Ben Ben 2017-03-14T23:31:28Z 2017-08-10T22:26:06Z Microsoft 14.00 10050 22995 480 30 7 4 9999 False False WETLAND MITIGATION PROJECT: NET PRESENT VALUE Net present value 824401.55217427993 IRR before taxes 0.34242887731980676 IRR 0.34242887731980698 with tax writeoffs Break-even year 4 Year PRICE PER CREDIT 55000Stephenson, Kurt: VARTF Nontidal wetland Adv Credit Prices (per acre): Chowan: $30,000 Lower James: $50,000 Middle James: $55,000 Upper James, New River, Atlantic Ocean: $65,000; Shenendoah, Rappahannock: $70,000; Roanoke, Tenn, $75,000; ChesBay, Potomac; $100,000 Ben: Stephenson, Kurt: VARTF Nontidal wetland Adv Credit Prices (per acre): Chowan: $30,000 Lower James: $50,000 Middle James: $55,000 Upper James, New River, Atlantic Ocean: $65,000; Shenendoah, Rappahannock: $70,000; Roanoke, Tenn, $75,000; ChesBay, Potomac; $100,000 Time period of first sale 3 Potential Credit Demand 7 credits/yr 824401.55217427993 1 2 3 4 ILF project sponsor? 1 45000 -312416.62313909782 109443.53380944184 300713.62635909987 391147.41240098607 Total Wetland Acres (ac) 75 60000 -50900.490916684998 513235.04562662379 769012.35596966278 889945.58839295036 Total Wetland Credits (cr) 50 75000 210615.64130572771 917026.55744380585 1237311.0855802256 1388743.7643849147 Advance Credit Limit 5 Growth Rate, Credit Price 0 Sales Tax Rate 4.4999999999999998E-2 Income Tax Rate 0.2 Land Acquisition (acres) 75 Cost of easement 4320 Year of Acquirement 3 Time of Construction 3 year Property Tax Rate 0 Property Tax Base 0 Credit Release Schedule Prior to construction 0.15 Post-Construction 0.15 End of monitoring period 0.1 Monitoring and Maintenace Fund 0.2 % of construction costs Amount returned following year 0.1 0.125 Long-term mgmt ($/ac) 100 Financial Assurance (Letter of Credit) 412500 412500 Value of initial credit release Letter of Credit Fee 0.03 Interest Rate (Real) 0.05 Monitoring period 1 2 3 5 7 10 Annual monitoring cost 8000 Preconstruction costs (total) 150000 Construction Costs per ac 11277.037463156965 Default Specific 0 Transaction cost per credit 500 VARTF Financial Assurance 149924.44955788358 20% of all costs of construction, post-construction monitoring and maintenance WORKSHEET CALCULATIONS Time 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 Years since construction, count 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Years since construction 0 0 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Time 1 Time 2 Time 3 Time 4 Time 5 Time 6 Time 7 Time 8 Time 9 Time 10 Time 11 Time 12 Time 13 Time 14 Time 15 Time 16 Time 17 Time 18 Time 19 Time 20 Time 21 Time 22 Time 23 Time 24 Time 25 Time 26 Time 27 Time 28 Time 29 Time 30 Time 31 Time 32 Time 33 Time 34 Time 35 Time 36 Time 37 Time 38 Time 39 Time 40 Time 41 Time 42 Time 43 Time 44 Time 45 Time 46 Time 47 Time 48 Time 49 Time 50 Time 51 Time 52 Time 53 Time 54 Time 55 REVENUES Potential Credit demand 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Surplus credits at end of each year -5 0 0.5 1 1.5 0 0.5 0 0.5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Credits available at beginning of year 5 0 2.5 7.5 8 8.5 1.5 7.5 0.5 7.5 0.5 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 # of credit sold 5 0 2.5 7 7 7 1.5 7 0.5 7 0.5 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 # of credits owed 5 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 AnnualReleased Credits 0 0 7.5 7.5 7.5 7.5 0 7.5 0 7.5 0 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Credits Released 0 0 7.5 15 22.5 30 30 37.5 37.5 45 45 45 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 # of Credits Sold 5 0 2.5 7 7 7 1.5 7 0.5 7 0.5 0 5 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Credits Sold 5 5 7.5 14.5 21.5 28.5 30 37 37.5 44.5 45 45 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 50 Price of Credits 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 55000 Total Sales 275000 0 137500 385000 385000 385000 82500 385000 27500 385000 27500 0 275000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Sales less sales tax 262625 0 131312.5 367675 367675 367675 78787.5 367675 26262.5 367675 26262.5 0 262625 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Returned Maintenace Funds 0 0 0 0 0 0 0 0 0 0 0 0 0 11277.037463156967 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Financial AssuranceCollateral Released 0 0 0 0 0 0 0 0 0 0 0 0 0 144924.44955788358 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL REVENUE 262625 0 131312.5 367675 367675 367675 78787.5 367675 26262.5 367675 26262.5 0 262625 156201.48702104055 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 COSTS Pre-Construction Costs 75000 75000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Construction Costs 0 0 563851.87315784825 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Post-Construction Monitoring Costs 0 0 0 8000 8000 8000 0 8000 0 8000 0 0 8000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Long term Endowment Costs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Land costs 0 0 324000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Maintenance Fund 0 0 112770.37463156966 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Property Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Financial Assurance Collateral 0 0 149924.44955788358 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Financial Assurance Fee 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Transaction costs 2500 0 1250 3500 3500 3500 750 3500 250 3500 250 0 2500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Costs 77500 75000 1151796.6973473015 11500 11500 11500 750 11500 250 11500 250 0 10500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 NET INCOME Net Income before taxes 185125 -75000 -1020484.1973473015 356175 356175 356175 78037.5 356175 26012.5 356175 26012.5 0 252125 156201.48702104055 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Income after income taxes 148100 -60000 -816387.35787784122 284940 284940 284940 62430 284940 20810 284940 20810 0 201700 124961.18961683245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Net Income after Income taxes No writeoffs. 148100 -75000 -1020484.1973473015 284940 284940 284940 62430 284940 20810 284940 20810 0 201700 124961.18961683245 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Break Even 141047.61904761905 86625.850340136065 -618600.24436051503 -384179.40119331615 -160921.45531979349 51705.159797847125 96072.995237870593 288931.60305432463 302345.91460081696 477274.35706472088 489441.53307060961 489441.53307060961 596407.34949576552 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 659521.24173942395 1 1 0 0 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1