Cash Flow for T-Hangars
Inputs  
# of T-Hangars              20 note: derived rate by taking 30 year muni bond at bloombeg and adding .4%- Ed said in 2003 AMT sold at 30 basis points above muni, assume this one might be a little higher
Project Costs $1,348,075 also, on Ed's recommendation I moved to AA instead of AAA
Issuance Fees $75,000
Bond Costs $1,423,075 Interest Rate Source:
(see "costs revenues" tab for details) http://finance.yahoo.com/bonds/composite_bond_rates
Interest Rate 5.11% http://www.bloomberg.com/markets/rates-bonds/government-bonds/us/ ($82,107) ($67,968) ($48,790) ($66,288)
Cost/Revenue Escalation 2.0% assumes taxable bond yield parallel to AAA Corporate notes
Targeted Rental Rate $255 Discount Rates
Additional Costs 7% 6% 5% 7% 7% 6% 6% 5% 5% 7% 6% 5%
Period Year Interest Principal Total Utilities Insurance Maintenance Total Costs Occupancy Rate Base Rental Rate (per Month)* Rent Revenues Other Hangar Revenues Total Revenues Profit (Loss) Net Cash Flow Hangar A Revenues Share for Maintenance Bond Payments Expenses New Hangars Hangar B Revenues Share for Maintenance Bond Payments Expenses New Hangars Discount Factor Costs Revenues Costs Revenues Costs Revenues Net Net Net
1 2011 $72,671 $20,000 $92,671 $2,400 $2,400 $0 $97,471 80% $255.00 $48,960 $17,100 $66,060 ($31,411) ($31,411) $190 $22,800 25% 0% $5,700 $17,100 $210 $50,400 0% 100% $50,400 $0      0.935      0.943      0.952 $91,094 $61,738 $91,954 $62,321 $92,829 $62,914 ($29,356) ($29,633) ($29,915)
2 2012 $72,007 $20,000 $92,007 $2,448 $2,448 $0 $96,903 90% $255.00 $55,080 $17,442 $72,522 ($24,381) ($55,792) $23,256 25% 0% $5,814 $17,442 $51,408 0% 100% $51,408 $0      0.873      0.890      0.907 $84,639 $63,344 $86,243 $64,544 $87,894 $65,780 ($21,295) ($21,699) ($22,114)
3 2013 $71,291 $25,000 $96,291 $2,497 $2,497 $1,000 $102,285 95% $257.55 $58,721 $17,791 $76,512 ($25,773) ($81,565) $23,721 25% 0% $5,930 $17,791 $52,436 0% 100% $52,436 $0      0.816      0.840      0.864 $83,495 $62,457 $85,881 $64,241 $88,358 $66,094 ($21,038) ($21,639) ($22,264)
4 2014 $70,397 $25,000 $95,397 $2,547 $2,547 $1,000 $101,491 95% $260.13 $59,309 $18,147 $77,455 ($24,036) ($105,600) $24,196 25% 0% $6,049 $18,147 $53,485 0% 100% $53,485 $0      0.763      0.792      0.823 $77,427 $59,090 $80,390 $61,352 $83,497 $63,723 ($18,337) ($19,038) ($19,774)
5 2015 $69,439 $25,000 $94,439 $2,598 $2,598 $2,000 $101,635 95% $262.73 $59,902 $18,510 $78,411 ($23,223) ($128,823) $24,679 25% 0% $6,170 $18,510 $54,555 0% 100% $54,555 $0      0.713      0.747      0.784 $72,464 $55,906 $75,947 $58,593 $79,633 $61,437 ($16,558) ($17,354) ($18,196)
6 2016 $68,417 $25,000 $93,417 $2,650 $2,650 $2,000 $100,716 95% $265.35 $60,501 $17,621 $78,122 ($22,595) ($151,418) $25,173 30% 0% $7,552 $17,621 $55,646 0% 100% $55,646 $0      0.666      0.705      0.746 $67,112 $52,056 $71,001 $55,073 $75,156 $58,296 ($15,056) ($15,928) ($16,860)
7 2017 $67,395 $30,000 $97,395 $2,703 $2,703 $3,000 $105,800 95% $268.01 $61,106 $17,974 $79,079 ($26,721) ($178,139) $25,677 30% 0% $7,703 $17,974 $56,759 0% 100% $56,759 $0      0.623      0.665      0.711 $65,887 $49,247 $70,363 $52,592 $75,190 $56,200 ($16,641) ($17,771) ($18,990)
