University Lofts - Petition for Urban Revitalization Designation_Nativity SchoolRESOLUTION NO. 403-15
RESOLUTION FINDING THAT THE DESIGNATION OF THE UNIVERSITY LOFTS
URBAN REVITALIZATION PLAN IS NECESSARY TO ENCOURAGE NEEDED
HOUSING AND RESIDENTIAL DEVELOPMENT PROVIDING SAFE, AFFORDABLE
HOSUING FOR THE RESIDENTS OF THE CITY OF DUBUQUE
Whereas, the City Council of the City of Dubuque finds that the properties at Parcel
ID#1025101003, part of a 5.48 acre tract currently conveyed to Church of the Nativity,
beginning at the intersection of the north right-of-way line of University Avenue with the
westerly right-of-way of Alta Vista Street (Property) which MV Residential Development
has proposed to develop the Property and create 56 units of senior multi -family
housing; and
Whereas, the City supports the development and construction of housing and
residential properties which provide quality, affordable housing; and
Whereas, the Property is located in an area eligible for the Urban Revitalization Tax
Exemption program; and
Whereas, in the area proposed for designation under the Urban Revitalization Act
there is a predominance of buildings or improvements which by reason of age, history,
architecture or significance should be preserved or restored to productive use as
defined by Section 404.1(5) of the Iowa Code; and
Whereas, through the Urban Revitalization Program, the Property is eligible to
receive a one hundred percent exemption from taxation on the actual value added by
the improvements for a period of ten years so long as it is assessed as residential
property or assessed as commercial property, if the commercial property consists of
three or more separate living quarters with at least seventy-five percent of the space
used for residential purposes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the rehabilitation of the hereinafter described Property legally
described as
Being part of a 5.48 acre tract currently conveyed to Church of the Nativity
(current Parcel ID#1025101003), Dubuque County, Iowa, and more
particularly described as follows:
Beginning at the intersection of the north right-of-way line of University
Avenue with the westerly right-of-way of Alta Vista Street;
Thence from said point of beginning, with said north right-of-way line,
South 79°00'00" West, for a distance of 224.71 feet,
Thence leaving said right-of-way line, on the following three (3) courses
and distances:
1. North 9°00'00 West, for a distance of 99.95 feet;
2. North 34°00'00" West, for a distance of 190.96 feet;
3. North 58°00'00" East, for a distance of 177.42 feet to the
aforementioned westerly right-of-way of Alta Vista Street;
Thence with said right-of-way line, South 32°00'00" East, for a distance of
362.45 feet to the point of beginning, containing approximately 1.36 +/-
acres and being subject to any easements, restrictions, covenants,
ordinances, or agreements of record. This legal description is not based
on field verified boundary or boundary retracement survey.
is deemed necessary in the interest the residents of the City.
Section 2. That the City Council supports MV Residential Development's Petition
that the Property be designated a Urban Revitalization Area and supports the
developer's efforts to receive a tax credit award from the Iowa Finance Authority for this
Development.
Section 3. That the City Council approve the resolution supporting he project and
authorize staff to work with the City Assessor to complete the form 5S for submission by
Developer prior to December 7, 2015 deadline for consideration.
Section 4. That the proposed Development is consistent with the City of Dubuque's
affordable housing strategies and its goal to implement its comprehensive plan.
Passed, approved and adopted this 16th day of Novembj, 2015.
Roy D.
Attest:
e in F. Firnstahl, City Clerk
dol, Mayor
Copyright 2014
City of Dubuque Action Items # 9.
ITEM TITLE: University Lofts - Petition for Urban Revitalization Designation
SUMMARY: City Manager recommending recommends approval of a petition for Urban
Revitalization Area Designation from MV Residential Development for the
University Lofts Urban Revitalization Area District.
