Full Text
09/30/2005 10:35 FAX 6148388325 THE NEW ALBANY CO. 002/004 New Albany Company Georgetown "Managed Properties" Comparison of Estimated Value and Performance Fee For the Periods 1/1/2002 and 12/31/2004 Estimated Performance Fee Payable to Georgetown Initial Vested Amount (per agreement) Interest from the Effective date (see Schedule I, Section II Georgetown Capital) 20% of Estimated Incremental Change in Value (Future Amount, see calculation below) Estimated Performance Fee Payable $ 10,000,000 2,079,496 29,526,315 $ 41,605,811 $ 10,000,000 - - $ 10,000,000 $ 31,605,811 Calculation of Estimated "Final" Remaining Value Cash Flow from Managed Properties for the year 2002-2004(see Schedule II) Estimated Value of Managed Properties Remaining (1) Estimated "Final" Remaining Value $ 49,123,244 98,508,332 $ 147,631,576 $ - 85,000,000 $ 85,000,000 $ 62,631,576 Calculation of "Beginning Value" Plus "Carry Cost" Beginning Value Carry Cost (see Schedule I-1, Section III Summary of Capital Account Activity) "Beginning Value" Plus "Carry Cost " $ 85,000,000 14,949,562 $ - $ 85,000,000 (85,000,000) $ 14,949,562 Calculation of Estimated "Future Amount" Estimated "Final" Remaining Value "Beginning Value" Plus "Carry Cost " Estimated Incremental Change in Value (Future Amount) $ 147,631,576 (85,000,000) $ 62,631,576 $ 85,000,000 $ 85,000,000 - $ 147,631,576 20% of Estimated Incremental Change in Value (Future Amount) $ 29,526,315 $ - $ 29,526,315 (1) Estimated Value of Managed Properties Remaining Sell-Out Lands Estimated Cash Flow Discount on Sell-Out Lands Sell-Out Lands Estimated Value after discount Bulk Land (Licking County & Misc) Development Projects Duke JV Market Square (12/31/2004 value reflects mortgage) Duffy Condo JV Signature Office (to be transferred to Excluded Properties) JPI JV (Value/Payment included in Cash Flow from Managed Properties) New Albany Country Club (Assumed Value is zero as of 12/31/2004) Estimated Value of Managed Properties Remaining before Contingency and G&A Adjustment Contingency and G&A Adjustment Estimated Value of Managed Properties Remaining Estimate as of 12/31/2004* $ 155,614,000 (59,828,000) $ 95,786,000 19,100,000 2,266,332 3,054,000 750,000 700,000 - $ 121,656,332 (23,148,000) $ 98,508,332 As of 1/1/2002 $ 169,907,696 (117,236,310) $ 52,671,386 18,798,988 2,144,000 6,785,626 - - 600,000 4,000,000 $ 85,000,000 (23,148,000) $ 85,000,000 Estimated Change $ (14,293,696) $ 57,408,310 $ 43,114,614 301,012 122,332 (3,731,626) 750,000 700,000 (600,000) (4,000,000) $ 36,656,332 - $ 13,508,332 *Sell-Out Lands includes increases for properties purchased and decreases for properties sold during the 2002-2004 time period thereby making comparisons difficult. Prepared by Brent Bradbury 9/30/2005 07/26/17 Page 2624 Public Records Request No.: 17-295 DOJ-OGR-00032937