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					Summary of Pro Forma Scenarios
8/29/11 D Jacobson
                                                15 Year        12 Year        9 Year

              Studio - Flat in Mixed Use Bldg     $185,000      $212,750       $212,750
              One Bedroom - Condo                 $220,000      $253,000       $253,000
              Two Bedroom - Condo                 $240,000      $276,000       $276,000
              Two Bedroom Two Bath - Condo        $280,000      $322,000       $322,000
              Three Bedroom -Condo                $400,000      $460,000       $460,000
              Four Bedroom - Condo                $440,000      $506,000       $506,000
              Six Bedroom - Townhouse             $510,000      $586,500       $586,500

              Quarterly Absorption Rate                   26             40            58

              Pretax Income                          5.6%          20.2%          20.8%
              Equity ROI                            10.5%          31.2%          38.4%
Summary

Absorption time table
                                per week         per month      sales per quarter    sales per year      project
very slow 15 years                2.00               9                 26                 104             1,024
slow 32 sales/qtr                 2.46               11                32                 128             1,024
slow 12 years                     3.08               13                40                 160             1,024
moderate 51 sales/qtr             3.92               17                51                 204             1,024
fast 9 years                      4.46               19                58                 232             1,024


Rates of Return              Pretax margin Equity Return on Investment
very slow 15 years                     5.6%          10.5%
slow 32 sales/qtr                     11.4%          19.1%
slow 12 years                         21.8%          31.2%
moderate 51 sales/qtr                 12.4%          27.9%
fast 9 years                          20.8%          38.4%


                                               One Bedroom -    Two Bedroom 1                         Three Bedroom
prices          Unit          Studio - Condo      Condo              Bath           Two Bdrm 2 Bath    - Townhouse
                        sf         411             530                795                 855             1,511
very slow 15 years                  $185,000        $220,000           $240,000            $280,000        $400,000
slow 32 sales/qtr                  $170,000         $225,000           $285,000           $290,000        $355,000
slow 12 years                       $185,000         $220,000           $240,000           $280,000        $400,000
moderate 51 sales/qtr              $170,000         $225,000           $285,000           $290,000        $355,000
fast 9 years                        $185,000         $220,000           $240,000           $280,000        $400,000




Major inputs                 9 years         moderate         12 years         slow             15 years
                             58 sales/qtr    51 sales per qtr 40 sales per qtr 32 sales per qtr 26 sales/qtr
Land Acquisition                $28,526,659     $22,235,909       $28,526,659     $22,235,909 $28,526,659
Site Improvements               $28,226,302     $25,795,612       $28,226,302     $25,795,612 $28,226,302
Project Level Fees                $1,121,140      $1,139,465        $1,121,140      $1,139,465     $1,121,140
Project Consultants               $4,198,100      $4,198,100        $4,198,100      $4,198,100     $4,198,100
Residential
Construction incl
options                        $127,875,651     $131,117,256      $127,875,651       $131,117,256 $127,875,651
Green Energy                    $31,614,558      $32,918,023       $31,614,558        $32,918,023 $31,614,558
Community Center,
Store, Café, Village
bus                              $7,408,429      $4,881,163         $7,408,429         $4,881,163   $7,408,429
Building Fees                   $30,783,098     $35,735,979        $30,783,098        $35,735,979 $30,783,098
Building Consultants             $1,375,918      $1,350,015         $1,375,918         $1,350,015   $1,375,918
Selling expenses                $12,793,306     $11,506,940        $12,993,306        $11,806,940 $11,717,290
Other                            $9,551,290      $8,629,361         $4,308,536         $9,562,739 $10,530,194
                               $283,474,452    $279,507,821       $278,431,697       $280,741,200 $283,377,340
loan interest (cash flow)     $9,509,366     $6,950,144      $10,665,829       $8,813,250 $20,573,792
                            $292,983,818   $286,457,966     $289,097,526     $289,554,450 $303,951,132

Selling expenses: Model expenses, sales commissions, broker coop fees, advertising, sellers closing costs, warranty reserve, in
Other: property taxes, warranty reserve, insurance, developer overhead
"Sales incentives" are deducted from revenue and not considered a cost.
 prep years     selling years project years
           4         9.85            14.75
        3.25         8.00            12.25
           4         6.40            11.25
        3.25         5.02              9.25
           4         4.41              9.25




                  Five
Four Bedroom - Bedroom -
 Townhouse     Townhouse
    1,715          2,131
     $440,000      $510,000
    $445,000      $560,000
    $440,000       $510,000
    $445,000      $560,000
    $440,000       $510,000
sing costs, warranty reserve, insurance
Values imported from 12 year pro forma of 8/29/2011 and rearranged

  Land Development Costs
         Land Acquisition                        $28,526,659
         Site Improvements                       $28,226,302
         Project Level Government Fees            $1,121,140
         Project Level Consultants                $4,198,100
            Subtotal: Land Development Costs                          $62,072,202

  Building Costs
           Direct Costs - Residential-Base      $126,372,651
           Direct Costs - Green Energy           $31,614,558
           Direct Costs - Residential-Options     $1,503,000
              Direct Costs - Café, Store          $4,758,429
              Direct Costs - Community Center
           Building Permit Fees                  $30,783,098
           Building Consultants                   $1,375,918
              Subtotal: Building Costs                               $196,407,653
           Village Bus                            $2,650,000           $2,650,000
  Selling Expenses
           Model Expenses                          $870,000
           Sales Commissions                      $6,656,235
           Broker Coop Fees                       $3,697,908
           Advertising                             $290,000
           Sellers Closing Costs                  $1,479,163
              Subtotal: Selling Expenses                              $12,993,306

  Other Expenses
          Property Taxes & Assessments            $2,279,620
          Insurance                               $2,588,536
          Developer Administration/Overhead       $1,720,000
          Warranty Reserve                        $3,697,908
            Subtotal: Other                                            $4,308,536
          Subtotal: Hard Costs                                       $278,431,697

          Loan Interest                          $10,665,829          $10,665,829

            NET COSTS                                                $289,097,526
Values imported from 9 year pro forma of 8/29/2011 and rearranged

          Land Acquisition                       $28,526,659
          Site Improvements                      $28,226,302
          Project Level Government Fees           $1,121,140
          Project Level Consultant Fees           $4,198,100
                                                                     $62,072,202
  Building Costs
           Direct Costs - Residential-Base      $126,372,651
           Direct Costs - Green Energy           $31,614,558
           Direct Costs - Residential-Options     $1,503,000
           Direct Costs - Commercial/Other        $4,758,429
           Building Permit Fees                  $30,783,098
           Building Consultant Fees               $1,375,918
              Subtotal: Building Costs                              $196,407,653
           Village Bus                            $2,650,000          $2,650,000
  Selling Expenses
           Model Expenses                          $750,000
           Sales Commissions                      $6,656,235
           Broker Coop Fees                       $3,697,908
           Advertising                             $210,000
           Sellers Closing Costs                  $1,479,163
              Subtotal: Selling Expenses                             $12,793,306

  Other Expenses
          Property Taxes & Assessments            $1,864,846
          Insurance                               $2,588,536
          Developer Administration/Overhead       $1,400,000
          Warranty Reserve                        $3,697,908
            Subtotal: Other                                           $9,551,290
                                                                    $283,474,452

          Loan Interest                           $9,509,366          $9,509,366
            NET COSTS                                               $292,983,818

				
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