000.00 #N/A7.5000% #N/A 03/27/06 7.7500% 03/28/06 #N/A #N/A 105,000.00 #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A (479,604.00) #N/A7.7500% #N/A 05/09/06 7.7500% 05/10/06 #N/A #N/A 68,604.00 #N/A8.0000% #N/A 06/28/06 8.2500% 06/29/06 #N/A #N/A 21,003.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 25,000.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A (39,458.42) #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 46,000.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 33,000.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A (395,000.00) #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 20,000.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 3,000.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 6,000.00 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 21,000.00 #N/A8.2500% #N/A #N/A 7.7500% #N/A #N/A #N/A 1,000.00 #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A 18,000.00 #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A 11,000.00 #N/A7.7500% #N/A 12/10/07 7.2500% 12/11/07 #N/A #N/A 26,000.00 #N/A7.2500% #N/A 01/21/08 6.5000% 01/22/08 #N/A #N/A - #N/A6.0000% #N/A #N/A 6.0000% #N/A #N/A #N/A - #N/A6.0000% #N/A 03/17/08 5.2500% 03/18/08 #N/A #N/A - #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A


Prime Interest Rate

Prime Interest Rate


document.xls Quantum Invested & Interest of 73

Boise Banks Company, LLC Direct Loans Schedule

$$ IN 1,833,400.48 $$ OUT (135,564.86)

Members = Doug @ 50% and David @ 50% 3/31/2008 1,697,835.62 Due to Quantum


#N/A Total Investment

Start End Start End Interest Accrual Loan Adjustments Loan Balance

6.2500% 07/15/05 07/15/05 6.2500% 07/16/05 07/31/056.2500% 08/01/05 08/07/05 6.5000% 08/08/05 08/31/05 - - 6.5000% 09/01/05 09/19/05 6.7500% 09/20/05 09/30/05 - - - 6.7500% #N/A 10/15/05 6.7500% 10/16/05 #N/A #N/A - #N/A7.0000% #N/A 11/15/05 7.0000% 11/16/05 #N/A #N/A - #N/A7.0000% #N/A 12/12/05 7.2500% 12/13/05 #N/A #N/A - #N/A7.2500% 01/01/06 01/30/06 7.5000% 01/31/06 #N/A #N/A - #N/A7.5000% #N/A #N/A 7.5000% #N/A #N/A #N/A - #N/A7.5000% #N/A 03/27/06 7.7500% 03/28/06 #N/A #N/A - #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A - #N/A7.7500% #N/A 05/09/06 7.7500% 05/10/06 #N/A #N/A - #N/A8.0000% #N/A 06/28/06 8.2500% 06/29/06 #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A - #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 25,477.15 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 72,135.92 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 81,371.79 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 185,549.39 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 125,158.84 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 15,424.26 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 125,106.63 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 40,955.77 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 42,082.99 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 131,535.50 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 110,952.66 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A 63,943.79 #N/A8.2500% #N/A #N/A 8.2500% #N/A #N/A #N/A (135,564.86) #N/A8.2500% #N/A #N/A 7.7500% #N/A #N/A #N/A 31,260.90 #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A 59,885.82 #N/A7.7500% #N/A #N/A 7.7500% #N/A #N/A #N/A 236,197.57 #N/A7.7500% #N/A 12/10/07 7.2500% 12/11/07 #N/A #N/A 93,627.24 #N/A7.2500% #N/A 01/21/08 6.5000% 01/22/08 #N/A #N/A 127,996.86 #N/A6.0000% #N/A #N/A 6.0000% #N/A #N/A #N/A 98,476.16 #N/A6.0000% #N/A 03/17/08 5.2500% 03/18/08 #N/A #N/A 166,261.24 #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A5.2500% #N/A #N/A 5.2500% #N/A #N/A #N/A #N/A


Prime Interest Rate

Prime Interest Rate


05/08/202300:34:29 44 of 73 document.xls

Table of Contents

Project Budget, Sources & Uses and ProformaTable Of Contents

Exhibit Title Page #

Table of Contents 1

Project Budget and Overview 2

Financial Highlights & Potential Enhancements 3

Sources & Uses Of Funds 4

Rent & Tenant Improvements 5

Project Cash Flows 6

Soft Costs 7

Operating Cost Details 8

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45 of 73 document.xlsProject Budget Presentation

Project Budget 0 0 0 0 0 0

Green Exchange @ 2545 W. Diversey, Chicago, Illinois 0 0 0 0 0 00 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

PROJECT COSTS: 0 0 Square Feet Cost/S.F. Total Cost 0

0 0 0 0 0 0 0

0 0 275,012 $ 27.27 $ 7,500,000 0

0 0 0 0 Soft Costs 0 0

0 0 6,300 $ 79.37 $ 500,000 0

0 0 0 0 0 0 0

0 Construction Costs 0 275,012 $ 104.34 $ 28,693,932 0

0 0 0 0 0 0 0

0 Soft Costs (see attached) 0 275,012 $ 20.17 $ 5,547,720 0

0 0 0 0 0 0 0

0 Soft Costs Contingency 0% 275,012 $ 0.91 $ 250,000 0

0 0 0 0 0 0 0

0 Construction Contingency 10% 275,012 $ 12.25 $ 3,370,000 (contingency on both construction and TI's)

0 0 0 0 0 0 0

0 Construction Interest 0 275,012 $ 12.42 3,415,601 0

0 0 0 0 0 0 0

TOTAL PROJECT COSTS: 0 0 275,012 $ 197.28 $ 54,255,809 0

0 0 0 0 0 0 0

0 0 0 0 0

0 0

0 0

0 0 0 0

Building (2545 W. Diversey, aka Cooper Lamp)

Land (parking lot @ SEC of Diversey and Maplewood)

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46 of 73 document.xlsFinancial Highlights

Financial Highlights

Project Returns Budgeted Project Cost $ 54,255,809

#REF!

Net Costs (Budgeted Costs Net of Estimated Subsidies) #REF! #REF! /sf

Forecasted Net Operating Income (NOI) $ 3,017,825 first stabilized year

Initial Stable Return on Net Costs #REF!

Equity Returns (Pre-tax)Projected 1st Mortgage Debt $ 20,000,000

#REF!

Project IRR #REF!

Note 1

Forecasted NOI (see above) $ 3,017,825 Estimated Debt Service (including principal amortization) #REF!Estimated Annual Return To Tax Subsidy Investors $ (288,228)Estimated Net Cash Flow #REF!

Other Transaction Opportunities

The project has been approved by Cook County and the City of Chicago for a Class L real estate designation, the benefit of which is reflectedin the proforma numbers. The economic benefits of the Class L program reduce property taxes by almost 74% and lasts for twelve years. This designation could be eligible for renewal after the initial twelve years. The proforma does not assume a renewal of the Class L designation, so if a renewal is achieved the value of the project and cash flows would be greater than presently reflected.

Ownership is currently in negotiations with the City of Chicago to get TIF funding.

Ownership is currently in discussions with the State of Illinois for several subsidies.

A bill is currently being drafted to increase the historic tax credit incentive from 20% to 30%, which would benefit the project approximately $5M.

Estimated Subsidies For Grants and Monetizing Historic and Other Tax Credits To Fund Project Costs

Forecasted Stable Cash Flow After Debt Service (see Note 1 below)

05/08/202300:34:29 47 of 73 document.xls

Sources-Uses Presentation

SOURCES & USES OF FUNDS

Sources and Uses of FundsGreen Exchange @ 2545 W. Diversey, Chicago, Illinois0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0Sources of Funds: 0 0

#REF! #REF!Developer Equity $ 12,177,918 Total Equity (Class A Membership Units) #REF!

#REF! #REF!#REF! #REF!

FUTURE Solar Thermal Grant - Equity Proceeds $ (60,000)Solar Energy Tax Credit - Equity Proceeds $ 163,000

0 $ -

#REF! #REF!0 Total Equity $ 19,803,226

### 36% $ 20,000,000

0 Total $ 54,803,226 0%

0 0 0 0%### #REF! #REF! #REF!Uses of Funds: 0 0%

0 Purchase Price 2 0 $ 8,000,000 0% 0#REF! #REF! #REF!

0 Hard Costs $28,693,932 0 0% 00 Tenant Soft Costs $4,978,556 0 0% 0

Total Construction Costs 0 $ 33,672,488 0 0 0

0 Soft Costs $ 5,547,720 0% 00 Contingency $ 3,620,000 0% 00 Interest $ 3,415,601 0%

Total $ 54,255,809 0 0 0 0 0 0 0

Notes: 0 0 0 0 0 00 0 0 0 0 0 0

### #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! 0.48% #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!### #REF! #REF! #REF! #REF! #REF! #REF!

1 Purchase Price includes 2 parcels: 2545 W. Diversey @ $7,500,000 and SEC of Diversey and Maplewood @ $500,000.0 0 0 0 0.00% 0 12/30/18992 Historic Tax Credit Equity Proceeds will be paid 50% upon loan closing and the balance upon completion and receive a 2% interest return for a period of 5 years and will be subject to a 5% put at the end of the 5 1/2 year period after the property is placed in service.0 #REF! 0 0 0.00% 0 12/30/1899

Lender Financing 1

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48 of 73 document.xlsRent & TI Presentation

PROJECTED RENT ROLL AND TENANT IMPROVEMENTS

Rent Roll and Tenant Improvement Costs 0 0 0 0 0 0 0 0 0 0

Green Exchange @ 2545 W. Diversey, Chicago, Illinois 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0.000% 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0

Tenant Type 0

Lease Type Base Rent/S.F. Total Base Rent C.A.M. Total Rent/S.F. Total Yearly Rent Increases0 0 0 0 0 0 0 0 0 0 0 0 0 0

Retail 0 NNN 22,958 $ 25.00 $ 573,938 $ 2.87 $ 1.44 $ 98,947 $ 29.31 $ 672,885 $ 30.00 $ 688,726 2.00%Retail (2nd Floor) 0 NNN 66,600 $ 18.00 $ 1,198,791 $ 2.87 $ 1.44 $ 287,044 $ 22.31 $ 1,485,835 $ 30.00 $ 1,997,985 2.00%

Office (3rd Floor) 0 39,574 $ 18.00 $ 712,334 $ - $ - $ - $ 18.00 $ 712,334 $ 30.00 $ 1,187,223 2.00%

Office (4th Floor) 0 36,821 $ 18.00 $ 662,773 $ - $ - $ - $ 18.00 $ 662,773 $ 30.00 $ 1,104,622 2.00%

Work/Live Loft Units (3rd/4th/5th Floor) gross 61,549 $ 18.00 $ 1,107,891 $ - $ - $ - $ 18.00 $ 1,107,891 $ - $ - 2.00%Parking (see notes) gross 47,511 $ 3.64 $ 172,800 $ - $ - $ - $ 3.64 $ 172,800 $ - $ - 1.50%Sign Revenue 0 gross 0 0 $ - $ - $ - $ - $ - $ - $ - $ - 1.50%TOTALS 0 0 227,501 $ 18.71 $ 4,428,527 0 0 $ 385,991 $ 25.79 $ 4,814,518 $ 42.03 $ 4,978,556 0%

0 0 0 0 0 0 0 0 0 0%

NOTES 0 #REF! 0 0 0 0 0 0 0 0 Rounding $ 1,444 0%Parking assumes spaces are rented for: $150.00 /month. All exterior spaces assumed to be included in retail rent. 0 0 0 $ - $ - 0%

0 0 0 0 0 0 0 0 0 0 0 0 0 0

Rentable Square Feet


Total Pass Throughs

Tenant Improvement Allowance Per

S.F.

Tenant Improvement

Allowance



(excludes parking)


income)

(excluding parking, sign income)


income& Work/Live)

05/08/202300:34:29 49 of 73 document.xls

Project Cash Flow Presentation

PROFORMA CASH FLOW FORECAST

Cash Flow Analysis with HUD 108 Loan Guarantee without TIF AssistanceGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

#REF! ### #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF!

