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To: Cynthia Battenberg <br />Subject: Village Marketplace <br />Exhibit 1 — Reuse Land Value Analysis <br />Value (Rounded)' <br />Net Operating Income (NOI) <br />Cap Rate <br />$704,280 <br />7.5% <br />Capitalized Value (Rounded) <br />$9,400,000 <br />Less: <br />Development Costs (excl. land) <br />($6,378,000) <br />Developer Profit (@ 10% of Total Costs) <br />($855,000) <br />($7,233,000) <br />Estimated Reuse Land Value (Rounded) <br />$2,170,000 <br />' Numbers may not add up due to rounding. <br />2 Developer Profit is calculated as 10% of total Development Costs including Land. <br />May 1, 2012 <br />Page 5 <br />001 -002; jf <br />19096.040 <br />