You must value a perpetual lease. It will cost $100,000 each year in real terms-that is, its proceeds will not grow in real terms, but just contractually keep pace with inflation.
The prevailing interest rate is 8% per year, and the inflation rate is 2% per year forever.
The first cash flow of your project next year is $100,000 quoted in today's real dollars. What is the PV of the project?
(Warning: Watch the timing and amount of your first payment.)