Proforma - Financials 2018

IMBURSA
34%
Value $49,700,000 $16,898,000
Loan Amount $15,000,000 $15,000,000 $15,000,000

Broker Fees 8% 6% 5%
Bank - Cash 8% 8% 8%
Interest Rate - Annually 3% 3% 3%
Broker Fees $1,200,000 $900,000 $750,000
Bank - Cash $1,200,000 $1,200,000 $1,200,000
Total Interest - 24 Months $675,000 $675,000 $675,000
$3,075,000 $2,775,000 $2,625,000
Tiaga $11,925,000 $12,225,000 $12,375,000
Murray $5,500,000 $5,500,000 $5,500,000

82 Has $500,000 $500,000 $500,000
Attny - Hector $166,000 $166,000 $166,000
Attny - Max $130,000 $130,000 $130,000
Engineering $500,000 $1,000,000 $1,100,000
G&A $495,000 $495,000 $495,000
Closing Costs - Taxes/Fees $95,000 $95,000 $95,000
Orange $94,000 $94,000 $94,000

Geremiah $0 $0
CP $0 $0 $0
Misc. $0 $0 $0
Total $7,480,000 $7,980,000 $8,080,000
Reserve Funds $4,445,000 $4,245,000 $4,295,000
AT $0 $0 $0
Bob Cook $1,800,000 $1,800,000 $1,800,000
DiCarpegna $1,800,000 $1,800,000 $1,800,000
Hatfield $500,000 $500,000 $500,000
$4,100,000 $4,100,000 $4,100,000
Tiaga $345,000 $145,000 $195,000

SALE Biscuit
Rent $0
Michaela $0
$16,000,000 $17,000,000 Robert $2,000
5% 5% Utilties $0
8% 8% Product $0
3% 3% Misc $0
$800,000 $850,000
$1,280,000 $1,360,000 Month $2,000
$720,000 $765,000 Annual $24,000
$2,800,000 $2,975,000
Annual Overhead
$13,200,000 $14,025,000
CT $60,000
$5,500,000 $5,500,000 Carlos $36,000
$500,000 $500,000 AT $60,000
$166,000 $166,000 Bella $0
$130,000 $130,000 Benefits $0
$2,000,000 $3,000,000 Ofc Hermo - Rent $13,200
$495,000 $495,000 Ofc Tucson - Rent $0
$95,000 $95,000 House SC - Rent $25,600
Ofc Hermo - Util $1,500
$94,000 $94,000 Ofc Tucson - Util $0
$0 $0 House SC - Util $3,000
Travel $0
Cell $6,000
Ofc Supplies $0
$8,980,000 $9,980,000 Legal $6,000
Cars $43,000
$4,220,000 $4,045,000 Biscuit $24,000
Total $278,300
$0 $0
$1,800,000 $1,800,000
$1,800,000 $1,800,000
$500,000 $500,000
$4,100,000 $4,100,000
$120,000 -$55,000
Supplies
Ofc Tucson Ofc Hermo Ofc SC

Desk $1,000 $800
Computer $1,200 $800 $1,000
Printer $400 $400 $0
Phone $200 $200
TV $0 $500 $0
AC $3,500 $0
$2,800 $6,200 $1,000
$10,000
$60,000
$36,000
$60,000
$0
$0
$13,200
$0
$31,000
$1,500
$0
$3,000
$0
$6,000
$0
$6,000
$216,700
LAS PALMAS 2017
1300
HAS ACS
1904 4705
83 205
259 640
2246 5550
$22,128.23 $8,955.17
Appraisal 2017 - Value $49,700,000 $49,700,000
FINANCING - Loan / Value 50.0% 50.0%

$24,850,000 $24,850,000
Interest 0% $0 $0
Murray $5,500,000 $5,500,000

82 Has $500,000 $500,000
Attny $166,000 $166,000
Engineering $5,344,550 $5,344,550
G&A $665,000 $665,000
Closing Costs - Taxes/Fees $192,500 $192,500
$12,368,050 $12,368,050
$12,481,950 $12,481,950
AT -$1,800,000 -$1,800,000
Bob Cook -$1,500,000 -$1,500,000
DiCarpegna -$1,800,000 -$1,800,000
Hatfield -$500,000 -$500,000
-$5,600,000 -$5,600,000
$6,881,950 $6,881,950
Tiaga $6,881,950 $6,881,950

2018 May June July
Rent $800
Robert $700 $1,000
Michaela
Cell $440 $450
Bus. Prop Tax
Bus. Supply $0
Bus. Lic. Fee
Tax
Med. Past Due $0
CC $0 $0
TEP $0
G
Dining
Bakers Mobile
Carlos $300 $0
Mom $0 $450
Ins
Medical
Dentist
CT $550
Bijou
Wedding Gif
Hotel Denver
MGX Copy
San Carlos $3,200
$1,990 $5,900
$7,890
$ -
2
HAS ACS
1904 4705
83 205
259 640
2246 5550
$33,704 $13,640
$75,700,000 $75,700,000
50.0% 50.0%
$37,850,000 $37,850,000
$0 $0
$5,500,000 $5,500,000
$500,000 $500,000
$166,000 $166,000
$5,344,550 $5,344,550
$1,370,500 $1,370,500
$192,500 $192,500
$13,073,550 $13,073,550
$24,776,450 $24,776,450
-$1,800,000 -$1,800,000
-$1,500,000 -$1,500,000
-$1,800,000 -$1,800,000
-$500,000 -$500,000
-$5,600,000 -$5,600,000
$19,176,450 $19,176,450
$19,176,450 $19,176,450
Jan
Interest Best Good OK
8% $ 17,000,000 $ 10,000,000 $ 8,000,000
$ 1,360,000 $ 800,000 $ 640,000
Murray $5,500,000 $5,500,000 $5,500,000

82 Has $450,000 $450,000 $450,000
Attny $166,000 $166,000 $166,000
Engineering $4,292,550 $613,000 $613,000
G&A $665,000 $665,000 $665,000
Closing Costs - Taxes/Fees $192,500 $192,500 $192,500
$ 11,266,050 $ 7,586,500 $7,586,500
AT $ 1,300,000 $ 300,000 $ -
Bob Cook $ 1,400,000 $ 800,000 $ -
DiCarpegna $ 1,800,000 $ 800,000 $ -
Hatfield $ 500,000 $ 500,000 $ -
$ 5,000,000 $ 2,400,000 $ -
$ 16,266,050 $ 9,986,500 $7,586,500
$ 733,950 13,500 $ 413,500

ANEGADOS 2018 - ASSUMPTIONS
JV/ACQUISITION $ 15,000,000
DEVELOPMENT COSTS:
Engineering & Design $ 5,344,550
Infrastructure $ 98,338,101
Resort Build Cost $ 106,376,352

$ 210,059,003
REVENUE ( OPERATIONAL)
Operating Revenue $ 3,224,960
Maintenance & Servicing $ (2,555,771)
NET OPERATING INCOME $ 669,189
TOTAL FINANCING $ 80,000,000

INTEREST RATE 4.25%
VILAGE / TOWNCENTERS
Total SFR 714

Total TH/Condo 1064
Total Units 1778
SFR PODs 221

Condo PODs 183
TH PODs 183
588
PROJECT / SITE ACREAGE BREAKDOWN
Acreage Distribution Total Acres Open Space Developable Acs
Preserved/Untouched - Open Space 4910 3467 1443

2.471
Eco Resort/Spa Feature 45
Resort / Hotel Pads 584.0182374499 295
Commercial 32
Plazas / Open Space 83
Energy Feature (offsite) 0
Golf Course (Open Space) 0
Roadways / Easements 245
Water/Waste/Comm. 14
714
POD A - Village 1 (Bahia) 58

POD B - Village 2 (Catalina) 58
POD C - Village 3 (Mirrador) 31
POD D - Village 4 (Anegados) 37
183
POD E - Village 1 (Bahia) 58

POD F - Village 2 (Catalina) 58
POD G - Village 3 (Mirrador) 31
POD H - Village 4 (Anegados) 37
183
Total SFR PADs 221

Estate Lots - Coastal 141
362
Total Buildable Acreage 1443

DENSITIES & ACREAGE - RESIDENTIAL
Unit / POD Type Lot/Pad Size Acs / Village Total Lots Total Acreage
Estate Lots - Coastal 3.00 N/A 28 84

1.50 N/A 38 57
Lrg Lot A 0.65 11 68 44

Lrg Lot B 0.45 12 108 49
Mid Lot A 0.35 9 108 38

Mid Lot B 0.30 9 118 35
Sml Lot A 0.25 7 118 30

Sml Lot B 0.20 6 128 26
POD A - Village 1 (Bahia) 58 58 128 58

POD B - Village 2 (Catalina) 58 58 148 58
POD C - Village 3 (Mirrador) 31 31 68 31
POD D - Village 4 (Anegados) 37 37 88 37
POD E - Village 1 (Bahia) 58 58 148 58

POD F - Village 2 (Catalina) 58 58 168 58
POD G - Village 3 (Mirrador) 31 31 88 31
POD H - Village 4 (Anegados) 37 37 228 37
AVG TOTALS 147 1778 729
LOT SALE REVENUE - RESIDENTIAL
Unit / POD Type Acres # of Lots Lot/Acre Price Total Sales
Estate Lots - Coastal 3.00 28 $ 2,295,000 $ 64,260,000

1.50 38 $ 910,000 $ 34,580,000
Lrg Lot A 0.65 68 $ 544,500 $ 37,026,000

Lrg Lot B 0.45 108 $ 280,000 $ 30,240,000
Mid Lot A 0.35 108 $ 184,800 $ 19,958,400

Mid Lot B 0.30 118 $ 115,200 $ 13,593,600
Sml Lot A 0.25 118 $ 106,480 $ 12,564,640

Sml Lot B 0.20 128 $ 72,000 $ 9,216,000
POD A - Village 1 (Bahia) 58 128 $ 115,000 $ 6,634,616

POD B - Village 2 (Catalina) 58 148 $ 100,000 $ 5,769,231
POD C - Village 3 (Mirrador) 31 68 $ 125,000 $ 3,835,925
POD D - Village 4 (Anegados) 37 88 $ 120,000 $ 4,486,154
POD E - Village 1 (Bahia) 58 148 $ 115,000 $ 6,634,616

POD F - Village 2 (Catalina) 58 168 $ 80,000 $ 4,615,385
POD G - Village 3 (Mirrador) 31 88 $ 120,000 $ 3,682,488
POD H - Village 4 (Anegados) 37 228 $ 150,000 $ 5,607,693
Totals 1778 $ 262,704,747

CONSTRUCTION COSTS & PRICE / SQFT.
Avg Sqft/Unit Build Cost / Sqft. Sell Price / Sqft. Avg Home Price
Estate Lots - Coastal 8500 $320.00 $900 $7,650,000

6500 $250.00 $700 $4,550,000
Lrg Lot A 5500 $190.00 $450 $2,475,000

Lrg Lot B 4000 $155.00 $350 $1,400,000
Mid Lot A 3000 $130.00 $280 $840,000

Mid Lot B 2400 $110.00 $240 $576,000
Sml Lot A 2200 $100.00 $220 $484,000

Sml Lot B 1800 $90.00 $200 $360,000
GROSS LOT SALES & BUILD REVENUE
Lot Revenue
Estate Lots - Coastal $ 64,260,000

$ 34,580,000
Lrg Lot A $ 37,026,000

Lrg Lot B $ 30,240,000
Mid Lot A $ 19,958,400

Mid Lot B $ 13,593,600
Sml Lot A $ 12,564,640

Sml Lot B $ 9,216,000
POD A - Village 1 (Bahia) $ 6,634,616

POD B - Village 2 (Catalina) $ 5,769,231
POD C - Village 3 (Mirrador) $ 3,835,925
POD D - Village 4 (Anegados) $ 4,486,154
POD E - Village 1 (Bahia) $ 6,634,616

POD F - Village 2 (Catalina) $ 4,615,385
POD G - Village 3 (Mirrador) $ 3,682,488
POD H - Village 4 (Anegados) $ 5,607,693
Gross Revenue Lots/Land $ 262,704,747

Resort PODs (4 @ 35 +/- Acs) $300,000 295 $ 88,379,711
Eco/Spa Feature $250,000 45 $ 11,277,619
Commercial Pads - Sale Revenue SqFt $13 $ 18,072,767
Total Feature Revenue $ 117,730,097
Total Gross Revenue - Land $ 380,434,844

(%) of project
29%
1%
6%
1%
2%
0%
0%
5%
0%
15%
1.18%
1.18%
0.63%
0.76%
4%
1%
1%
1%
1%
4%
22%
9%
30%
52%
29%
1081
Profit / Sqft. Profit / Unit Revenue
$580.00 $4,930,000 $138,040,000

$450.00 $2,925,000 $111,150,000
$260.00 $1,430,000 $97,240,000

$195.00 $780,000 $84,240,000
$150.00 $450,000 $48,600,000

$130.00 $312,000 $36,816,000
$120.00 $264,000 $31,152,000

$110.00 $198,000 $25,344,000
Build Revenue
$ 138,040,000
$ 111,150,000
$ 97,240,000
$ 84,240,000
$ 48,600,000
$ 36,816,000
$ 31,152,000
$ 25,344,000
$ 572,582,000
DETAIL OF SALES
# UNITS SALES NET CONST 2017 2018 2019 2020 2021 2022
Lot Sales Absorption 0% 0% 25% 25% 8% 10%
Estate Lots - Coastal 28 $ 64,260,000 $ - $ 5,140,800 $ 6,426,000

38 $ 34,580,000 $ 2,766,400 $ 3,458,000
Lrg Lot A 68 $ 37,026,000 $ - $ 2,962,080 $ 3,702,600

Lrg Lot B 108 $ 30,240,000 $ - $ 2,419,200 $ 3,024,000
242 $ 166,106,000 $ - $ 13,288,480 $ 16,610,600
Lots Sold 19 24
Mid Lot A 108 $ 19,958,400 $ - $ 1,596,672 $ 1,995,840

Mid Lot B 118 $ 13,593,600 $ - $ 1,087,488 $ 1,359,360
Sml Lot A 118 $ 12,564,640 $ - $ 1,005,171 $ 1,256,464
Sml Lot B 128 $ 9,216,000 $ - $ 737,280 $ 921,600
472 $ 55,332,640 $ 4,426,611 $ 5,533,264
Lots Sold 38 47
POD A - Village 1 (Bahia) 128 $ 6,634,616 $ - $ 1,658,654 1,658,654 $ 1,658,654 $ 1,658,654

POD B - Village 2 (Catalina) 148 $ 5,769,231 $ - $ 1,442,308 1,442,308 $ 1,442,308 $ 1,442,308
POD C - Village 3 (Mirrador) 68 $ 3,835,925 $ - $ 958,981 958,981 $ 958,981 $ 958,981
POD D - Village 4 (Anegados) 88 $ 4,486,154 $ - $ 1,121,539 1,121,539 $ 1,121,539 $ 1,121,539
432 $ 20,725,926 $ - $ 5,181,481 5,181,481 $ 5,181,481 $ 5,181,481
POD E - Village 1 (Bahia) 148 $ 6,634,616 $ 1,658,654 1,658,654 $ 1,658,654 $ 1,658,654

POD F - Village 2 (Catalina) 168 $ 4,615,385 $ 1,153,846 1,153,846 $ 1,153,846 $ 1,153,846
POD G - Village 3 (Mirrador) 88 $ 3,682,488 $ 920,622 920,622 $ 920,622 $ 920,622
POD H - Village 4 (Anegados) 228 $ 5,607,693 $ 1,401,923 1,401,923 $ 1,401,923 $ 1,401,923
632 $ 20,540,181 $ 5,135,045 5,135,045 $ 5,135,045 $ 5,135,045
Gross Revenue Lots/Land 1778 $ 262,704,747 $ - $ 10,316,527 $ 10,316,527 $ 28,031,618 $ 32,460,391
Resort PODs (4 @ 35 +/- Acs) $ 88,379,711 22,094,928 $ 22,094,928 $ 22,094,928 $ 22,094,928

Eco/Spa Feature $ 11,277,619 $ 11,277,619
$ 99,657,330 22,094,928 $ 22,094,928 $ 33,372,547 $ 22,094,928
Commercial Pads - Sale Revenue $ 18,072,767 $ 4,518,192 $ 6,325,468 $ 3,614,553
$ 18,072,767 $ 4,518,192 $ 6,325,468 $ 3,614,553
Total Gross Revenue - Land $ 380,434,844 $ - $ 32,411,454 $ 36,929,646 $ 67,729,633 $ 58,169,872

2023 2024 2025 2026 2027 2028 2029 2030 2031
14% 18% 16% 14% 12% 8% 0% 0% 0%
$ 8,996,400 $ 11,566,800 $ 10,281,600 $ 8,996,400 $ 7,711,200 $ 5,140,800 $ - $ - $ -

$ 4,841,200 $ 6,224,400 $ 5,532,800 $ 4,841,200 $ 4,149,600 $ 2,766,400 $ - $ -
$ 5,183,640 $ 6,664,680 $ 5,924,160 $ 5,183,640 $ 4,443,120 $ 2,962,080 $ - $ - $ -

