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6.60 <br />EXHIBIT B-3 <br />EXAMPLE 3 <br />Assume the following <br />Adjusted Monthly Rent (1/1/03) $ 574 <br />Capital Improvement Cost 25 <br />Base Rent for 2003 349.62 <br />Operating Expenses through 9/30/03 138.00 <br />[ 165,600 - 100 - 12] <br />Carryover from 2002 11.50 <br />"Allowable" Operating Expenses through 9/30/02 136.50 <br />(see Exhibit B-2) <br />Real Property taxes paid through 9/30/03 76.67 <br />[92,000 _ 100 _ 12] <br />Real Property taxes paid through 9/30/02 75.00 <br />[90,000 _ 100 _ 12] <br />Cost of Living 4% <br />Number of Spaces 100 <br />Calculations from Formula: <br />$ 349.62 [Base Rent for 2003] 349.62 <br />x 4% [Cost of Living] 13.98 <br />(c) 13.98 [Return on Investment] 363.60 Base Rent for 2004 <br />(d) 143.32 (Add 138 + 11.50 = 149.50; compare 149.50 to 105% of the 9/30/02 <br />"allowable" operating expenses (136 .50) = 144.32; 149.50 is greater <br />so only $143.32 is added with a carryover of 5.73; the next year's <br />allowable operating expense, including any carryovers, cannot exceed <br />$150.49, i.e., 105% of 143.32.) <br />~T. <br />192-71 (Pleasanton February 2002) <br />