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EXAMPLE 2 <br /> <br />Assume the following <br /> <br />Adjusted Monthly Rent (1/1/02) <br /> <br />$ 550 <br /> <br />Capital Improvement Cost <br /> <br />25 <br /> <br />Operating Expenses through 9/30/02 <br /> [177,600 + 100 + 12] <br /> <br />148 <br /> <br />Operating Expenses through 9/30/01 <br /> [156.000 + 100 + 12] <br /> <br />130 <br /> <br />Real Property taxes paid through 9/30/02 <br /> [90,000 + 100 + 12] <br /> <br />75.00 <br /> <br />Real Property. taxes paid through 9/30/01 <br /> [70,000 + 100 + 12] <br /> <br />58.83 <br /> <br />Cost of Living <br /> <br />4% <br /> <br />Number of spaces <br /> <br />100 <br /> <br />Calculations from Formula: <br /> <br /> $550 <br />< 25 > <br /> <br />(a) 525 <br /> < 188.83 > <br />(b) 336.17 <br /> <br />Adjusted Monthly Rent <br /><Capital Improvement Costs> <br />Monthly Rem <br />(130 + 58.83) <br />Base Rem for 2002 <br /> <br />(c) <br /> <br />336.17 <br />x 4% <br /> 13.45 <br /> <br />[Cost of Living] <br />(Return on Inveslraent) <br /> <br />$336.17 <br />+ 13.45 <br /> 349.62 (Base Rent for 2003) <br /> <br />(d) 136.50 <br /> <br />Compare 148 to 105% of 130 = 136.50; <br />because 148 exceeds 136.50, only 136.50 can be taken this year: the <br />remainder (11.50) is carried over to the next year. <br /> <br />EXHIBITB-2 <br /> <br /> <br />