0 0 0 0 Square 1 2 3 4 5 6 7 8 9 10 11 12 13CASH FLOW ANALYSIS: % of Building Square Feet Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Gross Possible Rental Income: 0 0 0 $ -

Base Rent: Retail 39% 89,557 $ 1,772,730 $ 1,808,184 $ 1,844,348 $ 1,881,235 $ 1,918,860 $ 1,957,237 $ 1,996,382 $ 2,036,309 $ 2,077,035 $ 2,118,576 $ 2,160,948 $ 2,204,167 $ 2,248,250 Office 34% 76,395 $ 1,375,107 $ 1,402,609 $ 1,430,661 $ 1,459,274 $ 1,488,460 $ 1,518,229 $ 1,548,594 $ 1,579,565 $ 1,611,157 $ 1,643,380 $ 1,676,248 $ 1,709,772 $ 1,743,968 Live Work 27% 61,549 $ 1,107,891 $ 1,130,049 $ 1,152,650 $ 1,175,703 $ 1,199,217 $ 1,223,201 $ 1,247,665 $ 1,272,618 $ 1,298,071 $ 1,324,032 $ 1,350,513 $ 1,377,523 $ 1,405,074

Soft Costs $ 4,255,727 $ 4,340,842 $ 4,427,659 $ 4,516,212 $ 4,606,536 $ 4,698,667 $ 4,792,640 $ 4,888,493 $ 4,986,263 $ 5,085,988 $ 5,187,708 $ 5,291,462 $ 5,397,291

Parking 0 0 $ 172,800 $ 175,392 $ 178,023 $ 180,693 $ 183,404 $ 186,155 $ 188,947 $ 191,781 $ 194,658 $ 197,578 $ 200,541 $ 203,550 $ 206,603 Sign Revenue 0 0 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

Pass-Throughs: Retail $ 257,668 $ 351,669 $ 372,208 $ 384,691 $ 395,849 $ 407,330 $ 419,145 $ 431,302 $ 443,812 $ 456,686 $ 469,933 $ 485,886 $ 501,162 Office $ - $ - $ 60,112 $ 111,205 $ 128,961 $ 147,211 $ 165,968 $ 185,246 $ 205,061 $ 225,427 $ 246,360 $ 366,206 $ 441,173 Live Work $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -

$ 257,668 $ 351,669 $ 432,319 $ 495,895 $ 524,810 $ 554,541 $ 585,112 $ 616,548 $ 648,873 $ 682,113 $ 716,293 $ 852,091 $ 942,334 Taxes: Retail $ 129,261 $ 222,839 $ 271,326 $ 278,109 $ 285,062 $ 292,189 $ 299,493 $ 306,981 $ 314,655 $ 322,522 $ 330,585 $ 451,799 $ 520,981

Pass Through & Tax Reimbursements $ 516,190 $ 797,347 $ 974,972 $ 1,052,114 $ 1,094,934 $ 1,138,918 $ 1,184,099 $ 1,230,510 $ 1,278,184 $ 1,327,156 $ 1,377,463 $ 1,755,689 $ 1,984,296


Vacancy/Collection Loss % 0 0 50.0% 25.0% 10.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0% 8.0%Less: Vacancy Allowance: 0% 0 $ 2,407,728 $ 1,272,685 $ 530,933 $ 437,673 $ 447,985 $ 458,524 $ 469,295 $ 480,304 $ 491,556 $ 503,056 $ 514,810 $ 543,912 $ 565,377

Effective Gross Income $ 2,407,728 $ 3,818,056 $ 4,778,394 $ 5,033,237 $ 5,151,827 $ 5,273,027 $ 5,396,897 $ 5,523,499 $ 5,652,893 $ 5,785,145 $ 5,920,317 $ 6,254,990 $ 6,501,832 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Less: Real Estate Taxes (see Property Tax Analysis sheet) $ 328,361 $ 566,077 $ 689,249 $ 706,480 $ 724,142 $ 742,245 $ 760,802 $ 779,822 $ 799,317 $ 819,300 $ 839,783 $ 1,147,703 $ 1,323,445 Less: Operating Expenses $ 714,552 $ 1,015,482 $ 1,071,321 $ 1,206,244 $ 1,241,459 $ 1,277,702 $ 1,315,003 $ 1,353,394 $ 1,392,907 $ 1,433,574 $ 1,475,430 $ 1,524,404 $ 1,571,912

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total Operating Expenses and Property Taxes $ 1,042,914 $ 1,581,559 $ 1,760,569 $ 1,912,724 $ 1,965,601 $ 2,019,947 $ 2,075,805 $ 2,133,216 $ 2,192,224 $ 2,252,874 $ 2,315,212 $ 2,672,107 $ 2,895,357

0 0 % Recovered 49.5% 50.4% 55.4% 55.0% 55.7% 56.4% 57.0% 57.7% 58.3% 58.9% 59.5% 65.7% 68.5%0 0 0 0 0 0% 0 0 0 0 0 0 0 0 0 0 0 0

Developer Asset Management Fee (% of Gross Receipts) $ - $ - $ - $ - $ - $ - 0

NET OPERATING INCOME (NOI) 0 $ 1,364,814 $ 2,236,498 $ 3,017,825 $ 3,120,514 $ 3,186,226 $ 3,253,080 $ 3,321,093 $ 3,390,283 $ 3,460,670 $ 3,532,271 $ 3,605,105 $ 3,582,883 $ 3,606,475

Net Pre-Tax Residual 0 0 0 0 0 0 0 0 0 0 0 #REF! 0 0 0.00% 0 0 0 0 0 0 0 0 0 0 0 0 0

Solar Thermal Grant Proceeds 0 60,000 0 0 0 0 0 0 0 0 0 0 0 0

Less: HUD Section 108 Loan Debt Service (interest only year 1 and 2) 0 #REF! #REF! 690,000 690,000 690,000 690,000 690,000 690,000 690,000 690,000 690,000 690,000 0Less: Debt Service 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 Less: Mezzanine Loan 15% $ - $ - 0 0 0 0 0 0 0 0 0 $ - 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cash Flow After Debt Service ; Before HTC Investor Payments $ (14,677,918) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $ - Debt Coverage Ratio #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

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

HTC Investor Preference and Put Payment 0 (144,114) (288,228) (288,228) (288,228) (288,228) (1,729,371) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Cash Flow After Debt AND After HTC Investor Payments $ (14,677,918) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! $ - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0.00 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 Project IRR To Equity #REF! 0.00 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 Total Project Cash Returned #REF! 0.00 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 Equity Multiple #REF! 0.00 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 0 0 0 0.00 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! 0 0 0 0 0 0 0 0 0 0.00 #REF! #REF!0 0 0 0 0 0.00 #REF! #REF!0 0 0 0 0 0.00 0.00 #REF!

Residual Calculations 0.00 0 0.00 0.00 #REF!0 0 0.00 Yr To Sell 12 0.00 0.00 #REF!

Yr To Cap 13 0.00 0.00 #REF!0 #REF!

Sales Price 0 0 10.0% $ 36,064,753 NOI To Cap = 3,606,475 #REF!Less: Selling Expenses 0 3.0% $ (1,081,943) 0.00 0.00 #REF!Amount Realized 0 0 $ 34,982,811 0.00 0.00 #REF!Less: Balance Due on Mortgage (End of Year) #REF! 0.00 0.00 #REF! Pre-Tax Residual Value To Equity 0 #REF! #REF! 0.00 #REF!

#REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!#REF!

05/08/202300:34:29

50 of 73 document.xlsSoft Costs Presentation

SOFT COSTS

Soft Costs (page 1 of 2) 0 0 0 0 0 0 0 0 0 0Green Exchange @ 2545 W. Diversey, Chicago, Illinois 0 0 0 0 0 0 0 0 0#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 BUDGET 0 0 0Acquisition Related 0 0 0 0 $ 696,898 0 0 0

Purchase of Partner's Shares (premium over original cost) 0 0.0% 0.0% $ 200,000 paid 0 0 0Sales Commissions for Building Purchase (paid to outside brokers) 0 0.0% 0.0% $ 450,000 paid 0 0 0Closing Costs Per CT&T Stmt (2545 Diversey) 0 0.0% 0.0% $ 3,715 paid 0 0 0Closing Costs Per CT&T Stmt (Maplewood) 0 0.0% 0.0% $ 27,887 paid 0 0 0Closing Fee (CT & T) 0 0.0% 0.0% $ 750 paid 0 0 0Recording Fees 0 0.0% 0 $ 180 paid 0 0 0#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0.0% 0.0% 0 0 0 0Project Furnishings, Equipment, Etc. 0 0 0.0% 0 $ 75,000 0 0 0

FF & E (hotel rooms, management office, building conf. rooms, common areas) 0 0 0.0% $ 75,000 0 0 0 0#REF! 0 0 0.0% 0 0 0 0 0

Legal, Accounting, Consultants 0 0 0.0% 0 $ 868,810 0 0 0Legal: Purchasing 0 0.0% 0.0% $ 106,967 paid 0 0 0Legal: Zoning 0 0.0% 0.0% $ 22,793 paid 0 0 0Legal: Lease Negotiation 0 $ 1.50 0.0% $ 248,900 paid partial excludes work/live 0 0Legal: Syndication Costs (Equity) 0 0.0% 0.0% $ 63,000 0.0% 0 0 0Legal: Miscellaneous 0 $ 50,000 0.0% 0 0 0Legal: Miscellaneous $ 50,000 Legal: TIF $ 100,000 Consultants (Tax Credit Legal and Accounting) 0.0% 0.0% 0.0% $ 200,000 0.0% 0 0 0Accounting 0 0.0% 0.0% $ 50,000 0.0% 0 0 0Final HTC Cost Certification Soft Costs 0 0 0.0% $ 25,000 0 0 0 0

0 0 0 0 0 0 0 0 0 0Technical Studies/Surveys 0 0 0 0 $ 10,000 0 0 0

Environmental Surveys 0 0 0 0.0% $ 5,000 0.0% 0 0 0Site and Topographical Survey 0 0 0.0% 0.0% $ 5,000 0.0% 0 0 0

0 0 0.0% 0.0% 0.0% 0 0 0 0#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

Architectural Reimbursables 0 $ 0.20 0.0% $ - 100.0% 0 0 0Architectural - Permit Revisions 0 0 0.0% 0.0% $ - 0.0% 0 0 0Consultants - Historical 0 0.0% 0.0% 0.0% $ - 0.0% 0 0 0Consultants - LEED 0 0.0% 0.0% 0.0% $ - 0 0 0 0

0 0 0.0% 0.0% 0.0% 0 0 0 0 0Permits & Fees 0 0.0% 0.0% 0.0% 0 $ 271,000 0 0 0

Permits - Demolition, Driveway, DCAP review, misc. 0 0.0% 0.0% 0.0% $ 221,000 0.0% 0 0 0Permit Fees For Revisions 0 0 0.0% 0.0% 0.0% $ 50,000 0.0% 0 0 0Impact Fees 0 56 units 0.0% /unit $ - 0.0% n/a 0 0

0 0 0 0 0 0.0% 0 0.0% 0 0 0Real Estate Taxes, Insurance, CAM 0 0 0 0 0 0 $ 769,317 0 0 0

#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Taxes (Total) 0 0 0.0% 0.0% $0 $ 262,016 0.0% 0 0 0Builder's Risk (Total) 0 0 0.0% 0.0% $0 $ 120,782 0.0% 0 0 0C.A.M. (Total) 0 0 0 0 0 $ 386,519 0.0% 0 0 0#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0 0 0 0 0 0Leasing Commissions 0 0 0 0 0 0 $ 1,196,700 0 0 0

Leasing Commissions for Work/Live Units (assumes 2 yr. avg. @ 7%/2%) 0 0% 0% $ 100,700 0.0% (commissions on rent bumps included) 0Leasing Commissions for Commercial (assumes base yr leases 5 yr. avg. @ 7%/2%) 0 0% 0% $ 227,100 0.0% (commissions on rent bumps included) 0Leasing Commissions for Retail (assumes NNN 5 yr. avg. @ 8%/3%) 0 0% 0% $ 368,900 0.0% (commissions on rent bumps included) 0#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0 0 0 0Marketing 0 0 0 0 0 $ 75,000 0 0 0

Marketing Materials, Website and Advertising 0 0 0 0 $ 75,000 0 0 0 00 0 0 0 0 0 0 0 0 0

Financing Costs 0 0 0 0 0 $ 327,943 0 0 0Points (partial A & D loan) 0 0 0 0 $ 56,365 paid 0 0 0Points and Fees (construction loan) 0% 0 20000000 0.6% $ 120,000 estimate 0 0 0Miscellaneous Financing Charges 0% 0 0.0% 0 $ 42,128 paid 0 0 0Appraisals 0 0 0 0.0% $ 20,000 estimate 0 0 0Architectural Appraisal/Inspection Fees 0 0 0 0.0% $ 5,000 estimate 0 0 0Construction Escrow Fee 0 0 0 0.0% $ 4,250 estimate 0 0 0Bank's Attorney 0 0 0 0.0% $ 80,200 paid 0 0 00 0 0 0 0 0 0 0 0 0

Rounding 0 0 0 0 0 0 $ - 0 0 0ROUNDING 0 0 0 0% 0.0% $ - 0 0 0 0

0 0 0 0 0% 0.0% 0 0 0 0 0TOTAL SOFT DEVELOPMENT COSTS (Before Interest) 0 0 0 0 $ 5,547,720 $ 5,547,720 0 0 0

0 0 0 0 0 0 0.0% 0 0 0 0

TOTAL PROJECT INTEREST#REF! 12% 6 months $ 238,875 First Mortgage Interest (9/2005 closing thru 6/30/10) 0% 0% Libor + 250 0 $ 2,474,059 approx. (prepaid thru 6/30/10) Time Related #REF! $ 20,000,000 100% 5.27% 8 months $ 702,667 approx. (4 months prepaid) Time Related 0

$ 3,415,601

05/08/202300:34:29

51 of 73 document.xlsOperating Budget Presentation

PROJECTED ANNUAL OPERATING COSTS, REAL ESTATE TAXES, ET AL

Operating Budget 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Green Exchange @ 2545 W. Diversey, Chicago, IL 0 0 0 0 0 0 0 0 0 0 0 0Chargeable Area: 0 227,501 0 Annual Increases: 103.0% 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13

