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{"sheet":"Assumptions","index":0,"n_rows":68,"n_cols":7,"rows_kept":68,"cut":false,"hidden":false,"merged":[[54,0,54,3],[20,0,20,3],[31,0,31,3],[32,0,32,3],[38,0,38,6],[40,0,40,3],[5,0,5,3],[6,0,6,3],[7,0,7,3],[8,0,8,3],[19,0,19,3],[0,0,0,3],[1,0,1,3],[2,0,2,3],[3,0,3,3],[4,0,4,3]]}
["SEMINOLE COUNTY LAND VALUE CREATION — INVESTMENT BUDGET MODEL"]
["1735 Timocuan Way, Longwood, FL  |  Land Development Only — No Construction"]
[]
["COLOR CODING LEGEND"]
["  Blue Text — Hardcoded Input Assumptions"]
["  Black Text — Calculated Formula"]
["  Green Text — Cross-Sheet Link"]
[]
["PROJECT DETAILS"]
["Project Name","Seminole County Land Value Creation"]
["Subject Property","1735 Timocuan Way, Longwood, FL"]
["Access Parcel","1731 Timocuan Way, Longwood, FL"]
["County","Seminole County, Florida"]
["Total Site Acreage",3.5,"acres (approx. total)"]
["Buildable Acreage (post-mitigation)",3,"acres (target)"]
["Wetland / Buffer Acres to Mitigate",0.5,"acres"]
["Current Zoning","Residential (R-1)"]
["Target Zoning","Commercial / C-1"]
["Strategy","Land Value Enhancement — Access, Grading, Mitigation, Entitlement"]
[]
["LAND & ACQUISITION ASSUMPTIONS"]
["Acquisition Cost — 1731 Access Parcel",280000,"Market value (CMA)"]
["Down Payment %",0.2,"20% of acquisition price"]
["Down Payment ($)",{"$f":"B22*B23","v":56000},"Calculated"]
["Loan on Access Parcel",{"$f":"B22-B24","v":224000},"Acquisition less down payment"]
["Access Parcel Loan Interest Rate",7.4999999999999997E-2,"Assumed conventional financing"]
["Access Parcel Loan Term (months)",24,"Bridge / construction loan"]
["Post-Entitlement Target Value ($/acre)",1000000,"Longwood commercial CMA benchmark"]
["Buildable Acres",3,"Post-mitigation buildable area"]
["Projected Land Value (Post-Entitlement)",{"$f":"B28*B29","v":3000000},"Target $/acre x buildable acres"]
[]
["FLORIDA WETLAND MITIGATION — ASSUMPTION & METHOD SELECTION"]
["  Florida law (Ch. 373 F.S. / ERP Rules) requires mitigation for wetland impacts. Three compliant options below:"]
["Mitigation Method","Wetland Impact (acres)","Ratio Required","Credits Needed","Est. Cost / Credit ($)","Estimated Cost ($)","Selected Method"]
["Mitigation Banking\n(Buy Credits from SWFMD/SRWMD Bank)",0.5,2,{"$f":"B35*C35","v":1},50000,{"$f":"D35*E35","v":50000},"YES ✓"]
["In-Lieu Fee Program\n(FL Dept. of Environmental Protection)",0.5,1.5,{"$f":"B36*C36","v":0.75},35000,{"$f":"D36*E36","v":26250}]
["On-Site / Permittee-Responsible\n(Preserve/Enhance on property)",0.5,3,{"$f":"B37*C37","v":1.5},20000,{"$f":"D37*E37","v":30000}]
[]
["  ► Selected Method: Mitigation Banking (Row 35) — credits purchased from SWFMD-approved bank. Row 35 total flows to Dev Budget."]