RESOLUTION Finding that the designation of the University Lofts Urban
Revitalization Plan is necessary to encourage needed housing and
residential development providing safe, affordable housing for the
residents of the City of Dubuque
SUGGESTED DISPOSITION: Suggested Disposition: Receive and File; Adopt Resolution(s)
ATTACHMENTS:
Description Type
❑ University Lofts Petition for Urban Revitalization District-MVM Memo City Manager Memo
❑ Staff memo Staff Memo
❑ Petition Supporting Documentation
❑ Legal Description Supporting Documentation
❑ Resolution Supporting Documentation
THE CITY OF Dubuque
U E I
erica .i
Masterpiece on the Mississippi 2007-2012-2013
TO: The Honorable Mayor and City Council Members
FROM: Michael C. Van Milligen, City Manager
SUBJECT: Petition for Designation of University Lofts Urban Revitalization Area
District
MV Residential Development
DATE: November 12, 2015
Housing and Community Development Department Director Alvin Nash recommends
approval of a petition for Urban Revitalization Area Designation from MV Residential
Development.
Urban Revitalization Chapter 404 of the Iowa Code (Urban Revitalization Act)
authorizes cities to designate areas as urban revitalization areas. Improvements to
qualified real estate within these designated areas may receive a total or partial
exemption from property taxes for a specified number of years. The exemptions are
intended to stimulate private investment by reducing tax increases that usually
accompany property improvements. This additional private investment provides a
long-term increase or stabilization in the area's tax base, enhances the visibility of
revitalization areas and/or supports important city objectives such as historic
preservation, economic development and affordable housing development.
The development plan provides for the construction of a 56 units of senior multi-family
housing. The planned development site is located at the corner of Alta Vista and
University. MV Residential Development is proposing mix of one and two bedroom
units with a full spectrum of amenities including on-site management, senior services,
and 100% accessible green design. The project will utilize multiple sources of funding
including Low Income Housing Tax Credits, permanent debt, IFA senior revolving loan
fund, deferred developer fee, IFA senior revolving loan, workforce housing tax credits,
Neighborworks America funds, and own contribution. The urban revitalization tax
exemption will show local support for the project, which will strengthen MV Residential
Development's Tax Credit application to the Iowa Finance Authority.
The proposed Urban Revitalization plan for University Lofts will provide for an
exemption under 404.3(4) and permit a one hundred percent exemption from taxation
on the actual value added by improvements for qualified real estate assessed as
residential property or assessed as commercial property, for a period of ten years. MV
Residential Development has agreed to this exemption schedule.
This assistance is very important to the success of the project. The application for
state tax credits is competitive. A developer receives points for city financial
assistance, with maximum points provided for assistance equaling 7% of project costs.
I concur with the recommendation and respectfully request Mayor and City Council
approval.
Mic ael C. Van Milligen
MCVM:jh
Attachment
cc: Barry Lindahl, City Attorney
Cindy Steinhauser, Assistant City Manager
Teri Goodmann, Assistant City Manager
Alvin Nash, Housing & Community Development Department Director
2
THE CITY OF Dubuque
AII-Ame1 rica City
DUBgkE r
Masterpiece on the Mississippi 2007.2012.2013
TO: Michael Van Milligen, City Manager
FROM: Alvin Nash, Housing & Community Development Director
DATE: November 12, 2015
RE: Petition for Designation of University Lofts Urban Revitalization Area
District
MV Residential Development
Introduction
This memorandum presents for City Council a petition for Urban Revitalization Area
Designation from MV Residential Development. The memorandum recommends the
City Council review and approve the attached resolution to establish University Lofts as
a property that meets the requirements for designation as required by Chapter 404 of
the Iowa Code.
Background
Urban Revitalization Chapter 404 of the Iowa Code (Urban Revitalization Act)
authorizes cities to designate areas as urban revitalization areas. Improvements to
qualified real estate within these designated areas may receive a total or partial
exemption from property taxes for a specified number of years. The exemptions are
intended to stimulate private investment by reducing tax increases that usually
accompany property improvements. This additional private investment provides a
long-term increase or stabilization in the area's tax base, enhances the visibility of
revitalization areas and/or supports important city objectives such as historic
preservation, economic development and affordable housing development.
