Before Tax Cash Flow Projection

Investment and Sale

($5,688,200)

$8,831,173

$3,142,973

Effective Income

$29,003

$656,962

$985,068

$1,011,866

$1,039,413

$1,067,730

$1,096,839

$1,126,764

$1,157,526

$1,189,150

$9,360,321

Operating Expense

($42,894)

($100,266)

($130,670)

($133,975)

($137,367)

($140,848)

($144,421)

($148,088)

($151,852)

($155,715)

($1,286,098)

Cash Flow Before Debt

($5,702,091)

$556,695

$854,398

$877,891

$902,046

$926,882

$952,418

$978,675

$1,005,674

$1,033,435

$8,831,173

$11,217,196

Debt Service

$3,969,281

($639,664)

($426,504)

($3,738,194)

($3,820,609)

Cash Flow Before Tax

($1,732,810)

($82,969)

$427,894

$451,387

$475,542

$500,378

$525,914

$552,171

$579,170

$606,931

$5,092,979

$7,396,587

Source and Use of Proceeds

Working Capital

$367,190

$119,619

$122,348

$126,294

$130,352

$134,524

$138,814

$143,225

$147,760

$152,424

Interest Income

Members' Investment

$2,100,000

Cash Flow Before Tax

($1,732,810)

($82,969)

$427,894

$451,387

$475,542

$500,378

$525,914

$552,171

$579,170

$606,931

$5,092,979

$7,396,587

Distributed To Members

($164,602)

($368,282)

($307,720)

($319,742)

($332,103)

($344,812)

($357,880)

($371,317)

($385,134)

($4,621,923)

($7,573,515)

Distributed To Manager

($56,884)

($139,720)

($151,742)

($164,103)

($176,812)

($189,880)

($203,317)

($217,134)

($623,481)

($1,923,072)

Group Taxable Income Projection

Taxable Revenue

$29,003

$656,962

$985,068

$1,011,866

$1,039,413

$1,067,730

$1,096,839

$1,126,764

$1,157,526

$1,189,150

$9,360,321

Interest Income

Taxable Expense

($42,894)

($100,266)

($130,670)

($133,975)

($137,367)

($140,848)

($144,421)

($148,088)

($151,852)

($155,715)

($1,286,098)

Interest Expense

($403,991)

($401,633)

($399,029)

($396,152)

($392,974)

($389,463)

($385,584)

($381,299)

($376,566)

($3,526,690)

Depreciation

($22,984)

($110,323)

($105,726)

($1,011,292)

Ordinary Income

($36,875)

$42,382

$342,442

$368,539

$395,571

$423,585

$452,633

$482,769

$514,052

$551,144

$3,536,241

Group Member Projection (per Unit)

Distributed Cash

($100,000)

$7,838

$17,537

$14,653

$15,226

$15,814

$16,420

$17,042

$17,682

$18,340

$220,092

$260,644

Ordinary Income

($878)

$1,009

$8,153

$8,775

$9,418

$10,085

$10,777

$11,494

$12,239

$13,122

$29,387

$113,583

Capital Gains

$147,061

Taxable Income

$131

$8,153

$8,775

$9,418

$10,085

$10,777

$11,494

$12,239

$13,122

$176,447

$260,644

Taxes

($52)

($3,229)

($3,475)

($3,730)

($3,994)

($4,268)

($4,552)

($4,847)

($5,196)

($42,975)

($76,317)

Cash Flow After Tax

($100,000)

$7,786

$14,308

$11,179

$11,496

$11,821

$12,152

$12,490

$12,835

$13,143

$177,116

$184,326

Managing Member Cash Flow Projection

Manager Fees

Distributed Cash

$56,884

$139,720

$151,742

$164,103

$176,812

$189,880

$203,317

$217,134

$623,481

$1,923,072

Total Cash Flow

$56,884

$139,720

$151,742

$164,103

$176,812

$189,880

$203,317

$217,134

$623,481

$1,923,072

Taxable Income

($18,437)

$21,191

$171,221

$184,270

$197,786

$211,793

$226,316

$241,384

$257,026

$275,572

$154,952

$1,923,072

Taxes

$7,191

($8,264)

($66,776)

($71,865)

($77,136)

($82,599)

($88,263)

($94,140)

($100,240)

($107,473)

($30,990)

($720,557)

Cash Flow After Tax

$7,191

($8,264)

($9,892)

$67,855

$74,606

$81,504

$88,549

$95,740

$103,077

$109,661

$592,490

$1,202,515


Rate of Return Before Debt (IRR)	16.6%
Rate of Return Before Tax (IRR)	24.9%
Member's Rate of Return Before Tax (IRR)	18.2%
Member's Rate of Return After Tax (IRR)	14.4%
Managing Member's Present Value Before Tax @10%	952,060
Managing Member's Present Value After Tax @10%	555,953