Executive Summary
Belle Epoque will be a restaurant and exciting Dinner Show located in Bigsmalltown, Upstate, that celebrates the era of cultural refinement, social oelegance, and general prosperity in the last decades of the 19th and first decade of the 20th centuries. The exuberance of the "Gay 90s" era will be rekindled as we model our restaurant on the establishments of the Montmartre district of Paris such as the famous Moulin de la Galette. The decor will be similar to that of the restaurant/dance hall/theatres of 1890s, and feature artwork of the Impressionists such as Pierre-Auguste Renoir, Henri de Toulouse-Lautrec, Mary Cassat, and Berthe Morisot. Hosting and serving staff will dress in period costume. The combination of a Montmartre dance hall, bon vivants, famous artist and lively music is why our restaurant is so dynamic. The exciting and exhilarating aspect of this restaurant is that it transcends beyond decorations and moves into a real life, first person experience - face to face. From the singing aloud of ditty's, to the hearty, backslapping laughter or breathtaking can-can dancing - every second is a treasured, emotional meeting with Alfred Dreyfus or Madam La Goulue, "look-alikes." Our menu is a varied, international, tasteful extravaganza. Each page is highly illustrated with artists' drawings of the regional cuisine, a tiny map of the world showing the region and indigenous ingredients. The majority of the menu is the cuisine of France, and America, though we will offer specialties from Japan, Korea, Phillipines, Italy, Germany, France, Mexico, Spain, Belgium and Middle East. A few pages are devoted to White House and Camp David stylings where Chef Joachim served the First Family. We will offer a 10 item wine card "By the Glass Daily Selection", wines by the bottle, and a special cellar collection. Belle Epoque is the first in what hopefully will become a chain of similarly themed restaurants. It offers a new and exciting concept that is already being done in other successful era's such as, "Capitan Hook" www.capitanhook.com and "Medieval Times" www.medievaltimes.com. These concepts are expanding with cash driven proofs of winning financial operation. Originally laughed at and stereotyped as ridiculous for a dining concept, these outlets are reaching new potential and breaking previously set sales figures. Medieval Times started as a single location and opened its eighth restaurant and show in March, 2004. We aim to attract customers from the same market niche, but with a Impressionist/Moulin Rouge theme. Executive Chef Joachim Oignons will lead the management team. Chef Joachim is retiring from a 30-year military career during which he won many awards, served as Executive Chef to the President of the United States, and managed multiple U.S. government restaurant/food service venues world wide.
1.1 Mission
Belle Epoque offers an impressive, blockbuster revue of international food, fare and drink centered around the high culture and exuberant night life of the Montmartre district of 19th century Paris. Our combination is wonderful food and Impressionist history. This revue also includes our shows, acts, skits, original music and entertainment for the customer - whom we live to impress and make happy. In each and every facet of all that we do - the focus remains on the customer. Likewise, our employees never work "for us" - rather they work "with us" - and as such - they are our customers also. We are all serving each other in some capacity. Our focus includes community service, involvement and family. We will always be deeply involved with the community and people of Bigsmalltown. Belle Epoque is also an excellent place to work, a professional environment that is challenging, rewarding, creative, and respectful of ideas and individuals. BelleEpoque ultimately provides excellent value to its customers and fair reward to its owners and employees.
2.
Training of a crack workforce, with paper lists that detail daily actions, and managerial follow-up that ensures winning goals are completed. Food production books, recipes, management routine, records and returns will be detailed.
3.
Practice by dinner show participants and actors will produce a fantastic show. Continued excellence in performance will come in diversity of workforce training and a, "Qualification Card," system - similar to the system successfully used by the U.S. Navy. Distribution of some profits to the workforce will breed cyclical results that exceed first five year goals. Unusual interior design and outdoor landscaping. The actors and staff learn habits, quips, funny answers and anecdotal comments for customer enjoyment. Similar in concept to the highly profitable and world known, "Ed Debevics" "50's" diner in Chicago. Excellence in fulfilling the promise - reliable, trustworthy expertise in operation, leadership and management of the show and restaurants. Developing visibility to generate new business leads.
4. 5. 6. 7. 8. 9.
Leveraging from a single pool of expertise into multiple revenue generation opportunities: bar, restaurant, catering, show, and events. Among the National Restaurant Association highlights for this year in the restaurant industry are:
1.
