Summary of Results by Bond Issuance
Construction Costs
T-Hangars		$870,000	$43,500	per T-Hangar
Site Prep		$409,075
Admin & Engineering		$69,000
Construction Svcs		$30,000
Total Construction Costs		$1,378,075
Revenue Returns
Issue Year	2011
Rental Rate	$255	per month
Escalation	1%	rent rate escalates 1% per year, starting in Year 3, reflecting occasional lease renewals and
		new lease agreements.
Occupancy	95%	95% occupancy achieved in Year 3 and maintained thereafter.
Revenues	$2,249,829	includes fuel flowage fee, sales tax on fuel sales, and property taxes on non-exempt aircraft
Costs	($2,315,018)	includes principal and interest on bonds, as well as maintenance, insurance, and utilities
Net	($65,189)
Payback Period for T-Hangars on Bonds
Bond Term	Interest Rate	Interest Costs	Interest and Principal	Revenues	Payback Year	Average City Subsidy, First 12 Years
12 Year	4.21%	$457,216	$1,835,291	$2,249,829	2037	($63,934)
20 Year	5.12%	$967,743	$2,345,818	$2,249,829	-	($26,266)
30 Year	5.32%	$1,559,184	$2,937,259	$2,249,829	-	($4,476)
Costs and Revenues for All Sets of T-Hangars Combined
Bond Term	Total T-Hangar Revenues	Total T-Hangar Costs	Present Value, 6% Discount*	Present Value, 5% Discount*	Breakeven Year
12 Year	$5,219,412	($3,584,809)	$140,961	$264,759	2029
20 Year	$5,219,412	($4,095,336)	$87,790	$167,653	2033
30 Year	$5,219,412	($4,686,777)	$97,079	$135,285	2025
Bonds valued over a 30 year period
* Present value is revenue from all T-Hangars less ongoing expenses for all T-Hangars, less debt payments for all T-Hangars.
Recommendation if Construction is Approved:
*12 Year bond
*Policy: no T-Hangar can subsidize additional T-Hangars until the revenue received from the T-Hangars
has fully paid off the bonds issued for the project.