[]
["DEVELOPMENT COST ASSUMPTIONS (Land Only — No Construction)"]
["Road / Access Improvement (lump sum)",45000,"Gravel/asphalt access road, culvert, signage"]
["Grading & Earthwork (per acre)",12000,"$/acre for rough grade, cut/fill, compaction"]
["Buildable Acres for Grading",3,"Linked to Project Details above"]
["Grading Total",{"$f":"B42*B44","v":135000},"Grading rate x acres"]
["Vegetation Clearing (per acre)",8000,"Mechanical clearing, mulching, haul-off"]
["Acres to Clear",2,"Upland clearing; excludes mitigation buffer"]
["Clearing Total",{"$f":"B46*B47","v":16000},"Clearing rate x acres"]
["Mitigation Cost (Selected Method)",{"$f":"F35","v":50000},"Auto-linked from Florida Mitigation table"]
["Survey & Boundary Marking",8500,"ALTA/boundary + topographic survey"]
["Environmental Site Assessment (Phase I/II)",7500,"Required for commercial entitlement"]
["Geotechnical / Soil Testing",5000,"Bearing capacity, percolation tests"]
["Contingency % (Hard Costs)",0.1,"10% hard cost contingency"]
[]
["SOFT COST & FINANCING ASSUMPTIONS"]
["Legal & Zoning / Variance Filing",52500,"Midpoint of $30K–$75K estimate"]
["Environmental Permits (ERP / FDEP)",18000,"SWFMD Environmental Resource Permit"]
["Wetland Delineation & Agency Coordination",6500,"Certified wetland scientist + agency meetings"]
["Title Search, Closing & Recording",4500,"For access parcel acquisition"]
["Insurance (General Liability)",3600,"Annual, 24-month carry period"]
["Marketing & Disposition Costs",25000,"Broker commission on exit sale (~1% of $3M)"]
["Other & Contingency (Soft)",10000,"Miscellaneous soft cost buffer"]
["Carrying / Holding Cost (monthly)",1500,"Taxes, utilities, maintenance per month"]
["Holding Period (months)",24,"Estimated time to entitlement & disposition"]
["Total Carrying Costs",{"$f":"B63*B64","v":36000},"Monthly x months"]
["Financing Rate (Bridge Loan)",7.4999999999999997E-2,"7.5% bridge/construction note"]
["Investor Split (Net Profit)",0.5,"50% of net profit to investor (post cost recovery)"]
["Sponsor / Developer Split",0.5,"50% retained by developer"]

{"sheet":"Dev Budget","index":1,"n_rows":34,"n_cols":4,"rows_kept":34,"cut":false,"hidden":false,"merged":[[22,0,22,3],[0,0,0,3],[1,0,1,3],[2,0,2,3],[4,0,4,3],[10,0,10,3]]}
["SEMINOLE COUNTY LAND DEVELOPMENT — DETAILED BUDGET"]
["1735 Timocuan Way, Longwood, FL  |  Land Enhancement Only — Road Access / Grading / Mitigation / Entitlement"]
[]
["Line Item","Unit Rate / Assumption","Total Cost ($)","Notes / Source"]
["A. LAND / ACCESS ACQUISITION"]
["Access Parcel — 1731 Timocuan Way (full price)",{"$f":"Assumptions!B22","v":280000},{"$f":"Assumptions!B22","v":280000},"Full acquisition cost; 20% down by developer"]
["  Less: Developer Down Payment",{"$f":"Assumptions!B24","v":56000},{"$f":"-Assumptions!B24","v":-56000},"Paid by developer equity at close"]
["  Access Parcel Bridge Loan (Financed Portion)",{"$f":"Assumptions!B25","v":224000},{"$f":"Assumptions!B25","v":224000},"Remainder financed; repaid at disposition"]