The restaurant industry's anticipated sales of $440.1 billion equal 4% of the U.S. gross domestic product. This coming year will mark the 13th consecutive year of real growth for the restaurant industry. The number of restaurant locations in the United States will grow to 878,000. The restaurant industry will employ 12 million people, making it the largest private-sector employer in the nation. Continued expansion will occur, driven by Americans' need for convenience and socialization, and a healthy increase in disposable income. New menu items in response to diners' increasingly sophisticated tastes, and heightened interest in health
and nutrition. Greater efforts by lawmakers to regulate restaurants. According to Norwalk, CT based Adams Beverage Group and Restaurants and Institutions magazine (June 1) Wine sales in restaurants rose 8.1% lat year Build and create a restaurant that celebrates the belle epoque/gay 90s era in European/American history. Celebrating the high society of that era will be done via skits, acts, drinks, music, demonstrations, food, a small museum, fantastic show and dance. The measurable objectives will be: o Opening night in full regalia and profitability within two months
1.3 Objectives
o o
2.
Gross sales receipts of $1,000,000 by third month Food costs not to exceed 35% total operation
Deliver a stunning, unbelievable, international menu to the local and summer "swell" community that produces 96% satisfaction surveys or higher and profits in excess of 200% Return on Investment (ROI). Surveys to be done for sixteen weeks by an independent third-party review agency. The international menu will reflect the Belle Epoque era of the late 19th and early 20th centuries. This objective will be reviewed by a number of friends who are Presidents and Continental Directors of their respective countries in the World Association of Cooks Societies (WACS)(www.wacs2000.org).
3.
4.
Continuous analysis and outsider inspections will be held to fine-tune objectives via goal planning, Directives, Operations, Objectives ands Milestones (DOOM) and weekly Best Objectives Review Evaluation (BORE) meetings. Objectives will be handled in a planning and strategy sense espoused by business leaders. Business will be conducted monitoring our Profit and Loss statement numbers, local business owners of restaurants and their own marketing ploy, advertising and profits. Consultants will be on minor, as needed retainers not to exceed $10,000 per annum.
5.
Company Summary
Belle Epoque is a restaurant with lunch and dinner menus and a theme show for dinner only. It welcomes artists, historians, living history interpreters, and re-enactors to its grounds for, pleinaire painting sessions, historical shows and events. It features the culinary adventures and exquisite tastes of late 19th century Paris as prepared under the exacting standards of Executive Chef Joachim Oignons. Chef Joachim retired as a Senior Chief Petty Officer and was the first ever American Culinary Federation Executive Chef in Camp David's history. As a Navy Executive Chef to the President of the United States he excelled in the history of America at the Catoctin Mountain Retreat and at the White House. He later was asked by the Navy to live around the world, in Asia, Arabia and in Europe - cooking for Admirals in Japan, at NATO and for Lords, Prime Ministers, Kings and Queens, royalty, stars and public personalities. His food is fully representative of direct experiences - worldwide, with international culinary favorites learned firsthand.
Start-up
Requirements Start-up Expenses Legal and Attorney's Fees Stationery and Office Supplies Brochures Consultants Insurance Remodeling Expenses Utilities Liquor License Rent or Mortgage 1st month/startup Research and Development Total Start-up Expenses Start-up Assets Cash Required Start-up Inventory Other Current Assets Long-term Assets $50,000 $75,000 $17,000 $175,000 $12,288 $12,341 $3,382 $3,900 $9,809 $19,400 $2,000 $100,000 $14,000 $1,300 $178,420
$317,000
Services
Belle Epoque offers a first-of-its-kind in the area entertainment and dining concept with excellent, tasty food. The interaction with live human actors from 1890s Paris is fascinating. The concept is not content to just deliver the service of good food and friendliness though. It offers colorful, haute culture actors by day, and an entertaining, optional Moulin de la Galette evening dinner show that will amaze and delight. Our table side service is extremely fun and unique. The wine bottle selection and daily, "by the glass," wine card will be in addition to our selection of beer on tap and fully stocked bar. The catering will also entertain and thrill customers (i.e. bringing the show to their event).