In order to implement the provisions of Chapter 404, the City determine the area is
eligible for exemption, prepare a revitalization plan for each designated area, and hold
at least one public hearing after proper notice. The law mandates specific criteria and
procedures must be followed.
Discussion
The development plan provides for the construction of a 56 units of senior multi-family
housing. The planned development site is located at the corner of Alta Vista and
University. MV Residential Development is proposing mix of one and two bedroom
units with a full spectrum of amenities including on-site management, senior services,
and 100% accessible green design. The project will utilize multiple sources of funding
including Low Income Housing Tax Credits, permanent debt, IFA senior revolving loan
fund, deferred developer fee, IFA senior revolving loan, workforce housing tax credits,
Neighborworrks America funds, and own contribution. The urban revitalization tax
exemption will show local support for the project, which will strengthen MV Residential
Development's Tax Credit application to the Iowa Finance Authority.
The proposed Urban Revitalization plan for University Lofts will provide for an
exemption under 404.3(4) and permit a one hundred percent exemption from taxation
on the actual value added by improvements for qualified real estate assessed as
residential property or assessed as commercial property, for a period of ten years. MV
Residential Development has agreed to this exemption schedule.
This assistance is very important to the success of the project. The application for
state tax credits is competitive. A developer receives points for city financial
assistance, with maximum points provided for assistance equaling 7% of project costs.
Budgetary Impact
The property value, based upon 2015 Beacon data, the land is valued at $257,830.
Buildings are valued at $3,480,000. The property has a total assessed value of
$3,737,830. This property is currently tax exempt. The proposed development will be
owned by a for-profit entity and will pay taxes. Dubuque City Assessor Rick Engelken
estimates the tax abatement will be for $632,331 over a period of 10 years. After the
abatement period expires, it is estimated taxes will be approximately $71 ,198 annually.
Recommendation
I recommend that the City Council approve the attached resolution confirming the need
for the University Lofts Urban Revitalization Plan and directing staff to work with the City
Assessor to complete Exhibit 5S.
Action Requested
The Action Step is for the City Council to adopt the attached resolution and authorize
staff to work the City Assessor to complete Exhibit 5S prior to show local support for the
development.
Prepared by: Erica Haugen, Community Development Specialist
F:\USERS\CDBG\Urban Revite\Applewood 4\Memo to Council.doc
2
UNIVERSITY SENIOR LOFTS
URBAN REVITALIZATION PROGRAM
PETITION FOR DESIGNATION
1. University Senior Lofts is eligible to URTE based on criteria 5 "An area designated as
appropriate for public improvements related to housing and residential development, or
construction of housing and residential development, including single or multifamily
housing." The proposed development will contain up to 56 units of senior multi-family
housing in an area designated as appropriate for public improvements related to
housing. The property will be rezoned to Office Residential (OR) at the November 16th
city council meeting.
2. Legal Description is attached. The site is part of parcel # 1025101003 owned by the
Church of the Nativity. We have also provided a copy of the Assessors report for further
reference.
3. Land is valued at $257,830. Buildings are valued at $3,480,000. The property has a total
gross assessed value of 3,737,830. This property is currently tax exempt. The proposed
development will be owned by a for-profit entity and will pay taxes. We have also
provided a copy of the Assessors report for further reference.
4. The property is owned by:
Church of the Nativity
1225 Alta Vista St
Dubuque IA 52001
The property and mailing address are the same for this entity.
5. The existing zoning is R2 which does permit for residential uses. The property is in the
process of being rezoned to OR which also permits for residential uses.This rezoning will
be finalized at the November 16th city council meeting. The existing land use is
institutional (church).The proposed use will be senior oriented multi-family housing.