["Total Acquisition Cost (Cash Required at Close)",null,{"$f":"Assumptions!B24","v":56000},"Developer down payment = cash out at close"]
[]
["B. HARD COSTS — LAND DEVELOPMENT (No Construction)"]
["Road Access Improvement (gravel/asphalt, culvert, entry)",{"$f":"Assumptions!B39","v":0},{"$f":"Assumptions!B39","v":0},"Lump sum; access road from public ROW to parcel"]
["Grading & Earthwork",{"$f":"Assumptions!B42 & \" /acre x \" & TEXT(Assumptions!B44,\"#,##0.00\") & \" ac\"","v":"45000 /acre x 3.00 ac"},{"$f":"Assumptions!B45","v":135000},"Cut/fill, rough grade, compaction per buildable acre"]
["Vegetation Clearing & Mulching",{"$f":"Assumptions!B46 & \" /acre x \" & TEXT(Assumptions!B47,\"#,##0.00\") & \" ac\"","v":"8000 /acre x 2.00 ac"},{"$f":"Assumptions!B48","v":16000},"Mechanical clearing of upland areas; haul-off"]
["Wetland Mitigation — Banking Credits (Florida Ch.373 F.S.)",{"$f":"Assumptions!F35","v":50000},{"$f":"Assumptions!F35","v":50000},"SWFMD-approved mitigation bank; 0.5 ac impact x 2.0 ratio x $50K/credit"]
["Survey & Boundary Marking",{"$f":"Assumptions!B50","v":8500},{"$f":"Assumptions!B50","v":8500},"ALTA/boundary + topographic survey"]
["Environmental Site Assessment (Phase I/II)",{"$f":"Assumptions!B51","v":7500},{"$f":"Assumptions!B51","v":7500},"Required pre-entitlement"]
["Geotechnical / Soil Testing",{"$f":"Assumptions!B52","v":5000},{"$f":"Assumptions!B52","v":5000},"Bearing capacity, soil percolation tests"]
["Sub-total Hard Costs (Pre-Contingency)",null,{"$f":"SUM(C12:C18)","v":222000}]
["  Contingency (10% of Hard Costs)",{"$f":"Assumptions!B53","v":0.1},{"$f":"C19*Assumptions!B53","v":22200},"10% hard cost contingency buffer"]
["TOTAL HARD COSTS",null,{"$f":"C19+C20","v":244200}]
[]
["C. SOFT COSTS — ENTITLEMENT, LEGAL & PROFESSIONAL"]
["Legal, Zoning & Variance Filing",{"$f":"Assumptions!B56","v":52500},{"$f":"Assumptions!B56","v":52500},"Variance, rezoning, hearings"]
["Environmental Permits (ERP / FDEP/SWFMD)",{"$f":"Assumptions!B57","v":18000},{"$f":"Assumptions!B57","v":18000},"SWFMD Environmental Resource Permit"]
["Wetland Delineation & Agency Coordination",{"$f":"Assumptions!B58","v":6500},{"$f":"Assumptions!B58","v":6500},"Certified wetland scientist fees"]
["Title Search, Closing & Recording",{"$f":"Assumptions!B59","v":4500},{"$f":"Assumptions!B59","v":4500},"Access parcel acquisition closing"]
["Insurance (General Liability, 24 mo)",{"$f":"Assumptions!B60","v":3600},{"$f":"Assumptions!B60","v":3600},"Site liability during development"]
["Marketing & Disposition Costs",{"$f":"Assumptions!B61","v":25000},{"$f":"Assumptions!B61","v":25000},"~1% broker commission on exit"]
["Other & Contingency (Soft)",{"$f":"Assumptions!B62","v":10000},{"$f":"Assumptions!B62","v":10000},"Miscellaneous buffer"]
["Carrying / Holding Costs (24 months)",{"$f":"Assumptions!B63","v":1500},{"$f":"Assumptions!B65","v":36000},"Monthly holding x 24 months"]
["TOTAL SOFT COSTS",null,{"$f":"SUM(C24:C31)","v":156100}]
[]
["TOTAL PROJECT COST (Acquisition Cash + Hard + Soft)",null,{"$f":"C9+C21+C32","v":456300}]

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["SOURCES & USES — SEMINOLE COUNTY LAND VALUE CREATION"]
