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EXAMPLE 3 <br /> <br />Assume the following <br /> <br />Adjusted Monthly Rent (1/I/03) <br /> <br />$ 574 <br /> <br />Capital Improvement Cost <br /> <br />25 <br /> <br />Base Rent for 2003 <br /> <br />349.62 <br /> <br />Operating Expenses through9B0/03 <br /> [165,600+ 100 + 12] <br /> <br />138.00 <br /> <br />Ca-.'wover~om2002 <br /> <br />11.50 <br /> <br />"Allowable"Operafing Expensesth~ough 9/30/02 <br /> (see Exhibit B-2) <br /> <br />136.50 <br /> <br />Real Property. taxes paid through 9/30/03 <br /> [92,000 ? 100 -~ 12] <br /> <br />76.67 <br /> <br />Real Property taxes paid through 9/30/02 <br /> [90,000 + 100 - 12] <br /> <br />75.00 <br /> <br />Cost of Living <br /> <br />4% <br /> <br />NumberofSpaees <br /> <br />100 <br /> <br />Calculations from Formula: <br /> <br />(c) <br /> <br />$349.62 <br />x 4% <br />13.98 <br /> <br />[Base Rem for 2003] <br />[Cost of Living] <br />[Return on Invesunent] <br /> <br />349.62 <br /> 13.98 <br />363.60 Base Rent for 2004 <br /> <br />(d) 143.32 <br /> <br />(Add 138 + 11.50 = 149.50: compare 149.50 to 105% of the 9/30/02 <br />allowable operating expenses (136.50) =143.o2:149.50 is greater so <br />only $143.32 is added with a ca~y. over of 5.73: the next year's allowable <br />operating expense, including any carryovers, cannot exceed $150.49. i.e., <br />105% of 143.32.) <br /> <br />EXHIBIT B-3 <br /> <br /> <br />