$ 4,233,600 $ 5,443,200 $ 4,838,400 $ 4,233,600 $ 3,628,800 $ 2,419,200 $ - $ - $ -
$ 23,254,840 $ 29,899,080 $ 26,576,960 $ 23,254,840 $ 19,932,720 $ 13,288,480 $ - $ - $ -
34 44 39 34 29 19 -
$ 2,794,176 $ 3,592,512 $ 3,193,344 $ 2,794,176 $ 2,395,008 $ 1,596,672 $ - $ - $ -

$ 1,903,104 $ 2,446,848 $ 2,174,976 $ 1,903,104 $ 1,631,232 $ 1,087,488 $ - $ - $ -
$ 1,759,050 $ 2,261,635 $ 2,010,342 $ 1,759,050 $ 1,507,757 $ 1,005,171 $ - $ - $ -
$ 1,290,240 $ 1,658,880 $ 1,474,560 $ 1,290,240 $ 1,105,920 $ 737,280 $ - $ - $ -
$ 7,746,570 $ 9,959,875 $ 8,853,222 $ 7,746,570 $ 6,639,917 $ 4,426,611 $ - $ - $ -
66 85 76 66 57 38
$ 31,001,410 $ 39,858,955 $ 35,430,182 $ 31,001,410 $ 26,572,637 $ 17,715,091
$ 1,807,277 $ 1,807,277
$ 1,807,277 $ 1,807,277
$ 32,808,686 $ 41,666,232 $ 35,430,182 $ 31,001,410 $ 26,572,637 $17,715,091

Totals
100%
$ 64,260,000
$ 34,580,000
$ 37,026,000
$ 30,240,000
$ 166,106,000
242
$ 19,958,400
$ 13,593,600
$ 12,564,640
$ 9,216,000
$ 55,332,640
$ 472
$ 6,634,616
$ 5,769,231
$ 3,835,925
$ 4,486,154
$ 20,725,926
$ 6,634,616
$ 4,615,385
$ 3,682,488
$ 5,607,693
$ 20,540,181
$ 262,704,747
$ 88,379,711
$ 11,277,619
$ 99,657,330
$ 18,072,767
$ 18,072,767
$ 380,434,844
PROFORMA INCOME
ANEGADOS 2018-2032
2018 2019 2020 2021 2022 2023 2024
Sales Absorption
# Units Sold 57 71 100
Sales Revenue
Coastal / Large Lots 13,288,480 16,610,600 23,254,840
Mid / Small Lots 4,426,611 5,533,264 7,746,570
POD A - D 5,181,481 5,181,481 5,181,481 5,181,481
POD E - H 5,135,045 5,135,045 5,135,045 5,135,045
Gross Revenue - Lots 10,316,527 10,316,527 28,031,618 32,460,391 31,001,410
Resort Features 22,094,928 22,094,928 22,094,928 22,094,928

Eco - Spa Features 11,277,619
Sales - Commercial Lots 4,518,192 6,325,468 3,614,553 1,807,277
Gross Revenue - Features 22,094,928 26,613,119 39,698,015 25,709,481 1,807,277
Total Revenue - Lots & Features 32,411,454 36,929,646 67,729,633 58,169,872 32,808,686
Hotel Revenue
Hotel - Condo Revenue 1,490,327
Medical Facility Revenue

Medical Facility Revenue 867,477
Commercial Bldg Lease Revenue

Office & Retail 345,708
Facilities & Amenity Revenue

PROFORMA INCOME
ANEGADOS 2018-2032
Solar Energy 297,861 340,808 460,257
Water - Desalination 41,383 96,837 214,850
Waste 22,277 52,629
Golf 32,850
Marina
Equestrian 41,820 52,275
Gross Revenue - Facilities 297,861 501,742 3,516,373
Total Revenues 32,411,454 36,929,646 68,027,494 58,671,614 36,325,059

% of Total Infrastructure & Development Cost 50% 40% 10% 0% 0%
% of Total Resort Feature Cost 0% 50% 30% 20% 0%
Development Costs
Engineering & Design 2,939,503 2,405,048

Infrastructure & Development - - 51,841,326 41,473,061 10,368,265
Resort Features - - 53,188,176 31,912,906 21,275,270
Boutique Hotel
Total Development Costs (2,939,503) (2,405,048) (51,841,326) (94,661,236) (42,281,171) (21,275,270)
Gross Profit (2,939,503) (2,405,048) (19,429,871) (57,731,590) 25,746,324 37,396,343 36,325,059
G & A Expenses
Project Management 515,000 515,000 515,000 515,000
Employee Benefits 30,000 30,000 30,000 30,000
Payroll Taxes
Tucson- San Carlos Ofc. / Leases 60,000 60,000 60,000 60,000
PROFORMA INCOME
ANEGADOS 2018-2032
Utilities 2,500 2,500 2,500 2,500
Repairs and maintenance
Insurance 0 0 0 0
Travel 20,000 20,000 20,000 20,000
Telephone 6,000 6,000 6,000 6,000
Postage
Office supplies / IF 7,500 2,500 2,500 2,500
Advertising
Marketing / Promotion 0 0 0 0
Professional Fees 24,000 24,000 24,000 24,000
Training and Development
Bank charges
Depreciation
Interest Expense
Other (contingency)
Total G & A Expenses (665,000) (660,000) (660,000) (660,000) 0 0 0
Operating Income (3,604,503) (3,065,048) (20,089,871) (58,391,590) 25,746,324 37,396,343 36,325,059
Solar - O&M 167,342 171,525 175,813

Desalination - O&M 463,968 463,968 463,968
Waste - O&M 46,000 55,200 64,830
Golf - O&M 626,827 639,364 645,757 658,672
Marina - O&M 52,375 54,993
Equestrian - O&M 121,200 124,836 128,581 133,724
Commissions - 3% (Total Sales) 1,417,385 2,872,838 2,718,908 1,914,303

Other income (expense)
Total Nonoperating (Income) Expense 2,165,412 4,314,347 4,236,314 3,466,304

PROFORMA INCOME
ANEGADOS 2018-2032
Income (Loss) Before Taxes (3,604,503) (3,065,048) (20,089,871) (56,226,178) 30,060,670 41,632,657 39,791,363
VAT Taxes
Net Income (Loss) Before IT (3,604,503) (3,065,048) (20,089,871) (56,226,178) 30,060,670 41,632,657 39,791,363
Cumulative Net Income (Loss) Before IT (3,604,503) (6,669,550) (26,759,421) (82,985,599) (52,924,929) (11,292,272) 28,499,091
PROFORMA - CASH FLOW

LAS PALMAS 2016-2030
2018 2019 2020 2021 2022 2023 2024
Cash From Operations (3,604,503) (3,065,048) (20,089,871) (56,226,178) 30,060,670 41,632,657 39,791,363
FINANCING ACTIVITIES -
Acquisition - Initial Draw 16,000,000

Loan Draw 1 - 20,000,000
Loan Draw 2 - 60,000,000
Loan Draw 3 -
Loan Draw 4 -
Total Draws 16,000,000 20,000,000 60,000,000
Principal & Interest Payments @ 12% IY (15,000,000) (800,000)

PROFORMA INCOME
ANEGADOS 2018-2032
Principal & Interest Payments - Draw 1 (1,791,537) (1,791,537) (1,791,537) (1,791,537) (1,791,537)
Principal & Interest Payments - Draw 2 (5,761,044) (5,761,044) (5,761,044) (5,761,044)
Principal & Interest Payments - Draw 3
TOTAL DEBT PAYMENTS (15,000,000) (800,000) (1,791,537) (7,552,581) (7,552,581) (7,552,581) (7,552,581)
Cash from Financing Activities 1,000,000 18,208,463 52,447,419 (7,552,581) (7,552,581) (7,552,581)
Distributions (8,708,500)
Net Cash Flow (3,604,503) (3,065,048) (1,881,408) (3,778,759) 22,508,089 34,080,076 32,238,782
Cummulative Net Cash (11,313,003) (14,378,050) (16,259,458) (20,038,218) 2,469,871 36,549,947 68,788,729
SUMMARY:
Beginning Cash 16,000,000 3,686,998 621,950 (1,259,458) (5,038,218) 17,469,871 51,549,947
Cash Flow (3,604,503) (3,065,048) (1,881,408) (3,778,759) 22,508,089 34,080,076 32,238,782
Contributions
Ending Cash 3,686,998 621,950 (1,259,458) (5,038,218) 17,469,871 51,549,947 83,788,729
IRR CALCULATION:
78.06% (3,604,503) (3,065,048) (1,881,408) (3,778,759) 22,508,089 34,080,076 32,238,782
PROFORMA INCOME
ANEGADOS 2018-2032
2018 2019 2020 2021 2022 2023 2024
Sales Absorption
# Units Sold 57 71 100
Sales Revenue
Coastal / Large Lots 13,288,480 16,610,600 23,254,840
Mid / Small Lots 4,426,611 5,533,264 7,746,570
POD A - D 5,181,481 5,181,481 5,181,481 5,181,481
POD E - H 5,135,045 5,135,045 5,135,045 5,135,045
Gross Revenue - Lots 10,316,527 10,316,527 28,031,618 32,460,391 31,001,410
Resort Features 22,094,928 22,094,928 22,094,928 22,094,928

Eco - Spa Features 11,277,619
Sales - Commercial Lots 4,518,192 6,325,468 3,614,553 1,807,277
Gross Revenue - Features 22,094,928 26,613,119 39,698,015 25,709,481 1,807,277
Total Revenue - Lots & Features 32,411,454 36,929,646 67,729,633 58,169,872 32,808,686
Hotel Revenue
Hotel - Condo Revenue 1,490,327
Medical Facility Revenue

Medical Facility Revenue 867,477
Commercial Bldg Lease Revenue

Office & Retail 345,708
Facilities & Amenity Revenue

PROFORMA INCOME
ANEGADOS 2018-2032
Solar Energy 297,861 340,808 460,257
Water - Desalination 41,383 96,837 214,850
Waste 22,277 52,629
Golf 32,850
Marina
Equestrian 41,820 52,275
Gross Revenue - Facilities 297,861 501,742 3,516,373
Total Revenues 32,411,454 36,929,646 68,027,494 58,671,614 36,325,059

% of Total Infrastructure & Development Cost 50% 40% 10% 0% 0%
% of Total Resort Feature Cost 0% 50% 30% 20% 0%
Development Costs
Engineering & Design 2,939,503 2,405,048

Infrastructure & Development - - 51,841,326 41,473,061 10,368,265
Resort Features - - 53,188,176 31,912,906 21,275,270
Boutique Hotel
Total Development Costs (2,939,503) (2,405,048) (51,841,326) (94,661,236) (42,281,171) (21,275,270)
Gross Profit (2,939,503) (2,405,048) (19,429,871) (57,731,590) 25,746,324 37,396,343 36,325,059
G & A Expenses
Project Management 515,000 515,000 515,000 515,000
Employee Benefits 30,000 30,000 30,000 30,000
Payroll Taxes
Tucson- San Carlos Ofc. / Leases 60,000 60,000 60,000 60,000
PROFORMA INCOME
ANEGADOS 2018-2032
Utilities 2,500 2,500 2,500 2,500
Repairs and maintenance
Insurance 0 0 0 0
Travel 20,000 20,000 20,000 20,000
Telephone 6,000 6,000 6,000 6,000
Postage
Office supplies / IF 7,500 2,500 2,500 2,500
Advertising
Marketing / Promotion 0 0 0 0
Professional Fees 24,000 24,000 24,000 24,000
Training and Development
Bank charges
Depreciation
Interest Expense
Other (contingency)
Total G & A Expenses (665,000) (660,000) (660,000) (660,000) 0 0 0
Operating Income (3,604,503) (3,065,048) (20,089,871) (58,391,590) 25,746,324 37,396,343 36,325,059
Solar - O&M 167,342 171,525 175,813

Desalination - O&M 463,968 463,968 463,968
Waste - O&M 46,000 55,200 64,830
Golf - O&M 626,827 639,364 645,757 658,672
Marina - O&M 52,375 54,993
Equestrian - O&M 121,200 124,836 128,581 133,724
Commissions - 3% (Total Sales) 1,417,385 2,872,838 2,718,908 1,914,303

Other income (expense)
Total Nonoperating (Income) Expense 2,165,412 4,314,347 4,236,314 3,466,304

PROFORMA INCOME
ANEGADOS 2018-2032
Income (Loss) Before Taxes (3,604,503) (3,065,048) (20,089,871) (56,226,178) 30,060,670 41,632,657 39,791,363
VAT Taxes
Cumulative Net Income (Loss) Before IT (3,604,503) (6,669,550) (26,759,421) (82,985,599) (52,924,929) (11,292,272) 28,499,091
PROFORMA - CASH FLOW

LAS PALMAS 2016-2030
2018 2019 2020 2021 2022 2023 2024
Cash From Operations (3,604,503) (3,065,048) (20,089,871) (56,226,178) 30,060,670 41,632,657 39,791,363
FINANCING ACTIVITIES -
Acquisition - Initial Draw 16,000,000

Loan Draw 1 - 20,000,000
Loan Draw 2 - 60,000,000
Loan Draw 3 -
Loan Draw 4 -
Total Draws 16,000,000 20,000,000 60,000,000
Principal & Interest Payments @ 12% IY (15,000,000) (800,000)

PROFORMA INCOME
ANEGADOS 2018-2032
Principal & Interest Payments - Draw 1 (1,791,537) (1,791,537) (1,791,537) (1,791,537) (1,791,537)
Principal & Interest Payments - Draw 2 (5,761,044) (5,761,044) (5,761,044) (5,761,044)
TOTAL DEBT PAYMENTS (15,000,000) (800,000) (1,791,537) (7,552,581) (7,552,581) (7,552,581) (7,552,581)
Cash from Financing Activities 1,000,000 18,208,463 52,447,419 (7,552,581) (7,552,581) (7,552,581)
Net Cash Flow (3,604,503) (3,065,048) (1,881,408) (3,778,759) 22,508,089 34,080,076 32,238,782
Cummulative Net Cash (11,313,003) (14,378,050) (16,259,458) (20,038,218) 2,469,871 36,549,947 68,788,729
SUMMARY:
Beginning Cash 16,000,000 3,686,998 621,950 (1,259,458) (5,038,218) 17,469,871 51,549,947
Cash Flow (3,604,503) (3,065,048) (1,881,408) (3,778,759) 22,508,089 34,080,076 32,238,782
Contributions
Ending Cash 3,686,998 621,950 (1,259,458) (5,038,218) 17,469,871 51,549,947 83,788,729
IRR CALCULATION:
78.06% (3,604,503) (3,065,048) (1,881,408) (3,778,759) 22,508,089 34,080,076 32,238,782
PROFORMA COST DETAIL
ENGINEERING & DEVELOPMENT PHASE I & II PROJECT TOTAL
Engineering
Planning & Design 613,000 613,000

Engineering - Civil / Environmental - Infrastructure 4,517,550 4,517,550
Engineering - Desalination - Solar - Waste 214,000 214,000
Total 5,344,550 5,344,550
Infrastructure Construction
Off Site Primary - Infrastructure Costs 6,590,227 6,559,127
On Site Primary - Infrastructure Costs 5,482,458 10,864,258
On Site Secondary - Infrastructure Costs 9,549,130 12,580,140
Total 21,621,815 30,003,526
Electrical
Electrical Transmission & Distribution Substations 1,842,500 3,685,000
Telecommunication 650,000 650,000
Energy Feature - 18 MegaWatts Solar Facility 21,208,857 42,417,714
Total 23,701,357 46,752,714
Uilities
Biokinetic Waste Treatment Systems ( 38 Units ) 990,000 990,000
Waste Treatment Facility (MBR Waste Plant) 648,300 1,105,600
Desalination Plant (3.65 x 1M GPD) 4,934,600 12,524,700
Water Storage & Distribution System 2,374,000 5,935,000
Total 8,946,900 20,555,300
Fees / Permits
Permits 298,073 1,026,561
Total 298,073 1,026,561
Total Infrastructure Development 59,912,696 103,682,651
RESORT AMENITIES
Resort / Amenity Features

Boutique Hotel (Spa & Beach Club) - 80 Units 47,512,970 47,512,970
Equestrian Center 1,456,000 1,456,000

Golf Course / Country Club - JV 12,536,541 12,536,541
Inland Marina & Waterfront 19,879,125 19,879,125
Total 81,384,636 81,384,636
Commercial Features
Medical / Surgical Center 6,379,783 6,379,783
Office / Retail Center 2,088,844 4,177,688
Research Center / Facilities 1,972,110 3,944,220
Total 10,440,737 14,501,691
Environmental Features
Organic Farming Facilities 6,990,025

Reef / Beach Rejuvenation Project 2,000,000 3,500,000
Total 2,000,000 10,490,025
Total Resort Amenities 93,825,373 106,376,352
Total Development Costs 159,082,618 210,059,003

ENGINEERING, PLANNING & DESIGN (ENTITLEMENTS)
ENGINEERING COSTS PLANNING & DESIGN
Percent of Total
Development Master Plan Costs Project Costs Planning & Design
Surveying - Aerial @ 1 Foot Contour $ 115,000 5% $ 115,000 Inventory / Site Analysis

