Before Tax Cash Flow Projection

Investment and Sale

($1,565,500)

$1,995,213

$429,713

Effective Income

$190,380

$199,899

$209,894

$220,389

$231,408

$242,978

$255,127

$267,884

$281,278

$295,342

$2,394,579

Operating Expense

($62,000)

($55,469)

($57,780)

($60,203)

($62,743)

($65,405)

($68,197)

($71,126)

($74,198)

($77,421)

($80,803)

($735,344)

Cash Flow Before Debt

($1,627,500)

$134,911

$142,119

$149,691

$157,646

$166,003

$174,781

$184,002

$193,686

$203,857

$214,539

$1,995,213

$2,088,948

Debt Service

$1,221,400

($130,583)

($1,127,631)

($1,212,058)

Cash Flow Before Tax

($406,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$73,275

$83,956

$867,582

$876,890

Source and Use of Proceeds

Working Capital

$5,000

$5,936

$10,903

$12,366

$13,903

$15,517

$17,212

$18,993

Interest Income

Members' Investment

$350,000

Cash Flow Before Tax

($406,100)

$4,328

$11,536

$19,108

$27,063

$35,420

$44,199

$53,419

$63,103

$73,275

$83,956

$867,582

$876,890

Distributed To Members

($30,453)

($42,736)

($50,785)

($52,692)

($60,764)

($69,241)

($619,746)

($926,415)

Distributed To Manager

$61,100

($4,328)

($11,536)

($19,108)

($26,128)

($1,097)

($8,798)

($10,816)

($12,935)

($266,829)

($300,475)

Group Taxable Income Projection

Taxable Revenue

$190,380

$199,899

$209,894

$220,389

$231,408

$242,978

$255,127

$267,884

$281,278

$295,342

$2,394,579

Interest Income

Taxable Expense

($62,000)

($55,469)

($57,780)

($60,203)

($62,743)

($65,405)

($68,197)

($71,126)

($74,198)

($77,421)

($80,803)

($735,344)

Interest Expense

($124,310)

($123,588)

($122,791)

($121,910)

($120,937)

($119,862)

($118,674)

($117,362)

($115,913)

($114,312)

($12,400)

($1,212,058)

Depreciation

($44,833)

($46,782)

($44,833)

($463,920)

Ordinary Income

($62,000)

($34,231)

($28,251)

($19,882)

($11,045)

($1,716)

$8,138

$18,546

$29,542

$41,163

$55,394

($12,400)

($16,742)

Group Member Projection (per Unit)

Distributed Cash

($10,000)

$870

$1,221

$1,451

$1,505

$1,736

$1,978

$17,707

$16,469

Ordinary Income

($1,417)

($782)

($646)

($454)

($252)

($39)

$186

$424

$675

$941

$1,266

$3,802

$3,703

Capital Gains

$12,766

Taxable Income

$16,469

Taxes

($4,043)

Cash Flow After Tax

($10,000)

$870

$1,221

$1,451

$1,505

$1,736

$1,978

$13,664

$12,426

Managing Member Cash Flow Projection

Manager Fees

Distributed Cash

($61,100)

$4,328

$11,536

$19,108

$26,128

$1,097

$8,798

$10,816

$12,935

$266,829

$300,475

Total Cash Flow

($61,100)

$4,328

$11,536

$19,108

$26,128

$1,097

$8,798

$10,816

$12,935

$266,829

$300,475

Taxable Income

($12,400)

($6,846)

($5,650)

($3,976)

($2,209)

($343)

$1,628

$3,709

$5,908

$8,233

$11,079

$301,344

$300,475

Taxes

$4,340

$2,396

$1,978

$1,392

$773

$120

($570)

($1,298)

($2,068)

($2,881)

($3,878)

($60,269)

($59,965)

Cash Flow After Tax

($56,760)

$6,725

$13,513

$20,500

$26,901

$120

($570)

($201)

$6,730

$7,935

$9,058

$206,560

$240,511


Rate of Return Before Debt (IRR)	12.0%
Rate of Return Before Tax (IRR)	14.3%
Member's Rate of Return Before Tax (IRR)	11.5%
Member's Rate of Return After Tax (IRR)	9.6%
Managing Member's Present Value Before Tax @12%	83,567
Managing Member's Present Value After Tax @12%	69,848