6. The proposed revitalization is related to some of the property assessed. The proposed
development is part of parcel # 1025101003 owned by the Church of the Nativity. The
proposed development will occur on a 1.36 +/- acre part of the overall parcel (See legal
description). The remainder of the 5.38 acre parcel will be retained by the Church of the
Nativity and will continue to operate as a church. The proposed revitalization project
will include the new construction of a senior housing facility.
7. The portion of the parcel that is being utilized for revitalization is vacant. No one will be
displaced as part of the revitalization effort. Therefore, no relocation is required
8. The proposed development will include up to 56 senior housing units. It will include a
mix of one and two bedroom units. All units will include the full spectrum of unit
amenities. Common amenities will include on-site management, senior services, a
community room, fitness center, theater room, business center, and picnic shelter. The
development will also include universal design features, is 100% accessible, and is
GREEN in design.
9. The project will have substantial impact. First, the existing parcel is tax exempt and
therefore generating no tax revenue. The proposed development is anticipated to have
a value of approximately $2,000,000. $100,000 in land and $1,900,000 in building. In
additional to the new tax increment, the building facility will have a positive impact on
the surrounding neighborhood. There are limited senior housing options in the
neighborhood. This facility will allow senior to age in place as they have need for senior
housing options.
10. The following is a list of all know sources for the proposed revitalization project; LIHTC,
permanent debt, deferred developer fee, IFA senior revolving loan, workforce housing
tax credits, Neighborworks America funds, and own contribution.
11. See attached financial models for reference. These clearly show that the project in not
economically feasible without the revitalization incentive. Additionally, the project is not
competitive in the housing tax credit funding round without these incentives.
12. The portion of the property that will be utilized for this revitalization effort is vacant
space. It was formally the location of the church's school playground which was
removed when the school closed down a decade ago. Since then the school's closure
has left to campus drastically underutilized. Additionally, the church is struggling to keep
up on the maintenance of the former school buildings which are falling into disrepair
due to their closure and ongoing maintenance expense. The sale of this land will
provided the church with needed resources to deal with these building appropriately. In
additional to the new tax increment, the building facility will have a positive impact on
the surrounding neighborhood. There are limited senior housing options in the
neighborhood. This facility will allow senior to age in place as they have need for senior
housing options. The proposed revitalization project will not be economically feasible
without this 10 year abatement incentive. Additionally it is need to be competitive and
receive an award of housing tax credits from IFA which are a needed primary funding
source of this proposal. University Senior Lofts is eligible to URTE based on criteria 5 "An
area designated as appropriate for public improvements related to housing and
residential development, or construction of housing and residential development,
including single or multifamily housing." The proposed development will contain up to
56 units of senior multi-family housing in an area designated as appropriate for public
improvements related to housing. The property will be rezoned to Office Residential
(OR) at the November 16th city council meeting. Please find attached preliminary plans
for further reference.
Legal Description
Being part of a 5.48 acre tract currently conveyed to Church of the Nativity (current Parcel
ID#1025101003), Dubuque County, Iowa, and more particularly described as follows:
Beginning at the intersection of the north right-of-way line of University Avenue with the
westerly right-of-way of Alta Vista Street;
Thence from said point of beginning, with said north right-of-way line, South 79°00'00" West,
for a distance of 224.71 feet,
Thence leaving said right-of-way line, on the following three (3) courses and distances:
1. North 9'00'00 West, for a distance of 99.95 feet;
2. North 34'00'00" West,for a distance of 190.96 feet;
3. North 58'00'00" East, for a distance of 177.42 feet to the aforementioned westerly right-
of-way of Alta Vista Street;
Thence with said right-of-way line, South 32°00'00" East, for a distance of 362.45 feet to the
point of beginning, containing approximately 1.36 +/- acres and being subject to any easements,
restrictions, covenants, ordinances, or agreements of record. This legal description is not based
on field verified boundary or boundary retracement survey.