Localization Plan $ 85,000 3% $ 85,000 Comprehensive Plan / Site Use
Polygon Plan $ 65,000 3% $ 65,000 Codes & Guidelines
Subdivision Plan $ 365,000 14% $ 365,000 Neighborhood / District Plans
Concept Site Plan $ 90,000 4% $ 90,000 Intergovernmental Coordination
Zoning and Services Plan $ 75,000 3% $ 75,000 Schematic Design
Topographic Plan $ 125,000 5% $ 125,000 Lanscape and Land Use
Building Placement Plan $ 65,000 3% $ 65,000 Detailed Design Development
Block Plan $ 60,000 2% $ 60,000 Contract Documents
Land Use Plan $ 115,000 5% $ 115,000 Bidding & Contracting
Outlines and Slope Plan $ 85,000 3% $ 85,000
Road Plan $ 165,000 7% $ 165,000 Total Planning & Design
Water System and Fire Hydrant Plan $ 230,000 9% $ 230,000
Sewer System Plan $ 275,000 11% $ 275,000
STUDIES & PERMITS
Electrical System Plan $ 220,000 9% $ 220,000
Street Lighting Plan $ 70,000 3% $ 70,000
Hydrlogy Plan $ 185,000 7% $ 185,000 Studies & Permiting
Special Facilities Plan (Amenities) $ 90,000 4% $ 90,000
Land Movement Budget $ 12,500 0% $ 12,500
Building Budget $ 14,500 1% $ 14,500 Land Use Feasibility Study (zoning)
Urban Budget $ 14,000 1% $ 14,000 CFE Feasibility Study
Development Timeline $ 12,500 0% $ 12,500 COAPAES Feasibility Study
Construction Feasibility Study
Total Development Master Plan $ 2,533,500 100% $ 2,533,500 Electrical Project Authorization (CFE)
Land Use (SEMARNAT)
Environmental Impact Report
ARCHITECTURAL COSTS
Hydrology Study
Land Use License
Architectural Plan Development Agreement
SIUE Resolution
Structural Calculation $ 65,000 6% $ 65,000 SEMARNAT resolution
Architectural Concept Plan $ 115,000 11% $ 115,000
Architectural Plan $ 250,000 24% $ 250,000
Façade Plan $ 75,000 7% $ 75,000
Cross Section Plan $ 68,000 6% $ 68,000 Total Studies & Permiting
Structure Plan $ 88,000 8% $ 88,000
Construction Details Plan $ 185,000 18% $ 185,000 Engineering / Architectural / Studies & Permits Tot
Electrical Installations Plan $ 85,000 8% $ 85,000 Planning & Design Total
Hydro-Sanitary Installation Plan $ 67,000 6% $ 67,000 Utility Systems Engineering / Design Total
Special Facilities Installation Plan $ 54,000 5% $ 54,000
Project Management / Coordination
Total Architectural Plan $ 1,052,000 100% $ 1,052,000 Project Total As % of Construction Cst
GN ENGINEERING - DESAL / SOLAR / WASTE
Percent Amenity Design Plan Costs

Costs Completed
Desalination $ 64,000
$ 88,000 14% Solar $ 83,000
$ 85,000 14% Waste $ 67,000
$ 38,000 6%
$ 68,000 11% Total Eng. - Desal / Solar / Waste $ 214,000
$ 35,000 6%
$ 60,000 10%
$ 87,000 14%
$ 138,000 23%
$ 6,500 1%
$ 7,500 1%
$ 613,000 100%
TS
$ 52,500 13% $ 52,500

$ 28,500 7% $ 28,500
$ 27,000 7% $ 27,000
$ 44,000 11% $ 44,000
$ 32,000 8% $ 32,000
$ 41,000 10% $ 41,000
$ 75,000 18% $ 75,000
$ 65,000 16% $ 65,000
$ 17,500 4% $ 17,500
$ 11,500 3% $ 11,500
$ 7,500 2% $ 7,500
$ 7,500 2% $ 7,500
$ 409,000 100% $ 409,000
ral / Studies & Permits Total $ 3,994,500 75% $ 3,994,500

$ 613,000 11% $ 613,000
ing / Design Total $ 214,000 4% $ 214,000
$ 523,050 10% $ 523,050
5.15% $ 5,344,550 100% $ 5,344,550

INFRASTRUCTURE DEVELOPMENT - PHASE I
PRIMARY - ONSITE CONSTRUCTION SECONDARY - ONSITE CONSTRUCTION
Quantity Unit Unit/Cost Total Quantity Unit Unit/Cost Total
GRADING & PAVING (Onsite) 1 5,280 GRADING & PAVING (Onsite) 1 5,280
1 43,560 Km 2.19 Km 7.16
Roadway (Primary) 7,216 LF Mi 1.37 Roadways (Secondary) 23,616 LF Mi 4.47
Mobilization 1 LSUM $ 50,000 $ 50,000 Mobilization 1 LSUM $ 10,000 $ 10,000

Clearing / Grubbing - 60' CS 12.42 AC $ 1,500 $ 18,636 Clearing / Grubbing - 40' CS 49.88 AC $ 1,500 $ 74,817
Rough Grading - 54' CS 396,880 SQFT $ 0.25 $ 99,220 Rough Grading - 34' CS 1,794,816 SQFT $ 0.25 $ 448,704
Finish Subgrade 1/10th grade AB 4" - 48' CS 396,880 SQFT $ 0.35 $ 138,908 Finish Subgrade 1/10th grade AB 4" - 24' CS 1,464,192 SQFT $ 0.35 $ 512,467
Paving 2.5" AC - 48' CS 396,880 SQFT $ 2.25 $ 892,980 Paving 2.5" AC - 24' CS 1,464,192 SQFT $ 2.25 $ 3,294,432
Thickened Edge 7,216 LF $ 0.35 $ 2,526 Thickened Edge 23,616 LF $ 0.35 $ 8,266
Water Adjustments 26 SF $ 125 $ 3,250 Water Adjustments 88 SF $ 125 $ 11,000
Hydrants Markers 7 SF $ 52 $ 364 Hydrants Markers 24 SF $ 52 $ 1,248
Survey Monuments 29 SF $ 240 $ 6,960 Survey Monuments 94 SF $ 240 $ 22,560
Rough Grading - PADS Phase II & III 606,752 SQYD $ 0 $ 163,823
Subtotal $ 1,376,667 Subtotal $ 4,383,493
GRADING & PAVING (Coastal Road) 1 5,280 GRADING & PAVING (Coastal Road) 1 5,280
1 43,560 Km 4.37 Km 3.18
Roadway (Primary) 14,433 LF Mi 2.73 Roadways (Secondary) 10,500 LF Mi 1.99
Clearing / Grubbing - 75' CS 24.85 AC $ 1,250 $ 31,063 Clearing / Grubbing - 64' CS 15.43 AC $ 1,250 $ 19,284
Rough Grading - 45' CS 649,485 SQFT $ 0.25 $ 162,371 Rough Grading - 32' CS 336,000 SQFT $ 0.25 $ 84,000
Subgrade 1/10th grade AB 4" - 45' CS 649,485 SQFT $ 0.35 $ 227,320 Subgrade 1/10th grade AB 4" - 32' CS 336,000 SQFT $ 0.35 $ 117,600
Paving 2.5" AC - 48' CS 649,485 SQFT $ 2.25 $ 1,461,341 Paving 2" AC - 32' CS 336,000 SQFT $ 2.25 $ 756,000
Thickened Edge 14,433 LF $ 0.35 $ 5,052 Thickened Edge 10,500 LF $ 0.35 $ 3,675
Water Adjustments 10 SF $ 125 $ 1,250 Water Adjustments 12 SF $ 125 $ 1,500
Hydrants Markers 3 SF $ 52 $ 156 Hydrants Markers 6.00 SF $ 52 $ 312
Survey Monuments 3 SF $ 240 $ 720 Survey Monuments 6.00 SF $ 240 $ 1,440
Subtotal $ 1,889,273 Subtotal $ 983,811
CONCRETE, CULVERTS & RIP RAP (Onsite) CONCRETE, CULVERTS & RIP RAP (Onsite)
Off-System Culvert 20 SF $ 185.00 $ 3,700.00 Off-System Culvert 10 SF $ 185.00 $ 1,850.00

12" Concrete Pavement Edge 36,803 LF $ 6.00 $ 220,819.80 12" Concrete Pavement Edge 33,062 LF $ 6.00 $ 198,374.40
2' Wedge Curb 2,165 LF $ 8.00 $ 17,318.40 2' Wedge Curb 7,085 LF $ 8.00 $ 56,678.40
14" Extruded Vertical Curb 1,443 LF $ 12.00 $ 17,318.40 14" Extruded Vertical Curb 4,723 LF $ 12.00 $ 56,678.40
Concrete Header 722 LF $ 11.00 $ 7,937.60 Concrete Header 2,362 LF $ 11.00 $ 25,977.60
Scupper / Rip Rap 8 LSUM $ 3,500.00 $ 28,000.00 Scupper / Rip Rap 5 LSUM $ 3,500.00 $ 17,500.00
Subtotal $ 295,094.20 Subtotal $ 357,058.80
UTILITY CONSTRUCTION (Onsite - Primary) UTILITY CONSTRUCTION (Onsite - Secondary)
Excavation - Waterline Trench 7,216 LF $ 14 $ 101,024 Excavation - Waterline Trench 23,616 LF $ 12 $ 283,392
Waterline PVC Sched. 40 8" & 12" 7,216 LF $ 22 $ 158,752 Waterline PVC Sched. 40 6" & 8" 23,616 LF $ 20 $ 472,320
Hydrant Lines 866 LF $ 19 $ 16,236 Hydrant Lines 2,834 LF $ 19 $ 53,136
Service Lines 1,588 LF $ 14 $ 22,225 Service Lines 5,196 LF $ 14 $ 72,737
Sand / Backfill 7,216 LF $ 3 $ 23,452 Sand / Backfill 23,616 LF $ 3 $ 76,752
Test 1 LSUM $ 4,200 $ 4,200 Test 1 LSUM $ 12,600 $ 12,600
Barricades 1 LSUM $ 3,500 $ 3,500 Barricades 1 LSUM $ 9,500 $ 9,500
Electric / Tel. Trench / Pads / Conduit 4" 7,216 LF $ 18 $ 127,002 Electric / Tel. Trench / Pads / Conduit 4" 23,616 LF $ 18 $ 415,642
Install 2.5" Primary Electric Line 7,216 LF $ 5 $ 32,472 Install 2.5" Primary Electric Line 23,616 LF $ 5 $ 106,272
Transformers 11 EA $ 1,250 $ 13,750 Transformers 27 EA $ 1,250 $ 33,750
Test 1 EA $ 4,200 $ 4,200 Test 1 EA $ 11,600 $ 11,600
Excavation - Sewer Trench 7,216 LF $ 28 $ 202,048 Excavation - Sewer Trench 23,616 LF $ 28 $ 661,248
Sewer 8" & 12" PVC Pipe / Backfill 1,200 LF $ 25 $ 30,000 Sewer 6" & 8" PVC Pipe / Backfill 13,500 LF $ 35 $ 472,500
Sewer 8" & 12" DIP/ Backfill 1,000 LF $ 35 $ 35,000 Sewer 6" & 8" DIP / Backfill 1,500 LF $ 35 $ 52,500
Manholes / Cleanouts 7 EA $ 2,300 $ 16,100 Manholes / Cleanouts 14 EA $ 2,300 $ 32,200
Subtotal $ 789,961 Subtotal $ 2,766,149
MISC.(Onsite) MISC.(Onsite)
Multi Use Trail / Ped (graded) 60,000 LF $ 12 $ 720,000 Multi Use Trail / Ped (graded) 30,000 LF $ 12 $ 360,000
Const. Fencing / Signage / Run Off 6 LSUM $ 3,500 $ 21,000 Const. Fencing / Signage / Run Off 4 LSUM $ 3,500 $ 14,000
Retention / Detention Basins 25,000 SQFT $ 5 $ 131,250 Retention / Detention Basins 12,500 SQFT $ 5 $ 65,625
Landscaping (ROW) 20 LSUM $ 2,750 $ 55,000 Landscaping (ROW) 30 LSUM $ 2,750 $ 82,500
5' Wall / Fencing / Drainage 12,500 LF $ 8 $ 100,000 5' Wall / Fencing / Drainage 5,000 LF $ 8 $ 40,000
Stripping 7,216 LF $ 1 $ 10,463 Stripping 23,616 LF $ 1 $ 34,243
Signage 50 EA $ 175 $ 8,750 Signage 70 EA $ 175 $ 12,250
Entry Feature / Gate / Guard House 1 LSUM $ 85,000 $ 85,000 Entry Feature / Gate 6 LSUM $ 75,000 $ 450,000
Subtotal $ 1,131,463 Subtotal $ 1,058,618
TOTAL ONSITE - Primary $ 5,482,458 TOTAL ONSITE - Secondary $ 9,549,130
PRIMARY (ARTERIAL) - OFFSITE CONSTRUCTION
Quantity Unit Unit/Cost Total
GRADING & PAVING (Off Site) 1 5,280

Km 6.01
Roadway (Primary) 18,040 LF Mi 3.42
Clearing / Grubbing - 87' CS 36.03 AC $ 1,500 $ 54,045

Rough Grading - 72' CS 1,298,880 SQFT $ 0.25 $ 324,720
Subgrade 1/10th AB - 60' CS 1,082,400 SQFT $ 0.35 $ 378,840
Paving 2.5" AC - 60' CS 1,082,400 SQFT $ 2.25 $ 2,435,400
Thickened Edge 18,040 LF $ 0.35 $ 6,314
Water Adjustments 19 EA $ 125 $ 2,375
Hydrants Markers 14 EA $ 52 $ 728
Survey Monuments 61 EA $ 240 $ 14,640
Subtotal $ 3,217,062
CONCRETE & RIP RAP
Off-System Culvert 7,500 SF $ 185 $ 1,387,500

12" Concrete Pavement Edge 25,256 LF $ 6 $ 151,536
2' Wedge Curb 5,412 LF $ 8 $ 43,296
14" Extruded Vertical Curb 3,608 LF $ 12 $ 43,296
Concrete Header 1,804 LF $ 11 $ 19,844
Scupper / Rip Rap 4 LSUM $ 3,500 $ 14,000
UTILITY CONSTRUCTION (Offsite - Primary)
Excavation - Waterline Trench 18,040 SF $ 14 $ 252,560

Waterline PVC Sched. 40 8" & 12" 18,040 SF $ 22 $ 396,880
Hydrant Lines 2,165 SF $ 19 $ 40,590
Sand / Backfill 18,040 SF $ 3 $ 58,630
Test 1 EA $ 5,500 $ 5,500
Barricades 1 LSUM $ 7,500 $ 7,500
Electric / Tel. Trench / Pads / Conduit 4" 18,040 SF $ 18 $ 324,720

Install 2.5" Primary Electric Line 18,040 SF $ 5 $ 81,180
Transformers 21 EA $ 1,250 $ 26,250
Test 1 EA $ 12,600 $ 12,600
MISC. (Offsite)
Multi Use Trail / Ped (graded) 5,000 LF $ 12 $ 60,000

Construction Fencing/Signage 4 LSUM $ 3,500 $ 14,000
Retention/Detention Basins 15,000 SQFT $ 5 $ 78,750
Landscaping (ROW) 15 LSUM $ 2,750 $ 41,250
5' Wall / Fencing / Drainage 11,500 LF $ 8 $ 92,000
Stripping 18,040 LF $ 1 $ 26,158
Signage 75 EA $ 175 $ 13,125
Entry Feature / Gate 1 LSUM $ 85,000 $ 85,000
Misc 1 LSUM $ 75,000 $ 75,000
Subtotal $ 507,283
TOTAL OFFSITE - Primary $ 6,590,227

TOTAL ONSITE - Primary $ 5,482,458
TOTAL ONSITE - Secondary $ 9,549,130
TOTAL COSTS $ 21,621,815

INFRASTRUCTURE DEVELOPMENT - PROJECT
PRIMARY - ONSITE CONSTRUCTION SECONDARY - ONSITE CO
GRADING & PAVING (Onsite) 1 5,280 GRADING & PAVING (Onsite)

1 43,560 Km 5.76
Roadway (Primary) 19,024 LF Mi 3.60 Roadways (Secondary)
Mobilization 1 LSUM $ 50,000 $ 50,000 Mobilization

