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DRAFT <br /> needed. Conversely 2.5 percent, for instance, times the endowment returns the annual average <br /> perpetual budget. <br /> Wetland Preserve Annual Average Government Nonprofit <br /> Perpetual Budget Owned Owned <br /> Endowment Endowment <br /> Capitalization Rate 2.5% 5% <br /> Danebo $45,561 $1,822,440 $911,220 <br /> Greenhill/Oak Hill $40,405 $1,616,200 $808,100 <br /> Stewart $37,834 $1,513,360 $756,680 <br /> Total $123,800 $4,952,000 $2,476,000 <br /> The average endowment for this project is $16,343 per acre with a government owned <br /> endowment and $8,172 per acre with a privately owned endowment. The latter figure is only <br /> slightly higher than typical wetland projects of this size largely because of the extensive five year <br /> monitoring, substantial infrastructure, and the inability to use herbicides to control exotic and <br /> other invasive plants. <br /> I hope the foregoing is helpful to you. I will be delivering the PAR software and the PARS for <br /> each of these projects for your continued review and refinement. <br /> Sincerely, <br /> Brenda C. Pace <br /> Special Projects _ <br /> 05/08/01 9 <br />