RESOLUTION NO. 403-15
RESOLUTION FINDING THAT THE DESIGNATION OF THE UNIVERSITY LOFTS
URBAN REVITALIZATION PLAN IS NECESSARY TO ENCOURAGE NEEDED
HOUSING AND RESIDENTIAL DEVELOPMENT PROVIDING SAFE, AFFORDABLE
HOSUING FOR THE RESIDENTS OF THE CITY OF DUBUQUE
Whereas, the City Council of the City of Dubuque finds that the properties at Parcel
ID#1025101003, part of a 5.48 acre tract currently conveyed to Church of the Nativity,
beginning at the intersection of the north right-of-way line of University Avenue with the
westerly right-of-way of Alta Vista Street (Property) which MV Residential Development
has proposed to develop the Property and create 56 units of senior multi -family
housing; and
Whereas, the City supports the development and construction of housing and
residential properties which provide quality, affordable housing; and
Whereas, the Property is located in an area eligible for the Urban Revitalization Tax
Exemption program; and
Whereas, in the area proposed for designation under the Urban Revitalization Act
there is a predominance of buildings or improvements which by reason of age, history,
architecture or significance should be preserved or restored to productive use as
defined by Section 404.1(5) of the Iowa Code; and
Whereas, through the Urban Revitalization Program, the Property is eligible to
receive a one hundred percent exemption from taxation on the actual value added by
the improvements for a period of ten years so long as it is assessed as residential
property or assessed as commercial property, if the commercial property consists of
three or more separate living quarters with at least seventy-five percent of the space
used for residential purposes.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
DUBUQUE, IOWA:
Section 1. That the rehabilitation of the hereinafter described Property legally
described as
Being part of a 5.48 acre tract currently conveyed to Church of the Nativity
(current Parcel ID#1025101003), Dubuque County, Iowa, and more
particularly described as follows:
Beginning at the intersection of the north right-of-way line of University
Avenue with the westerly right-of-way of Alta Vista Street;
Thence from said point of beginning, with said north right-of-way line,
South 79°00'00" West, for a distance of 224.71 feet,
Thence leaving said right-of-way line, on the following three (3) courses
and distances:
1. North 9°00'00 West, for a distance of 99.95 feet;
2. North 34°00'00" West, for a distance of 190.96 feet;
3. North 58°00'00" East, for a distance of 177.42 feet to the
aforementioned westerly right-of-way of Alta Vista Street;
Thence with said right-of-way line, South 32°00'00" East, for a distance of
362.45 feet to the point of beginning, containing approximately 1.36 +/-
acres and being subject to any easements, restrictions, covenants,
ordinances, or agreements of record. This legal description is not based
on field verified boundary or boundary retracement survey.
is deemed necessary in the interest the residents of the City.
Section 2. That the City Council supports MV Residential Development's Petition
that the Property be designated a Urban Revitalization Area and supports the
developer's efforts to receive a tax credit award from the Iowa Finance Authority for this
Development.
Section 3. That the City Council approve the resolution supporting he project and
authorize staff to work with the City Assessor to complete the form 5S for submission by
Developer prior to December 7, 2015 deadline for consideration.
Section 4. That the proposed Development is consistent with the City of Dubuque's
affordable housing strategies and its goal to implement its comprehensive plan.
Passed, approved and adopted this 16th day of Novem, 2015.
Roy D. ol, Mayor
Attest:
e 'in F. Firnsta`IhI, Citi Clerk
EXHIBIT 5S
10WA FINANCE
LOCAL GOVERNMENT CONTRIBUTION
Form(s) shall be completed by the qualified Government Entity or Political Subdivision along with any
additional supporting documents as required in QAP Section 6.2.3.
Project Name
Project Address
Ownership Entity Name
University Senior Lofts
Part of 1225 Alta Vista St in Dubuque, IA
University Senior Lofts LLC
Iowa Finance Authority (IFA) encourages developers to coordinate with Iowa communities regarding
community revitalization plans, where applicable. A Local Government Contribution creates a
presumption that the project is not in conflict with the local government's community revitalization plan, if
any.