Market Analysis Summary Our main target market is quite simply the well known vacationing family or vacationing friends, lovers and fun-seekers. A smaller sub-section of locals will visit us as well. The local winter season resident population is 250,000 people (Source: U.S. Census). The summer season visitor attendance is 4.5 million visitors of which: 75.5% are families with two or more children 17.6% are single 2.6% are senior citizens 78.3% are between the ages of 28 and 54 56.34% earn more than $50,000 per year The average stay is 4.6 days Spending per day varies between $78 to $300 Tourism dollars generated in Bigsmalltown are $3.64 billion (Source: Rovelstad& Associates, Longwoods International) TOURIST SEASON IS BASICALLY FIVE MONTHS LONG - FROM MAY TO SEPTEMBER Restaurants generate $1.006 billion Retail generates $675 million Lodging generates $1.183 billion Automobile generates $449 million Recreation generates $303 million
Transportation generates $30 million Bigsmalltown at a Glance as of 2003 - The Official Border County Government Report PEOPLE 102,326 year round residents with an estimated summer population of 614,261 5% of the people are under 5 years old 22% percent are under 18 years old 20% are over the age of 65 years old Per capital income is $24,172 Median household income is $41,591 and is increasing There are 91,000 housing units consisting of 46% year round residents and 54% used for seasonal and recreational GEOGRAPHY Encompassing 256 square miles of land area located at the southern tip of Upstate Made up of 16 municipalities 30 miles of white sandy beaches and islands with thousands of acres on the mainland preserved for open space, farmlands and natural conservation With over 70 square miles, Village Township is the largest geographically of all the municipalities Bocage Township is the most populated with almost 23,000 people ECONOMY Tourism represents the number one industry generating over $3 billion a year in revenues Total labor force of 49,201 people There are 3,693 private establishments The Services sector of the economy employs 37% of the labor force followed by the Trades that employ 36% Government employs 10% of the labor force 4.1 Market Segmentation We use this topic to explain the Market Analysis table and chart, below. Our analysis is based on a list of potential customer groups, each of which is a market segment. The family segment looking for fun while on their week of vacation.
The local residents included in the summer population looking to see something new or to take guests in town out to a great, proud place. Local residents are increasing with condominium ownership and increased building. Long distance drivers coming in especially to experience our dinner show. This last geographic segment will normally travel one driving day or up to 300 miles for a short weekend stay. There are two specific sub-groups of clientele within each of the listed segments: the lunch crowd, casual drinking (wine specifically, market encouraged), and our nightly "Admiral's Table" crowd. Both of these segments (especially wine drinkers) are slightly more sophisticated; average bar drinking age is about 25 to 34-plus years old while the dining room averages 35 to 54-plus. Household income is upper middle, in the $75,000 and up range. We hold these specific two groups to be similar to McCormick &Schmick's - a close match to our offerings (data as reported in Market Watch, October, 2003). Some of the more recent trends include correlating behavioral patterns and so-called psychographics, which produced the famous classification of, "yuppies," as young urban professionals, and of course the, "baby boomers," with certain buying patterns. We believe both of these segments will frequent Belle Epoque. Teenagers sort themselves into marketing groups with names like, "preppies, dudes, gothic, jocks, and skaters." Each of these labels actually stands for certain sets of behavior patterns, and has some value in segmentation. These segments will attend our offerings in groups for class trips and major events. They also will attend with their parents for general dining and we plan on marketing directly to their segment. An example of successful teenager marketing is the offering of bottled sodas instead of just fountain service. Teenagers are highly ranked for their liking of bottled soda over all other categories - due to its extra pep and fizz. Marketing one simple item to a specific segment generates sales across the board. Especially when teens encourage parents to "go to Belle Epoque tonight." This is only one, direct example of techniques to be employed for market domination via segmentation understanding. We have other areas and methods scheduled. Many are based on award-winning experience, financial success, and published books by noted experts.
