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Kathy Hahn <br />From: Nick Surak <nsurak @englewoodgroup.com> <br />Sent: Tuesday, October 08, 2013 4:37 PM <br />To: Kathy Hahn <br />Cc: 'Karen Ainsley' <br />Subject: Ford Building Tax Abatement <br />Kathy, I wanted to let you know that we have altered the project's size and will now just be redeveloping the Ford <br />Building site rather than the vacant land as well. Accordingly, I wanted to get you revised project costs and estimates of <br />assessed value for the tax abatement process. <br />This will now be a 42 unit project, with a total cost of $8.2M ($6.4M in hard costs). <br />Based on a revised NOI with an 8% capitalization rate, we estimate the assessed value of the site will be $762,363, and <br />applying the 2% cap on residential property the tax bill will be $15,247 annually. <br />Please call me with any questions.. <br />Thanks! <br />Nick <br />` "PLEAS1? NOTE, MY NE AV E MAIL ADDRESS: nsurakC�cnklcwood,roun.com "" <br />Nick Surak <br />Fnglcwood Dc%clopmcn( Comp:mN <br />860 F'. 86111 Street, Suitc ,5 <br />P.O. Box 10.518 <br />Indianapolis, Indiana 16210 <br />(31 7) 81,4 -5111 <br />G 3 17) 8 16 -1.55 2 F, \ X <br />nna��.cnrlcwoodarouu.com <br />