Clearing / Grubbing - 60' CS 26.20 AC $ 1,500 $ 39,306 Clearing / Grubbing - 40' CS
Rough Grading - 54' CS 1,027,296 SQFT $ 0.25 $ 256,824 Rough Grading - 34' CS
Finish Subgrade 1/10th grade AB 4" - 48' CS 913,152 SQFT $ 0.35 $ 319,603 Finish Subgrade 1/10th grade AB 4" -
Paving 2.5" AC - 48' CS 913,152 SQFT $ 2.25 $ 2,054,592 Paving 2.5" AC - 24' CS
Thickened Edge 19,024 LF $ 0.35 $ 6,658 Thickened Edge
Water Adjustments 20 SF $ 125 $ 2,500 Water Adjustments
Hydrants Markers 6 SF $ 52 $ 312 Hydrants Markers
Survey Monuments 6 EA $ 240 $ 1,440 Survey Monuments
Rough Grading - PADS Phase II & III 1,599,620 SQYD $ 0.27 $ 431,897
GRADING & PAVING (Coastal Road) 1 5,280 GRADING & PAVING (Coastal Road)
1 43,560 Km 4.37
Roadway (Primary) 14,433 LF Mi 2.73 Roadways (Secondary)
Clearing / Grubbing - 50' CS 16.57 AC $ 1,250 $ 20,709 Clearing / Grubbing -30' CS
Rough Grading - 45' CS 649,485 SQFT $ 0.25 $ 162,371 Rough Grading - 28' CS
Finish Subgrade 1/10th AB 4" - 30 CS 432,990 SQFT $ 0.35 $ 151,547 Finish Subgrade 1/10th grade AB 4" -
Paving 2.5" AC - 30' CS 432,990 SQFT $ 2.25 $ 974,228 Paving 2.5" AC - 24' CS
Thickened Edge 14,433 LF $ 0.35 $ 5,052 Thickened Edge
Water Adjustments 10 SF $ 125 $ 1,250 Water Adjustments
Hydrants Markers 3 SF $ 52 $ 156 Hydrants Markers
Survey Monuments 3 EA $ 240 $ 720 Survey Monuments
CONCRETE, CULVERTS & RIP RAP (Onsite) CONCRETE, CULVERTS & RIP RAP (On
Off-System Culvert 15,000 SF $ 185 $ 2,775,000 Off-System Culvert

12" Concrete Pavement Edge 56,877 LF $ 6 $ 341,261 8" Concrete Pavement Edge
2' Wedge Curb 6,691 LF $ 8 $ 53,531 2' Wedge Curb
14" Extruded Vertical Curb 3,346 LF $ 12 $ 40,148 14" Extruded Vertical Curb
Concrete Header 1,443 LF $ 11 $ 15,876 Concrete Header
Scupper / Rip Rap 8 LSUM $ 3,500 $ 28,000 Scupper / Rip Rap
UTILITY CONSTRUCTION (Onsite - Primary) UTILITY CONSTRUCTION (Onsite - Sec
Excavation - Waterline Trench 19,024 LF $ 14 $ 266,336 Excavation - Waterline Trench

Waterline PVC Sched. 40 8" & 12" 19,024 LF $ 22.00 $ 418,528 Waterline PVC Sched. 40 6" & 8"
Fire Hydrants 18 SF $ 2,400 $ 43,200 Fire Hydrants
Hydrant Lines 2,283 LF $ 19 $ 42,804 Hydrant Lines
Water Services 1.5" - 3.5" 10 LF $ 475 $ 4,750 Water Services 1.5" - 3.5"
Service Lines 4,185 LF $ 14 $ 58,594 Service Lines
Sand / Backfill 19,024 LF $ 3 $ 61,828 Sand / Backfill
Test 1 LSUM $ 5,500 $ 5,500 Test
Barricades 1 LSUM $ 3,500 $ 3,500 Barricades
Electric / Tel. Trench / Pads / Conduit 4" 19,024 LF $ 18 $ 334,822 Electric / Tel. Trench / Pads / Conduit
Install 2.5" Primary Electric Line 19,024 LF $ 4.50 $ 85,608 Install 2.5" Primary Electric Line
Transformers 23 SF $ 1,250 $ 28,750 Transformers
Test 1 SF $ 5,500 $ 5,500 Test
Transmission & Distribution Substations See Cost Detail Transmission & Distribution Substatio
Excavation - Sewer Trench 19,024 LF $ 28 $ 532,672 Excavation - Sewer Trench

Sewer 8" & 12" PVC Pipe 1,200 LF $ 25 $ 30,000 Sewer 6" & 8" PVC Pipe
Sewer 8" & 12" DIP 1,000 LF $ 35 $ 35,000 Sewer 6" & 8" DIP
Manholes / Cleanouts 11 SF $ 2,300 $ 25,300 Manholes / Cleanouts
MISC.(Onsite) MISC.(Onsite)
Multi Use Trail / Ped (graded) 60,000 LF $ 12 $ 720,000 Multi Use Trail / Ped (graded)
Construction Fencing / Signage / Run Off 6 LSUM $ 3,500 $ 21,000 Construction Fencing / Signage / Run
Retention / Detention Basins 25,000 SQFT $ 5 $ 131,250 Retention / Detention Basins
Landscaping (ROW) 20 LSUM $ 2,750 $ 55,000 Landscaping (ROW)
5' Wall / Fencing / Drainage 12,500 LF $ 8 $ 100,000 5' Wall / Fencing / Drainage
Stripping 19,024 LF $ 1 $ 27,585 Stripping
Signage 50 EA $ 175 $ 8,750 Signage
Entry Feature / Gate / Guard House 1 LSUM $ 85,000 $ 85,000 Entry Feature / Gate
PRIMARY - OFFSITE CONSTRUCTION
GRADING & PAVING (Off Site) 1 5,280

Km 6.01
Roadway (Primary) 18,040 LF Mi 3.42
Clearing / Grubbing - 87' CS 36.03 AC $ 1,500 $ 54,045
Rough Grading - 72' CS 1,298,880 SQFT $ 0.25 $ 324,720
Subgrade 1/10th AB - 60' CS 1,082,400 SQFT $ 0.35 $ 378,840
Paving 2.5" AC - 60' CS 1,082,400 SQFT $ 2.25 $ 2,435,400
Thickened Edge 18,040 LF $ 0.35 $ 6,314
Water Adjustments 19 EA $ 125 $ 2,375
Hydrants Markers 14 EA $ 52 $ 728
Survey Monuments 61 EA $ 240 $ 14,640
CONCRETE & RIP RAP
Off-System Culvert 7,500 SF $ 185 $ 1,387,500

12" Concrete Pavement Edge 25,256 LF $ 6 $ 151,536
2' Wedge Curb 5,412 LF $ 8 $ 43,296
14" Extruded Vertical Curb 3,608 LF $ 12 $ 43,296
Concrete Header 1,804 LF $ 11 $ 19,844
Scupper / Rip Rap 4 LSUM $ 3,500 $ 14,000
UTILITY CONSTRUCTION (Offsite - Primary)
Excavation - Waterline Trench 18,040 LF $ 14 $ 252,560

Waterline PVC Sched. 40 8" & 12" 18,040 LF $ 22 $ 396,880
Hydrant Lines 2,165 LF $ 19 $ 40,590
Sand / Backfill 18,040 LF $ 3 $ 58,630
Test 1 LSUM $ 5,500 $ 5,500
Barricades 1 LSUM $ 3,500 $ 3,500
Electric / Tel. Trench / Pads / Conduit 4" 18,040 LF $ 18 $ 324,720

Install 2.5" Primary Electric Line 18,040 LF $ 5 $ 81,180
Transformers 21 SF $ 1,250 $ 26,250
Test 1 SF $ 5,500 $ 5,500
Transmission & Distribution Substations See Cost Detail
MISC. (Offsite)
Multi Use Trail / Ped (graded) 5,000 LF $ 12 $ 60,000

Construction Fencing/Signage 4 LSUM $ 3,500 $ 14,000
Retention/Detention Basins 15,000 SQFT $ 5 $ 78,750
5' Wall / Fencing / Drainage 11,500 LF $ 8 $ 92,000
Stripping 18,040 LF $ 1 $ 26,158
Signage 75 EA $ 175 $ 13,125
Entry Feature / Gate 1 LSUM $ 85,000 $ 85,000
Misc 1 LSUM $ 55,000 $ 55,000
Subtotal $ 487,283
TOTAL OFFSITE - Primary $ 6,559,127

TOTAL COSTS $ 30,003,526

ONSITE CONSTRUCTION
1 5,280
Km 14.71
48,544 LF Mi 9.19
1 LSUM $ 25,000 $ 25,000

44.58 AC $ 1,500 $ 66,865
1,650,496 SQFT $ 0.25 $ 412,624
grade AB 4" - 24' CS 1,165,056 SQFT $ 0.35 $ 407,770
1,165,056 SQFT $ 2.25 $ 2,621,376
48,544 LF $ 0.35 $ 16,990
17 SF $ 125 $ 2,125
12 SF $ 52 $ 624
18 EA $ 240 $ 4,320
1 5,280
Km 3.18
10,500 LF Mi 1.99
7.23 AC $ 1,250 $ 9,039
294,000 SQFT $ 0.25 $ 73,500

h grade AB 4" - 24' CS 252,000 SQFT $ 0.35 $ 88,200
252,000 SQFT $ 2.25 $ 567,000
10,500 LF $ 0.35 $ 3,675
12 SF $ 125 $ 1,500
6 SF $ 52 $ 312
6 EA $ 240 $ 1,440
Subtotal $ 744,666
& RIP RAP (Onsite)
10,000 SF $ 185 $ 1,850,000

100,375 LF $ 4 $ 401,499
11,809 LF $ 8.00 $ 94,470
5,904 LF $ 12 $ 70,853
1,000 LF $ 11 $ 11,000
5 LSUM $ 3,500 $ 17,500
N (Onsite - Secondary)
48,544 LF $ 12 $ 582,528
48,544 LF $ 20.00 $ 970,880
44 SF $ 2,400 $ 105,600
5,825 LF $ 19 $ 109,224
500 LF $ 475 $ 237,500
10,680 LF $ 14 $ 149,516
48,544 LF $ 3 $ 157,768
1 LSUM $ 5,500 $ 5,500
1 LSUM $ 3,500 $ 3,500
ads / Conduit 4" 48,544 LF $ 18 $ 854,374

48,544 LF $ 4.50 $ 218,448
54 SF $ 1,250 $ 67,500
1 SF $ 5,500 $ 5,500
tion Substations See Cost Detail
48,544 LF $ 24 $ 1,165,056
13,500 LF $ 20 $ 270,000
1,500 LF $ 30 $ 45,000
26 SF $ 2,300 $ 59,800
30,000 LF $ 12 $ 360,000
Signage / Run Off 4 LSUM $ 3,500 $ 14,000
12,500 SQFT $ 5 $ 65,625
30 LSUM $ 2,750 $ 82,500
5,000 LF $ 8 $ 40,000
48,544 LF $ 1 $ 70,389
70 EA $ 175 $ 12,250
4 LSUM $ 45,000 $ 180,000
Subtotal $ 824,764

ELECTRICAL - WATER - TELECOMMUNICATION SYSTEMS
WATER COLLECTION & STORAGE SYSTEM
Quantity Unit Cost Total
3-pump booster station 3 $ 275,000 $ 825,000

in-line variable frequency drives (VFDs)
industrial fire suppression up to 2,400-gpm @ 72-psi for three hours
Storage tanks - concrete bottom - 350K Gal cap 2 $ 850,000 $ 1,700,000

Storage tanks - concrete bottom - 250K Gal cap 2 $ 650,000 $ 1,300,000
Storage tank - concrete bottom - 150K Gal cap 1 $ 400,000 $ 400,000
single-pump booster station 6 $ 150,000 $ 900,000
SCADA Telemetry System 1 $ 120,000 $ 120,000
Building 20'X50' 1 $ 100,000 $ 100,000

Tank Excavation - Partial Bury 5 $ 85,000 $ 425,000
Retaining Walls 100'/per 5 $ 20,000 $ 100,000
Rir Rap 2000 SF/per 5 $ 5,000 $ 25,000
Rock Work 5 $ 3,500 $ 17,500
Landscaping 5 $ 4,500 $ 22,500
Total $ 5,935,000
ELECTRICAL & DISTRIBUTION SUBSTATIONS
12.5-kV feeders 3 $ 80,000 $ 240,000

three 12.5-kV, 1200-A line bays (total 2 circuit breakers, 12 switches)
25-MVA1 15/12.5-kV transformers 2 $ 350,000 $ 700,000

2.5-MVAR, 12.5-kV capacitors 2 $ 185,000 $ 370,000
1 15-kV lines feeding the substation 2 $ 850,000 $ 1,700,000
LTC (Voltage Regulation) Trsfm 2 $ 180,000 $ 360,000

one 15/20/25-MVA, 67/12.47-kV transformer load-tap changer 1 $ 215,000 $ 215,000
Building 20'X50' - 1000 SF 1 $ 100 $ 100,000
Total $ 3,685,000
TELECOMMUNICATIONS SYSTEM
Disguised Cell Towers 4 $ 85,000 $ 340,000

Satelite Banks 3 $ 75,000 $ 225,000
Technical Consultant/Engineer 1 $ 85,000 $ 85,000
Total $ 650,000
BOUTIQUE HOTEL-CONDO / SPA / BEACH CLUB
CONSTRUCTION DETAIL
200000 88 200000 2015

Boutique Hotel-Condo Budget
SqFt Total per key per sq ft Q1 Q2
Room Modules @ 931 SqFt 1,578 $ 27,777,778 $ 454,545 $ 200.00 $ 3,472,222 $ 3,472,222
Hotel Sub and Main Lobby @ SqFt 11,111 $ 722,222 $ 8,207 $ 65.00 $ 505,556 $ 216,667
Circulation (19,867 per floor) 50,000 $ 2,500,000 $ 28,409 $ 50.00 $ 312,500 $ 312,500
Site Development $ 3,200,000 $ 36,364 $ 16.00 $ 1,600,000 $ 1,600,000
Builders risk insurance $ 1,000,000 $ 11,364 $ 5.00 $ 1,000,000
Permitting $ 150,000 $ 1,705 $ 0.75 $ 150,000
Telecom Systems $ 300,000 $ 3,409 $ 1.50
Equipment $ 1,710,000 $ 19,432 $ 8.55
Supplies $ 500,000 $ 5,682 $ 2.50
Operating Systems $ 900,000 $ 10,227 $ 4.50
FF&E $ 1,000,000 $ 11,364 $ 5.00
Contingency $ 200,000 $ 2,273 $ 1.00 $ 25,000 $ 25,000
Developer Fee $ 400,000 $ 4,545 $ 2.00 $ 50,000 $ 50,000
Total Hotel- Condo Dev Costs $ 40,360,000 $ 597,525 $ 202 $ 7,115,278 $ 5,676,389
20000 12 20000 2015

Spa Budget
Total per key per sq ft Q1 Q2
Main Buildings 1,667 $ 2,500,000 $ 208,333 $ 125.00 $ 312,500 $ 312,500
Site Development $ 100,000 $ 8,333 $ 5.00 $ 100,000
Permitting $ 15,000 $ 1,250 $ 0.75 $ 15,000
Telecom & Systems $ 30,000 $ 2,500 $ 1.50
Equipment $ 600,000 $ 50,000 $ 30.00
Supplies $ 70,000 $ 5,833 $ 3.50
FF&E $ 100,000 $ 8,333 $ 5.00
Contingency $ 40,000 $ 3,333 $ 2.00 $ 5,000 $ 5,000
Developer Fee $ 80,000 $ 6,667 $ 4.00 $ 10,000 $ 10,000
Total Spa Dev Costs $ 3,625,000 $ 302,083 $ 181 $ 442,500 $ 327,500
5500 8 5500 2015

Beach Club Budget
Main Buildings 688 $ 495,000 $ 61,875 $ 90.00 $ 61,875 $ 61,875
Site Development $ 24,750 $ 3,094 $ 4.50 $ 17,325 $ 7,425
Permitting $ 15,000 $ 1,875 $ 0.01 $ 15,000
Telecom & Systems $ 14,080 $ 1,173 $ 2.56
Equipment $ 302,500 $ 37,813 $ 55.00
FF&E $ 122,650 $ 10,221 $ 22.30
Contingency $ 851,330 $ 106,416 $ 1.00 $ 106,416 $ 106,416
Developer Fee $ 1,702,660 $ 212,833 $ 2.00 $ 212,833 $ 212,833
Total Beach Club Dev Costs $ 3,527,970 $ 435,299 $ 641 $ 413,449 $ 388,549
225,500 sf
Grand Totals $ 47,512,970 $ 539,920 $ 211 $ 7,971,227 $ 6,392,438