This form will verify the Local Government Contribution effort referenced in the Qualified Allocation Plan
(QAP). A Local Government Contribution can be provided by a qualified Government Entity or Political
Subdivision. QAP Section 6.2.3 states the following items will constitute a Local Government
Contribution:
Form of Contribution
Additional Supporting Documents
Cash Contribution
Commitment letter
Gift of Land or Building
Third party MAI certified appraisal
Tax Abatement (not tax exemption)
Scoring exhibit only
Tax Increment Financing
Project specific resolution of the city council
Urban Revitalization Tax Exemption (URTE)
Project specific resolution of the city council
Enterprise Zone Credits
Scoring exhibit only
Enterprise Zone Sales Tax Rebates
Scoring exhibit only
Waiver of Fees
Scoring exhibit only
City HOME
Scoring exhibit only
Below Market Interest Rate Loan
Calculation showing value of imputed savings using
a market rate of seven percent (7%) with a
maximum 20 year loan term and a maximum 30
year amortization
QAP Section 6.2.3 states the agency making the Local Government Contribution shall indicate the value
of its contribution. The value of the Local Government Contribution is the value of the contribution made
by the qualified Government Entity or Political Subdivision minus the value of any consideration or
accommodation received by the qualified Government Entity or Political Subdivision in return for the
contribution.
The Governmental Entity or Political Subdivision completing this form understands that IFA will rely on
these valuations to determine whether the Applicant has met the requirements of the QAP to receive
points for Local Government Contribution.
IFA reserves the right to limit the amount of fees waived by any Government Entity or Political Subdivision
to one percent (1%) of the Total Project Costs.
For scoring purposes under this category, a Government Entity or Political Subdivision contribution to a
Project provided through a certified Local Housing Trust Fund (LHTF) will be considered a qualified Local
Government Contribution only if the Applicant provides documentation from the LHTF showing the
Government Entity or Political Subdivision has made contributions to the LHTF during the current fiscal
year totaling at least the amount of the proposed Local Government Contribution to the Project.
2016 Round
EXHIBIT 5S
IOWA FINANCE
Qualified Governmental Entity or Political Subdivision Contribution(s) (21 points maximum)
❑ CASH CONTRIBUTION — Commitment letter attached
Amount
Source of Cash
Name of Entity Making
Contribution
❑ GIFT OF LAND — Third party MAI certified appraisal attached
Appraised
Amount/Value
Name of Entity Making Contribution
Location/Address of property:
Is land held free and clear of encumbrances? ❑ YES ❑ NO
If NO, disclose all known liens and encumbrances and explain how and when these will be satisfied.
❑ GIFT OF BUILDING — Third party MAI certified appraisal attached
Appraised
Amount/Value
Name of Entity Making Contribution
Address of building(s):
Is land held free and clear of encumbrances? ❑ YES ❑ NO
If NO, disclose all known liens and encumbrances and explain how and when these will be satisfied.
❑ TAX ABATEMENT (not exemption) — No attachmen
Amount/Value
Term of
Abatement
Describe How Amount Was
Determined
Name of Entity Making
Contribution
$678,531
10 years
Calculated using
income approach and
validated by the City of
Dubuque Assessor
City of Dubuque
❑ TAX INCREMENT FINANCING — Project specific resolution from the City Council attached
Amount/Value
Name of Entity Making
Contribution
URBAN REVITALIZATION TAX EXEMPTION — Project specific resolution from the City Council
attached
Amount/Value
Term of Exemption
Describe How Amount
Was Determined
Name of Entity Making
Contribution
$678,531
10 years
Calculated using
income approach and
validated by the City of
Dubuque Assessor
City of Dubuque
❑ ENTERPRISE ZONE CREDIT (equity value) — No attachment required
2016 Round
EXHIBIT 5S
IOWA FINANCE
Amount/Value
Name of Entity Making
Contribution
❑ ENTERPRISE ZONE SALES TAX REBATE -- No attachment required.