0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 20220 Cost/SF Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 OPERATING EXPENSES $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Building Manager $0.26 $60,000 $61,800 $63,654 $65,564 $67,531 $69,556 $71,643 $73,792 $76,006 $78,286 $80,635 $83,054 $85,546Janitor $0.22 $50,000 $51,500 $53,045 $54,636 $56,275 $57,964 $59,703 $61,494 $63,339 $65,239 $67,196 $69,212 $71,288UTILITIES $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Electric Common Area $0.33 $75,202 $154,916 $159,563 $164,350 $169,281 $174,359 $179,590 $184,978 $190,527 $196,243 $202,130 $208,194 $214,440Gas Common Area $0.09 $20,985 $43,288 $44,587 $45,924 $47,302 $48,721 $50,183 $51,688 $53,239 $54,836 $56,481 $58,175 $59,921Water Common Area $0.08 $18,000 $37,080 $38,192 $39,338 $40,518 $41,734 $42,986 $44,275 $45,604 $46,972 $48,381 $49,832 $51,327CONTRACT EXPENSES $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Cleaning Contract $0.23 $52,000 $53,560 $55,167 $56,822 $58,526 $60,282 $62,091 $63,953 $65,872 $67,848 $69,884 $71,980 $74,140HVAC-Contract $0.06 $13,250 $27,295 $28,114 $28,957 $29,826 $30,721 $31,642 $32,592 $33,569 $34,576 $35,614 $36,682 $37,783Elevator/Escalator-Contract $0.00 $0 $24,522 $25,258 $26,015 $26,796 $27,600 $28,428 $29,281 $30,159 $31,064 $31,996 $32,956 $33,944Window Cleaning $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Landscaping Contract $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Snow Removal-General $0.04 $8,000 $8,240 $8,487 $8,742 $9,004 $9,274 $9,552 $9,839 $10,134 $10,438 $10,751 $11,074 $11,406Scavenger $0.03 $6,821 $7,026 $7,237 $7,454 $7,677 $7,908 $8,145 $8,389 $8,641 $8,900 $9,167 $9,442 $9,725Pest Control $0.03 $6,000 $6,180 $6,365 $6,556 $6,753 $6,956 $7,164 $7,379 $7,601 $7,829 $8,063 $8,305 $8,555Plants & Flowers $0.02 $5,200 $5,356 $5,517 $5,682 $5,853 $6,028 $6,209 $6,395 $6,587 $6,785 $6,988 $7,198 $7,414Fountains/Sprinklers $0.02 $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129Alarms & Monitoring $0.02 $5,000 $5,150 $5,305 $5,464 $5,628 $5,796 $5,970 $6,149 $6,334 $6,524 $6,720 $6,921 $7,129Fire Extinguishers-Contract $0.01 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564Phone $0.01 $2,400 $2,472 $2,546 $2,623 $2,701 $2,782 $2,866 $2,952 $3,040 $3,131 $3,225 $3,322 $3,422Internet $0.01 $1,200 $1,236 $1,273 $1,311 $1,351 $1,391 $1,433 $1,476 $1,520 $1,566 $1,613 $1,661 $1,711MAINTENANCE & REPAIRS $0.00 $0.00 Soft Costs $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Miscellaneous $0.17 $38,910 $40,077 $41,280 $42,518 $43,794 $45,107 $46,461 $47,854 $49,290 $50,769 $52,292 $53,861 $55,476Marketing /PR Employee $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Website $0.09 $20,000 $20,600 $21,218 $21,855 $22,510 $23,185 $23,881 $24,597 $25,335 $26,095 $26,878 $27,685 $28,515Roof Repairs $0.00 $0 $19,570 $20,157 $20,762 $21,385 $22,026 $22,687 $23,368 $24,069 $24,791 $25,534 $26,300 $27,089R & M General Repairs $0.08 $17,500 $18,025 $18,566 $19,123 $19,696 $20,287 $20,896 $21,523 $22,168 $22,834 $23,519 $24,224 $24,951Painting-Contract-Common Areas $0.04 $9,000 $9,270 $9,548 $9,835 $10,130 $10,433 $22,688 $11,069 $11,401 $11,743 $12,095 $12,458 $12,832Overhead Door Maintenance $0.03 $7,200 $7,416 $7,638 $7,868 $8,104 $8,347 $8,597 $8,855 $9,121 $9,394 $9,676 $9,966 $10,265Janitorial-Supplies $0.03 $7,000 $7,210 $7,426 $7,649 $7,879 $8,115 $8,358 $8,609 $8,867 $9,133 $9,407 $9,690 $9,980R & M Supplies-Other $0.02 $4,500 $4,635 $4,774 $4,917 $5,065 $5,217 $5,373 $5,534 $5,700 $5,871 $6,048 $6,229 $6,416Signage R&M $0.00 $0 $3,600 $3,708 $3,819 $3,934 $4,052 $4,173 $4,299 $4,428 $4,560 $4,697 $4,838 $4,983Structural Repairs $0.01 $3,300 $3,399 $3,501 $3,606 $3,714 $3,826 $3,940 $4,059 $4,180 $4,306 $4,435 $4,568 $4,705R & M Exterior $0.01 $3,300 $3,399 $3,501 $3,606 $3,714 $3,826 $3,940 $4,059 $4,180 $4,306 $4,435 $4,568 $4,705Electrical-Light Bulbs $0.01 $3,078 $3,170 $3,265 $3,363 $3,464 $3,568 $3,675 $3,785 $3,899 $4,016 $4,136 $4,260 $4,388Doors/Entrances Mats, Other $0.01 $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800 $3,914 $4,032 $4,153 $4,277Security Repairs $0.01 $3,000 $3,090 $3,183 $3,278 $3,377 $3,478 $3,582 $3,690 $3,800 $3,914 $4,032 $4,153 $4,277Meals/Entertainment $0.01 $2,500 $2,575 $2,652 $2,732 $2,814 $2,898 $2,985 $3,075 $3,167 $3,262 $3,360 $3,461 $3,564Electrical-Repairs & Misc $0.01 $2,400 $2,472 $2,546 $2,623 $2,701 $2,782 $2,866 $2,952 $3,040 $3,131 $3,225 $3,322 $3,422Inspection Fees $0.01 $2,000 $2,060 $2,122 $2,185 $2,251 $2,319 $2,388 $2,460 $2,534 $2,610 $2,688 $2,768 $2,852Permits and City Fees $0.01 $2,000 $2,060 $2,122 $2,185 $2,251 $2,319 $2,388 $2,460 $2,534 $2,610 $2,688 $2,768 $2,852Conferences/Events $0.01 $2,000 $2,060 $2,122 $2,185 $2,251 $2,319 $2,388 $2,460 $2,534 $2,610 $2,688 $2,768 $2,852Painting Exterior $0.01 $1,500 $1,545 $1,591 $1,639 $1,688 $1,739 $1,791 $1,845 $1,900 $1,957 $2,016 $2,076 $2,139Security Equipment $0.00 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426Marketing Collateral $0.00 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426Dues/Subscriptions $0.00 $1,000 $1,030 $1,061 $1,093 $1,126 $1,159 $1,194 $1,230 $1,267 $1,305 $1,344 $1,384 $1,426Locks & Keys (FOBS) $0.00 $500 $515 $530 $546 $563 $580 $597 $615 $633 $652 $672 $692 $713Uniforms $0.00 $500 $515 $530 $546 $563 $580 $597 $615 $633 $652 $672 $692 $713Fire Extinguishers-Supplies $0.00 $200 $206 $212 $219 $225 $232 $239 $246 $253 $261 $269 $277 $285GENERAL & ADMIN $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Management Fee (3%) 3.0% $72,232 $114,542 $143,352 $150,997 $154,555 $158,191 $161,907 $165,705 $169,587 $173,554 $177,610 $187,650 $195,055INSURANCE $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Insurance $0.15 $35,000 $36,050 $37,132 $38,245 $39,393 $40,575 $41,792 $43,046 $44,337 $45,667 $47,037 $48,448 $49,902REAL ESTATE TAXES $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Real Estate Taxes $1.44 $328,361 $566,077 $689,249 $706,480 $724,142 $742,245 $760,802 $779,822 $799,317 $819,300 $839,783 $1,147,703 $1,323,445NON-REIMBURSABLE EXPENSES $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Leasing Commissions 0 $0.20 $0 $0 $0 $49,719 $51,211 $52,747 $54,330 $55,960 $57,638 $59,368 $61,149 $62,983 $64,873#REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!Operating Reserves $0.25 $0 $60,339 $62,149 $64,014 $65,934 $67,912 $69,949 $72,048 $74,209 $76,436 $78,729 $81,091 $83,523Garage Operating Costs $0.22 $50,000 $51,500 $53,045 $54,636 $56,275 $57,964 $59,703 $61,494 $63,339 $65,239 $67,196 $69,212 $71,288Legal and Accounting 0 $0.04 $10,000 $10,300 $10,609 $10,927 $11,255 $11,593 $11,941 $12,299 $12,668 $13,048 $13,439 $13,842 $14,258TOTAL EXPENSES 0 $4.95 $1,042,914 $1,581,559 $1,760,569 $1,912,724 $1,965,601 $2,019,947 $2,075,805 $2,133,216 $2,192,224 $2,252,874 $2,315,212 $2,672,107 $2,895,357Expenses/S.F. 0 0 $4.58 $6.95 $7.74 $8.41 $8.64 $8.88 $9.12 $9.38 $9.64 $9.90 $10.18 $11.75 $12.730 0

0 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00Non-Reimbursable Expenses 0 $0.00 $60,000 $122,139 $125,803 $229,016 $235,887 $242,963 $250,252 $257,760 $265,492 $273,457 $281,661 $290,111 $298,814

PSF 0 $0.00 $0.26 $0.54 $0.55 $1.01 $1.04 $1.07 $1.10 $1.13 $1.17 $1.20 $1.24 $1.28 $1.31Taxes 0 $0.00 $328,361 $566,077 $689,249 $706,480 $724,142 $742,245 $760,802 $779,822 $799,317 $819,300 $839,783 $1,147,703 $1,323,445

PSF 0 $0.00 $1.44 $2.49 $3.03 $3.11 $3.18 $3.26 $3.34 $3.43 $3.51 $3.60 $3.69 $5.04 $5.82Insurance 0 $0.00 $35,000 $36,050 $37,132 $38,245 $39,393 $40,575 $41,792 $43,046 $44,337 $45,667 $47,037 $48,448 $49,902

PSF 0 $0.00 $0.15 $0.16 $0.16 $0.17 $0.17 $0.18 $0.18 $0.19 $0.19 $0.20 $0.21 $0.21 $0.22C.A.M. 0 $0.00 $619,552 $857,293 $908,386 $938,982 $966,179 $994,164 $1,022,959 $1,052,589 $1,083,077 $1,114,450 $1,146,732 $1,185,846 $1,223,197

PSF 0 $0.00 $2.72 $3.77 $3.99 $4.13 $4.25 $4.37 $4.50 $4.63 $4.76 $4.90 $5.04 $5.21 $5.38

Total Reimbursable (CAM, Tax, Ins) 0 $982,914 $1,459,420 $1,634,766 $1,683,707 $1,729,714 $1,776,984 $1,825,553 $1,875,456 $1,926,731 $1,979,417 $2,033,551 $2,381,997 $2,596,543

0 0 0 $4.32 $ 6.41 $ 7.19 $ 7.40 $ 7.60 $ 7.81 $ 8.02 $ 8.24 $ 8.47 $ 8.70 $ 8.94 $ 10.47 $ 11.41 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

D20

Baum Realty Group: $25,000.00 per year + Use $1,456 for the residential units – 4 filter changes per year x $6.50 x 56 units

D21

Baum Realty Group: Per Matt L, 5% annual increases

D39

Baum Realty Group: Assume repainting every 3 years for $27,000.

D45

Baum Realty Group: 10K every 3 years

D55

Baum Realty Group: Assuming we purchase equipment in year one. 5K is for upkeep and repairs

05/08/202300:34:29

52 of 73 document.xlsHTC Budget Presentation

BUDGET AND ESTIMATED TAX CREDIT ELIGIBLE COSTS

Federal Rehabilitation Tax Credit Calculation 0 0 0 0 0 0Green Exchange @ 2545 W. Diversey, Chicago, Illinois 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 0 0 0 Qualified 0 0 0 0 0Federal Rehabilitation Tax Credit Calculations 0 Rehabilitation 0 0 0 0 0

0 0 0 Rate Expenditures Tax Credits Sales Rate Net Proceeds 0 00 20% $ 48,038,075 $ 9,607,615 100% $9,607,615 0 00 0 0 0% 0 0 0 0% $0 0 00 0 0 0 0 0 0 Timing $0 0 00 0 0% 0 0 0 0 Closing $4,803,808 50% 00 0 0% 0 0 0 0 Completion $3,843,046 40% 00 0 0% 0 0 0 0 Part III $960,762 10% 00 0 0% 0 0 0 0 0 $9,607,615 100% 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0

PROJECT COSTS: 0 Square Feet Cost/S.F. Total Cost 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 00 Building (2545 W. Diversey, aka Cooper Lamp) 275,012 $ 27.27 $ 7,500,000 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 Land (parking lot @ SEC of Diversey and Maplewood) 6,300 $ 79.37 $ 500,000 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 00 Building (2601 W. Diversey aka Stone Source) 6,300 $ - $ - 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 Construction Costs 0 0 0 0 0 0 0 0 00 Hard Costs (including general conditions & contractor fee) 275,012 $ 104.34 $ 28,693,932 0 0 0 0 0 0 00 Tenant Improvements 165,952 $ 30.00 $ 4,978,556 0 0 0 0 0 0 00 Total Construction Costs 0 0 $ 33,672,488 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 Soft Costs (see attached) 275,012 $ 20.17 $ 5,547,720 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 Soft Costs Contingency 275,012 $ 0.91 $ 250,000 0 0 0 0 0 00 0 0 0 0 0 0 00 Construction Contingency 275,012 $ 12.25 $ 3,370,000 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0

0

Development Fee 20% 275,012 $ 31.16 $ 8,570,000

00 0 0 0 $ - 0 0 0 0 0 00 Construction Interest 275,012 $ 12.42 $ 3,415,601 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0