8 2018 $66,092 $30,000 $96,092 $2,757 $2,757 $3,000 $104,606 95% $270.69 $61,717 $18,333 $80,050 ($24,556) ($202,695) $26,190 30% 0% $7,857 $18,333 $57,894 0% 100% $57,894 $0      0.582      0.627      0.677 $60,881 $46,590 $65,631 $50,224 $70,801 $54,181 ($14,292) ($15,407) ($16,620)
9 2019 $64,789 $30,000 $94,789 $2,812 $2,812 $4,000 $104,413 95% $273.39 $62,334 $18,700 $81,034 ($23,379) ($226,074) $26,714 30% 0% $8,014 $18,700 $59,052 0% 100% $59,052 $0      0.544      0.592      0.645 $56,794 $44,077 $61,802 $47,964 $67,305 $52,235 ($12,717) ($13,838) ($15,070)
10 2020 $63,486 $35,000 $98,486 $2,868 $2,868 $4,000 $108,222 95% $276.13 $62,957 $19,074 $82,031 ($26,191) ($252,265) $27,248 30% 0% $8,174 $19,074 $60,233 0% 100% $60,233 $0      0.508      0.558      0.614 $55,015 $41,700 $60,431 $45,806 $66,439 $50,360 ($13,314) ($14,625) ($16,079)
11 2021 $61,966 $35,000 $96,966 $2,926 $2,926 $5,000 $107,817 95% $278.89 $63,587 $18,065 $81,652 ($26,164) ($278,430) $27,793 35% 0% $9,728 $18,065 $61,437 0% 100% $61,437 $0      0.475      0.527      0.585 $51,223 $38,792 $56,796 $43,013 $63,038 $47,740 ($12,430) ($13,783) ($15,298)
12 2022 $60,356 $35,000 $95,356 $2,984 $2,984 $5,000 $106,324 95% $281.68 $64,223 $18,427 $82,650 ($23,675) ($302,104) $28,349 35% 0% $9,922 $18,427 $62,666 0% 100% $62,666 $0      0.444      0.497      0.557 $47,209 $36,697 $52,840 $41,074 $59,205 $46,022 ($10,512) ($11,766) ($13,183)
13 2023 $58,746 $40,000 $98,746 $3,044 $3,044 $6,000 $110,834 95% $284.50 $64,865 $66,735 $131,600 $20,766 ($281,338) $28,916 35% 0% $10,121 $18,795 $63,919 25% 0% $15,980 $47,940      0.415      0.469      0.530 $45,992 $54,609 $51,963 $61,699 $58,778 $69,790 $8,617 $9,736 $11,013
14 2024 $56,907 $40,000 $96,907 $3,105 $3,105 $6,000 $109,116 95% $287.34 $65,514 $68,070 $133,583 $24,467 ($256,871) $29,494 35% 0% $10,323 $19,171 $65,198 25% 0% $16,299 $48,898      0.388      0.442      0.505 $42,317 $51,806 $48,262 $59,084 $55,111 $67,469 $9,489 $10,822 $12,358
15 2025 $54,965 $40,000 $94,965 $3,167 $3,167 $7,000 $108,298 95% $290.21 $66,169 $69,431 $135,600 $27,301 ($229,569) $30,084 35% 0% $10,529 $19,555 $66,502 25% 0% $16,625 $49,876      0.362      0.417      0.481 $39,252 $49,148 $45,189 $56,581 $52,093 $65,226 $9,895 $11,392 $13,132
16 2026 $53,023 $45,000 $98,023 $3,230 $3,230 $7,000 $111,483 95% $293.12 $66,830 $69,285 $136,116 $24,633 ($204,937) $30,686 40% 0% $12,274 $18,411 $67,832 25% 0% $16,958 $50,874      0.339      0.394      0.458 $37,763 $46,107 $43,885 $53,581 $51,072 $62,356 $8,344 $9,697 $11,284
17 2027 $50,838 $45,000 $95,838 $3,295 $3,295 $8,000 $110,428 95% $296.05 $67,499 $70,671 $138,170 $27,742 ($177,195) $31,300 40% 0% $12,520 $18,780 $69,188 25% 0% $17,297 $51,891      0.317      0.371      0.436 $34,959 $43,741 $41,009 $51,311 $48,179 $60,283 $8,782 $10,302 $12,104
18 2028 $48,539 $50,000 $98,539 $3,361 $3,361 $8,000 $113,260 95% $299.01 $68,174 $68,556 $136,730 $23,469 ($153,726) $31,926 40% 0% $12,770 $19,155 $70,572 30% 0% $21,172 $49,401      0.296      0.350      0.416 $33,510 $40,453 $39,680 $47,902 $47,062 $56,814 $6,944 $8,222 $9,752
19 2029 $45,984 $50,000 $95,984 $3,428 $3,428 $9,000 $111,840 95% $302.00 $68,855 $69,927 $138,782 $26,943 ($126,783) $32,564 40% 0% $13,026 $19,538 $71,984 30% 0% $21,595 $50,389      0.277      0.331      0.396 $30,925 $38,374 $36,964 $45,869 $44,259 $54,921 $7,450 $8,905 $10,662