2015 2016 33,333
Q3 Q4 Q1 Q2 Q3 Q4
$ 3,472,222 $ 3,472,222 $ 3,472,222 $ 3,472,222 $ 3,472,222 $ 3,472,222 $ 27,777,778
$ 722,222
$ 312,500 $ 312,500 $ 312,500 $ 312,500 $ 312,500 $ 312,500 $ 2,500,000
$ 3,200,000
$ 1,000,000
$ 150,000
$ 120,000 $ 180,000 $ 300,000
$ 427,500 $ 427,500 $ 427,500 $ 427,500 $ 1,710,000
$ 125,000 $ 125,000 $ 125,000 $ 125,000 $ 500,000
$ 225,000 $ 225,000 $ 225,000 $ 225,000 $ 900,000
$ 250,000 $ 250,000 $ 250,000 $ 250,000 $ 1,000,000
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 200,000
$ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 50,000 $ 400,000
$ -
$ 3,859,722 $ 3,859,722 $ 4,887,222 $ 4,887,222 $ 5,007,222 $ 5,067,222 $ 40,360,000
$ -
2015 2016
Q3 Q4 Q1 Q2 Q3 Q4
$ 312,500 $ 312,500 $ 312,500 $ 312,500 $ 312,500 $ 312,500 $ 2,500,000
$ 100,000
$ 15,000
$ 12,000 $ 18,000 $ 30,000
$ 150,000 $ 150,000 $ 150,000 $ 150,000 $ 600,000
$ 17,500 $ 17,500 $ 17,500 $ 17,500 $ 70,000
$ 22,500 $ 22,500 $ 22,500 $ 22,500 $ 90,000
$ 25,000 $ 25,000 $ 25,000 $ 25,000 $ 100,000
$ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 5,000 $ 40,000
$ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 10,000 $ 80,000
$ -
$ 327,500 $ 327,500 $ 542,500 $ 542,500 $ 554,500 $ 560,500 $ 3,625,000
$ -
2015 2016
Q3 Q4 Q1 Q2 Q3 Q4
$ 61,875 $ 61,875 $ 61,875 $ 61,875 $ 61,875 $ 61,875 $ 495,000
$ 24,750
$ 15,000
$ 7,040 $ 7,040 $ 14,080
$ 75,625 $ 75,625 $ 75,625 $ 75,625 $ 302,500
$ 61,325 $ 61,325 $ 122,650
$ 106,416 $ 106,416 $ 106,416 $ 106,416 $ 106,416 $ 106,416 $ 851,330
$ 212,833 $ 212,833 $ 212,833 $ 212,833 $ 212,833 $ 212,833 $ 1,702,660
$ -
$ 381,124 $ 381,124 $ 456,749 $ 456,749 $ 525,114 $ 525,114 $ 3,527,970
$ -
$ 4,568,346 $ 4,568,346 $ 5,886,471 $ 5,886,471 $ 6,086,836 $ 6,152,836 $ 47,512,970

HOTEL-CONDO / SPA / BEACH CLUB
CASH FLOW DETAIL
ROOM DATA 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Number of Rooms 88 88 88 88 88 88 88 88 88 88 88 88 88 88
Number of Condo-Hotel Rooms in Program 35.0% 31 11 22 22 22 27 27 27 28 28 29 30 30 30
Annual Rooms Available 28,105 24,090 24,090 24,090 22,265 22,265 22,265 21,900 21,900 21,535 21,170 21,170 21,170
Annual Condo-Hotel Rooms Available 4,015 8,030 8,030 8,030 9,855 9,855 9,855 10,220 10,220 10,585 10,950 10,950 10,950
Paid Occupied Rooms - 8,913 9,154 9,395 8,906 9,351 9,797 9,855 10,950 11,306 11,125 11,136 11,136
Paid Occupied Condo-Hotel Rooms - 2,971 3,051 3,132 3,942 4,139 4,336 4,599 5,110 5,557 5,754 5,760 5,760
Paid Occupancy 0% 37% 38% 39% 40% 42% 44% 45% 50% 53% 53% 53% 53%
Average Room Rate 3.0% $165.00 $178.20 $187.11 $192.72 $198.50 $204.46 $210.59 $216.91 $223.42 $230.12 $237.03 $244.14 $251.46
RevPAR $0.00 $65.93 $71.10 $75.16 $79.40 $85.87 $92.66 $97.61 $111.71 $120.81 $124.56 $128.43 $132.28
REVENUE
Rooms $0 $1,588,350 $1,712,842 $1,810,655 $1,767,886 $1,911,968 $2,063,105 $2,137,666 $2,446,439 $2,601,727 $2,636,993 $2,718,819 $2,800,384
Condo-Hotel Rooms $0 $529,450 $570,947 $603,552 $782,507 $846,281 $913,178 $997,577 $1,141,672 $1,278,815 $1,363,962 $1,406,286 $1,448,474
Food 10% $0 $211,780 $228,379 $241,421 $255,039 $275,825 $297,628 $313,524 $358,811 $388,054 $400,096 $412,511 $424,886
Beverage 7% $0 $148,246 $159,865 $168,994 $178,527 $193,077 $208,340 $219,467 $251,168 $271,638 $280,067 $288,757 $297,420
Telecommunications 4% $0 $84,712 $91,352 $96,568 $102,016 $110,330 $119,051 $125,410 $143,524 $155,222 $160,038 $165,004 $169,954
Spa 30% $0 $535,274 $578,941 $613,812 $624,266 $680,222 $739,471 $775,973 $905,183 $981,932 $1,006,137 $1,037,579 $1,068,706
Rental & Other Income $0 $118,844 $122,056 $125,268 $128,480 $134,904 $141,328 $144,540 $160,600 $168,630 $168,799 $168,967 $168,967
TOTAL REVENUE $0 $3,216,656 $3,464,382 $3,660,269 $3,838,721 $4,152,607 $4,482,100 $4,714,156 $5,407,397 $5,846,018 $6,016,092 $6,197,924 $6,378,792
DEPARTMENTAL EXPENSES
Rooms - (16% of Rooms Revenue) 16% $0 $338,848 $365,406 $386,273 $408,063 $441,320 $476,205 $501,639 $574,098 $620,887 $640,153 $660,017 $679,817
Food & Beverage - (60% of F&B Revenues) 60% $0 $216,016 $232,947 $246,249 $260,140 $281,341 $303,581 $319,795 $365,987 $395,815 $408,097 $420,761 $433,384
Telecommunications - (60% of Tele Revenues) 60% $0 $50,827 $54,811 $57,941 $61,209 $66,198 $71,431 $75,246 $86,115 $93,133 $96,023 $99,003 $101,973
Spa - (22% of Spa Revenues) 18% $0 $96,349 $104,209 $110,486 $112,368 $122,440 $133,105 $139,675 $162,933 $176,748 $181,105 $186,764 $192,367
Rental & Other Income - (10% of Oth. Rev.) 10% $0 $11,884 $12,206 $12,527 $12,848 $13,490 $14,133 $14,454 $16,060 $16,863 $16,880 $16,897 $16,897
TOTAL DEPARTMENTAL EXPENSES $0 $713,925 $769,579 $813,476 $854,628 $924,790 $998,454 $1,050,808 $1,205,193 $1,303,446 $1,342,258 $1,383,441 $1,424,437
DEPARTMENTAL INCOME $0 $2,502,732 $2,694,804 $2,846,794 $2,984,093 $3,227,818 $3,483,646 $3,663,348 $4,202,204 $4,542,572 $4,673,834 $4,814,483 $4,954,355
UNDISTRIBUTED OPERATING EXPENSES

Administrative & General - (7.5% of Revenues) 7.5% $0 $241,249 $259,829 $274,520 $287,904 $311,446 $336,158 $353,562 $405,555 $438,451 $451,207 $464,844 $478,409
Management Fee - (2% of Revenues) 2.0% $0 $64,333 $69,288 $73,205 $76,774 $83,052 $89,642 $94,283 $108,148 $116,920 $120,322 $123,958 $127,576
Franchise Fees 0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Marketing - (1.5% of Revenues) 2.5% $0 $80,416 $86,610 $91,507 $95,968 $103,815 $112,053 $117,854 $135,185 $146,150 $150,402 $154,948 $159,470
Property Oper & Maint - (4.5% of Rev.) 5.5% $0 $176,916 $190,541 $201,315 $211,130 $228,393 $246,516 $259,279 $297,407 $321,531 $330,885 $340,886 $350,834
Utility Costs - (3.5% of Revenues) 3.5% $0 $112,583 $121,253 $128,109 $134,355 $145,341 $156,874 $164,995 $189,259 $204,611 $210,563 $216,927 $223,258
TOTAL UNDISTRIBUTED OPERATING EXPENSES $0 $675,498 $727,520 $768,657 $806,131 $872,048 $941,241 $989,973 $1,135,553 $1,227,664 $1,263,379 $1,301,564 $1,339,546
INCOME AFTER UOE $0 $1,827,234 $1,967,283 $2,078,137 $2,177,961 $2,355,770 $2,542,405 $2,673,375 $3,066,651 $3,314,908 $3,410,455 $3,512,919 $3,614,809
FIXED CHARGES
Property Taxes 1% $0 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167 $32,167
Insurance - (% of Revenues) 1.2% $0 $38,600 $39,372 $40,159 $40,962 $41,782 $42,617 $43,470 $44,339 $45,226 $46,130 $47,053 $47,994
Restaurant Lease Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Spa Lease Income $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Reserves for Replacement - (1% - 3% of Rev.) $0 $32,167 $34,644 $36,603 $76,774 $83,052 $89,642 $94,283 $108,148 $116,920 $120,322 $123,958 $127,576
1.0% 1% 1% 1% 2% 2% 2% 2% 2% 2% 2% 2% 2%
TOTAL FIXED CHARGES $0 $102,933 $106,182 $108,929 $149,903 $157,000 $164,426 $169,919 $184,654 $194,313 $198,619 $203,178 $207,736
EBITDA $0 $1,724,301 $1,861,101 $1,969,208 $2,028,058 $2,198,770 $2,377,979 $2,503,456 $2,881,997 $3,120,595 $3,211,836 $3,309,741 $3,407,072
BELOW NOI ANALYSIS
Incentive Management Fee 0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Distribution to Condo-Hotel Unit Owners 0.0% $0 $233,974 $252,313 $271,900 $359,364 $396,199 $435,819 $485,344 $566,235 $646,569 $703,010 $738,899 $775,844
-$75 -$79 -$83 -$87 -$91 -$96 -$101 -$106 -$111 -$116 -$122 -$128 -$135
CASH FLOW AFTER OTHER ITEMS $0 $1,490,327 $1,608,788 $1,697,308 $1,668,694 $1,802,571 $1,942,160 $2,018,111 $2,315,763 $2,474,026 $2,508,825 $2,570,841 $2,631,228
2018 2019 2020 2021

EBITDA $1,724,301 $1,861,101 $1,969,208 $2,028,058
MEDICAL & SURGICAL FACILITY
ENT - Ophthamology - Orthopaedic - Plastic Surgery
CONSTRUCTION DETAIL
8000 2015
MEDICAL FACILITIES 16 500
Recovery Room Modules 8000 $ 720,000 $ 45,000 $ 90.00 $ 90,000 $ 90,000
Main Lobby 3000 $ 225,000 $ 14,063 $ 75.00 $ 157,500 $ 67,500
Circulation (9,200 per floor) 1333 $ 73,333 $ 4,583 $ 55.00 $ 9,167 $ 9,167
Site Development $ 40,810 $ 2,551 $ 3.71 $ 40,810
Builders risk insurance $ 18,810 $ 1,176 $ 1.71 $ 2,351 $ 2,351
Permitting $ 35,000 $ 2,188 $ 0.01 $ 35,000
Telecom Systems $ 39,710 $ 2,482 $ 3.61
Equipment $ 500,060 $ 31,254 $ 45.46
Supplies $ 183,480 $ 11,468 $ 16.68
FF&E $ 181,760 11,360 $ 22.72
Contingency $ 62,665 $ 3,917 3.0% $ 7,833 $ 7,833
Developer Fee $ 41,777 $ 2,611 2.0% $ 5,222 $ 5,222
TOTAL MEDICAL FACILITIES $ 2,193,286 $ 137,080 $ 274 $ 347,883 $ 182,073
6000 4 6000 2015

SURGICAL CENTER
Main Building / Offices @ 2200 SqFt $ 600,000 $ 150,000 $ 100.00 $ 75,000 $ 75,000
Reception / Lobby @ 800 SqFt $ 45,000 $ 11,250 $ 75.00 $ 5,625 $ 5,625
Service / Utility @ 800 SqFt $ 60,000 $ 15,000 $ 75.00
Operating Rooms 4 @ 600 SqFt $ 407,000 $ 101,750 $ 185.00 $ 284,900 $ 122,100
Permitting $ 60,000 $ 15,000 $ 0.01 $ 60,000
Telecom & Systems $ 21,660 $ 5,415 $ 3.61
Equipment $ 1,650,000 $ 412,500 $ 275.00
Supplies $ 900,000 $ 225,000 $ 150.00
FF&E $ 160,320 $ 40,080 $ 26.72
Contingency $ 119,614 $ 29,904 3.0% $ 14,952 $ 14,952
Developer Fee $ 79,743 $ 19,936 2.0% $ 9,968 $ 9,968
TOTAL SURGICAL CENTER $ 4,186,497 $ 1,046,624 $ 698 $ 450,445 $ 227,645

14,000 sf
MEDICAL & SURGICAL TOTALS $ 6,379,783 $ 398,736 $ 456 $ 798,328 $ 409,718
2015 2016 Proof
Q3 Q4 Q1 Q2 Q3 Q4
$ 90,000 $ 90,000 $ 90,000 $ 90,000 $ 90,000 $ 90,000 $ 720,000
$ 225,000
$ 9,167 $ 9,167 $ 9,167 $ 9,167 $ 9,167 $ 9,167 $ 73,333
$ 40,810
$ 2,351 $ 2,351 $ 2,351 $ 2,351 $ 2,351 $ 2,351 $ 18,810
$ 35,000
$ 15,884 $ 23,826 $ 39,710
$ 125,015 $ 125,015 $ 125,015 $ 125,015 $ 500,060
$ 45,870 $ 45,870 $ 45,870 $ 45,870 $ 183,480
$ 17,720 $ 17,720 $ 17,720 $ 17,720 $ 70,880
$ 45,440 $ 45,440 $ 45,440 $ 45,440 $ 181,760
$ 7,833 $ 7,833 $ 7,833 $ 7,833 $ 7,833 $ 7,833 $ 62,665
$ 5,222 $ 5,222 $ 5,222 $ 5,222 $ 5,222 $ 5,222 $ 41,777
$ -
$ 114,573 $ 114,573 $ 348,618 $ 348,618 $ 364,502 $ 372,444 $ 2,193,286
$ -
2015 2016
Q3 Q4 Q1 Q2 Q3 Q4
$ 75,000 $ 75,000 $ 75,000 $ 75,000 $ 75,000 $ 75,000 $ 600,000
$ 5,625 $ 5,625 $ 5,625 $ 5,625 $ 5,625 $ 5,625 $ 45,000
$ 12,000 $ 12,000 $ 12,000 $ 12,000 $ 12,000 $ 60,000
$ 407,000
$ 60,000
$ 8,664 $ 12,996 $ 21,660
$ 412,500 $ 412,500 $ 412,500 $ 412,500 $ 1,650,000
$ 225,000 $ 225,000 $ 225,000 $ 225,000 $ 900,000
$ 20,790 $ 20,790 $ 20,790 $ 20,790 $ 83,160
$ 40,080 $ 40,080 $ 40,080 $ 40,080 $ 160,320
$ 14,952 $ 14,952 $ 14,952 $ 14,952 $ 14,952 $ 14,952 $ 119,614
$ 9,968 $ 9,968 $ 9,968 $ 9,968 $ 9,968 $ 9,968 $ 79,743
$ 105,545 $ 117,545 $ 815,915 $ 815,915 $ 824,579 $ 828,911 $ 4,186,497

$ -
$ 220,118 $ 232,118 $ 1,164,533 $ 1,164,533 $ 1,189,081 $ 1,201,355 $ 6,379,783
MEDICAL & SURGICAL FACILITY
ENT - Ophthamology - Orthopaedic - Plastic Surgery
INCOME DETAIL
CALENDAR YEAR 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
Number of Recovery Rooms 16 16 16 16 16 16 16 16 16 16 16 16 16 16
Paid Occupied Rooms - 1,752 1,927 2,120 2,226 2,449 2,693 2,963 2,963 2,963 2,963 3,052 3,052
Number of Surgical Rooms 4 4 4 4 4 4 4 4 4 4 4 4 4 4

Paid Occupancy 324 356 392 412 453 498 548 548 548 548 564 564
Paid Occupancy 0% 30% 33% 36% 38% 42% 46% 51% 51% 51% 51% 52% 52%
Average Rate 1.0% $185.00 $185.00 $194.25 $196.19 $198.15 $200.14 $202.14 $204.16 $206.20 $208.26 $210.34 $212.45 $214.57
RevPAR $0.00 $55.46 $64.06 $71.17 $75.47 $83.85 $93.16 $103.50 $104.54 $105.58 $106.64 $110.93 $112.04
REVENUE
Rooms $0 $324,120 $374,359 $415,912 $441,075 $490,034 $544,428 $604,860 $610,908 $617,017 $623,188 $648,302 $654,785
General Medical Procedures @ $450/per $450 $788,400 $867,240 $953,964 $1,001,662 $1,101,828 $1,212,011 $1,333,212 $1,333,212 $1,333,212 $1,333,212 $2,628,000 $1,373,209
Surgical Procedures @ $14.5K/per $7,500 $2,430,000 $2,673,000 $2,940,300 $3,087,315 $3,396,047 $3,735,651 $4,109,216 $4,109,216 $4,109,216 $4,109,216 $4,232,493 $4,232,493
Pharmaceutical @ $ 300/per $200 $64,800 $71,280 $78,408 $82,328 $90,561 $99,617 $109,579 $109,579 $109,579 $109,579 $112,866 $112,866
Food & Beverage 8% $0 $25,930 $29,949 $33,273 $35,286 $39,203 $43,554 $48,389 $48,873 $49,361 $49,855 $51,864 $52,383
Telecommunications 4% $0 $12,965 $14,974 $16,636 $17,643 $19,601 $21,777 $24,194 $24,436 $24,681 $24,928 $25,932 $26,191
TOTAL REVENUE $0 $3,646,214 $4,030,802 $4,438,494 $4,665,310 $5,137,275 $5,657,039 $6,229,451 $6,236,225 $6,243,067 $6,249,978 $7,699,458 $6,451,927
Rooms - (16% of Rooms Revenue) 16% $0 $51,859 $59,897 $66,546 $70,572 $78,406 $87,109 $96,778 $97,745 $98,723 $99,710 $103,728 $104,766
Food & Beverage - (60% of F&B Revenues) 60% $0 $15,558 $17,969 $19,964 $21,172 $23,522 $26,133 $29,033 $29,324 $29,617 $29,913 $31,119 $31,430
Telecommunications - (60% of Tele Revenues) 60% $0 $7,779 $8,985 $9,982 $10,586 $11,761 $13,066 $14,517 $14,662 $14,808 $14,957 $15,559 $15,715
Surgery - (20% of Surgical Proceedures) 20% $0 $486,000 $534,600 $588,060 $617,463 $679,209 $747,130 $821,843 $821,843 $821,843 $821,843 $846,499 $846,499
Rental & Other Income - (0% of Other Rev.) 0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
TOTAL DEPARTMENTAL EXPENSES $0 $561,196 $621,451 $684,552 $719,792 $792,897 $873,438 $962,171 $963,574 $964,991 $966,423 $996,905 $998,409
DEPARTMENTAL INCOME $0 $3,085,019 $3,409,350 $3,753,942 $3,945,517 $4,344,377 $4,783,602 $5,267,280 $5,272,651 $5,278,076 $5,283,555 $6,702,553 $5,453,519

