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 $1,378,075 also, on Ed's recommendation I moved to AA instead of AAA
Issuance Fees $75,000
Bond Costs $1,453,075 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/ ($107,567) ($95,559) ($78,796) ($93,974)
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 $74,089 $20,000 $94,089 $2,400 $2,400 $0 $98,889 80% $255.00 $48,960 $17,100 $66,060 ($32,829) ($32,829) $190 $22,800 25% 0% $5,700 $17,100 $210 $50,400 0% 100% $50,400 $0      0.935      0.943      0.952 $92,420 $61,738 $93,292 $62,321 $94,180 $62,914 ($30,681) ($30,971) ($31,266)
2 2012 $73,425 $25,000 $98,425 $2,448 $2,448 $0 $103,321 90% $255.00 $55,080 $17,442 $72,522 ($30,799) ($63,628) $23,256 25% 0% $5,814 $17,442 $51,408 0% 100% $51,408 $0      0.873      0.890      0.907 $90,244 $63,344 $91,955 $64,544 $93,715 $65,780 ($26,901) ($27,411) ($27,935)
3 2013 $72,530 $25,000 $97,530 $2,497 $2,497 $1,000 $103,524 95% $257.55 $58,721 $17,791 $76,512 ($27,012) ($90,640) $23,721 25% 0% $5,930 $17,791 $52,436 0% 100% $52,436 $0      0.816      0.840      0.864 $84,507 $62,457 $86,921 $64,241 $89,428 $66,094 ($22,050) ($22,680) ($23,334)
4 2014 $71,636 $25,000 $96,636 $2,547 $2,547 $1,000 $102,730 95% $260.13 $59,309 $18,147 $77,455 ($25,275) ($115,915) $24,196 25% 0% $6,049 $18,147 $53,485 0% 100% $53,485 $0      0.763      0.792      0.823 $78,372 $59,090 $81,372 $61,352 $84,516 $63,723 ($19,282) ($20,020) ($20,794)
5 2015 $70,678 $25,000 $95,678 $2,598 $2,598 $2,000 $102,874 95% $262.73 $59,902 $18,510 $78,411 ($24,462) ($140,377) $24,679 25% 0% $6,170 $18,510 $54,555 0% 100% $54,555 $0      0.713      0.747      0.784 $73,348 $55,906 $76,873 $58,593 $80,604 $61,437 ($17,441) ($18,280) ($19,167)
6 2016 $69,656 $30,000 $99,656 $2,650 $2,650 $2,000 $106,956 95% $265.35 $60,501 $17,621 $78,122 ($28,834) ($169,211) $25,173 30% 0% $7,552 $17,621 $55,646 0% 100% $55,646 $0      0.666      0.705      0.746 $71,269 $52,056 $75,400 $55,073 $79,812 $58,296 ($19,213) ($20,327) ($21,516)
7 2017 $68,430 $30,000 $98,430 $2,703 $2,703 $3,000 $106,835 95% $268.01 $61,106 $17,974 $79,079 ($27,756) ($196,967) $25,677 30% 0% $7,703 $17,974 $56,759 0% 100% $56,759 $0      0.623      0.665      0.711 $66,532 $49,247 $71,052 $52,592 $75,926 $56,200 ($17,285) ($18,459) ($19,726)
8 2018 $67,127 $30,000 $97,127 $2,757 $2,757 $3,000 $105,640 95% $270.69 $61,717 $18,333 $80,050 ($25,591) ($222,557) $26,190 30% 0% $7,857 $18,333 $57,894 0% 100% $57,894 $0      0.582      0.627      0.677 $61,484 $46,590 $66,280 $50,224 $71,502 $54,181 ($14,894) ($16,056) ($17,321)
9 2019 $65,824 $30,000 $95,824 $2,812 $2,812 $4,000 $105,448 95% $273.39 $62,334 $18,700 $81,034 ($24,414) ($246,971) $26,714 30% 0% $8,014 $18,700 $59,052 0% 100% $59,052 $0      0.544      0.592      0.645 $57,356 $44,077 $62,414 $47,964 $67,972 $52,235 ($13,280) ($14,451) ($15,737)