["1735 Timocuan Way, Longwood, FL  |  Total Capital Stack & Investor Economics"]
[]
[null,"Scenario 1\n(Low Cost)","Base Case","Scenario 2\n(High Cost)"]
["USES OF CAPITAL"]
["Acquisition Down Payment (Access Parcel)",56000,{"$f":"'Dev Budget'!C9","v":56000},70000]
["Road Access Improvement",35000,{"$f":"'Dev Budget'!C12","v":0},55000]
["Grading & Earthwork",32000,{"$f":"'Dev Budget'!C13","v":135000},42000]
["Vegetation Clearing",12000,{"$f":"'Dev Budget'!C14","v":16000},20000]
["Wetland Mitigation (Banking Credits)",40000,{"$f":"'Dev Budget'!C15","v":50000},60000]
["Survey, ESA & Geotech",18000,{"$f":"'Dev Budget'!C16","v":8500},25000]
["Hard Cost Contingency",10000,{"$f":"'Dev Budget'!C20","v":22200},15000]
["Legal, Zoning & Permits",48500,{"$f":"'Dev Budget'!C24","v":52500},93500]
["Title, Insurance & Carrying Costs",28000,{"$f":"SUM('Dev Budget'!C27:C28,'Dev Budget'!C31)","v":44100},45000]
["Marketing & Disposition",15000,{"$f":"'Dev Budget'!C29","v":25000},35000]
["Soft Cost Contingency",7500,{"$f":"'Dev Budget'!C30","v":10000},12500]
["TOTAL USES",{"$f":"SUM(B6:B16)","v":302000},{"$f":"SUM(C6:C16)","v":419300},{"$f":"SUM(D6:D16)","v":473000}]
[]
["SOURCES OF CAPITAL"]
["Developer / Sponsor Equity",75000,{"$f":"C17-B21-C22","v":70300},100000,"Developer down payment + closing costs"]
["Investor Equity Contribution",125000,{"$f":"C17-C20-C22","v":125000},200000,"Investor funds mitigation, legal, development work"]
["Bridge Loan — Access Parcel",{"$f":"Assumptions!B25","v":224000},{"$f":"Assumptions!B25","v":224000},{"$f":"Assumptions!B25","v":224000},"80% LTV on access parcel; repaid at sale"]
["Total Sources",{"$f":"SUM(B20:B22)","v":424000},{"$f":"SUM(C20:C22)","v":419300},{"$f":"SUM(D20:D22)","v":524000}]
[]
[]
["PROJECTED RETURNS & INVESTOR ECONOMICS"]
["Projected Land Value (Post-Entitlement)",2500000,{"$f":"Assumptions!B30","v":3000000},3500000,"~$1M/acre x buildable acres"]
["Total Project Cost (All-in)",{"$f":"B17","v":302000},{"$f":"C17","v":419300},{"$f":"D17","v":473000},"From USES section above"]
["Gross Profit (Before Splits)",{"$f":"B27-B28","v":2198000},{"$f":"C27-C28","v":2580700},{"$f":"D27-D28","v":3027000},"Land value less total cost"]
["Investor Share (50% of Gross Profit)",{"$f":"B29*Assumptions!B67","v":1099000},{"$f":"C29*Assumptions!B67","v":1290350},{"$f":"D29*Assumptions!B67","v":1513500},"50% of gross profit"]
["Developer / Sponsor Share (50%)",{"$f":"B29*Assumptions!B68","v":1099000},{"$f":"C29*Assumptions!B68","v":1290350},{"$f":"D29*Assumptions!B68","v":1513500},"50% of gross profit"]
["Equity Multiple (Investor)",{"$f":"IF(B21>0,(B21+B30)/B21,\"-\")","v":9.7919999999999998},{"$f":"IF(C21>0,(C21+C30)/C21,\"-\")","v":11.322800000000001},{"$f":"IF(D21>0,(D21+D30)/D21,\"-\")","v":8.5675000000000008},"Total return / equity invested"]
["Return on Investment (ROI %)",{"$f":"IF(B21>0,B30/B21,\"-\")","v":8.7919999999999998},{"$f":"IF(C21>0,C30/C21,\"-\")","v":10.322800000000001},{"$f":"IF(D21>0,D30/D21,\"-\")","v":7.5674999999999999},"Investor profit / equity invested"]