TOTAL PROJECT COSTS: 275,012 $ 228.45 $ 62,825,809 0 $ 54,255,809 Cost Net of "Development Fee" (see note above & Sources/Uses page)

0 0 0 0 0 0 0 0 0 0 0 0LESS: NON-QUALIFIED REHABILITATION EXPENDITURES: 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 0 00 Building 275,012 $ 27.27 $ 7,500,000 0 0 0 0 0 0 00 Land (SEC of Diversey and Maplewood) 6,300 $ 79.37 $ 500,000 0 0 0 0 0 0 00 Building (2601 W. Diversey aka Stone Source) 6,300 $ - $ - 0 0 0 0 0 0 00 Site Work 275,012 $ 1.82 $ 500,000 0 0 0 0 0 0 00 Penthouse Structure for Work-Live Units 12,560 $ 120.00 $ 1,507,200 0 0 0 0 0 0 00 New Garage Addition 10,212 $ 100.00 $ 1,021,200 0 0 0 0 0 0 00 Furniture and Fixtures 275,012 $ 0.27 $ 75,000 0 0 0 0 0 0 00 Marketing 275,012 $ 0.27 $ 75,000 0 0 0 0 0 0 00 Leasing Commissions 275,012 $ 4.35 $ 1,196,700 0 0 0 0 0 0 00 Operating Reserve 275,012 $ - $ - 0 0 0 0 0 0 00 Purchase of Partner's Shares (premium over original cost) 275,012 $ 0.73 $ 200,000 0 0 0 0 0 0 00 Sales Commissions for Building Purchase (paid to outside brokers) 275,012 $ 1.64 $ 450,000 0 0 0 0 0 0 00 Miscellaneous Non-Qualified Expenditures 275,012 $ 3.64 $ 1,000,000 0 0 0 0 0 0 00 QRE Reduction Before Interest 275,012 $ 51.00 $ 14,025,100 0 0 00 0 0 0 0 0 0.00% 0 0 0 0 00 Interest Allocated As Non-QRE 275,012 $ 2.77 $ 761,679 0 0 0 0 00 Rounding 0 0 $ 955 0 0 0 0 0 0 0

TOTAL NON-QUALIFIED REHABILITATION EXPENDITURES: 275,012 $ 53.77 $ 14,787,734 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0

QUALIFIED REHABILITATION EXPENDITURES: 275,012 $ 174.68 $ 48,038,075 0 0 0 0 0 0 0

This amount is deferred to pay, from cash flow (not initial sources/uses of funds) after Historic Tax Investor's preferred return. Not a "true" cost but a cash flow preference payout which payout will be shared as cash flow would otherwise be shared between "all investors". Also serves to increase costs eligible for HTC's.

05/08/202300:34:29 53 of 73 document.xls

Solar Credit Presentation

ESTIMATED SOLAR TAX CREDIT ELIGIBLE COSTS

Federal Solar Tax Credit Calculation 0 0 0 0 0 0 0Green Exchange Building @ 2545 W. Diversey, Chicago IL, 60647 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0

Solar Tax Credit Calculations0 Eligible Amount Credit Rate Tax Credits 0 Sales Rate Net Proceeds 0 0

0 $ 544,050 30% $ 163,215 0 100% $ 163,000 0 0

0 0 0 0 0 0 0 0% 0 0 00 0 0 0 0 0 0 Timing 0 0 00 0 0% 0% 0% 0% 0% Closing $ 81,500 50% 00 0 0% 0% 0% 0% 0% Completion $ 81,500 50% 00 0 0% 0% 0% 0% 0% 0 $ 163,000 100% 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0

Eligible C 0 0 Total Cost 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0

0 Panel Costs 0 $ 67,500 0 0 0 0 0 0 00 Panel Installation costs 0 $ 421,250 0 0 0 0 0 0 00 0 0 $ - 0 0 0 0 0 0 00 Chiller 0 $ 24,000 0 0 0 0 0 0 00 Chiller Installation 0 $ 31,300 0 0 0 0 0 0 00 0 0 $ - 0 0 0 0 0 0 00 Heat Exchanger 0 Included 0 0 0 0 0 0 00 2 DHW Tanks 0 Included 0 0 0 0 0 0 00 Plumbing/Piping 0 Included 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 Subtotal 0 $ 544,050 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0

05/08/202300:34:29 54 of 73 document.xls

RE Tax Projection Presentation

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0 0 0 0 REAL ESTATE TAX PROJECTIONS 0 0 0 0

Real Estate Tax Analysis 1 2 3 4 5 6 7 8 9 10 11 12 13

0 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 (assumes Class L not renewed and taxes increase 2%/year at termination of Class L)0 % of NOI 0.090174200635 #REF! 0.0901742006 0.0901742006 0.0901742006 0.0901742006 0.0901742006 0.0901742006 0.0901742006 0.0901742006 0.1331072109 0.1759701512 0.2188458442 00 NET OPERATING INCOME: Green Exchange $1,364,814 $2,236,498 $3,017,825 $3,120,514 $3,186,226 $3,253,080 $3,321,093 $3,390,283 $3,460,670 $3,532,271 $3,605,105 $3,582,883 $3,606,475 00 NET OPERATING INCOME: Stone Source $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Median Capitalizat 0 0 0 0 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 0Market Value 0% 0 0 0 8,665,489 14,199,986 19,160,795 19,812,786 20,230,007 20,654,474 21,086,302 21,525,607 21,972,505 22,427,115 22,889,557 22,748,462 22,898,256 0Less: Market Land V 101% 2006 Land Assessed Value 99,000 0 (990,000) (999,900) (1,009,899) (1,019,998) (1,030,198) (1,040,500) (1,050,905) (1,061,414) (1,072,028) (1,082,748) (1,093,576) (1,104,512) (1,115,557) 0 Building Market Va 0% 0 0 0 7,675,489 13,200,086 18,150,896 18,792,788 19,199,809 19,613,974 20,035,397 20,464,193 20,900,477 21,344,367 21,795,981 21,643,950 21,782,699 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Assessed Rate-Building (CLASS L TAX REDUCTION) 0 0 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 15% 20% 25%###Assessed Value of Building 0 0 767,549 1,320,009 1,815,090 1,879,279 1,919,981 1,961,397 2,003,540 2,046,419 2,090,048 2,134,437 3,269,397 4,328,790 5,445,675 0State Equalization Factor 0 0 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439###Equalized Assessed Value 0 0 2,182,832 3,753,972 5,161,933 5,344,481 5,460,234 5,578,018 5,697,867 5,819,812 5,943,887 6,070,125 9,297,838 12,310,646 15,486,955 0Local Tax Rate 0 0 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400%###Taxes-Building 0 0 109,011 187,473 257,787 266,903 272,684 278,566 284,551 290,641 296,838 303,142 464,334 614,794 773,419 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Assessed Rate-Land (CLASS L TAX REDUCTION) 0 0 10% 10% 10% 10% 10% 10% 10% 10% 10% 10% 15% 20% 25%###Assessed Value of Land 101% 0 0 99,000 99,990 100,990 102,000 103,020 104,050 105,090 106,141 107,203 108,275 109,358 110,451 111,556 0State Equalization Fa 0 0 0 0 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439###Equalized Assessed Value $0.00 $0.00 281,546 284,362 287,205 290,077 292,978 295,908 298,867 301,856 304,874 307,923 311,002 314,112 317,253 0Local Tax Rate 0 0 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400%###Taxes-Land 0 0 14,060 14,201 14,343 14,486 14,631 14,778 14,925 15,075 15,225 15,378 15,531 15,687 15,844 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0TOTAL PROPERTY 0 0 0 0 $123,071 $201,674 $272,130 $281,390 $287,315 $293,344 $299,477 $305,716 $312,063 $318,520 $479,865 $630,480 $789,262###

0 Less: Cu #REF! 0.04994 Real Est 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939 1295.1939###

Real Estate Tax Analysis: Class: 5-91 Description = Commercial building over three stories

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55 of 73 document.xlsPreleasing Presentation

PRELEASING REQUIREMENTS

Preleasing Requirements 0 0 0 0 0 0Green Exchange @ 2545 W. Diversey, Chicago, Illinois 0 0 0 0 0

0 0 00 0

Tenant Name Rentable S.F. Preleasing % Preleasing S.F. Base Rent/S.F. C.A.M. (year 1) Taxes (year 1) Total Rent/S.F. 0 0 0 0 0 0 0 0Retail 22,958 55% 12,627 $ 25.00 $ 2.88 $ 1.44 $ 29.32 $ 370,219 Retail (2nd Floor) 66,600 55% 36,630 $ 18.00 $ 2.88 $ 1.44 $ 22.32 $ 817,593 Office (3rd Floor) 39,574 55% 21,766 $ 18.00 $ - $ - $ 18.00 $ 391,784 Office (4th Floor) 36,821 55% 20,251 $ 18.00 $ - $ - $ 18.00 $ 364,525 Parking - 55% $ - $ - $ - $ - $ 95,040 $ 2,039,161 Signage - 0% $ - $ - $ - $ - $ - Work/Live (3rd/4th/5th Floor) 61,549 50% 30,775 $ 18.00 $ - $ - $ 18.00 $ 553,945 (assumed preleased)

0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0

TOTALS 227,501 0 122,048 $ 18.80 $ 2.88 $ 1.44 $ 21.25 $ 2,593,106 0 (excludes parking) 0 0 (average) 0 0 (average) 0

Year 1 Operating Expenses 0 0 0 0 0 0 0 $ 1,042,914

YEAR 1 NET OPERATING INCOME 0 0 0 0 0 0 $ 1,550,193

Debt Coverage Calculations

Loan Commitment Loan Remaining Annual Interest Year 1 NOI Interest Rate NOI Shortfall $ 35,000,000 $ (5,090,429) $ 29,909,571 $ 1,495,479 $ 1,550,193 1.04 5.00% $ 31,003,855 $ (54,714) $ 35,000,000 $ (5,090,429) $ 29,909,571 $ 1,645,026 $ 1,550,193 0.94 5.50% $ 28,185,323 $ 94,834 $ 35,000,000 $ (5,090,429) $ 29,909,571 $ 1,794,574 $ 1,550,193 0.86 6.00% $ 25,836,546 $ 244,382 $ 35,000,000 $ (5,090,429) $ 29,909,571 $ 1,944,122 $ 1,550,193 0.80 6.50% $ 23,849,119 $ 393,929

Assumptions:

Soft costs including commissions, legal and architectural are not spent. 1Assume 10% contingency is added to all vacant space hard and soft costs, per budget.

VACANT SPACE HARD AND SOFT COSTS DEDUCTIONS

Tenant Name

Retail $ 309,927 $ 15,496 $ 15,496 $ 52,011 $ 27,751 $ 42,068 $ 462,749 Retail (2nd Floor) $ 899,093 $ 44,955 $ 44,955 $ 150,884 $ 80,504 $ 122,039 $ 1,342,430 Office (3rd Floor) $ 534,250 $ 26,713 $ 26,713 $ 64,703 $ 47,837 $ 70,022 $ 770,237 Office (4th Floor) $ 497,080 $ 24,854 $ 24,854 $ 97,791 $ 44,508 $ 68,909 $ 757,996 Parking $ - $ - Signage $ 8,200 $ 820 $ 9,020 Work/Live (3rd/4th/5th Floor) $ 1,538,737 $ 50,350 $ 158,909 $ 1,747,996 Totals $ 3,787,288 $ 112,018 $ 112,018 $ 415,740 $ 268,236 $ 462,766 $ 5,090,429

Total Yearly Rent

Vacant Space Hard and Soft

CostsDebt Coverage

RatioLoan Amount

Covered

Tenant Improvement

AllowanceLegal: Lease Negotiation

Architectural - space planning

and self-certification

permitsLeasing

Commissions

Leasing Commissions Premiums for Outside Deals

Contingency (10%)

Total Unused Loan Amount

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56 of 73 document.xlsBreakeven Analysis

BREAKEVEN ANALYSIS

Preleasing Requirements 0 0 0 0 0 0 0

Green Exchange @ 2545 W. Diversey, Chicago, Illinois 0 0 0 0 0 00 0 00 0

Tenant Name Rentable S.F. Preleasing % Preleasing S.F. Base Rent/S.F. Taxes (year 1) Total Rent/S.F. 0 0 0 0 0 0 0 0Retail 22,958 60% 13,775 $ 25.00 $ 2.88 $ 1.44 $ 29.32 $ 403,876 Retail (2nd Floor) 66,600 60% 39,960 $ 18.00 $ 2.88 $ 1.44 $ 22.32 $ 891,920 Office (3rd Floor) 39,574 60% 23,744 $ 18.00 $ - $ - $ 18.00 $ 427,400 Office (4th Floor) 36,821 60% 22,092 $ 18.00 $ - $ - $ 18.00 $ 397,664 Parking - 60% $ - $ - $ - $ - $ 103,680 Signage - 0% $ - $ - $ - $ - $ - Work/Live (3rd/4th/5th Floor) 61,549 0% - $ - $ - $ - $ - $ -

0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0

TOTALS 227,501 0 99,571 $ 18.80 $ 2.88 $ 1.44 $ 22.34 $ 2,224,539 0 (excludes parking) 0 0 (average) 0 0 (average) 0

Year 1 Operating Expenses 0 0 0 0 0 0 0 $ 1,042,914

YEAR 1 NET OPERATING INCOME 0 0 0 0 0 0 $ 1,181,626

Debt Coverage Calculations

Loan Commitment Loan Remaining Annual Interest Year 1 NOI Interest Rate NOI Shortfall $ 20,000,000 $ - $ 20,000,000 $ 1,000,000 $ 1,181,626 1.18 5.00% $ 13,143,080 $ (181,626) $ 3,060,000 $ 20,000,000 $ - $ 20,000,000 $ 1,100,000 $ 1,181,626 1.07 5.50% $ 10,952,566 $ (81,626) $ 2,781,818 $ 20,000,000 $ - $ 20,000,000 $ 1,200,000 $ 1,181,626 0.98 6.00% $ 9,387,914 $ 18,374 $ 2,550,000

Assumptions:

Only leased space is built out and tenant improvement allowance is not spent until space is leased.All live/work units are not built out and finishes are deducted from loan balance at $50/sf.Soft costs including commissions, legal and architectural are not spent.Assume 10% contingency is added to all vacant space hard and soft costs, per budget.