Administrative & General - (7.5% of Revenues) 7.5% $0 $273,466 $302,310 $332,887 $349,898 $385,296 $424,278 $467,209 $467,717 $468,230 $468,748 $577,459 $483,895
Management Fee - (2% of Revenues) 3.0% $0 $109,386 $120,924 $133,155 $139,959 $154,118 $169,711 $186,884 $187,087 $187,292 $187,499 $230,984 $193,558
Physicians / Surgeons 40.0% $0 $1,313,280 $1,444,608 $1,589,069 $1,668,522 $1,835,374 $2,018,912 $2,220,803 $2,220,803 $2,220,803 $2,220,803 $2,789,344 $2,287,427
Marketing - (1.5% of Revenues) 2.5% $0 $91,155 $100,770 $110,962 $116,633 $128,432 $141,426 $155,736 $155,906 $156,077 $156,249 $192,486 $161,298
Franchise Fees $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
Property Oper & Maint - (4.5% of Revenues) 4.5% $0 $164,080 $181,386 $199,732 $209,939 $231,177 $254,567 $280,325 $280,630 $280,938 $281,249 $346,476 $290,337
Utility Costs - (3.5% of Revenues) 2.5% $0 $91,155 $100,271 $110,298 $115,813 $127,394 $140,134 $154,147 $154,147 $154,147 $154,147 $158,771 $158,771
TOTAL UNDISTRIBUTED OPERATING EXPENSES $0 $2,042,523 $2,250,269 $2,476,103 $2,600,764 $2,861,792 $3,149,027 $3,465,104 $3,466,289 $3,467,487 $3,468,696 $4,295,520 $3,575,286
INCOME AFTER UOE $0 $1,042,496 $1,159,081 $1,277,839 $1,344,753 $1,482,586 $1,634,574 $1,802,176 $1,806,362 $1,810,589 $1,814,859 $2,407,033 $1,878,233
FIXED CHARGES
Property Taxes 1% $0 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462 $36,462
Insurance - (% of Revenues) 1.8% $0 $65,632 $66,944 $68,283 $69,649 $71,042 $72,463 $73,912 $75,390 $76,898 $78,436 $80,005 $81,605
Reserve for Replacement - (1.0% - 5.0% of Rev.) $0 $72,924 $80,616 $88,770 $93,306 $102,745 $113,141 $124,589 $124,725 $124,861 $125,000 $153,989 $129,039
1.0% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
Total Fixed Charges $0 $175,018 $184,023 $193,515 $199,417 $210,250 $222,066 $234,963 $236,577 $238,222 $239,898 $270,456 $247,106
EBITDA $0 $867,477 $975,059 $1,084,324 $1,145,336 $1,272,336 $1,412,509 $1,567,213 $1,569,785 $1,572,368 $1,574,961 $2,136,577 $1,631,127
BELOW NOI ANALYSIS
Incentive Management Fee 0.0% $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Distribution 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
CASH FLOW AFTER OTHER ITEMS $0 $867,477 $975,059 $1,084,324 $1,145,336 $1,272,336 $1,412,509 $1,567,213 $1,569,785 $1,572,368 $1,574,961 $2,136,577 $1,631,127
2017 2018 2019 2020

EBITDA $867,477 $975,059 $1,084,324 $1,145,336
COMMERCIAL DEVELOPMENT
41 33,456 2015 2016

OFFICE / RETAIL
Total per key / unit per sq ft Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Ofc / Retail Modules @ SqFt 816 $ 2,676,480 $ 65,280 $ 80.00 $ 334,560 $ 334,560 $ 334,560 $ 334,560 $ 334,560 $ 334,560 $ 334,560 $ 334,560 $ 2,676,480
Lobby $ 150,552 $ 3,672 $ 45.00 $ 105,386 $ 45,166 $ 150,552
Circulation (9,333 per floor) $ 20,400 $ 498 $ 25.00 $ 2,550 $ 2,550 $ 2,550 $ 2,550 $ 2,550 $ 2,550 $ 2,550 $ 2,550 $ 20,400
Site Development $ 204,000 $ 25,500 $ 8.50 $ 204,000 $ 204,000
Builders risk insurance $ 55,202 $ 6,900 $ 1.65 $ 6,900 $ 6,900 $ 6,900 $ 6,900 $ 6,900 $ 6,900 $ 6,900 $ 6,900 $ 55,202
Permitting $ 40,000 $ 976 $ 0.01 $ 40,000 $ 40,000
Telecom Systems $ 120,776 $ 2,946 $ 3.61 $ 48,310 $ 72,466 $ 120,776
Equipment $ 327,869 $ 7,997 $ 9.80 $ 81,967 $ 81,967 $ 81,967 $ 81,967 $ 327,869
Supplies $ 92,339 $ 2,252 $ 2.76 $ 23,085 $ 23,085 $ 23,085 $ 23,085 $ 92,339
Operating Systems $ 127,133 $ 3,101 $ 3.80 $ 31,783 $ 31,783 $ 31,783 $ 31,783 $ 127,133
FF&E $ 164,000 $ 4,000 $ 4.90 $ 41,000 $ 41,000 $ 41,000 $ 41,000 $ 164,000
Contingency $ 119,363 $ 2,911 3.0% $ 14,920 $ 14,920 $ 14,920 $ 14,920 $ 14,920 $ 14,920 $ 14,920 $ 14,920 $ 119,363
Developer Fee $ 79,575 $ 1,941 2.0% $ 9,947 $ 9,947 $ 9,947 $ 9,947 $ 9,947 $ 9,947 $ 9,947 $ 9,947 $ 79,575
$ -
TOTAL COMMERCIAL COSTS $ 4,177,688 $ 127,973 $ 125 $ 718,264 $ 414,043 $ 368,877 $ 368,877 $ 546,713 $ 546,713 $ 595,023 $ 619,178 $ 4,177,688
$ -
8 24,000 2015 2016
RESEARCH FACILITIES
Main Buildings $ 2,400,000 $ 300,000 $ 100.00 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 300,000 $ 2,400,000
Site Development $ 157,200 $ 19,650 $ 6.55 $ 110,040 $ 47,160 $ 157,200
Permitting $ 40,000 $ 5,000 $ 0.01 $ 40,000 $ 40,000
Telecom & Systems $ 93,120 $ 11,640 $ 3.88 $ 37,248 $ 55,872 $ 93,120
Equipment $ 449,520 $ 56,190 $ 18.73 $ 112,380 $ 112,380 $ 112,380 $ 112,380 $ 449,520
Supplies $ 201,600 $ 25,200 $ 8.40 $ 50,400 $ 50,400 $ 50,400 $ 50,400 $ 201,600
Operating Systems $ 200,880 $ 25,110 $ 8.37 $ 50,220 $ 50,220 $ 50,220 $ 50,220 $ 200,880
FF&E $ 214,080 $ 26,760 $ 8.92 $ 53,520 $ 53,520 $ 53,520 $ 53,520 $ 214,080
Contingency $ 112,692 $ 14,087 3.0% $ 14,087 $ 14,087 $ 14,087 $ 14,087 $ 14,087 $ 14,087 $ 14,087 $ 14,087 $ 112,692
Developer Fee $ 75,128 $ 9,391 2.0% $ 9,391 $ 9,391 $ 9,391 $ 9,391 $ 9,391 $ 9,391 $ 9,391 $ 9,391 $ 75,128
$ -
TOTAL RESEARCH & DEVELOPMENT COSTS $ 3,944,220 $ 493,028 $ 164 $ 473,518 $ 370,638 $ 323,478 $ 323,478 $ 589,998 $ 589,998 $ 627,246 $ 645,870 $ 3,944,220
$ -
4 50,000 2015 2016
ORGANIC FARMING
Main Buildings $ 3,250,000 $ 812,500 $ 65.00 $ 406,250 $ 406,250 $ 406,250 $ 406,250 $ 406,250 $ 406,250 $ 406,250 $ 406,250 $ 3,250,000
Site Development $ 100,000 $ 25,000 $ 2.00 $ 70,000 $ 30,000 $ 100,000
Permitting $ 26,000 $ 6,500 $ 0.01 $ 26,000 $ 26,000
Telecom & Systems $ 57,000 $ 7,125 $ 1.14 $ 28,500 $ 28,500 $ 57,000
Equipment $ 1,437,500 $ 359,375 $ 28.75 $ 359,375 $ 359,375 $ 359,375 $ 359,375 $ 1,437,500
Supplies $ 1,876,000 $ 234,500 $ 37.52 $ 938,000 $ 938,000 $ 1,876,000
Contingency $ 146,115 $ 36,529 3.0% $ 18,264 $ 18,264 $ 18,264 $ 18,264 $ 18,264 $ 18,264 $ 18,264 $ 18,264 $ 146,115
Developer Fee $ 97,410 $ 24,353 2.0% $ 12,176 $ 12,176 $ 12,176 $ 12,176 $ 12,176 $ 12,176 $ 12,176 $ 12,176 $ 97,410
$ -
TOTAL ORGANIC FARMING COSTS $ 6,990,025 $ 1,505,881 $ 140 $ 532,691 $ 466,691 $ 436,691 $ 436,691 $ 796,066 $ 1,734,066 $ 1,762,566 $ 824,566 $ 6,990,025
107,456 sf $ -
GRAND TOTALS
$ 15,111,933 $ 368,584 $ 141 $ 1,724,472 $ 1,251,371 $ 1,129,046 $ 1,129,046 $ 1,932,776 $ 2,870,776 $ 2,984,834 $ 2,089,613 $ 15,111,933
COMMERCIAL DEVELOPMENT
2017 2018 2019 2020 2021 2022

Office Space SF / # Units 33,456 16 16.4 16.4 16.4 16.4 16.4 16.4
Retail Space / Units 25 15 15 22 22 22 22
Research Space - SqFt 24,000
Organic Space - Sqf 50,000
Annual Sq.Ft. Office Space Available 40% 13,382 13,382 13,382 13,382 13,382 13,382
Annual Sq.Ft. Retail Space Available 60% 20,074 20,074 20,074 20,074 20,074 20,074
Annual Sq.Ft. Research Space Available 100% 24,000 24,000 24,000 24,000 24,000 24,000
Annual Sq.Ft. Organic Farming Space Available 100% 50,000 50,000 50,000 50,000 50,000 50,000
Paid Occupied Office - 4,951 5,942 6,536 7,190 7,909

Paid Occupied Retail - 7,427 8,913 9,804 10,784 11,863
Paid Occupied Research - 8,880 10,656 11,722 12,894 14,183
Paid Occupied Farming - Organic - 18,500 22,200 24,420 26,862 29,548
Paid Occupancy - Office / Retail 0% 37% 44% 49% 54% 59%

Average Rate 2.0% $15.00 $15.30 $15.61 $15.92 $16.24 $16.56
RevPAR 0 $5.66 $6.93 $7.77 $8.72 $9.79
Paid Occupancy - Research / Farming 0% 30% 39% 51% 66% 86%

Average Rate 2.0% $10.00 $10.80 $11.66 $11.90 $12.14 $12.38
RevPAR $0.00 4.00 5.18 5.81 6.52 7.31
REVENUE
Offices $0 $75,758 $92,728 $104,040 $116,733 $130,975

Retail $0 $113,637 $139,091 $156,060 $175,100 $196,462
Research $0 $95,904 $124,292 $139,455 $156,469 $175,558
Organic $0 $199,800 $258,941 $290,532 $325,976 $365,746
Telecommunications 4% $0 $7,576 $9,273 $10,404 $11,673 $13,097
TOTAL REVENUE $0 $492,674 $624,324 $700,491 $785,951 $881,837
Rooms - (12% of Revenue) 6% $0 $29,106 $36,903 $41,405 $46,457 $52,124
Telecommunications - (60% of Tele Revenues) 60% $0 $4,545 $5,564 $6,242 $7,004 $7,858
TOTAL DEPARTMENTAL EXPENSES $0 $33,651 $42,467 $47,648 $53,461 $59,983
DEPARTMENTAL INCOME $0 $459,023 $581,857 $652,844 $732,491 $821,855

Administrative & General - (6.5% of Revenues) 6.5% $0 $32,024 $40,581 $45,532 $51,087 $57,319
Management Fee - (% of Revenues) 3.0% $0 $14,780 $18,730 $21,015 $23,579 $26,455
Marketing - (% of Revenues) 2.0% $0 $9,853 $12,486 $14,010 $15,719 $17,637

Franchise Fees $0 $0 $0 $0 $0 $0
Property Oper & Maint - (4.5% of Rev.) 4.5% $0 $22,170 $28,095 $31,522 $35,368 $39,683
Utility Costs - (2.8% of Revenues) 2.8% $0 $13,795 $16,885 $18,945 $21,256 $23,849
TOTAL UNDISTRIBUTED OPERATING EXPENSES $0 $92,623 $116,777 $131,024 $147,008 $164,943
INCOME AFTER UOE $0 $366,400 $465,080 $521,820 $585,482 $656,911
FIXED CHARGES
Property Taxes 1% $0 $4,927 $6,243 $7,005 $7,860 $8,818
Insurance - (% of Revenues) 1.2% $0 $5,912 $6,030 $6,151 $6,274 $6,399
Reserves for Replacement - (1% - 3% of Rev.) $0 $9,853 $12,486 $14,010 $15,719 $17,637
0% 2% 2% 2% 2% 2%
TOTAL FIXED CHARGES $0 $20,692 $24,760 $27,166 $29,852 $32,855
EBITDA $0 $345,708 $440,320 $494,655 $555,630 $624,057
BELOW NOI ANALYSIS
Incentive Management Fee 0.0% $0 $0 $0 $0 $0 $0
CASH FLOW AFTER OTHER ITEMS $0 $345,708 $440,320 $494,655 $555,630 $624,057
2018 2019 2020 2021

EBITDA $345,708 $440,320 $494,655 $555,630
2023 2024 2025 2026 2027 2028 2029
16.4 16.4 16.4 16.4 16.4 16.4 16.4
24 24 25 25 25 27 27
13,382 13,382 13,382 13,382 13,382 13,382 13,382

20,074 20,074 20,074 20,074 20,074 20,074 20,074
24,000 24,000 24,000 24,000 24,000 24,000 24,000
50,000 50,000 50,000 50,000 50,000 50,000 50,000
8,699 9,569 10,526 11,579 11,579 11,579 11,579

13,049 14,354 15,789 17,368 17,368 17,368 17,368
15,601 17,162 18,878 20,766 20,766 20,766 20,766
32,503 35,753 39,329 43,262 43,262 43,262 43,262
65% 72% 79% 87% 87% 87% 87%

$16.89 $17.23 $17.57 $17.93 $18.28 $18.65 $19.02
$10.98 $12.32 $13.82 $15.51 $15.82 $16.14 $16.46
99% 99% 99% 99% 99% 99% 99%

$12.63 $12.88 $13.14 $13.40 $13.67 $13.94 $14.22
8.21 9.21 10.33 11.59 11.82 12.06 12.30
$146,954 $164,882 $184,997 $207,567 $211,718 $215,953 $220,272

$220,430 $247,323 $277,496 $311,351 $317,578 $323,929 $330,408
$196,976 $221,007 $247,970 $278,222 $283,787 $289,462 $295,252
$410,367 $460,431 $516,604 $579,630 $591,222 $603,047 $615,107
$14,695 $16,488 $18,500 $20,757 $21,172 $21,595 $22,027
$989,422 $1,110,131 $1,245,567 $1,397,526 $1,425,477 $1,453,986 $1,483,066
$58,484 $65,619 $73,624 $82,606 $84,258 $85,943 $87,662
$8,817 $9,893 $11,100 $12,454 $12,703 $12,957 $13,216
$67,301 $75,511 $84,724 $95,060 $96,961 $98,901 $100,879
$922,121 $1,034,620 $1,160,843 $1,302,466 $1,328,515 $1,355,086 $1,382,187
$64,312 $72,159 $80,962 $90,839 $92,656 $94,509 $96,399