Market Analysis Year 1 Year 2 Year 3 Year 4 Year 5 Potential Customers Growth 225,000 235,000 CAGR 245,000 255,000
Weekly winter population Long distance customers Total 5.47% 234,808 5.47%
5% 2%
4,808 5,008 5,208 5,408 5,608 3.92% 5,000 8,000 12,000 15,000 20,000 41.42% 262,208 275,408 290,608
248,008
4.2 Target Market Segment Strategy We cannot survive just waiting for customers to come to us. Instead, we must focus on the specific market segments whose needs match our offerings. Focusing on targeted segments is the key to our future. We will attract customers with live performances and distribution of brochures. Therefore, we need to focus our marketing message and our product offerings. We need to develop our message, communicate it, and make good on it. The Marketing Strategy topic contains the details of our tactics and programs. 4.3 Service Business Analysis The restaurant and entertainment show business is dynamic and fast paced. It offers exciting food and dining experiences with high profit margins. Interested owners who have extensive multidecade experience will almost always do well. Those who have theater and acting experience, combined with 20 to 30 years of business success, will do extremely well in profit, employee and customer happiness. This service business provides rewards via customer satisfaction surveys. 4.3.1 Competition and Buying Patterns In one part of the restaurant market competition depends on reputation, advertising, and the dining experience of the customer. In another, competition centersaround location and parking. In most cases the restaurant industry strongly relies on word-of-mouth recommendations over advertising. Word of mouth is the secret in retaining long-term satisfied customers. This, combined with changing drama shows each year, and other side acts, will ensure that diners return. Customers will choose our business over others from the first time they see our actors dressed up in the mall handing out brochures or in parking lots staging mini-shows. We have extensive experience with free publicity. For instance, Chef Joachim recently appeared on the Today show. He has also filmed many other shows all over the world and in a number of different languages. Appearances on the public boardwalks, streets and anywhere that is free - such as at huge events, competitions, conventions and more, will attract the public. Customers will definitely choose us due to our personal and face-to-face interaction in a dining experience. Host and serving staff will dress in period costumes, and those with a yen toward acting and performance will be encouraged to play the parts of denizens of Montmartre, during the Paris' cultural heyday. Staff will regularly portray famous members of Parisian high society including Impressionist painters, theatre doyens, writers, philosophers, etc. All too often the problem with today's restaurants is that they look great, have waterfalls or beautiful physical decoration, or great motifs and themes, but are missing the human element...the host or server who is unpredictable and physically shakes your hand. The dining experience should
not be another video simulator or Nintendo game. Even serious businessmen and businesswomen can get excited over a corporate event held in our Belle Epoque restaurant where they can talk with actors who believe that they are back in that era (called first person acting). What might someone say and what answer might come back? Something snappy or robust? The buying patterns of our customers will be repeat patterns. Our pricing for food, taste, and product delivered will exceed local expectations. We rely on the world tastes and travels of Chef Joachim and team - difficult to equal or duplicate.
2.
"Beyond belief," word-of-mouth and first person character advertising. Guaranteed to affect image, awareness and propensity to buy. A meeting with one of our six historical Impressionist painters or with one of our Paris Opera or Ballet Prima Donna's will not be forgotten. Ingenious strategic placement and appearance into market at the right time and stunning venue with our actors and, "Boulevardiers." One of the easiest ones is the strolling the promenade and boulevard by our high society Madameset Monsieur, handing out leaflets. Other events will include partnering with various wine and spirit distributors for special promotions.
3.
Sales Forecast
Year 1 Unit Sales Lunch Sales High Tea Sales Dinner Sales Dinner Show Sales Bar Sales Be In the Show Sales Catering Sales Total Unit Sales Unit Prices Lunch Sales High Tea Sales Dinner Sales Dinner Show Sales Bar Sales Be In the Show Sales Catering Sales Sales Lunch Sales High Tea Sales Dinner Sales Dinner Show Sales 78,975 9,720 66,335 68,074 28,350 3,240 4 254,698 Year 1 $14.00 $18.00 $24.00 $55.00 $28.57 $65.00 $7,250.00 $1,105,650 $174,960 $1,592,040 $3,744,070 Year 2 86,873 10,692 72,969 74,881 31,185 3,564 4 280,168 Year 2 $14.98 $19.26 $25.68 $58.85 $30.57 $69.55 $7,757.50 $1,301,350 $205,928 $1,873,831 $4,406,770 Year 3 95,560 11,761 80,265 82,370 34,304 3,920 5 308,185 Year 3 $16.03 $20.61 $27.48 $62.97 $32.71 $74.42 $8,300.53 $1,531,689 $242,377 $2,205,499 $5,186,769
Bar Sales Be In the Show Sales Catering Sales Total Sales Direct Unit Costs Lunch Sales High Tea Sales Dinner Sales Dinner Show Sales Bar Sales Be In the Show Sales Catering Sales Direct Cost of Sales Lunch Sales High Tea Sales Dinner Sales Dinner Show Sales Bar Sales Be In the Show Sales Catering Sales Subtotal Direct Cost of Sales
$810,000 $210,600 $29,000 $7,666,320 Year 1 $5.32 $6.84 $8.64 $13.75 $10.29 $16.25 $3,987.50 $420,147 $66,485 $573,134 $936,018 $291,600 $52,650 $15,950 $2,355,984
$953,370 $247,876 $34,133 $9,023,259 Year 2 $5.53 $7.11 $8.99 $14.30 $10.70 $16.90 $4,147.00 $480,648 $76,059 $655,666 $1,070,804 $333,590 $60,232 $18,247 $2,695,245
$1,122,116 $291,750 $40,175 $10,620,375 Year 3 $5.81 $7.47 $9.43 $15.02 $11.23 $17.75 $4,354.35 $555,149 $87,848 $757,294 $1,236,779 $385,297 $69,567 $21,075 $3,113,008
5.4 Milestones
The accompanying table lists important program milestones, with dates and managers in charge, and budgets for each. The milestone schedule indicates our emphasis on planning for implementation. What the table doesn't show is the commitment behind it. Our business plan includes complete provisions for plan-vs.-actual analysis, and we will hold monthly follow-up meetings to discuss the variance and course corrections.