C.A.M. (year 1)

Total Yearly Rent

Vacant Space Hard and Soft

Costs

Debt Coverage

RatioLoan Amount

Covered

Potential Management Credit (Debt Servicable)

05/08/202300:34:30 57 of 73 document.xls

Cash Flow Split Presentation

0

INVESTOR CASH FLOW SPLITS

0

PREFERENCE PAYMENTS AND CASH FLOW SPLITS###0 0

###EQUITY INVESTED (includes deferred fees) 0 (1) 0 0 0 0 0 0 0 0 0 0 0

0 0 1 2 3 4 5 6 7 8 9 10 11 12

0 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 120 0 0 0 0 0 0 0 0 0 0 0 0 0

0 1,364,814 2,236,498 3,017,825 3,120,514 3,186,226 3,253,080 3,321,093 3,390,283 3,460,670 3,532,271 3,605,105 3,582,883

0 0 0 0 0 0 0 0 0 0 0 0 0 0Budgeted Operating Shortfall Reserve 0 - - - - - - - - - 690,000 690,000 690,000

0 0 0 0 0 0 0 0 0 0 0 0 0 0Debt Service (see "Project Cash Flow" sheet) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0 0 0 0 0 0 0 0 0Mezzanine Loan - -

Cash Flow After Debt Service 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 - (288,228) (288,228) (288,228) (288,228) (1,729,371) - - - - - -

0 0 0 0 0 0 0 0 0 0 0 0 0 0Amount Remaining To Equity 0 #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!0 0 0 0 0 0 0 0 0 0 0 0 0 00% 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 00 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0

Residual Calculations Year To Cap 12 0 0 0 0 0 0 0 0 0 Equity Investor0 Year To Cap 13 0 0 0 0 Pre-Tax Residual Value To Equity 0 #REF! 0 0Sales Price NOI to Cap 3,606,475 $ 36,064,753 10.0% 0 0 Return of Remaining Equity 0 0 0 0Less: Selling Expenses 0 0 $ (1,081,943) 3.0% 0 0 Original Equity (1) 0 0 0Amount Realized 0 0 $ 34,982,811 0 0 0 Equity Returned Thru Refi - (1) 0 $ 1 Less: Balance Due on Mortgage (End of Year) 0 0 #REF! 0 0 0 Remainder to Split 0 #REF! 0 0 Pre-Tax Residual Value To Equity 0 0 #REF! #REF! 0 0 0 0 0 0 0 00 0 0 0 0 0 0% Investor Share 0 0 #REF! 0 #REF!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 00 0 0 0 0 0 0 0 0 0 0 0 0 0

Net Operating Income BEFORE Asset Mgmt Fees (see "Project Cash Flow" sheet)

Preference to Historic Tax Credit Investor (including assumed "put" - (see "Preferred Return Calculations" sheet))

05/08/202300:34:30 58 of 73 document.xls

HTC & Equity Pref Presentation

0 0 0 0 0

PREFERRED RETURN CALCULATIONS TO TAX CREDIT AND EQUITY INVESTORS

0 0 00 0 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13

Cumulative Preference Paid Out Of Cash Flow 1 2 3 4 5 6 7 8 9 10 11 12 0

0 0 0 00 0 0 0

0 Cash Flow To Equity After D.S. (see Project Cash Flow) (74,606,451) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -

0 0 #REF! 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 HTC Investor Preference 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 Beginning Tax Credit Equity Invested - 4,803,808 9,607,615 9,607,615 9,607,615 9,607,615 - - - - - - - - $ 9,607,615 Additional Tax Credit Equity 4,803,808 4,803,808 - - - - - - - - - - - -

3.0% Preference On Equity - 144,114 288,228 288,228 288,228 288,228 - - - - - - - - 0.0% Preference Paid To HTC - (144,114) (288,228) (288,228) (288,228) (288,228) - - - - - - - -

18.0% Put Paid To HTC - - - - - (1,729,371) - - - - - - - 0 Preference Cumulated (Unpaid) - - - - - - - - - - - - - - 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 Cash To Remaining Equity (After HTC Preference & Put) (74,606,451) #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! -

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 Preferred Equity (Investor & Developer Combined / Pari-Pasu) 0 0 0 0 0 0 0 0 0 0 0 0 0 00 0 0 0 0 0 0 0 0 0 0 0 0 0 0 00 Beginning - 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 74,606,451 -

$ 74,606,451 Additional Investor Equity 74,606,451 - - - - - - - - - - - - - 0 Equity Returned Thru REFI - - - - - - - - - - - - - -

0.0% Preference On Equity - - - - - - - - - - - - - - 0 Preference Paid - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!0 Preference Cumulated (Unpaid) - #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF! #REF!

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

05/08/202300:34:30 59 of 73 document.xls

Current Stacking Grid

CURRENT CAPITAL STRUCTURE GRIDGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Description % LTV

Solar Thermal Grant #REF! #REF! #REF! Completion guarantee with the State of Illinois Dept. of Environment

Developer Equity $ 12,177,918 #REF! #REF!

ASSOCIATED BANK

First Mortgage Leading Lender $ 12,239,285 #REF! #REF! Personal guarantee, completion guarantee

Total Project Cost #REF! #REF! 100%

Dollars (millions)

Cumulative % LTV

05/08/202300:34:30 60 of 73 document.xls

TIF RE Tax Projections

Present Value Analysis: Property Tax IncrementGreen Exchange @ 2545 W. Diversey, Chicago, IL 60647

Real Estate Tax Analysis 1 2 3 4 5 6

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6NET OPERATING INCOME: Green Exchange $1,364,814 $2,236,498 $3,017,825 $3,120,514 $3,186,226 $3,253,080% of NOI 9% 9% 9% 9% 9% 9%

Median Capitalization Rate 15.75% 15.75% 15.75% 15.75% 15.75% 15.75%Market Value 8,665,489 14,199,986 19,160,795 19,812,786 20,230,007 20,654,474Less: Market Land Value 101% 2006 Land Assessed Value 99,000 (990,000) (999,900) (1,009,899) (1,019,998) (1,030,198) (1,040,500)Building Market Value 7,675,489 13,200,086 18,150,896 18,792,788 19,199,809 19,613,974

10% 10% 10% 10% 10% 10%Assessed Value of Building 767,549 1,320,009 1,815,090 1,879,279 1,919,981 1,961,397State Equalization Factor 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439Equalized Assessed Value 2,182,832 3,753,972 5,161,933 5,344,481 5,460,234 5,578,018Local Tax Rate 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400%Taxes-Building 109,011 187,473 257,787 266,903 272,684 278,566

10% 10% 10% 10% 10% 10%Assessed Value of Land 101% 99,000 99,990 100,990 102,000 103,020 104,050State Equalization Factor 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439Equalized Assessed Value 281,546 284,362 287,205 290,077 292,978 295,908Local Tax Rate 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400%Taxes-Land 14,060 14,201 14,343 14,486 14,631 14,778

TOTAL PROPERTY TAXES $123,071 $201,674 $272,130 $281,390 $287,315 $293,344$0 $0 $0 $0 $0 $0

Less: Current Property Taxes PIN # 13-25-404-001 2005 EAV $ 1,206,681 Local Tax Rate 4.99400% Real Estate Taxes $60,262 $60,262 $60,262 $60,262 $60,262 $60,262PIN # 13-25-405-001 2005 EAV $ 25,935 Local Tax Rate 4.99400% Real Estate Taxes $1,295 $1,295 $1,295 $1,295 $1,295 $1,295PIN # 13-25-405-002 2005 EAV $ 25,935 Local Tax Rate 4.99400% Real Estate Taxes $1,295 $1,295 $1,295 $1,295 $1,295 $1,295

TOTAL 2005 BASE FROZEN PROPERY TAXES $62,852 $62,852 $62,852 $62,852 $62,852 $62,852

TAX INCREMENT GENERATED $ 9,322,218 $ 60,219 $ 138,822 $ 209,278 $ 218,538 $ 224,463 $ 230,492

DISCOUNT RATE: 7.0%% of Increment Available 85% NPV % of Project 6% Total Increment $ 7,923,885 Net Present Value $ 3,311,473 $ 51,186 $ 117,999 $ 177,886 $ 185,757 $ 190,794 $ 195,918 % of Increment Available 90% NPV % of Project 6% Total Increment $ 8,389,996 Net Present Value $ 3,506,266 $ 54,197 $ 124,940 $ 188,350 $ 196,684 $ 202,017 $ 207,443 % of Increment Available 95% NPV % of Project 7% Total Increment $ 8,856,107 Net Present Value $ 3,701,058 $ 57,208 $ 131,881 $ 198,814 $ 207,611 $ 213,240 $ 218,967

Real Estate Tax Analysis: Class: 5-91 Description = Commercial building over three stories

Assessed Rate-Building (CLASS L TAX REDUCTION)

Assessed Rate-Land (CLASS L TAX REDUCTION)

05/08/202300:34:30 61 of 73 document.xls

TIF RE Tax Projections

7 8 9 10 11 12 13 14 15 16 17 18 19 20

Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Year 13 (assumes Class L not renewed and taxes increase 2%/year at termination of Class L)$3,321,093 $3,390,283 $3,460,670 $3,532,271 $3,605,105 $3,582,883 $3,606,475 $0

9% 9% 9% 9% 13% 18% 22%

15.75% 15.75% 15.75% 15.75% 15.75% 15.75% 15.75%21,086,302 21,525,607 21,972,505 22,427,115 22,889,557 22,748,462 22,898,256(1,050,905) (1,061,414) (1,072,028) (1,082,748) (1,093,576) (1,104,512) (1,115,557)20,035,397 20,464,193 20,900,477 21,344,367 21,795,981 21,643,950 21,782,699

10% 10% 10% 10% 15% 20% 25%2,003,540 2,046,419 2,090,048 2,134,437 3,269,397 4,328,790 5,445,675

2.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.84395,697,867 5,819,812 5,943,887 6,070,125 9,297,838 12,310,646 15,486,9554.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400%

284,551 290,641 296,838 303,142 464,334 614,794 773,419

10% 10% 10% 10% 15% 20% 25%105,090 106,141 107,203 108,275 109,358 110,451 111,5562.8439 2.8439 2.8439 2.8439 2.8439 2.8439 2.8439

298,867 301,856 304,874 307,923 311,002 314,112 317,2534.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400% 4.99400%

14,925 15,075 15,225 15,378 15,531 15,687 15,844

$299,477 $305,716 $312,063 $318,520 $479,865 $630,480 $789,262 $805,047 $821,148 $837,571 $854,323 $871,409 $888,837 $906,614$0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

$60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262 $60,262$1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295$1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295 $1,295

$62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852 $62,852

$ 236,625 $ 242,864 $ 249,211 $ 255,668 $ 417,013 $ 567,628 $ 726,410 $ 742,195 $ 758,296 $ 774,719 $ 791,471 $ 808,557 $ 825,985 $ 843,762

$ 201,131 $ 206,434 $ 211,829 $ 217,317 $ 354,461 $ 482,484 $ 617,449 $ 630,866 $ 644,552 $ 658,511 $ 672,750 $ 687,274 $ 702,088 $ 717,198 $ 212,962 $ 218,578 $ 224,290 $ 230,101 $ 375,312 $ 510,866 $ 653,769 $ 667,976 $ 682,467 $ 697,247 $ 712,324 $ 727,701 $ 743,387 $ 759,386 $ 224,794 $ 230,721 $ 236,751 $ 242,884 $ 396,163 $ 539,247 $ 690,090 $ 705,086 $ 720,381 $ 735,983 $ 751,897 $ 768,129 $ 784,686 $ 801,574

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SWORN OWNER'S STATEMENT TO TITLE INSURANCE COMPANY

State of Illinois DRAW NUMBER 10-B Loan No. 8672741-9001County of Cook DATE 5/18/2009 Escrow No. D2025078059-004

The affiant, Douglas Baum, being first duly sworn, on oath deposes and says that he is the owner of Gx Chicago, LLC Title Order 01401-008225487which is the member manager of the following described premises in Cook County, Illinois, to wit:2545 West Diversey, Chicago, Il

1. That he is thoroughly familiar with all the facts and circumstances concerning the premises described above;2. That with respect to improvements on the premises the only work done or materials furnished to date are listed below;3. That the only contracts let for the furnishing of future work or materials relative to the contemplated improvements

are as listed below;4. That this statement is a true and complete statement of such contracts, previous payments and balances due, if any.