$29,683 $33,304 $37,367 $41,926 $42,764 $43,620 $44,492
$19,788 $22,203 $24,911 $27,951 $28,510 $29,080 $29,661

$0 $0 $0 $0 $0 $0 $0
$44,524 $49,956 $56,051 $62,889 $64,146 $65,429 $66,738
$26,759 $30,024 $33,687 $37,796 $38,552 $39,323 $40,110
$185,067 $207,645 $232,977 $261,400 $266,628 $271,961 $277,400
$737,054 $826,975 $927,866 $1,041,066 $1,061,887 $1,083,125 $1,104,787
$9,894 $11,101 $12,456 $13,975 $14,255 $14,540 $14,831

$6,527 $6,658 $6,791 $6,927 $7,065 $7,207 $7,351
$19,788 $22,203 $37,367 $41,926 $42,764 $43,620 $44,492

2% 2% 3% 3% 3% 3% 3%
$36,210 $39,962 $56,614 $62,828 $64,085 $65,366 $66,674
$700,844 $787,013 $871,252 $978,238 $997,802 $1,017,758 $1,038,113
$0 $0 $0 $0 $0 $0 $0
$700,844 $787,013 $871,252 $978,238 $997,802 $1,017,758 $1,038,113 $8,851,390

DESALINATION PLANT
Plant capacity, lps 40 60 160

Plant capacity, MGD 0.91 1.37 3.65
No. of SWRO Trains 4 6 16
Capital Cost Estimate Amount % of Total Amount % of Total Amount % of Total
Seawater Supply 1 $ 506,000 10.3% $ 643,700 10.4% $ 1,369,900 10.9%

SWRO Pretreament 2 $ 481,200 9.8% $ 638,000 10.3% $ 1,484,500 11.9%
SWRO Process & Electrical 3 $ 2,119,000 42.9% $ 3,022,200 48.7% $ 5,962,900 47.6%
Post Treatment 4 $ 105,800 2.1% $ 136,100 2.2% $ 415,500 3.3%
Pipelines 5 $ 681,800 13.8% $ 681,800 11.0% $ 1,381,800 11.0%
Building 6 $ 772,400 15.7% $ 772,400 12.4% $ 1,172,400 9.4%
Project Management 7 $ 268,400 5.4% $ 317,400 5.1% $ 737,700 5.9%
Total Estimated Cost 8 $ 4,934,600 100% $ 6,211,600 100% $ 12,524,700 100%
Cost of Water DBO 9 DBO DBO
Debt Service, $/month $ - $ - $ -

Fixed Cost, $/month 10 $ 28,553 $ 38,664 $ 89,219
Total Monthly Fixed Charge, $ $ 28,553 $ 38,664 $ 89,219
Variable, $/m3 11 $ 0.53 $ 0.53 $ 0.53
Cost US$/m3 at 90% OLF $ 0.81 $ 0.80 $ 0.80
Cost Monthly US$ at 90% OLF $ 78,008 $ 112,847 $ 287,042
1 Seawater supply costing includes one weel for each two RO trains plus a spare, one concentrate disposal well and typical permitting fees
2 Pretreatment costing includes bag filtration, cartridge filtration, scale control and plant interconnecting piping
3 SWRO Process and Electrical includes controls and electrical switchgear for entire plant
4 Post treatment includes chemical feed system for pH adjustment, corrosion inhibitor addition, disinfection and alkalinity/hardness adjustment.
5 Pipeline costing assumes 2,100 feet of 18-inch diameter for feedwater and 2,100 feet of 12-inch HDPE for concentrate disposal.
6 Building budget assumes entire building is constructed at a unit cost of $ 115 per f2.
7 Project management includes equipment installation and commissioning.
8 Cost does not include IVA.
9 DBO is design, build and operate. Under this arrangement, plant and equipment would be purchase outright by Las Palmas and TSG/EWU would
operate for 10 years. Under TSG/EWU's operation and maintenance contract, TSG/EWU assumes 100% of the risk of operation, maintenance, repair and
replacement of the plant and in effect provides a full 10 year warranty on the plant. Under this arrangement, the owner insures the plant and pays the power
cost directly, and TSG/EWU's fees are adjusted annually for inflation but are otherwise fixed for the term of the arrangement.
10 Fixed cost includes labor, cartridge filter and SWRO membrane repalcement, G&A.
11 Variable fee includes chemicals, energy at annual average cost of $0.104 per KWH, lubricants, and part replacement.
Desalination Revenue Projections
Construction Units Monthly Annual Annual

Year Deliveries Online Charges Revenue Costs
2015 0 0 $0.00 $0.00 $ 1,354,164
2016 0 0 $0.00 $0.00 $ 1,354,164
2017 0 0 $0.00 $0.00 $ 1,354,164
2018 0 0 $0.00 $0.00 $ 1,354,164
2019 0 0 $0.00 $0.00 $ 1,354,164
2020 0 0 $115.00 $0.00 $ 1,354,164
2021 57 57 $120.75 $41,383.44 $ 1,354,164
2022 71 129 $125.58 $96,837.25 $ 1,354,164
2023 100 228 $130.60 $214,849.58 $ 1,354,164
2024 129 357 $134.52 $345,773.54 $ 1,354,164
2025 114 471 $137.21 $465,549.49 $ 1,354,164
2026 100 571 $138.58 $664,936.35 $ 1,354,164
2027 86 657 $139.83 $771,558.89 $ 1,354,164
2028 57 714 $140.95 $845,360.18 $ 1,354,164
2029 0 714 $141.94 $972,888.80 $ 1,354,164
2030 0 714 $142.79 $978,726.13 $ 1,354,164
WASTE TREATMENT PLANT
Construction Costs
1 lps = 22,824.47 GPD Total Cost for

Phase 1 Phase 2 Phase 3 Phase 4
1.3 lps 2.6 lps 3.9 lps 5.2 lps Single Phase
5.2 lps
Gal per day 29,672 59,344 89,015 118,687
Membranes $ 60,000 $ 60,000 $ 60,000 $ 60,000 $ 240,000

Process Mechanical $ 101,800 $ 16,900 $ 45,300 $ 21,400 $ 150,300
Electrical & Controls $ 128,500 $ 13,500 $ 37,400 $ 37,400 $ 216,800
Piping $ 59,500 $ 27,400 $ 27,400 $ 27,400 $ 141,700
Engineering $ 34,000 $ 13,000 $ 13,000 $ 13,000 $ 42,500
Installation & Commissioning $ 76,200 $ 57,500 $ 57,500 $ 57,500 $ 174,100
Total $ 460,000 $ 188,300 $ 240,600 $ 216,700 $ 965,400

Cumulative Cost $ 648,300 $ 888,900 $ 1,105,600
1. Pricing includes design, equipment supply & installation

2. Plant pricing includes interconnecting piping, electrical and controls, and effluent pumping.
3. Civil work associated with the plant tankage is not include. Once a configuration is selected and site soil borings provided,
TSG will provide construction drawings for the tanks with complete details for reinforcing, footer design, etc.
Waste Treatment Plant Revenue Analysis
Base Rate $ 42.00

Construction Units Monthly Annual
Year Deliveries Online Charges Revenue
2015 0 0 0 0
2016 0 0 0 0
2017 0 0 0 0
2018 0 0 0 0
2019 0 0 0 0
2020 57 57 $65 $22,277
2021 71 129 $68 $52,629
2022 100 228 $72 $117,889
2023 129 357 $75 $193,411
2024 114 471 $79 $268,068
2025 100 571 $83 $398,041
2026 86 657 $87 $480,634
2027 57 714 $91 $548,550
2028 0 0 $0 $0
2029 0 0 $0 $0
2026 0 0 $0 $0
SOLAR FACILITY
Project Cost ('000 USD) Project Information
Project Cost 54,616 Commercial Operations Date Jan-20

COD (year) 2020
Cost / MW 3,345 COD (month) 1
Technology Concentrated PV Solar
State / Country Sonora, MEXICO
Capacity (MW) 16.3 System Detail
Tracking Multi Axes

Est. Capacity Factor
9% Panels Solar Concentrator
Range 30*
Revenue Price escalator

1
Per/Watt 0.35 USA Consumer Index 2.5%
Maintenance Cost (USD) SOLAR POWER COSTS
Year Variable O&M per mw (DC) Solar Production 18

Year 1 $10,000 Solar Panels (210w) $ 84,571
Year 2 $10,250
Year 3 $10,506 Project Costs
Year 4 $10,769 Panel Costs $ 22,284,571
Year 5 $11,038 Cost for inverters and rails $ 9,768,000
Year 6 $11,314 Cost for install $ 7,865,143
Year 7 $11,597 Land Cost $ 500,000
Year 8 $11,887 Supplemental Costs $ 850,000
Year 9 $12,184 Cost of tie in and lines $ 1,150,000
Year 10 $12,489 Total Project Costs $ 42,417,714
Year 11 $12,801
Year 12 $13,121 Price per Watt $ 2
Year 13 $13,449 Price per kWh $ 0.15
Year 14 $13,785
Year 15 $14,130
Year 16 $14,483
Year 17 $14,845
Year 18 $15,216
Year 19 $15,597
Year 20 $15,987
Year 21 $16,386
Year 22 $16,796
Year 23 $17,216
Year 24 $17,646
Year 25 $18,087
MWh Production
Year JAN FEB MAR APR MAY JUN JUL AUG

2020 859.50 866.93 1106.24 1243.94 1293.32 1240.49 1190.21 1191.55
2021 856.49 863.90 1102.37 1239.58 1288.79 1236.14 1186.05 1187.38
2022 853.49 860.87 1098.51 1235.24 1284.28 1231.82 1181.90 1183.22
2023 850.51 857.86 1094.67 1230.92 1279.79 1227.51 1177.76 1179.08
2024 847.53 854.86 1090.83 1226.61 1275.31 1223.21 1173.64 1174.95
2025 844.56 851.86 1087.02 1222.32 1270.84 1218.93 1169.53 1170.84
2026 841.61 848.88 1083.21 1218.04 1266.40 1214.66 1165.44 1166.74
2027 838.66 845.91 1079.42 1213.78 1261.96 1210.41 1161.36 1162.66
2028 835.73 842.95 1075.64 1209.53 1257.55 1206.17 1157.29 1158.59
2029 832.80 840.00 1071.88 1205.30 1253.15 1201.95 1153.24 1154.53
2030 829.89 837.06 1068.13 1201.08 1248.76 1197.75 1149.21 1150.49
2031 826.98 834.13 1064.39 1196.87 1244.39 1193.55 1145.18 1146.47
2032 824.09 831.21 1060.66 1192.69 1240.03 1189.38 1141.18 1142.45
2033 821.20 828.30 1056.95 1188.51 1235.69 1185.21 1137.18 1138.46
2034 818.33 825.40 1053.25 1184.35 1231.37 1181.06 1133.20 1134.47
2035 815.47 822.51 1049.56 1180.21 1227.06 1176.93 1129.23 1130.50
2036 812.61 819.64 1045.89 1176.08 1222.76 1172.81 1125.28 1126.54
2037 809.77 816.77 1042.23 1171.96 1218.48 1168.71 1121.34 1122.60
2038 806.93 813.91 1038.58 1167.86 1214.22 1164.62 1117.42 1118.67
2039 804.11 811.06 1034.95 1163.77 1209.97 1160.54 1113.51 1114.76
2040 801.29 808.22 1031.32 1159.70 1205.74 1156.48 1109.61 1110.85
2041 798.49 805.39 1027.72 1155.64 1201.52 1152.43 1105.73 1106.97
2042 795.69 802.57 1024.12 1151.59 1197.31 1148.40 1101.86 1103.09
2043 792.91 799.76 1020.53 1147.56 1193.12 1144.38 1098.00 1099.23
2044 790.13 796.97 1016.96 1143.55 1188.94 1140.37 1094.16 1095.38
2045 786.97 794.18 1013.40 1139.54 1184.78 1136.38 1090.33 1091.55
Revenue
JAN FEB MAR APR MAY JUN JUL AUG

2020 $ 19,080.90 $ 19,245.85 $ 24,558.53 $ 27,615.40 $ 28,711.70 $ 34,113.34 $ 39,277.03 $ 39,321.05
2021 $ 24,290.11 $ 24,500.08 $ 31,263.16 $ 35,154.58 $ 36,550.18 $ 38,562.73 $ 43,727.19 $ 43,776.20
2022 $ 29,686.23 $ 29,942.85 $ 38,208.37 $ 42,964.28 $ 44,669.92 $ 46,415.47 $ 47,960.16 $ 48,013.92
2023 $ 35,271.79 $ 35,576.70 $ 45,397.40 $ 51,048.15 $ 53,074.71 $ 58,178.85 $ 55,821.09 $ 55,883.65
2024 $ 41,054.35 $ 41,409.25 $ 52,839.99 $ 59,417.14 $ 61,775.94 $ 66,658.78 $ 71,063.74 $ 71,143.39
2025 $ 47,035.44 $ 47,442.04 $ 60,538.09 $ 68,073.44 $ 70,775.89 $ 75,427.26 $ 79,607.54 $ 79,696.76
2026 $ 53,223.27 $ 53,683.36 $ 68,502.28 $ 77,028.97 $ 80,086.93 $ 84,496.73 $ 88,442.62 $ 88,541.75
2027 $ 59,623.00 $ 60,138.42 $ 76,739.21 $ 86,291.17 $ 89,716.84 $ 93,874.59 $ 97,576.07 $ 97,685.43
2028 $ 66,244.72 $ 66,817.37 $ 85,261.84 $ 95,874.64 $ 99,680.76 $ 103,575.97 $ 107,022.93 $ 107,142.88
2029 $ 67,461.94 $ 68,045.11 $ 86,828.49 $ 97,636.30 $ 101,512.36 $ 105,479.13 $ 108,989.43 $ 109,111.59
2030 $ 68,709.66 $ 69,303.62 $ 88,434.40 $ 99,442.10 $ 103,389.85 $ 107,429.99 $ 111,005.21 $ 111,129.63
2031 $ 69,972.63 $ 70,577.51 $ 90,059.94 $ 101,269.97 $ 105,290.28 $ 109,404.68 $ 113,045.63 $ 113,172.33
2032 $ 118,767.54 $ 119,794.24 $ 152,862.60 $ 171,889.87 $ 178,713.72 $ 171,412.86 $ 164,466.17 $ 164,650.51
2033 $ 120,955.07 $ 122,000.68 $ 155,678.11 $ 175,055.83 $ 182,005.37 $ 174,570.04 $ 167,495.40 $ 167,683.13
2034 $ 123,183.12 $ 124,247.98 $ 158,545.77 $ 178,280.44 $ 185,357.98 $ 177,785.70 $ 170,580.74 $ 170,771.93
2035 $ 125,459.32 $ 126,543.86 $ 161,475.41 $ 181,574.74 $ 188,783.07 $ 181,070.86 $ 173,732.77 $ 173,927.49
2036 $ 127,766.84 $ 128,871.33 $ 164,445.36 $ 184,914.36 $ 192,255.27 $ 184,401.22 $ 176,928.16 $ 177,126.46
2037 $ 130,121.45 $ 131,246.29 $ 167,475.92 $ 188,322.14 $ 195,798.34 $ 187,799.54 $ 180,188.76 $ 180,390.71
2038 $ 132,514.49 $ 133,660.02 $ 170,555.94 $ 191,785.55 $ 199,399.24 $ 191,253.34 $ 183,502.59 $ 183,708.26
2039 $ 134,961.57 $ 136,128.25 $ 173,705.51 $ 195,327.15 $ 203,081.43 $ 194,785.11 $ 186,891.23 $ 187,100.70
2040 $ 137,445.98 $ 138,634.14 $ 176,903.13 $ 198,922.79 $ 206,819.81 $ 198,370.76 $ 190,331.57 $ 190,544.90
2041 $ 139,975.22 $ 141,185.24 $ 180,158.45 $ 202,583.31 $ 210,625.66 $ 202,021.13 $ 193,834.01 $ 194,051.26
2042 $ 142,556.69 $ 143,789.03 $ 183,480.99 $ 206,319.42 $ 214,510.08 $ 205,746.87 $ 197,408.76 $ 197,630.01
2043 $ 145,181.81 $ 146,436.84 $ 186,859.71 $ 210,118.70 $ 218,460.19 $ 209,535.61 $ 201,043.95 $ 201,269.28
2044 $ 147,857.91 $ 149,136.08 $ 190,304.06 $ 213,991.77 $ 222,487.02 $ 213,397.93 $ 204,749.75 $ 204,979.24
2045 $ 147,266.48 $ 148,614.10 $ 189,637.99 $ 213,242.80 $ 221,708.32 $ 212,651.04 $ 204,033.13 $ 204,261.81
Other Operating Costs (000 USD)
Insurance Rate Values Premium

Property Damage 0.22% 54,616 120
Business Interruption (18 months) 0.34%
Contingent Business Interruption (12 months) 0.18%
11,000 Kwh used annually per household AZ

6,300 Kwh used per household this project (Time/Occupancy Load variable)
917 Kwh per/Month - AZ