10 2020 $64,521 $35,000 $99,521 $2,868 $2,868 $4,000 $109,257 95% $276.13 $62,957 $19,074 $82,031 ($27,226) ($274,197) $27,248 30% 0% $8,174 $19,074 $60,233 0% 100% $60,233 $0      0.508      0.558      0.614 $55,541 $41,700 $61,009 $45,806 $67,074 $50,360 ($13,840) ($15,203) ($16,714)
11 2021 $63,000 $35,000 $98,000 $2,926 $2,926 $5,000 $108,851 95% $278.89 $63,587 $18,065 $81,652 ($27,199) ($301,396) $27,793 35% 0% $9,728 $18,065 $61,437 0% 100% $61,437 $0      0.475      0.527      0.585 $51,715 $38,792 $57,342 $43,013 $63,643 $47,740 ($12,922) ($14,328) ($15,903)
12 2022 $61,391 $35,000 $96,391 $2,984 $2,984 $5,000 $107,359 95% $281.68 $64,223 $18,427 $82,650 ($24,709) ($326,106) $28,349 35% 0% $9,922 $18,427 $62,666 0% 100% $62,666 $0      0.444      0.497      0.557 $47,669 $36,697 $53,354 $41,074 $59,781 $46,022 ($10,971) ($12,280) ($13,759)
13 2023 $59,781 $40,000 $99,781 $3,044 $3,044 $6,000 $111,869 95% $284.50 $64,865 $66,735 $131,600 $19,731 ($306,374) $28,916 35% 0% $10,121 $18,795 $63,919 25% 0% $15,980 $47,940      0.415      0.469      0.530 $46,421 $54,609 $52,448 $61,699 $59,326 $69,790 $8,188 $9,251 $10,464
14 2024 $57,941 $40,000 $97,941 $3,105 $3,105 $6,000 $110,151 95% $287.34 $65,514 $68,070 $133,583 $23,432 ($282,942) $29,494 35% 0% $10,323 $19,171 $65,198 25% 0% $16,299 $48,898      0.388      0.442      0.505 $42,718 $51,806 $48,720 $59,084 $55,634 $67,469 $9,088 $10,364 $11,835
15 2025 $56,000 $45,000 $101,000 $3,167 $3,167 $7,000 $114,333 95% $290.21 $66,169 $69,431 $135,600 $21,267 ($261,675) $30,084 35% 0% $10,529 $19,555 $66,502 25% 0% $16,625 $49,876      0.362      0.417      0.481 $41,440 $49,148 $47,707 $56,581 $54,996 $65,226 $7,708 $8,874 $10,230
16 2026 $53,815 $45,000 $98,815 $3,230 $3,230 $7,000 $112,275 95% $293.12 $66,830 $69,285 $136,116 $23,840 ($237,835) $30,686 40% 0% $12,274 $18,411 $67,832 25% 0% $16,958 $50,874      0.339      0.394      0.458 $38,032 $46,107 $44,197 $53,581 $51,435 $62,356 $8,076 $9,385 $10,922
17 2027 $51,631 $50,000 $101,631 $3,295 $3,295 $8,000 $116,220 95% $296.05 $67,499 $70,671 $138,170 $21,950 ($215,885) $31,300 40% 0% $12,520 $18,780 $69,188 25% 0% $17,297 $51,891      0.317      0.371      0.436 $36,792 $43,741 $43,160 $51,311 $50,706 $60,283 $6,949 $8,151 $9,577
18 2028 $49,076 $50,000 $99,076 $3,361 $3,361 $8,000 $113,797 95% $299.01 $68,174 $68,556 $136,730 $22,933 ($192,952) $31,926 40% 0% $12,770 $19,155 $70,572 30% 0% $21,172 $49,401      0.296      0.350      0.416 $33,668 $40,453 $39,868 $47,902 $47,285 $56,814 $6,785 $8,034 $9,529
19 2029 $46,521 $55,000 $101,521 $3,428 $3,428 $9,000 $117,376 95% $302.00 $68,855 $69,927 $138,782 $21,406 ($171,546) $32,564 40% 0% $13,026 $19,538 $71,984 30% 0% $21,595 $50,389      0.277      0.331      0.396 $32,455 $38,374 $38,794 $45,869 $46,450 $54,921 $5,919 $7,075 $8,471