Contract Total Total 5/18/2009Including Previously Paid By Amount of Amount of

Description Name Extras & Credits Funded by Bank Owner this Draw To come duePURCHASE & CLOSING COSTS

Cooper Lamp Building Purchase $ 7,500,000 $ 4,836,035 $ 2,663,965 $ - Closing costs $ 3,715 $ 3,715 $ - $ - Contract Option Centrum $ 350,000 $ 350,000 $ - Commission Hansen Realty $ 100,000 $ 100,000 $ - Legal-Closing Wildman Harold $ 8,500 $ 8,500 $ - $ - Legal-Closing Sonnenchein Nath & Rosenthal $ 25,640 $ 25,640 $ - $ - Closing Credits Real Estate Taxes $ (87,297) $ (87,297) $ - Closing Adjustments Prorations $ (4,394) $ (4,394) $ - Financing Fees Associated Bank $ 30,117 $ 30,117 $ - $ -

Purchase of TIC Shares 11/06 (premium) WBS Equities $ 200,000 $ 200,000 $ - Purchase of Parking Lot Diversey Maplewood $ 500,000 $ 500,000 $ - Closing Costs for parking lot Title Co $ 27,887 $ 27,887 $ - $ -

OPERATING COSTS $ - Maintenance Costs 09/2005 -present $ 185,645 $ - $ 106,013 $ - $ 79,632 Real Estate Taxes 2006-2009 Cook County $ 187,027 $ 153,391 $ 33,636 $ - $ (0)Builder's Risk Insurance 2005-2008 Lesser Agency $ 96,673 $ 53,380 $ 43,293 $ - Utilities ComEd, Peoples Gas & City of Chicago $ 40,000 $ 37,199 $ 2,801 Management & Administrative Varios Vendors $ 40,000 $ 29,965 $ 10,035

SOFT COSTSFINANCING ACTIVITY

Interest Associated Bank $ 2,442,600 $ 1,474,065 $ 263,407 $ 705,128 Associated Bank Loan Modification Associated Bank $ 8,357 $ 8,357 $ - $ (1)Points (interim construction loan) Associated Bank $ 175,000 $ 56,365 $ - $ 118,635 Miscellaneous Financing Charges Associated Bank Flood Fee $ 10,000 $ 15 $ - $ 9,985 Appraisals-Modification Blake Global $ 25,000 $ 7,500 $ - $ 17,500 Architectural Appraisal/Inspection Fees R.R. Rasmussen & Associates $ 6,000 $ 2,700 $ - $ 3,300 Closing Fee (CT & T) $ 300 $ - $ - $ 300 Construction Escrow Fee Chicago Title $ 5,000 $ 750 $ - $ 4,250 Bank's Attorney Modification Associated Bank $ 24,000 $ 16,700 $ - $ 7,300 Title Insurance-Modifications Chicago Title $ 11,250 $ 5,072 $ - $ 6,178 Recording Fees Chicago Title $ 180 $ 180 $ - $ -

LEGAL & OTHER PROFESSIONAL SERVICES $ - Legal: Purchasing & other Attorneys Pay to Baum Dvlp $ 210,289 $ 3,998 $ 68,829 $ 111,895 $ 25,567 Legal: Zoning Acosta, Kruse & Zemenides $ 50,000 $ 22,793 $ 27,207 Legal: Lease Negotiation Attorneys Pay to Baum Dvlp $ 190,550 $ 88,501 $ 91,677 $ 10,372

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Description Name Extras & Credits Funded by Bank Owner this Draw To come dueLegal: Miscellaneous Attorneys & Baum Counsel $ 100,000 $ 1,125 $ 29,670 $ 64,120 $ 5,085 UCC Filing $ 500 $ - $ 500 Consultants Legal & Other Tax, legal, accounting & planning $ 109,020 $ 45,191 $ 63,829 Consultants (Tax Credits legal) $ 90,980 $ - $ 23,475 $ 67,505 Consultants (Legal structure) Neil Gerber & Eisenberg $ 65,000 $ - $ 63,829 $ 1,171 Accounting General Reporting $ 24,000 $ - $ 24,000 $ -

LEASING AND MARKETING

$ 131,366 $ - $ - $ - $ 131,366

$ 391,099 $ - $ - $ 110,161 $ 280,938

$ 381,240 $ - $ - $ 381,240

Other Marketing $ 37,670 $ - $ 37,670 $ - Torque $ 23,183 $ - $ 23,183 $ - Domain Systems $ 4,420 $ - $ 4,420 $ - Olle Public Relations $ 4,000 $ - $ 4,000 $ - Conscious Planet Media $ 12,000 $ 3,245 Other PR costs $ 21,006 $ - $ 21,006 $ -

DEVELOPMENT & CONSULTING COSTS $ - $ - Development Overhead and Salaries Quantum Development $ 1,000,000 $ - $ 600,000 $ 400,000 Survey Pioneer Engineering $ 2,805 $ - $ 2,805 $ - Site and Topographical Survey Environmental Protection Surveys $ 5,000 $ - $ 5,000 $ - Consultants - Historical Granacki Historic Consultants $ 19,000 $ - $ 13,429 $ 5,571 Consultants - LEED Other LEED Costs $ 2,250 $ - $ - $ 2,250

US Green Builidng Council $ 6,875 $ 6,875 $ - FF & E (hotel rooms, management office) $ 75,000 $ - $ 75,000 Architectural - Permit Revisions Hartshorne Plunkard Architecture $ 91,539 $ 25,000 $ - $ 66,539 $ 0

$ -

Real Estate Leasing Commissions for Work/Live Units (assumes 2 yr. avg. @ 8%/3%)

Real Estate Leasing Commissions for Retail/Office (assumes 5 yr. avg. @ 8%/3%)

Real Estate Leasing Commissions for Retail/Office to Outside Brokers (150% commission for 25% of transactions)

Marketing Materials, Website and Advertising

Architectural - including Structural, Civil, MEP, Landscape

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Description Name Extras & Credits Funded by Bank Owner this Draw To come dueFisher + Partners $ 225,000 $ 90,108 $ 21,584 $ 113,309 Global Dimension $ 14,000 $ - $ 14,000 $ - Acosta, Kruse & Zemenides $ 19,747 $ - $ 19,747 $ - Universal Construction Testing $ 7,575 $ - $ 7,575 $ - Edward J Molloy & Associates $ 10,390 $ - $ 10,390 $ - dbHMS $ 258,000 $ 8,875 $ 224,025 $ 6,898 $ 18,202 Hartshorne Plunkard Architecture $ 379,000 $ 347,322 $ 3,066 $ 28,612 Larson Engineering $ 14,336 $ - $ 14,336 $ 0 Onshore $ 11,250 $ 11,250 $ - Chipman Adams $ 33,260 $ - $ 6,701 $ 26,559 Lighting Design Alliance $ 16,900 $ - $ 13,934 $ 1,100 $ 1,866 South Water sign design $ 5,880 $ - $ - $ 5,880 $ -

$ 50,177 $ 50,177 $ - Hitchcock Design $ 53,599 $ - $ 53,599 $ -

No Let $ 141,800 $ - $ - $ 141,800 Architectural Reimbursables No Let $ 43,181 $ - $ - $ 43,181

James Schaeffer & Schimming $ 19,830 $ 19,830 $ - Donnelly Consultants $ 200 $ 200 $ - DLN $ 225 $ 225 $ - Fisher + Partners $ 51 $ 51 $ - J.T. Katrakis Associates $ 21,652 $ 1,655 $ 16,049 $ 3,948 $ - Shaw Environmental $ 11,070 $ - $ 11,070 $ - dbHMS $ 4,245 $ - $ 4,245 $ -

$ 272,200 $ 185,000 $ 35,961 $ 1,200 $ 50,039 Impact Fees (waived) $ - $ - $ - $ - Soft Cost Contingency Contigency $ 3,800,000 $ - $ 152,796 $ 3,647,204

$ - $ - Development Fee Deferred by Developers $ - $ - $ -

HARD COSTSConstruction Quantum Development Group, Inc. $ 26,310,415 $ 3,622,875 $ 1,103,421 $ 564,963 $ 21,019,157 Tenant Improvements $ 4,940,000 $ - $ - $ - $ 4,940,000 Contingency for Construction Contingency $ 1,749,585 $ - $ - $ - $ 1,749,585

Miscellaneous Design & Consulting & Permitting

Architectural - space planning and self-certification permits (assume 50%)

Permits - Demolition, Driveway, DCAP review, misc.

Pay to Gx Chicago, LLC for City of Chicago

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Description Name Extras & Credits Funded by Bank Owner this Draw To come dueTOTALS $ 53,373,561 $ 11,256,940.47 $ 6,878,299 $ 1,007,407 $ 34,222,159

SWORN STATEMENT FOR CONTRACTOR AND SUBCONTRACTOR TO OWNER

State of Illinois DRAW NUMBER 10-B INCLUDES CHANGE ORDERS

County of Cook DATE 5/18/2009

The affiant, Matthew Lenzini Director of Construction ofQuantum Development Group, Inc. 1030 W. Chicago Ave., Chicago, Illinois 60622 that he has a contract withGx Chicago, LLC owners for General Contracting on the following described premises in said County, to wit: 2545 West Diversey, Chicago, Il

That, for the purpose of said contract, the following persons have been contracted with, and have furnished, or are furnishing and preparing materials for, and havedone or are doing labor on said improvement. That there is due and to become due them, respectively, the amounts set opposite their names for materials orlabor as stated. That this statement is a full, true, and complete statement of all such persons, the amounts paid and the amounts due or to become due to each.

1 2 4 5 6 7 8 9 10Total

Total Retained Previously Paid 30% Total BalanceBudgeted Approved Work Completed Including this Paid Thru By Owner Of amount due draw 10 To Become

Vendor Kind of Expense Contracts Change Orders Revised Contract % comp Dollar Value Application Draw 9 Since Draw 9 5/21/2009 Inlcudes Equity Due with RET

No Let Tree Removal $ 3,500.00 $ 3,500.00 0% $ 3,500

No Let Demolition $ 51,987.00 $ 51,987.00 0% $ 51,987

Nystrom Construction Demolition (C-02040) $ 425,800.00 $ 171,776.10 $ 597,576.10 99% $ 589,076.10 $ 26,249.38 $ 507,046.38 $ 23,556.88 $ 9,667.04 $ 33,223.92 $ 57,306

No limits Demolition (C-02040) $ 18,013.00 $ 18,013.00 100% $ 18,013.00 $ 18,013.00 $ - $ - $ -

Chicago Scafolding Shoring (C-02280) $ 59,100.00 $ 69,100.00 96% $ 66,236.66 $ 60,630.26 $ 1,681.92 $ 1,681.92 $ 6,788

No Let Excavation & Backfill $ 8,000.00 $ 8,000.00 0% $ - $ - $ 8,000

Nystrom Excavation & Backfill $ 71,805.00 $ 71,805.00 84% $ 60,047.48 $ 3,701.85 $ 33,317.15 $ 6,908.54 $ 6,908.54 $ 31,579

No Let Concrete Curb/Gutter/Walks $ 58,000.00 $ 58,000.00 0% $ - $ - $ 58,000

No Let Fences & Gates $ 25,000.00 $ 25,000.00 0% $ - $ - $ 25,000

No Let Site Furnishings $ 5,000.00 $ 5,000.00 0% $ - $ - $ 5,000

No Let Landscaping $ 103,000.00 $ 103,000.00 0% $ - $ - $ 103,000

No Let Irrigation Systems $ 35,000.00 $ 35,000.00 0% $ - $ - $ 35,000

No Let Green Roof $ 748,500.00 $ 748,500.00 0% $ - $ - $ 748,500

No Let Cast-In-Place Concrete $ 15,000.00 $ 15,000.00 0% $ - $ - $ 15,000

Triad Concrete, Inc Cast-In-Place Concrete (C-03060) $ 348,990.00 $ 44,497.00 $ 393,487.00 15% $ 60,438.00 $ 6,043.80 $ 28,111.20 $ 26,283.00 $ 20,938.23 $ 47,221.23 $ 318,155

Nystrom Construction Cast-In-Place Concrete $ 43,040.00 $ 102,178.00 $ 145,218.00 100% $ 145,218.75 $ 142,817.70 $ 720.39 $ 720.39 $ 1,680

Allience Specialty Concrete Topping $ 87,000.00 $ 31,000.00 $ 118,000.00 0% $ - $ 31,860.00 $ 31,860.00 $ 86,140

No Let Concrete Cutting & Coring $ 30,000.00 $ 30,000.00 0% $ - $ - $ 30,000

Nystrom Construction Concrete Cutting & Coring $ 3,772.50 $ 19,368.00 $ 23,140.50 100% $ 23,140.50 $ 11,129.00 $ 3,603.30 $ 3,603.30 $ 8,408

Quick Cuts Concrete Cutting & Coring (C-03100) $ 1,086.00 $ 32,267.60 $ 33,353.60 100% $ 33,353.60 $ - $ 12,693.60 $ 20,660.00 $ - $ 20,660.00 $ -

No Let Exterior Restoration $ 40,000.00 $ 40,000.00 0% $ - $ - $ 40,000

Marion Restoration Exterior Restoration - Tower (C-03180) $ 445,420.00 $ (251,263.15) $ 194,156.85 100% $ 194,156.85 $ 154,552.00 $ 39,604.85 $ - $ 39,604.85 $ -

MBB Enterprises Exterior Restoration (C-03180) $ 580,000.00 $ 231,768.00 $ 811,768.00 100% $ 811,767.44 $ 81,176.74 $ 576,710.95 $ 46,163.92 $ 46,163.92 $ 188,893

