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<br /> City of Fargo, North Dakota 711 10th Avenue North “But-for” Report |1 <br />Purpose <br /> The purpose of this report is to establish and determine the allowable value of the payment in lieu of taxes (PILOT) tax exemption for Roosevelt Family Lofts, LLC (the “Developer”). PFM first reviewed the application/proforma to ensure that appropriate assumptions regarding property value, rent, vacancy, and expenses were used by the Developer. Based on those assumptions, PFM <br />projected a 10-year cash flow, calculating an internal rate of return. The following report details PFM’s analysis and conclusions concerning the viability of the proposed project without the subsidy. The proposed project will be an investment of the Developer so PFM also calculated an internal rate of return for the project. <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br /> <br />