20 2030 $43,570 $55,000 $98,570 $3,496 $3,496 $9,000 $114,562 95% $305.02 $69,544 $71,325 $140,869 $26,307 ($145,239) $33,215 40% 0% $13,286 $19,929 $73,423 30% 0% $22,027 $51,396      0.258      0.312      0.377 $29,605 $36,403 $35,721 $43,924 $43,177 $53,092 $6,798 $8,203 $9,915
21 2031 $40,618 $60,000 $100,618 $3,566 $3,566 $10,000 $117,751 95% $308.07 $70,239 $71,058 $141,297 $23,546 ($121,692) $33,880 45% 0% $15,246 $18,634 $74,892 30% 0% $22,468 $52,424      0.242      0.294      0.359 $28,438 $34,125 $34,637 $41,563 $42,266 $50,718 $5,687 $6,926 $8,452
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 ($92,945) $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 ($68,862) $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 $70,000 $100,526 $3,785 $3,785 $11,000 $119,095 95% $317.40 $72,368 $71,434 $143,801 $24,706 ($44,156) $35,953 45% 0% $16,179 $19,774 $79,476 35% 0% $27,817 $51,659      0.197      0.247      0.310 $23,479 $28,350 $29,414 $35,516 $36,928 $44,588 $4,871 $6,102 $7,661
25 2035 $26,592 $70,000 $96,592 $3,860 $3,860 $12,000 $116,312 95% $320.58 $73,091 $72,862 $145,954 $29,642 ($14,514) $36,672 45% 0% $16,503 $20,170 $81,065 35% 0% $28,373 $52,692      0.184      0.233      0.295 $21,430 $26,892 $27,101 $34,007 $34,347 $43,101 $5,461 $6,906 $8,753
26 2036 $22,657 $75,000 $97,657 $3,937 $3,937 $12,000 $117,532 95% $323.78 $73,822 $72,449 $146,272 $28,740 $14,225 $37,406 50% 0% $18,703 $18,703 $82,687 35% 0% $28,940 $53,746      0.172      0.220      0.281 $20,238 $25,187 $25,835 $32,152 $33,055 $41,138 $4,949 $6,317 $8,083
27 2037 $18,441 $80,000 $98,441 $4,016 $4,016 $13,000 $119,474 95% $327.02 $74,561 $73,898 $148,459 $28,985 $43,211 $38,154 50% 0% $19,077 $19,077 $84,340 35% 0% $29,519 $54,821      0.161      0.207      0.268 $19,227 $23,892 $24,775 $30,786 $32,001 $39,764 $4,665 $6,011 $7,764
28 2038 $13,944 $80,000 $93,944 $4,097 $4,097 $13,000 $115,137 95% $330.29 $75,306 $71,075 $146,381 $31,244 $74,454 $38,917 50% 0% $19,459 $19,459 $86,027 40% 0% $34,411 $51,616      0.150      0.196      0.255 $17,317 $22,016 $22,524 $28,637 $29,371 $37,341 $4,699 $6,112 $7,970
29 2039 $9,447 $85,000 $94,447 $4,178 $4,178 $14,000 $116,804 95% $333.59 $76,059 $72,496 $148,556 $31,751 $106,205 $39,695 50% 0% $19,848 $19,848 $87,748 40% 0% $35,099 $52,649      0.141      0.185      0.243 $16,418 $20,881 $21,557 $27,417 $28,377 $36,091 $4,463 $5,860 $7,714
30 2040 $4,670 $83,075 $87,745 $4,262 $4,262 $14,000 $110,269 95% $336.93 $76,820 $73,946 $150,766 $40,497 $146,703 $40,489 50% 0% $20,245 $20,245 $89,503 40% 0% $35,801 $53,702      0.131      0.174      0.231 $14,486 $19,806 $19,199 $26,250 $25,514 $34,884 $5,320 $7,051 $9,370
Total $1,479,114 $1,453,075 $2,932,189 $97,363 $97,363 $210,000 $3,336,916 $1,990,706 $1,492,913 $3,483,618 $146,703
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.