No Let Precast Concrete $ 3,500.00 $ 3,500.00 0% $ - $ - $ 3,500

1 2 4 5 6 7 8 9 10Total



Calumet Flexicore Precast Concrete (C-03240) $ 115,145.00 $ 115,145.00 0% $ - $ 17,970.00 $ 17,970.00 $ 97,175

No Let Masonry/CMU $ 55,000.00 $ 55,000.00 0% $ - $ - $ 55,000

Link Masonry Masonry/CMU (C-04060) $ 164,100.00 $ (121,330.00) $ 42,770.00 100% $ 42,770.00 $ - $ 42,770.00 $ - $ - $ -

Vimak Construction Masonry/CMU (C-04060) $ 187,000.00 $ 102,923.50 $ 289,923.50 100% $ 289,132.50 $ 26,942.50 $ 175,282.50 $ 26,072.25 $ 26,072.25 $ 88,569

No Let Waterproofing $ 4,325.00 $ 4,325.00 0% $ - $ - $ 4,325

No Let Stone Work Exterior $ 60,500.00 $ 60,500.00 0% $ - $ - $ 60,500

No Let Structural Steel $ 65,000.00 $ 65,000.00 0% $ - $ - $ 65,000

Weldtec Iron Works Structural Steel - infills (C-05220) $ 397,300.00 $ 52,453.00 $ 449,753.00 45% $ 201,114.20 $ 24,129.00 $ 63,270.00 $ 10,000.00 $ 29,415.06 $ 39,415.06 $ 347,068

Best Built Fabricating Structural Steel-structure & misc (C-05220) $ 941,603.00 $ 941,603.00 66% $ 618,137.50 $ 61,813.75 $ 76,812.30 $ 149,107.60 $ 99,121.15 $ 248,228.76 $ 616,562

No Let Metal Stairs & Railings $ 52,500.00 $ 52,500.00 0% $ - $ - $ 52,500

Weldtec Iron Works Metal Stairs & Railings (C-05200) $ 117,000.00 $ 15,865.00 $ 132,865.00 75% $ 100,000.00 $ 5,986.50 $ 94,400.00 $ 1,583.55 $ 1,583.55 $ 36,881

No let Rough Carpentry $ 45,000.00 $ 45,000.00 0% $ - $ - $ 45,000

ALCA Carpentry Rough Carpentry $ 650,000.00 $ 10,678.00 $ 660,678.00 28% $ 183,485.00 $ 18,348.50 $ 49,540.95 $ 49,540.95 $ 611,137

No Let Wood Decks $ 94,700.00 $ 94,700.00 0% $ - $ - $ 94,700

No Let Finish Carpentry $ 497,500.00 $ 497,500.00 0% $ - $ - $ 497,500

No Let Plastic Laminated Tops $ 35,200.00 $ 35,200.00 0% $ - $ - $ 35,200

No Let Stone Tops $ 8,000.00 $ 8,000.00 0% $ - $ - $ 8,000

No Let Kitchen & Vanity Cabinets $ 4,500.00 $ 4,500.00 0% $ - $ - $ 4,500

Steel Skin Kitchen & Vanity Cabinets $ 310,280.00 $ 310,280.00 2% $ 5,000.00 $ 500.00 $ 1,350.00 $ 1,350.00 $ 308,930

No Let Building Insulation $ 7,500.00 $ 7,500.00 0% $ - $ - $ 7,500

Innovative Insulation SolutionsBuilding Insulation $ 92,900.00 $ 92,900.00 0% $ - $ - $ 92,900

No Let Drivit/Stucco $ 35,200.00 $ 35,200.00 0% $ - $ - $ 35,200

No Let Metal Siding $ 15,000.00 $ 15,000.00 0% $ - $ - $ 15,000

G&L Associates Metal Siding $ 162,000.00 $ 162,000.00 0% $ - $ - $ 162,000

No Let Membrane Roofing $ 25,000.00 $ 25,000.00 0% $ - $ - $ 25,000

A-1 Roofing Membrane Roofing (C-07600) $ 765,639.00 $ 765,639.00 12% $ 89,964.00 $ 8,996.40 $ 24,290.28 $ 24,290.28 $ 741,349

Membrane Roofing Plaza $ 144,000.00 $ 144,000.00 0% $ - $ - $ 144,000

No Let Caulking & Sealants $ 35,000.00 $ 35,000.00 0% $ - $ - $ 35,000

No Let Interior Doors $ 75,000.00 $ 75,000.00 0% $ - $ - $ 75,000

No Let Overhead Doors $ 23,700.00 $ 23,700.00 0% $ - $ - $ 23,700

No Let Entrances $ 12,500.00 $ 12,500.00 0% $ - $ - $ 12,500

Alpha Window Entrances (c-08240) $ 207,300.00 $ 207,300.00 10% $ 20,730.00 $ 6,219.00 $ 6,219.00 $ 201,081

Alpha Window Windows $ 1,250,850.00 $ 79,839.00 $ 1,330,689.00 71% $ 938,995.10 $ 117,595.18 $ 455,437.00 $ 120,000.00 $ 161,560.20 $ 281,560.20 $ 593,692

No Let Windows $ 40,000.00 $ 40,000.00 0% $ - $ - $ 40,000

No Let Glass & Glazing $ 156,000.00 $ 156,000.00 0% $ - $ - $ 156,000

Wintec Associates Glass & Glazing $ 392,100.00 $ 392,100.00 0% $ - $ - $ 392,100

1 2 4 5 6 7 8 9 10Total



No Let Mirrors/Shower Doors $ 32,200.00 $ 32,200.00 0% $ - $ - $ 32,200

No Let Drywall $ 1,056,400.00 $ 1,056,400.00 0% $ - $ - $ 1,056,400

No Let Ceramic Tile $ 72,000.00 $ 72,000.00 0% $ - $ - $ 72,000

No Let Terrazzo Flooring $ 295,000.00 $ 295,000.00 0% $ - $ - $ 295,000

No Let Wood Flooring $ 353,000.00 $ 353,000.00 0% $ - $ - $ 353,000

No Let Resilient Flooring $ 15,700.00 $ 15,700.00 0% $ - $ - $ 15,700

No Let Carpeting $ 33,800.00 $ 33,800.00 0% $ - $ - $ 33,800

No Let Spray-on Fireproofing $ 3,500.00 $ 3,500.00 0% $ - $ - $ 3,500

ASC Insulation Spray-on Fireproofing $ 85,000.00 $ 85,000.00 0% $ - $ - $ 85,000

No Let Painting $ 394,000.00 $ 394,000.00 0% $ - $ - $ 394,000

No Let Final Cleaning $ 42,500.00 $ 42,500.00 0% $ - $ - $ 42,500

No Let Tub & Shower Enclosures $ 89,000.00 $ 89,000.00 0% $ - $ - $ 89,000

No Let Firefighting Devices $ 4,500.00 $ 4,500.00 0% $ - $ - $ 4,500

No Let Graphics & Signs $ 6,000.00 $ 6,000.00 0% $ - $ - $ 6,000

No Let Signage $ 361,280.00 $ 343,640.00 0% $ - $ - $ 343,640

South Water Signage $ 34,920.00 $ 34,920.00 100% $ 34,920.00 $ 10,476.00 $ 10,476.00 $ 24,444

No Let Lockers $ 15,000.00 $ 15,000.00 0% $ - $ - $ 15,000

No Let Postal Specialties $ 9,650.00 $ 9,650.00 0% $ - $ - $ 9,650

No Let Toilet Accessories $ 49,500.00 $ 49,500.00 0% $ - $ - $ 49,500

No Let Closet Shelving $ 8,200.00 $ 8,200.00 0% $ - $ - $ 8,200

No Let Parking Equipment & Accessories $ 5,000.00 $ 5,000.00 0% $ - $ - $ 5,000

No Let Trash Chute & Compactor $ 3,500.00 $ 3,500.00 0% $ - $ - $ 3,500

Demco, Inc. Trash Chute & Compactor $ 39,000.00 $ 39,000.00 0% $ - $ - $ 39,000

No Let Appliances $ 158,600.00 $ 158,600.00 0% $ - $ - $ 158,600

No Let Blinds & Shades $ 250,400.00 $ 250,400.00 0% $ - $ - $ 250,400

No Let Elevators $ 15,000.00 $ 15,000.00 0% $ - $ - $ 15,000

Kone Elevators $ 550,000.00 $ 550,000.00 77% $ 422,831.00 $ 42,283.10 $ 94,351.50 $ 85,858.92 $ 85,858.92 $ 369,790

No Let H.V.A.C. $ 80,000.00 $ 80,000.00 0% $ - $ - $ 80,000

3 R C Mechanical H.V.A.C. (C-15180) $ 3,927,970.00 $ 565,000.00 $ 4,492,970.00 44% $ 1,966,733.60 $ 206,769.40 $ 309,251.70 $ 55,000.00 $ 449,001.87 $ 504,001.87 $ 3,679,716

No Let Plumbing $ 45,000.00 $ 45,000.00 0% $ - $ - $ 45,000

Norman Mechanical Plumbing (C-15240) $ 1,909,000.00 $ 34,590.75 $ 1,943,590.75 29% $ 572,631.50 $ 57,263.15 $ 53,100.00 $ 10,000.00 $ 135,680.50 $ 145,680.50 $ 1,744,810

No Let Solar Cooling System $ 697,000.00 $ 697,000.00 0% $ - $ - $ 697,000

No Let Site Plumbing $ 5,000.00 $ 5,000.00 0% $ - $ - $ 5,000

Big John's Contractors, Inc Site Plumbing (C-20220) $ 94,163.00 $ (1,600.00) $ 92,563.00 39% $ 36,500.00 $ 3,650.00 $ 14,850.00 $ 5,400.00 $ 5,400.00 $ 72,313

No Let Sprinkler/Fire Protection $ 10,000.00 $ 10,000.00 0% $ - $ - $ 10,000

Acme Sprinkler Service Co. Sprinkler/Fire Protection(C-15140) $ 380,000.00 $ 37,100.00 $ 417,100.00 46% $ 193,000.00 $ 19,300.00 $ 78,300.00 $ 10,000.00 $ 25,620.00 $ 35,620.00 $ 303,180

1 2 4 5 6 7 8 9 10Total



Derek Salwa Electrical $ 26,804.00 $ 6,870.00 $ 33,674.00 100% $ 33,674.00 $ 33,674.00 $ - $ - $ -

No Let Electrical $ 366,326.00 $ 366,326.00 0% $ - $ - $ 366,326

Amprite Electric Electrical $ 1,410,000.00 $ 21,163.00 $ 1,431,163.00 3% $ 41,287.00 $ 22,853.70 $ 18,433.30 $ - $ 18,433.30 $ 1,389,876

ComEd-Exelon Electric Service Contract $ 46,846.00 $ 46,846.00 100% $ 46,846.00 $ 46,846.00 $ - $ - $ -

No Let Electrical From Meters $ 73,154.00 $ 73,154.00 0% $ - $ - $ 73,154

No Let Security System $ 225,900.00 $ 225,900.00 0% $ - $ - $ 225,900

No Let Low Voltage $ 170,700.00 $ 170,700.00 0% $ - $ - $ 170,700

Quantum Development Previous Construction -Misc $ 17,887.65 $ 17,887.65 100% $ 17,887.65 $ 17,887.65 $ - $ - $ -

Quantum Development Previous Construction -Labor $ 111,097.89 $ 111,097.89 100% $ 111,097.89 $ 111,097.89 $ - $ - $ -

Quantum Development Previous Construction - Demo/Sandblasting $ 291,000.00 $ 291,000.00 100% $ 291,000.00 $ 291,000.00 $ - $ - $ -

Quantum Development Previous Construction - Environmental $ 124,777.68 $ 124,777.68 100% $ 124,777.68 $ 124,777.68 $ - $ - $ -

Quantum Development Previous Construction - Disposal $ 42,125.00 $ 42,125.00 100% $ 42,125.00 $ 42,125.00 $ - $ - $ -

Quantum Development Previous Construction - Sprinkler $ 15,647.00 $ 15,647.00 100% $ 15,647.00 $ 15,647.00 $ - $ - $ -

Quantum Development Previous Construction - Electrical $ 60,954.80 $ 60,954.80 100% $ 60,954.80 $ 60,954.80 $ - $ - $ -

$ - $ - $ -

Quantum Development General Conditions $ 564,053.00 $ 564,053.00 72% $ 407,892.53 $ 302,051.10 $ 82,317.83 $ 23,523.60 $ 105,841.43 $ 156,160

TOTALS $ 25,132,911.52 $ 1,185,143.80 $ 26,310,415.32 $ 8,910,582.33 $ 710,749.25 $ 4,071,761.06 $ 564,963.46 $ 1,274,226.69 $ 1,839,190.15 $ 20,399,464.11


70 of 73 document.xlsTIF Cost Budget

TIF Cost BudgetGreen Exchange @ 2545 W. Diversey, Chicago, Illinois

Applicable Costs

PROJECT COSTS: Total Cost % Required Complied Deficit Soft Costs Comments

Legal $ 100,000 TIF Consultant $ 25,000 Accounting/Projections $ 10,000

Construction CostsCertified Payroll Employee/Compliance $ 150,000 2 year's annual salary for mid-level accountant w/ supervision Certified Payroll (contractor premium) $ 50,000 MBE Premium $ (17,600) 24% $ - $ 88,000 $ (88,000) 20%WBE Premium $ - 4% $ - #REF! #REF! 20%City Residency Penalty #REF! 50% #REF! 20% #REF! 0.50% Penalty for non-compliance Prevailing Wage Penalty $ - 100% $ - 80% $ - 25% Premium above payroll costs including benefits

Miscellaneous/Contingency #REF! 10%

TOTAL PROJECT COSTS: #REF!

