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FIVE YEAR PROFORMA-ASSUMPTIONS <br /> Capacity Sq.Footage Questions Assumption Est Capacity <br /> Restaurant 3,300 Kitchen serves approx.400? 18 sq ft per guest,min revenue$150/sq foot 183 <br /> Patio 21,700 18 sq ft per guest,min revenue$150/sq foot 150 <br /> Catering 7,000 Kitchenette is prep kitchen 15 sq ft per guest 467 <br /> Rooftop Patio 3,050 Restaurant or Catering Only? <br /> Assumptions <br /> Restaurant/Patio <br /> Year 1 covers based on 50%factor from Kendall's 2015-factor based on decrease in overall population between locations <br /> Covers increasing 40%,20%,12%,6%into year 5 <br /> Anticipate nominal growth in covers after year 5.3-5%annually <br /> Year 1 average check starts at$26.50 assumes upscale casual full service restaurant in line with comp set <br /> Average check increasing 5%through year 4 and 3% in year 5 <br /> Average check increase will result from ongoing menu development <br /> Opening operating model is 5 days/week Lunch&Dinner Service <br /> Restaurant is self sustaining-not seasonal or dependent on concessions/catering drivers <br /> Restaurant is community gathering spot <br /> Revenue surpasses$150 revenue/square foot in Year 2 <br /> Concessions <br /> Concessions are amenity for outdoor water features <br /> Food and NA sales only,no alcohol <br /> Seasonal May-September <br /> Year 1 revenue based on$125/day x 20 operating days or$2,500/month <br /> 5%YOY growth through Year 5 is combination of volume and menu mix/pricing <br /> Catering <br /> In house catering serviced by restaurant kitchen <br /> Food,Beverage,Supplies can be safely and efficiently transported to second floor <br /> Second floor kitchen is prep kitchen/warming kitchen only <br /> Revenue includes base food&beverage+25%other revenue(room rental/catering service charge,misc.,etc.) <br /> Year 1 revenue assumes Catering Sales Person is hired and selling pre opening <br /> YOY revenue trajectory is based on growth trends from other start up catering operations <br /> Not based on Bunker Hills due to golf factor and business on the books at takeover <br /> Concerns with maximizing catering revenue <br /> Quality of food and beverage service based on existing layout,kitchen,and elevator <br /> 1 large space will not allow for multiple bookings on same day <br /> 1 large space may not appeal to small groups or breakout meetings <br /> How community center will be marketing and what groups they will like to attract <br /> Next level analysis should break out sales plan with event types and average checks <br /> Expenses <br /> Facility will target prime cost(Food and Beverage+Labor)at or below 70% <br /> Prime costs to be achieved in Year 4 and beyond <br /> Facility will target operating costs(F&B Expenses+Technology)at 8% <br /> Operating costs target achieved in Year 3 <br /> Assumptions based on comparable facility,to be refined as operation is built out <br /> Tech Hardware(Computers,POS,etc.)to be included with preopening capital <br /> Industry average marketing spend of 3%to be achieved in Year 2 and beyond. <br /> Year 1 marketing spend at 6%to drive traffic and achieve targeted restaurant covers and catering bookings <br /> Minimal POM(Production and Operations Management)spending due to age of building <br /> Assumes maintenance for F&B spaces only,CAM parking lot,snow removal,lawn care etc.not included <br /> Assumes 5%management fee structure <br /> EBITDA(Earnings Before Interest,Tax,Depreciation,and Amortization)improves annually and turns positive in year 3 <br />