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["LAND VALUE CREATION PROFORMA — TIMELINE & ENTITLEMENT MILESTONES"]
["1735 Timocuan Way, Longwood, FL  |  Strategy: Road Access + Grading + Mitigation + Commercial Entitlement → Exit Sale"]
[]
[null,"Month 0\n(Close)","Month 3\n(Access)","Month 6\n(Grade/Clear)","Month 9\n(Mitigation)","Month 12\n(Permits Filed)","Month 18\n(Approved)","Month 24\n(Exit Sale)","Year 1","Year 2","IRR / Return"]
["DEVELOPMENT MILESTONES"]
["Phase","Acquisition\n& Planning","Road Access\nInstalled","Grading &\nClearing","Wetland\nMitigation","Permit\nApplications","Entitlement\nApproved","Disposition\n(Exit Sale)"]
["Activity","Close on 1731;\nsurvey; ESA","Access road,\nculvert, entry","Rough grade\n+ clearing","Mitigation bank\ncredits purchased","SWFMD ERP,\nZoning app","Variance/rezoning\ngranted","Market +\nclose sale"]
["Florida Law Trigger","Ch.689 F.S.\n(Conveyance)","FDOT/County\nDriveway Permit","Ch.403 F.S.\nStormwater","Ch.373 F.S.\nERP / Sec.404","Seminole Co.\nLDC + SWFMD","Ch.163 F.S.\nComp Plan","Ch.475 F.S.\nBroker Req."]
[]
["LAND VALUE CREATION — CUMULATIVE CASH FLOW"]
["Acquisition Down Payment",56000,0,0,0,0,0,0,{"$f":"SUM(B11:E11)","v":56000},{"$f":"SUM(F11:H11)","v":0}]
["Road Access Improvement",0,45000,0,0,0,0,0,45000,0]
["Grading & Earthwork",0,0,36000,0,0,0,0,36000,0]
["Vegetation Clearing",0,0,16000,0,0,0,0,16000,0]
["Wetland Mitigation (Bank)",0,0,0,50000,0,0,0,50000,0]
["Survey & Technical Studies",21000,0,0,0,0,0,0,21000,0]
["Legal, Zoning & Permits",10000,0,0,0,42500,0,0,10000,42500]
["Insurance & Carrying Costs",2250,2250,2250,2250,2250,2250,2250,9000,6750]
["Marketing & Disposition",0,0,0,0,0,0,25000,0,25000]
["Contingency",0,0,5000,5000,0,0,0,10000,0]
["Total Period Costs",{"$f":"SUM(B11:B20)","v":89250},47250,59250,57250,44750,2250,27250,253000,74250]
[]
["CUMULATIVE COST & VALUE TRACKING"]
["Cumulative Cash Invested",{"$f":"B21","v":89250},{"$f":"B24+C21","v":136500},195750,253000,297750,300000,327250]
["Estimated Land Value at Stage",150000,200000,280000,400000,600000,2400000,3000000]
["Unrealized Gain / (Loss)",{"$f":"B25-B24","v":60750},63500,84250,147000,302250,2100000,2672750]
["Value Uplift Multiplier",{"$f":"IF(B24>0,B25/B24,\"-\")","v":1.680672268907563},1.4652014652014651,1.4303959131545338,1.5810276679841897,2.0151133501259446,8,9.1673032849503446]
[]
[]
["INVESTOR IRR ANALYSIS (24-Month Hold)"]
["Investor Equity Invested",null,{"$f":"'Sources & Uses'!C21","v":125000}]
["Investor Profit Share (50%)",null,{"$f":"'Sources & Uses'!C30","v":1290350},"50% of gross profit at exit"]
["Total Return to Investor",null,{"$f":"C31+C32","v":1415350},"Equity returned + profit share"]
["Investor ROI %",null,{"$f":"IF(C31>0,C32/C31,\"-\")","v":10.322800000000001},"Profit / Equity Invested"]
["Annualized IRR (approx.)",null,{"$f":"IF(C31>0,(1+C32/C31)^(1/2)-1,\"-\")","v":2.3649368493331342},"2-year hold simplification"]
["Equity Multiple",null,{"$f":"IF(C31>0,C33/C31,\"-\")","v":11.322800000000001},"Total return / equity invested"]