Total Required

Estimated Price

Premium/Penalty

Hard Costs

Pre-TIF work

TRADE DESCRIPTION CONTRACT CHANGE ANTICIPATED TOTAL PREVIOUSLY COSTS CONTRACTORAMOUNT ORDERS EXTRAS COSTS COMPLETED REMAINING

2105 Tree Removal 3,500.00 3,500.00 0.00 3,500.002110 Demolition 425,800.00 168,695.00 55,000.00 649,495.00 597,032.50 52,462.50 Nystrom Construction2115 Shoring 31,100.00 33,150.00 15,000.00 79,250.00 65,072.00 14,178.00 Chicago Scaffolding2220 Excavation & Backfill 29,670.00 42,135.00 17,000.00 88,805.00 64,464.00 24,341.00 Nystrom Construction2620 Concrete Curb/Gutter/Walks 58,000.00 58,000.00 0.00 58,000.00 2710 Fences & Gates 28,000.00 28,000.00 0.00 28,000.002760 Site Furnishings 5,000.00 5,000.00 0.00 5,000.00 Bike racks only2800 Landscaping 103,000.00 103,000.00 0.00 103,000.00Landscape on grade - scope reduced by Maplewood work done by City2820 Irrigation Systems 20,000.00 20,000.00 0.00 20,000.00 Court & main roof irrigation 2850 Green Roof 748,500.00 748,500.00 0.00 748,500.00 Inc cistern pumps and plumbing3300 Cast-In-Place Concrete 348,990.00 44,497.00 15,000.00 408,487.00 137,987.00 270,500.00 Triad3300 Cast-In-Place (Stair, elevator & Cistern) 43,040 109,118.00 0.00 152,158.00 152,158.00 0.00 Nystrom3321 Concrete Topping 87,000.00 31,000.00 0.00 118,000.00 118,000.00 0.00 Alliance Specialty Trades3325 Concrete Staining & Sealing 11,500.00 11,500.00 0.00 11,500.003328 Self Leveling Underlayment 188,500.00 188,500.00 0.00 188,500.00 Floor patch/repair at concrete for tenant spaces3330 Concrete Cutting & Coring 1,086.00 28,907.00 18,000.00 47,993.00 33,354.00 14,639.00 Quick Cut Concrete Cutting3330 Concrete Cutting & Coring 3,772.50 19,368.00 12,000.00 35,140.50 23,139.00 12,001.50 Nystrom Construction3350 Exterior Restoration 445,420.00 -251,263.00 0.00 194,157.00 194,157.00 0.00 Marion Restoration3350 Exterior Restoration 580,000.00 231,768.00 32,000.00 843,768.00 811,767.00 32,001.00 MBB Enterprises3400 Precast Concrete 115,145.00 3,500.00 118,645.00 55,300.00 63,345.00 Calumet Flexicore4200 Masonry/CMU 164,100.00 -121,330.00 0.00 42,770.00 42,770.00 0.00 Link Masonry4200 Masonry/CMU 187,000.00 102,923.50 95,000.00 384,923.50 289,132.00 95,791.50 Vimak Construction4220 Waterproofing 4,325.00 0.00 4,325.00 4,325.00 0.00 TriCounty Connections4400 Stone Work Exterior 67,500.00 67,500.00 0.00 67,500.00 Concrete pavers at court4500 Conc/Mas Restoration Building 0.00 0.00 0.00 0.00 0.00 Included in Exterior Restoration above5100 Structural Steel 941,603.00 50,000.00 991,603.00 618,137.00 373,466.00 Best Built Fabricating5100 Structural Steel 385,500.00 71,752.20 15,000.00 472,252.20 241,249.00 231,003.20 Weldtec Ornamental Iron5510 Metal Stairs & Railings 117,000 15,865.00 62,500.00 195,365.00 59,865.00 135,500.00 Weldtec Ornamental Iron6100 Rough Carpentry 650,000.00 10,678.00 40,000.00 700,678.00 183,485.00 517,193.00 ALCA Carpentry Contractors6150 Wood Decks 94,700.00 94,700.00 0.00 94,700.006200 Finish Carpentry 512,500.00 512,500.00 0.00 512,500.006240 Plastic Laminated Tops 35,200.00 35,200.00 0.00 35,200.00 residential kitchen counter tops6250 Stone Tops 8,000.00 8,000.00 0.00 8,000.00 Common restrooms only6500 Kitchen & Vanity Cabinets 310,280.00 4,500.00 314,780.00 5,000.00 309,780.00 SteelSkin7200 Building Insulation 92,900.00 9,500.00 102,400.00 0.00 102,400.00 Innovative Insulation Solutions7405 Drivit/Stucco 35,200.00 35,200.00 0.00 35,200.007410 Metal Siding 162,000.00 15,000.00 177,000.00 0.00 177,000.00 G & L Associates, Inc7500 Membrane Roofing - Main roof 764,639.00 35,000.00 799,639.00 89,964.00 709,675.00 A-1 Roofing7500 Membrane Roofing - Plaza roof 144,000.00 144,000.00 0.00 144,000.00 Plaza deck + exhibition space roof7520 Metal Roofing 0.00 0.00 0.00 0.00 Exhibition space roof now PVC7900 Caulking & Sealants 35,000.00 35,000.00 0.00 35,000.008110 Hollow Metal Work 0.00 0.00 0.00 0.00 Included in Finish Carpentry above8200 Interior Doors 75,000.00 75,000.00 0.00 75,000.00 30 office doors only; residential included in finish carp8360 Overhead Doors 20,697.00 1,200.00 21,897.00 0.00 21,897.00 House of Doors8400 Entrances - Exterior Retail 207,300.00 12,500.00 219,800.00 0.00 219,800.00 Alpha window and door8400 Entrances - Exhibition Space 0.00 0.00 0.00 0.00 Structural sorefront, included in glazing below8500 Windows 1,250,850 79,839.00 70,000.00 1,400,689.00 1,261,981.00 138,708.00 Alpha Window & Door8800 Glass & Glazing 392,100.00 156,000.00 548,100.00 0.00 548,100.00 Wintec Associates

J10

MattL: Maplewood freight over run to be completed - not part of original contract

J11

MattL: support floor for maplewood over run 7 saftey supports to be done yet.

J12

MattL: stone used for ramp into court needs to be moved to inside garage exit ramp. Machine time only.

J17

MattL: Gates at both end of alley behind building, wood and metal fencing at parking lot -

J18

MattL: Bike rack on Rockwell

J19

MattL: Landscaping on grade - includes pavers in parking lot

J21

MattL: Green roof, fountians, vessels included

J26

MattL: trash rooms, 1st floor rear hallway, janitor closets sealed; engineer/janitior office stained and sealed

J27

MattL: Misc patching and leveling through out building - joint between old & new building large issue

J34

MattL: block work on 1st floor needs to be added to scope

J36

MattL: Wausua pavers at plaza level

J45

MattL: new handrails at front existing stairs, new hand rails at existing stairs from plaza to grade

J48

MattL: Wood deck at plaza & wood decking at penthouse decks & hanging balconies

J52

MattL: loft trim & doors, hollow metal dors & hardware, residential lobby

J53

MattL: SkyBlend kitchens and baths

J57

MattL: public restroom ciuntertops only

J59

MattL: misc areas not appearent on plans

J61

MattL: portland stucco on maplewood & Rockwell infills only

J64

MattL: exhibition space roof now PVC

J65

MattL: Hot rubberized asphalt system

L78

MattL: paid to date of 665,639 + 596,342 doug estimate of work complete yet to be paid

J80

MattL: includes 12 butt glazed retail doors @12,600 ea

8830 Mirrors/Shower Doors 32,200.00 32,200.00 0.00 32,200.009250 Drywall 1,056,400.00 1,056,400.00 0.00 1,056,400.009300 Ceramic Tile 130,300.00 130,300.00 0.00 130,300.00Residential bath floors, common restroom wet walls, mosaic mural in lobby9400 Terrazzo Flooring 313,550.00 313,550.00 0.00 313,550.00 inc. main & Res lobby; 2nd floor hall, common restrooms, base9550 Wood Flooring 353,900.00 353,900.00 0.00 353,900.00 3rd, 4th & 5th floor verticle grain bamboo9650 Resilient Flooring - VCT 0.00 0.00 0.00 0.00 Areas figured as sealed concrete now9650 Resilient Flooring - Cork 0.00 0.00 0.00 0.00 5th floor now figured in hardwood9680 Carpeting 33,800.00 33,800.00 0.00 33,800.00 3rd, 4th & 5th floor hallways only9840 Spray-on Fireproofing 85,000.00 4,500.00 89,500.00 0.00 89,500.00 ASC Insulation & Fireproofing9900 Painting 292,700.00 292,700.00 0.00 292,700.009900 Painting - Intumescent paint 0.00 0.00 0.00 0.00 fireproofing on steel now cementitous coating9999 Final Cleaning 52,500.00 52,500.00 0.00 52,500.0010170 Tub/Shower Enclosures 89,000.00 89,000.00 0.00 89,000.00 Swanstone agregate color enclosures10360 Firefighting Devices 4,500.00 4,500.00 0.00 4,500.00 fire extinguishers and cabinets10400 Graphics & Signs 6,000.00 6,000.00 0.00 6,000.00 stair, mechanical, restroom signs - no tenant signage or directories

Expressway/Bldg Signage 641,200.00 641,200.00 188,880.00 452,320.00 digital, tower, and banner holders - all other signage pd by tenant10500 Lockers 15,000.00 15,000.00 0.00 15,000.00 Bike room racks; wall racks in parking garage10550 Postal Specialties 9,650.00 9,650.00 0.00 9,650.0010800 Toilet Accessories 71,095.00 71,095.00 0.00 71,095.00 Installation labor inc in finish carpentry10900 Closet Shelving 8,200.00 8,200.00 0.00 8,200.0011850 Parking Equipment & Accessories 5,000.00 5,000.00 0.00 5,000.00 Parking bumpers and parking lot markings11860 Trash Chute & Compactor 39,000.00 3,500.00 42,500.00 0.00 42,500.00 Demco11900 Appliances 115,655.00 115,655.00 0.00 115,655.00Stainless steel appliances, hotel room mini kitchens - no Washer/Dryers12500 Blinds & Shades 250,400.00 250,400.00 0.00 250,400.00 mesh roller shade - entire bldg14200 Elevators 550,000 15,000.00 565,000.00 442,831.00 122,169.00 Kone14610 Escalators 0.00 0.00 0.00 0.00 0.00 Kone15000 HVAC 3,920,270.00 565,000.00 105,000.00 4,590,270.00 1,966,734.00 2,623,536.00 3RC15200 Plumbing 1,970,700.00 43,590.75 45,000.00 2,059,290.75 572,631.00 1,486,659.75 Norman Mechanical

Solar Cooling System 0.00 0.00 0.00 0.00 Included in 3RC contractSolar Desiccant System 0.00 0.00 0.00 0.00

15250 Site Plumbing 94,163.00 -1,600.00 12,500.00 105,063.00 36,500.00 68,563.00 Big John's Contractors, Inc.15300 Sprinkler/Fire Protection 380,000.00 37,100.00 25,000.00 442,100.00 193,000.00 249,100.00 Acme Sprinkler Service Co

16000a Electrical to Meters 1,410,000.00 21,163.00 85,000.00 1,516,163.00 41,287.00 1,474,876.00 Amp-Rite Electric16000b Electrical From Meters 120,000.00 120,000.00 0.00 120,000.00 Amp-Rite Electric16200 Security System 225,900.00 225,900.00 0.00 225,900.00 Final spec has not been developed yet16300 Low Voltage 173,000.00 173,000.00 0.00 173,000.0016500 Light Fixtures 340,000.00 340,000.00 4,895.00 335,105.00 Evergreen Oak

Building Phone System 0.00 0.00 0.00 0.00If residential units, no equipment costs to GX; wiring inc in low voltage

TOTALS 16,210,451 1,282,356 7,542,250 25,035,057 8,495,097 16,539,960

MBE/WBE Contractor surcharge $1,200,000Certified Payroll Admin costs $330,000Local hire additional trade cost $0

Total $26,565,057

J84

MattL: Core & shell work only - includes exterior, dimising & hallway walls

J88

MattL: main & residential lobbies, 2nd floor hallway. Exhibition space, all public restroom floors, 6" terrazzo base

J96

MattL: work/live lofts and common areas only

J109

MattL: $350 per unit labor - Material prices based on drop ship from manufacturer

J113

MattL: Estimate per Joan's sheet sent 5/26/09

J119

MattL: Common restrooms and work/live lofts

J139

MattL: switch to radiant floor on 5th floor, price increase for equipment returned + misc.

J146

MattL: change in switch room location + misc.

05/08/202300:34:30 73 of 73 document.xls

Intercall Deal

Intercall Deal no <<< ENTER YES OR NOrsf - TI $67.01# parking spaces 0

$150.00 $0 /year (incl in GX Rent Roll)

rent $24.80 $0

$20.00

parking charge (monthly/space)

balance of rent on floor

3 phases - city of chicago€¦ · xls file · web view · 2017-10-24hard cost budget 05-09 tif...

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