Amount/Value
Name of Entity Making
Contribution
❑ WAIVER OF FEES — Limited to one percent (1%) of Total Project Costs. No attachment required
Amount/Value
Type of Fees
Describe How Amount
Was Determined
Name of Entity Making
Contribution
Name of Entity Making
Contribution
7%
❑ CITY HOME LOAN — No attachment required
Amount/Value
Name of Entity Making Contribution
❑ BELOW-MARKET INTEREST RATE LOAN - Calculation showing value of imputed savings using a
market rate of seven percent (7%) with a maximum 20 year loan term and a maximum 30 year
amortization attached
Amount/Value
Market
Interest
Rate
Below-
Market
Interest
Rate
Describe How Calculated
Savings Was Determined
Name of Entity Making
Contribution
7%
City of Dubuque
Agency Name (Typed)
Roy D. Buol
Name of Agency Representative (Typed)
Mayor
Title of Age cy Representative (Typed)
Signature
2016 Round
"Agency Representative
11/25/2015
Date
Nativity Project
assessment year assessed value taxes taxes assessed value calculations land
abated affordable income market other total vacancy gross income operating management taxes reserves expenses NOI cap rate assessed value
388716 61560 6317 456593 22514 434079 173350 26045 $3,004 16800 219199 214880 0.0947 $2,269,060
2018 $2,269,060 $67,431 564,4271 396492 62796 6443 465731 22964 442767 178551 26566 $3,004 17304 225425 217342 0.0947 $2,295,058
2019 52,295,058 $68,203 $65;199 404424 64044 6572 475040 23423 451617 183907 27097 $3,004 17823 231831 219786 0.0947 $2,320,866
2020 $2,320,866 $68,970 565,9661 412512 65328 6703 484543 23892 460651 189424 27639 $3,004 18358 238425 222226 0.0947 52,346,631
2021 $2,346,631 569,736 966:732 420762 66635 6838 494235 24370 469865 195107 28192 $3,004 18909 245212 224653 0.0947 $2,372,260
2022 $2,372,260 $70,497 567;493 429177 67967 6974 504118 24857 479261 200960 28756 $3,004 19476 252196 227065 0.0947 52,397,730
2023 $2,397,730 571,254 $68,250' 437761 69327 7114 514202 25354 488848 206989 29331 $3,004 20060 259384 229464 0.0947 $2,423,062
2024 $2,423,062 $72,007 569,003'. 446516 70713 7256 524485 25861 498624 213199 29917 $3,004 20662 266782 231842 0.0947 $2,448,173
2025 $2,448,173 $72,753 569,749'. 455447 72127 7401 534975 26379 508596 219595 30516 $3,004 21282 274397 234199 0.0947 $2,473,062
2026 $2,473,062 $73,493 570;489; 464556 73570 7549 545675 26906 518769 226182 31126 $3,004 21920 282232 236537 0.0947 $2,497,751
2027 $2,497,751 $74,227 $71;223'. 473847 75041 7700 556588 27444 529144 232968 31749 $3,004 22578 290299 238845 0.0947 $2,522,122
2028 $2,522,122 $74,951 $0 483324 76542 7854 567720 27993 539727 239957 32384 23255 295596 244131 0.0947 $2,577,941
2029 $2,577,941 $76,610 $0 492990 78073 8011 579074 28553 550521 247156 33031 23953 304140 246381 0.0947 $2,601,700
2030 $2,601,700 $77,316 $0 502850 79634 8171 590655 29124 561531 254570 33692 24671 312933 248598 0.0947 52,625,111
2031 $2,625,111 $78,011 $0 512907 81227 8335 602469 29707 572762 262207 34366 25412 321985 250777 0.0947 $2,648,120
2032 $2,648,120 $78,695 $0 0 0 0 0 0 0 0 0 0.0947 $0
2033 $0 $0
Total 6722281 1064584 109238 7896103 389341 7506762 3224122 450407 33044 312463 4020036 3486726 1.5152 36818648.36
total years 1-10 $678,531