Milestones
Milestone Business Plan Property scouting Interior Design Print Design & Production Script writing Menu rollout Stage design and build Legal rollout Start Date 10/18/2004 12/18/2003 8/30/2004 9/22/2004 9/22/2004 2/4/2005 2/2/2005 1/1/2004 End Date 1/23/2005 6/1/2004 10/30/2004 11/12/2004 9/22/2004 4/12/2005 3/28/2005 6/1/2004 Budget $709 $580 $11,548 $45,723 $4,000 $430 $19,050 $22,288 Manager Department J. Oignons BOD A. Spergras Property T. Matto Gourmet Media & O. Bergene PR C. Theatrical Wensleydale J. Oignons F&B C. Theatrical Wensleydale S. Prouts Legal
12/22/2004 1/22/2005
1/22/2005 2/12/2005
O. Bergene J.Oignons
graphics. A number of articles, photos and features will be provided based on our recreation of the 1890s Paris Boulevardier lifestyle. The maintenance of the site will be done by the owner. As the website rolls out future development such as newsletters and downloadable games, a technical resource may need to be contracted to build the high-end items.
Management Summary
The initial management team depends on the founder, Joachim Oignons and his recruitment of managers. As we grow, we may take on additional consulting help, plus graphic/editorial, sales, and marketing. By opening, Belle Epoque's management team will be composed of: Executive Chef Joachim will manage the kitchen staff and oversee the financials Serving Staff manager - T.O. Matto Sommelier/Bar manager - A. Bisynthe Performance manager - C. Wensleydale * Management team resumes, confidential and proprietary information have been removed from this sample plan.
Personnel Plan
Year 1 Executive Chef Joachim Oignons-owner Serving Staff Manager Sommelier/Bar Manager Performance Manager Host/Serving Staff Kitchen Staff Performance Staff Bar Staff Bookkeeper/Office Assistant $59,000 $36,000 $36,000 $36,000 $129,024 $169,344 $124,416 $32,256 $12,000 Year 2 $61,950 $37,800 $37,800 $37,800 $135,475 $177,811 $130,637 $33,869 $12,600 Year 3 $65,048 $39,690 $39,690 $39,690 $142,249 $186,702 $137,169 $35,562 $13,230
0 $634,040
0 $665,742
0 $699,029
Financial Plan
We are assuming a low start-up funding figure of approximated $500,000. The business will grow exponentially by a net worth of about two million dollars per year and this growth is based off of sheer cash profits and managerial excellence. Growth will be self financed. No additional funding will be needed.
One item of particular note is that we have set our cost of goods for food sales at high percentage factors of 30% to 36%. The majority of seasoned managers would raise an eyebrow at those percentages. We intend to beat these percentages and therefore bring in a windfall on our P & L. One important assumption is our capability to decrease food waste and costs.