20 2030 $43,301 $55,000 $98,301 $3,496 $3,496 $9,000 $114,294 95% $305.02 $69,544 $71,325 $140,869 $26,576 ($100,207) $33,215 40% 0% $13,286 $19,929 $73,423 30% 0% $22,027 $51,396      0.258      0.312      0.377 $29,536 $36,403 $35,637 $43,924 $43,076 $53,092 $6,868 $8,286 $10,016
21 2031 $40,350 $55,000 $95,350 $3,566 $3,566 $10,000 $112,483 95% $308.07 $70,239 $71,058 $141,297 $28,815 ($71,393) $33,880 45% 0% $15,246 $18,634 $74,892 30% 0% $22,468 $52,424      0.242      0.294      0.359 $27,166 $34,125 $33,087 $41,563 $40,375 $50,718 $6,959 $8,476 $10,343
22 2032 $37,399 $60,000 $97,399 $3,638 $3,638 $10,000 $114,674 95% $311.15 $70,942 $72,479 $143,421 $28,747 ($42,646) $34,557 45% 0% $15,551 $19,006 $76,390 30% 0% $22,917 $53,473      0.226      0.278      0.342 $25,884 $32,372 $31,823 $39,800 $39,201 $49,028 $6,488 $7,977 $9,827
23 2033 $34,180 $65,000 $99,180 $3,710 $3,710 $11,000 $117,601 95% $314.26 $71,651 $70,033 $141,684 $24,084 ($18,562) $35,248 45% 0% $15,862 $19,387 $77,917 35% 0% $27,271 $50,646      0.211      0.262      0.326 $24,807 $29,888 $30,788 $37,093 $38,287 $46,128 $5,080 $6,305 $7,841
24 2034 $30,526 $65,000 $95,526 $3,785 $3,785 $11,000 $114,095 95% $317.40 $72,368 $71,434 $143,801 $29,706 $11,143 $35,953 45% 0% $16,179 $19,774 $79,476 35% 0% $27,817 $51,659      0.197      0.247      0.310 $22,494 $28,350 $28,179 $35,516 $35,377 $44,588 $5,856 $7,337 $9,211
25 2035 $26,873 $70,000 $96,873 $3,860 $3,860 $12,000 $116,593 95% $320.58 $73,091 $72,862 $145,954 $29,361 $40,504 $36,672 45% 0% $16,503 $20,170 $81,065 35% 0% $28,373 $52,692      0.184      0.233      0.295 $21,482 $26,892 $27,166 $34,007 $34,430 $43,101 $5,410 $6,841 $8,670
26 2036 $22,938 $75,000 $97,938 $3,937 $3,937 $12,000 $117,813 95% $323.78 $73,822 $72,449 $146,272 $28,459 $68,963 $37,406 50% 0% $18,703 $18,703 $82,687 35% 0% $28,940 $53,746      0.172      0.220      0.281 $20,287 $25,187 $25,896 $32,152 $33,134 $41,138 $4,900 $6,256 $8,004
27 2037 $18,722 $75,000 $93,722 $4,016 $4,016 $13,000 $114,755 95% $327.02 $74,561 $73,898 $148,459 $33,704 $102,667 $38,154 50% 0% $19,077 $19,077 $84,340 35% 0% $29,519 $54,821      0.161      0.207      0.268 $18,467 $23,892 $23,796 $30,786 $30,737 $39,764 $5,424 $6,989 $9,028
28 2038 $14,506 $80,000 $94,506 $4,097 $4,097 $13,000 $115,699 95% $330.29 $75,306 $71,075 $146,381 $30,682 $133,348 $38,917 50% 0% $19,459 $19,459 $86,027 40% 0% $34,411 $51,616      0.150      0.196      0.255 $17,401 $22,016 $22,634 $28,637 $29,514 $37,341 $4,615 $6,002 $7,827
29 2039 $10,010 $85,000 $95,010 $4,178 $4,178 $14,000 $117,367 95% $333.59 $76,059 $72,496 $148,556 $31,189 $164,537 $39,695 50% 0% $19,848 $19,848 $87,748 40% 0% $35,099 $52,649      0.141      0.185      0.243 $16,497 $20,881 $21,661 $27,417 $28,514 $36,091 $4,384 $5,756 $7,577
30 2040 $5,232 $93,075 $98,307 $4,262 $4,262 $14,000 $120,831 95% $336.93 $76,820 $73,946 $150,766 $29,935 $194,473 $40,489 50% 0% $20,245 $20,245 $89,503 40% 0% $35,801 $53,702      0.131      0.174      0.231 $15,873 $19,806 $21,038 $26,250 $27,958 $34,884 $3,933 $5,212 $6,926
Total $1,461,344 $1,423,075 $2,884,419 $97,363 $97,363 $210,000 $3,289,146 $1,990,706 $1,492,913 $3,483,618 $194,473
Rental Rate assumes a 2 year contract, half of all contracts renew each year
*Does not include utilities or insurance.  Includes maintenance as this is the "additional costs" line that rent is expected to cover.