525 Kwh per/Month - This Project
1,000,000 Kwh per/MW

18.0 MW this project
18,000,000 Kwh
2857
2888 Homes/Units
18,194,400
SEP OCT NOV DEC Total MWh OFF peak ON peak

1144.35 1033.54 919.93 848.22 12,938.20 1.1100 0.11000
1140.34 1029.92 916.71 845.25 12,892.92 1.1344 0.11344
1136.35 1026.31 913.50 842.29 12,847.80 1.1594 0.11594
1132.38 1022.72 910.30 839.34 12,802.83 1.1849 0.11849
1128.41 1019.14 907.12 836.41 12,758.02 1.2110 0.12110
1124.46 1015.58 903.94 833.48 12,713.37 1.2376 0.12376
1120.53 1012.02 900.78 830.56 12,668.87 1.2648 0.12648
1116.61 1008.48 897.62 827.65 12,624.53 1.2926 0.12926
1112.70 1004.95 894.48 824.76 12,580.34 1.3211 0.13211
1108.80 1001.43 891.35 821.87 12,536.31 1.3501 0.13501
1104.92 997.93 888.23 818.99 12,492.43 1.3799 0.13799
1101.06 994.43 885.12 816.13 12,448.71 1.4102 0.14102
1097.20 990.95 882.03 813.27 12,405.14 1.4412 0.14412
1093.36 987.49 878.94 810.42 12,361.72 1.4729 0.14729
1089.53 984.03 875.86 807.59 12,318.46 1.5053 0.15053
1085.72 980.59 872.80 804.76 12,275.34 1.5385 0.15385
1081.92 977.15 869.74 801.94 12,232.38 1.5723 0.15723
1078.13 973.73 866.70 799.14 12,189.56 1.6069 0.16069
1074.36 970.33 863.66 796.34 12,146.90 1.6422 0.16422
1070.60 966.93 860.64 793.55 12,104.39 1.6784 0.16784
1066.85 963.55 857.63 790.78 12,062.02 1.7153 0.17153
1063.12 960.17 854.63 788.01 12,019.80 1.7530 0.1753
1059.40 956.81 851.64 785.25 11,977.73 1.7916 0.17916
1055.69 953.46 848.66 782.50 11,935.81 1.8310 0.18310
1052.00 950.13 845.69 779.76 11,894.04 1.8713 0.18713
1048.31 946.80 842.73 777.03 11,852.01 1.8713 0.18713
SEP OCT NOV DEC TOTALS

$ 37,763.55 $ 28,680.65 $ 20,422.39 $ 23,538.05 $ 239,629.91
$ 42,042.23 $ 40,891.93 $ 31,197.40 $ 33,559.78 $ 297,860.90
$ 46,112.09 $ 41,646.83 $ 37,068.89 $ 34,179.32 $ 340,807.84
$ 53,670.11 $ 48,472.97 $ 43,144.68 $ 39,781.49 $ 460,257.28
$ 68,325.41 $ 55,538.21 $ 49,433.29 $ 45,579.90 $ 547,391.51
$ 76,539.99 $ 62,843.86 $ 55,935.88 $ 51,575.60 $ 620,393.43
$ 85,034.62 $ 64,000.26 $ 56,965.16 $ 52,524.65 $ 682,024.48
$ 93,816.13 $ 71,695.85 $ 63,814.83 $ 58,840.38 $ 759,849.52
$ 102,898.97 $ 79,658.37 $ 70,902.09 $ 65,375.17 $ 840,364.58
$ 104,789.70 $ 81,122.05 $ 72,204.88 $ 66,576.41 $ 855,805.92
$ 106,727.80 $ 82,622.42 $ 73,540.32 $ 67,807.76 $ 871,634.21
$ 108,689.59 $ 84,141.13 $ 74,892.09 $ 69,054.15 $ 887,655.94
$ 158,128.72 $ 142,816.35 $ 127,117.56 $ 117,208.57 $ 1,787,828.70
$ 161,041.23 $ 145,446.82 $ 129,458.88 $ 119,367.39 $ 1,820,757.96
$ 164,007.68 $ 148,126.01 $ 131,843.57 $ 121,566.19 $ 1,854,297.10
$ 167,038.25 $ 150,863.12 $ 134,279.80 $ 123,812.51 $ 1,888,561.19
$ 170,110.51 $ 153,637.88 $ 136,749.55 $ 126,089.74 $ 1,923,296.66
$ 173,245.47 $ 156,469.26 $ 139,269.70 $ 128,413.44 $ 1,958,741.01
$ 176,431.60 $ 159,346.87 $ 141,831.00 $ 130,775.08 $ 1,994,763.98
$ 179,689.67 $ 162,289.44 $ 144,450.11 $ 133,190.03 $ 2,031,600.18
$ 182,997.44 $ 165,276.91 $ 147,109.19 $ 135,641.83 $ 2,068,998.44
$ 186,364.91 $ 168,318.29 $ 149,816.25 $ 138,137.87 $ 2,107,071.60
$ 189,801.92 $ 171,422.47 $ 152,579.21 $ 140,685.46 $ 2,145,930.91
$ 193,297.03 $ 174,579.14 $ 155,388.89 $ 143,276.12 $ 2,185,447.25
$ 196,860.04 $ 177,797.12 $ 158,253.14 $ 145,917.09 $ 2,225,731.16
$ 196,171.03 $ 177,174.83 $ 157,699.26 $ 145,406.39 $ 2,217,867.17
$ 35,614,568.82
GOLF COURSE
GOLF COURSE CONSTRUCTION COSTS GOLF COURSE REVENUE
ITEM/DESCRIPTION SUB-TOTALS Construction Units Membership Membership Sale

Year Deliveries Online Sales Revenue
A Mobilization $ 25,000
B Surveying and Staking $ 70,000 2015 0
C Clearing and Grubbing $ 373,000 2016 0
D Erosion/Dust Control $ 142,500 2017 0
E Earthmoving $ 719,250 2018 0
F Topsoil / Sand $ 273,000 2019 0
2020 0 0 0 $ -
2021 0 0 0 $ -
G Lake Construction $ 271,932 2022 57 57 9 $ 128,520
H Major Drainage - On/Off Site $ 174,500 2023 71 129 11 $ 160,650
I Rough Grading $ 509,652 2024 100 228 15 $ 299,880
J Golf Course Drainage $ 184,575 2025 129 357 19 $ 385,560
K Bridges $ 110,400 2026 114 471 17 $ 514,080
L Greens and Tees Construction $ 718,350 2027 100 571 15 $ 449,820
M Bunker Construction $ 221,550 2028 86 657 13 $ 514,080
N Irrigation (Trenching & Pipe) $ 318,750 2029 57 714 9 $ 385,560
2026 0 714 0 $ -
Total $ 4,112,458.51
1 Valves / Field Control / Controllers $ 84,436.00

2 Irrigation Hardware / Electrical $ 252,486.50
Total $ 336,922.50
O Cart Paths $ 264,530.00
P Landscaping $ 272,500.00
Q Finish Grade $ 157,000.00
R Seedbed Preparation $ 780,185.00
Total $ 1,474,215.00
S Grassing $ 3,047,945.00
T Specialty Construction $ 315,000.00
U Clubhouse $ 2,000,000.00
V Workshop / Storage Facilities $ 750,000.00
X Gof Carts $ 500,000.00
Y Design / Architect
Total $ 6,612,945.00
TOTAL $ 12,536,541.01
$ 12,536,541.01
Total Total
Membership Annual Paid Revenue Total
Fees/Dues Rounds Round Revenue
$ - 0 $ - $ -
$ - 730 $ 32,850 $ 32,850
$ 2,999 1095 $ 54,750 $ 186,269
$ 7,711 1314 $ 72,270 $ 240,631
$ 15,422 1460 $ 80,300 $ 395,602
$ 26,775 1606 $ 88,330 $ 500,665
$ 35,343 1752 $ 96,360 $ 645,783
$ 42,840 1898 $ 123,370 $ 616,030
$ 49,266 2044 $ 132,860 $ 696,206
$ 53,550 2190 $ 142,350 $ 581,460
$ 53,550 2336 $ 151,840 $ 205,390
MARINA
MARINA DEVELOPMENT COSTS (Inland) MARINA REVENUE
Wave Attenuator $ 1,275,000

Main Piers & Walkways $ 2,450,000 $1.05 initial base rate
Finger Piers $ 1,250,000
Gangways $ 560,000 15% $0.16
Utilities $ 170,000 3.0% $0.03
26% $0.27
Marina Promenade $ 1,150,000
Security Fencing $ 77,000
Site Clearing & Grading $ 115,000
Site Dock Utilities & Fuel Tanks $ 1,053,303
Parking $ 356,000
Berth
Marina Services Building $ 750,000 Dock Length
Landscaping & Irrigation $ 56,500 A 40
Signage $ 30,000 B 40
Site Surveying & Engineering $ 122,000 C 50
Architectural & Engineering Fees $ 367,000 D 50
Project Management Fees $ 554,322 E 50
F 60
Entrance Channel $ 955,000 G 60
Turning Basin $ 2,250,000 H 70
Main Access Channel $ 1,256,000 I 70
North Breakwater $ 850,000 J 80
South Breakwater $ 745,000 K 80
Wave Absorber $ 475,000 L 90
Circulation Channels $ 458,000 M 90
Navigation Aids $ 248,000 N 100
Rock Work $ 652,000 O 100
Island Work $ 1,654,000 P 110
Q 110
Total Costs $ 19,879,125 R 130
S 150
T 150
U 170
V 170
W 190
X 210
Y 230
Z 250
ENUE
al base rate
adjustment for extra-wide

progressive rate increment for berthing
progressive rate increment for unmetered power
Rate adjst Rate Adj Total Lgth of

Base Tot. Slips of Unmetered Extra for for Monthly Rev. berths of
Rate for this Lgth on power? wide? Unmetere Extra @ 100% this size on
this Lgth this dock (1=yes) (1=yes) d power Wide occupancy this dock
$1.05 8 4 2 $0.27 $0.16 $1,569.12 320 $196.14
$1.05 10 5 4 $0.27 $0.16 $1,999.20 400 $199.92
$1.07 10 5 4 $0.27 $0.16 $2,531.82 500 $253.18
$1.09 10 5 4 $0.27 $0.16 $2,576.70 500 $257.67
$1.09 10 5 4 $0.27 $0.16 $2,576.70 500 $257.67
$1.13 8 4 2 $0.27 $0.16 $2,514.96 480 $314.37
$1.13 10 5 4 $0.27 $0.16 $3,200.40 600 $320.04
$1.20 8 4 4 $0.27 $0.16 $3,163.44 560 $395.43
$1.20 8 4 4 $0.27 $0.16 $3,163.44 560 $395.43
$1.26 6 3 3 $0.27 $0.16 $2,832.48 480 $472.08
$1.26 8 4 4 $0.27 $0.16 $3,776.64 640 $472.08
$1.31 6 3 3 $0.27 $0.16 $3,299.94 540 $549.99
$1.31 8 4 4 $0.27 $0.16 $4,399.92 720 $549.99
$1.34 6 3 3 $0.27 $0.16 $3,742.20 600 $623.70
$1.34 6 3 3 $0.27 $0.16 $3,742.20 600 $623.70
$1.37 4 2 2 $0.27 $0.16 $2,781.24 440 $695.31
$1.37 4 2 2 $0.27 $0.16 $2,781.24 440 $695.31
$1.42 6 3 3 $0.27 $0.16 $5,094.18 780 $849.03
$1.47 2 1 2 $0.27 $0.16 $2,116.80 300 $1,058.40
$1.47 4 2 2 $0.27 $0.16 $4,044.60 600 $1,011.15
$1.58 2 1 2 $0.27 $0.16 $2,541.84 340 $1,270.92
$1.58 4 2 3 $0.27 $0.16 $4,976.58 680 $1,244.15
$1.68 4 2 3 $0.27 $0.16 $5,881.26 760 $1,470.32
$1.79 2 1 2 $0.27 $0.16 $3,492.72 420 $1,746.36
$1.89 2 1 2 $0.27 $0.16 $4,018.56 460 $2,126.22
$1.94 2 1 2 $0.27 $0.16 $4,473.00 500 $2,236.50
158 total number of berths $87,291 13720
13,720 total feet of berths $1,047,494 total annual

EQUESTRIAN FACILITY
Costs
Improvements & Facilities
Fencing $ 200,000
Facilities / Stables $ 850,000
Water System $ 184,000
Horses (10) $ 50,000
Saddles / Equipment (10) $ 55,000
Equipment
Pick-up Trucks (2) $ 50,000
Horse Trailers (2) $ 17,000
Manure Handling Equipment $ 50,000
Total $ 1,456,000
FEED & BEDDING REQUIREMENTS
LBS per day Total tons

Days on Feed per head Fed $/Ton
Commercial Feed 365 3 0.5 $ 265
Grass Hay 365 17 2.81 $ 165
Total
OPERATING EXPENSES
Costs
Commercial Feed $ 1,451
Grass Hay $ 5,119
Salt & mineral $ 280
Bedding $1.00/stall/day $ 3,650
Hired labor (2) 2,000 hours @ $11.50 $ 46,000
Utilities $ 6,600
Equipment operating costs $ 3,900
Facilities repairs $ 3,450
Insurance $ 5,750
Operator labor (1) 2,000 hours @ $15.00 $ 30,000
Veterinary Care $ 15,000
Total $ 121,200
REVENUE
Full Board ( $100 Monthly Rate) $ 6,000
Private Lesson @ $120 $ 28,800

Group Lessons @ $75 $ 21,600
Basic Lesson @ $60 $ 17,280
Trail Rides @ $85 $ 30,600
Specialty Rides @ $ 175 $ 63,000
Total $ 167,280
Cost per No. of
Head Heads Total Cost
$ 145.09 10 $ 1,450.88
$ 511.91 10 $ 5,119.13
$ 6,570.00

Proforma - Financials 2018

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IMBURSA

Loan Amount $15,000,000 $15,000,000 $15,000,000

Tiaga $11,925,000 $12,225,000 $12,375,000

Murray $5,500,000 $5,500,000 $5,500,000

Orange $94,000 $94,000 $94,000

Total $7,480,000 $7,980,000 $8,080,000

Reserve Funds $4,445,000 $4,245,000 $4,295,000

Tiaga $345,000 $145,000 $195,000

Ofc Tucson Ofc Hermo Ofc SC

$2,800 $6,200 $1,000

Appraisal 2017 - Value $49,700,000 $49,700,000

FINANCING - Loan / Value 50.0% 50.0%

Murray $5,500,000 $5,500,000

Tiaga $6,881,950 $6,881,950

8% $ 17,000,000 $ 10,000,000 $ 8,000,000

$ 1,360,000 $ 800,000 $ 640,000

Murray $5,500,000 $5,500,000 $5,500,000

$ 11,266,050 $ 7,586,500 $7,586,500

$ 16,266,050 $ 9,986,500 $7,586,500

$ 733,950 13,500 $ 413,500

Resort Build Cost $ 106,376,352

NET OPERATING INCOME $ 669,189

TOTAL FINANCING $ 80,000,000

Total SFR 714

Total Units 1778

SFR PODs 221

PROJECT / SITE ACREAGE BREAKDOWN

Acreage Distribution Total Acres Open Space Developable Acs

Preserved/Untouched - Open Space 4910 3467 1443

POD A - Village 1 (Bahia) 58

POD E - Village 1 (Bahia) 58

Total SFR PADs 221

Total Buildable Acreage 1443

Estate Lots - Coastal 3.00 N/A 28 84

Lrg Lot A 0.65 11 68 44

Mid Lot A 0.35 9 108 38

Sml Lot A 0.25 7 118 30

POD A - Village 1 (Bahia) 58 58 128 58

POD E - Village 1 (Bahia) 58 58 148 58

AVG TOTALS 147 1778 729

LOT SALE REVENUE - RESIDENTIAL

Unit / POD Type Acres # of Lots Lot/Acre Price Total Sales

Estate Lots - Coastal 3.00 28 $ 2,295,000 $ 64,260,000

Lrg Lot A 0.65 68 $ 544,500 $ 37,026,000

Mid Lot A 0.35 108 $ 184,800 $ 19,958,400

Sml Lot A 0.25 118 $ 106,480 $ 12,564,640

POD A - Village 1 (Bahia) 58 128 $ 115,000 $ 6,634,616

POD E - Village 1 (Bahia) 58 148 $ 115,000 $ 6,634,616

Totals 1778 $ 262,704,747

Estate Lots - Coastal 8500 $320.00 $900 $7,650,000

Lrg Lot A 5500 $190.00 $450 $2,475,000

Mid Lot A 3000 $130.00 $280 $840,000

Sml Lot A 2200 $100.00 $220 $484,000

GROSS LOT SALES & BUILD REVENUE

Estate Lots - Coastal $ 64,260,000

Lrg Lot A $ 37,026,000

Mid Lot A $ 19,958,400

Sml Lot A $ 12,564,640

POD A - Village 1 (Bahia) $ 6,634,616

POD E - Village 1 (Bahia) $ 6,634,616

Gross Revenue Lots/Land $ 262,704,747

Total Feature Revenue $ 117,730,097

Total Gross Revenue - Land $ 380,434,844

$580.00 $4,930,000 $138,040,000