General Assumptions
Plan Month Current Interest Rate Long-term Interest Rate Tax Rate Other Year 1 1 10.00% 8.20% 25.00% 0 Year 2 2 10.00% 8.20% 25.00% 0 Year 3 3 10.00% 8.20% 25.00% 0
Start-up Funding
Start-up Expenses to Fund Start-up Assets to Fund Total Funding Required Assets Non-cash Assets from Start-up Cash Requirements from Start-up Additional Cash Raised Cash Balance on Starting Date Total Assets $178,420 $317,000 $495,420 $267,000 $50,000 $420 $50,420 $317,420
Liabilities and Capital Liabilities Current Borrowing Long-term Liabilities Accounts Payable (Outstanding Bills) Other Current Liabilities (interest-free) Total Liabilities Capital Planned Investment Owner Investor Additional Investment Requirement Total Planned Investment Loss at Start-up (Start-up Expenses) Total Capital Total Capital and Liabilities Total Funding $5,420 $40,000 $0 $0 $45,420
Debt to Net Worth Current Liab. toLiab. Liquidity Ratios Net Working Capital Interest Coverage Additional Ratios Assets to Sales Current Debt/Total Assets Acid Test Sales/Net Worth Dividend Payout
0.05 0.93
0.04 0.96
$7,081,367 $11,450,067 2,241.85 3,837.09 0.84 5% 20.63 1.25 0.06 1.13 3% 28.35 0.92 0.10
Break-even Analysis
Monthly Units Break-even Monthly Revenue Break-even Assumptions: Average Per-Unit Revenue Average Per-Unit Variable Cost Estimated Monthly Fixed Cost 127,018 $127,018 $1.00 $0.38 $78,751
must open with brand new, guaranteed equipment, we will not have replacement expenses as soon. Normal wear and tear and breakage of plates, glasses, tableware, etc. are budgeted monthly. Labor costs may be lower than the pro forma projects - but we are planning on worst-case scenario of our attention being diverted as we grow into exactly what we need and when. Later years may be lower as we learn more about how much labor is truly critical. Conversely, if our dinner and show concept is well received, we may have to increase staff (and therefore labor costs) to serve the customer demand. The Gross Margin Percentage holds steady from year to year due to holding menu and show prices with minimal increases to cover increased food costs and operating expenses. This may be unrealistic - the quandary is - do we want to raise our prices each year or hold them fast. Customer response surveys combined with economic condition analysis will yield the answer to this after the first twelve months. Either way, at worst, we forecast profits between $3-$4 million per annum.
Employee Healthcare Comps/Donations/Handouts Payroll Taxes Total Operating Expenses Profit Before Interest and Taxes EBITDA Interest Expense Taxes Incurred Net Profit Net Profit/Sales
Expenditures Expenditures from Operations Cash Spending Bill Payments Subtotal Spent on Operations Additional Cash Spent Sales Tax, VAT, HST/GST Paid Out Principal Repayment of Current Borrowing Other Liabilities Principal Repayment Long-term Liabilities Principal Repayment Purchase Other Current Assets Purchase Long-term Assets Dividends Subtotal Cash Spent Net Cash Flow Cash Balance
Year 1 $634,040 $3,530,306 $4,164,346 $536,642 $5,400 $0 $6,900 $0 $0 $100,000 $4,813,288 $3,389,674 $3,440,094
Year 2 $665,742 $4,194,008 $4,859,750 $631,628 $0 $0 $8,000 $0 $0 $250,000 $5,749,378 $3,905,508 $7,345,603
Year 3 $699,029 $4,996,678 $5,695,707 $743,426 $0 $0 $9,000 $0 $0 $500,000 $6,948,133 $4,415,668 $11,761,271
$3,440,094 $66,090 $17,000 $3,523,184 $175,000 $12,000 $163,000 $3,686,184 Year 1 $209,488 $20 $0 $209,508 $33,100 $242,608 $450,420 ($278,420) $3,271,576 $3,443,576 $3,686,184 $3,443,576
$7,345,603 $75,607 $17,000 $7,438,209 $175,000 $24,000 $151,000 $7,589,209 Year 2 $356,823 $20 $0 $356,843 $25,100 $381,943 $450,420 $2,743,156 $4,013,690 $7,207,267 $7,589,209 $7,207,267
$11,761,271 $87,326 $17,000 $11,865,597 $175,000 $36,000 $139,000 $12,004,597 Year 3 $415,509 $20 $0 $415,529 $16,100 $431,629 $450,420 $6,256,847 $4,865,701 $11,572,967 $12,004,597 $11,572,967