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THIF CONCORD GROUP
<br />Appendix 2 : Property Taxes In -Lieu of VLF
<br />New In -
<br />Phasing
<br />Cumulative
<br />Lieu VLF
<br />Year
<br />Year
<br />New Construction
<br />0.0520%
<br />Proforma
<br />2022
<br />0
<br />CY1
<br />2023
<br />$0
<br />$0
<br />CY2
<br />2024
<br />$0
<br />$0
<br />CY3
<br />2025
<br />$0
<br />$0
<br />1
<br />2026
<br />$91,425,207
<br />$47,541
<br />2
<br />2027
<br />$286,194,565
<br />$148,821
<br />3
<br />2028
<br />$291,918,456
<br />$151,798
<br />4
<br />2029
<br />$297,756,825
<br />$154,834
<br />5
<br />2030
<br />$303,71 1,962
<br />$157,930
<br />6
<br />2031
<br />$309,786,201
<br />$161,089
<br />7
<br />2032
<br />$315,981,925
<br />$164,31 1
<br />8
<br />2033
<br />$322,301,564
<br />$167,597
<br />9
<br />2034
<br />$328,747,595
<br />$170,949
<br />10
<br />2035
<br />$335,322,547
<br />$174,368
<br />11
<br />2036
<br />$342,028,998
<br />$177,855
<br />12
<br />2037
<br />$348,869,578
<br />$181,412
<br />13
<br />2038
<br />$355,846,969
<br />$185,040
<br />14
<br />2039
<br />$362,963,909
<br />$188,741
<br />15
<br />2040
<br />$370,223,187
<br />$192,516
<br />16
<br />2041
<br />$377,627,651
<br />$196,366
<br />17
<br />2042
<br />$385,180,204
<br />$200,294
<br />18
<br />2043
<br />$392,883,808
<br />$204,300
<br />19
<br />2044
<br />$400,741,484
<br />$208,386
<br />20
<br />2045
<br />$408,756,314
<br />$212,553
<br />21
<br />2046
<br />$416,931,440
<br />$216,804
<br />22
<br />2047
<br />$425,270,069
<br />$221,140
<br />23
<br />2048
<br />$433,775,470
<br />$225,563
<br />24
<br />2049
<br />$442,450,979
<br />$230,075
<br />25
<br />2050
<br />$451,299,999
<br />$234,676
<br />Grand Total:
<br />$4,574,958
<br />NPV:
<br />4%
<br />$2,410,127
<br />Escalation: 2%
<br />Source: Assessed value from FRH, assumes 4.25% cap rate; Property Tax rates from City of Santa An(
<br />FRH Realty LLC
<br />22179.01 Santa Ana, CA
<br />April 2023
<br />City Council
<br />18 — 393 10/3/2023
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