MEMORIAL VILLAGE II

PILOT EXEMPTED PROJECT

First 10 yrs 100%; yrs 11 - 20 80% Exempt Land Value Improvements Estimated Tax from Tax from City County/State School Parks
Year True & Full Value (Not subject to Exemption) Value Tax Revenues Land Improvements Share of Tax Share of Tax Share of Tax Share of Tax
2023 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
2024 $ 34,000,000 $ 1,300,000 $ 32,700,000 $ 21,320 $ 21,320 $ - $ 6,293 $ 5,370 $ 7,200 $ 2,457 Assumptions:
2025 $ 34,340,000 $ 1,313,000 $ 33,027,000 $ 21,533 $ 21,533 $ - $ 6,356 $ 5,424 $ 7,272 $ 2,481 Post-proj. value $ 34,000,000
2026 $ 34,683,400 $ 1,326,130 $ 33,357,270 $ 21,749 $ 21,749 $ - $ 6,420 $ 5,478 $ 7,345 $ 2,506 2023 Taxable Value $ -
2027 $ 35,030,234 $ 1,339,391 $ 33,690,843 $ 21,966 $ 21,966 $ - $ 6,484 $ 5,533 $ 7,418 $ 2,531 Initial Increment Value $ 34,000,000
2028 $ 35,380,536 $ 1,352,785 $ 34,027,751 $ 22,186 $ 22,186 $ - $ 6,549 $ 5,588 $ 7,492 $ 2,556 Effective tax rate 1.64%
2029 $ 35,734,342 $ 1,366,313 $ 34,368,029 $ 22,408 $ 22,408 $ - $ 6,614 $ 5,644 $ 7,567 $ 2,582 Ann. Value Incr. 1%
2030 $ 36,091,685 $ 1,379,976 $ 34,711,709 $ 22,632 $ 22,632 $ - $ 6,681 $ 5,700 $ 7,643 $ 2,608 % taxable during TIF (yrs 1 to 10) 0%
2031 $ 36,452,602 $ 1,393,776 $ 35,058,826 $ 22,858 $ 22,858 $ - $ 6,747 $ 5,757 $ 7,719 $ 2,634 % taxable during TIF (yrs 11 to 20) 20%
2032 $ 36,817,128 $ 1,407,714 $ 35,409,414 $ 23,087 $ 23,087 $ - $ 6,815 $ 5,815 $ 7,797 $ 2,660
2033 $ 37,185,299 $ 1,421,791 $ 35,763,508 $ 23,317 $ 23,317 $ - $ 6,883 $ 5,873 $ 7,875 $ 2,687 Entity Revenue Splits: # of mills
2034 $ 37,557,152 $ 1,436,009 $ 36,121,144 $ 142,028 $ 23,551 $ 118,477 $ 41,925 $ 35,773 $ 47,965 $ 16,365 City 29.52% 96.84
2035 $ 37,932,724 $ 1,450,369 $ 36,482,355 $ 143,448 $ 23,786 $ 119,662 $ 42,344 $ 36,131 $ 48,444 $ 16,529 County/State 25.19% 82.63
2036 $ 38,312,051 $ 1,464,873 $ 36,847,178 $ 144,883 $ 24,024 $ 120,859 $ 42,768 $ 36,492 $ 48,929 $ 16,694 School 33.77% 110.79
2037 $ 38,695,172 $ 1,479,521 $ 37,215,650 $ 146,331 $ 24,264 $ 122,067 $ 43,196 $ 36,857 $ 49,418 $ 16,861 Parks 11.52% 37.80
2038 $ 39,082,123 $ 1,494,316 $ 37,587,807 $ 147,795 $ 24,507 $ 123,288 $ 43,628 $ 37,226 $ 49,912 $ 17,029 328.06
2039 $ 39,472,944 $ 1,509,260 $ 37,963,685 $ 149,273 $ 24,752 $ 124,521 $ 44,064 $ 37,598 $ 50,411 $ 17,200 TOTAL Outcomes:
2040 $ 39,867,674 $ 1,524,352 $ 38,343,322 $ 150,765 $ 24,999 $ 125,766 $ 44,504 $ 37,974 $ 50,915 $ 17,372 10-yr. revenue total: $ 223,054
2041 $ 40,266,351 $ 1,539,596 $ 38,726,755 $ 152,273 $ 25,249 $ 127,024 $ 44,949 $ 38,354 $ 51,425 $ 17,545 20-yr. revenue total: $ 1,708,980
2042 $ 40,669,014 $ 1,554,992 $ 39,114,022 $ 153,796 $ 25,502 $ 128,294 $ 45,399 $ 38,737 $ 51,939 $ 17,721 30-yr. revenue total: $ 8,827,239
2043 $ 41,075,704 $ 1,570,542 $ 39,505,163 $ 155,334 $ 25,757 $ 129,577 $ 45,853 $ 39,125 $ 52,458 $ 17,898
2044 $ 41,486,461 $ 1,586,247 $ 39,900,214 $ 680,378 $ 26,014 $ 654,364 $ 200,841 $ 171,370 $ 229,772 $ 78,395 Loan Repayment
2045 $ 41,901,326 $ 1,602,110 $ 40,299,216 $ 687,182 $ 26,275 $ 660,907 $ 202,849 $ 173,084 $ 232,070 $ 79,179 Loan Amount $ 2,000,000
2046 $ 42,320,339 $ 1,618,131 $ 40,702,209 $ 694,054 $ 26,537 $ 667,516 $ 204,878 $ 174,815 $ 234,391 $ 79,971 Interest Rate 3%
2047 $ 42,743,543 $ 1,634,312 $ 41,109,231 $ 700,994 $ 26,803 $ 674,191 $ 206,926 $ 176,563 $ 236,735 $ 80,771 Term (years) 20
2048 $ 43,170,978 $ 1,650,655 $ 41,520,323 $ 708,004 $ 27,071 $ 680,933 $ 208,996 $ 178,328 $ 239,102 $ 81,578 1st 3 years interest only $ 60,000
2049 $ 43,602,688 $ 1,667,162 $ 41,935,526 $ 715,084 $ 27,341 $ 687,743 $ 211,086 $ 180,112 $ 241,493 $ 82,394 Annual Loan Payment $ 152,500
2050 $ 44,038,715 $ 1,683,833 $ 42,354,881 $ 722,235 $ 27,615 $ 694,620 $ 213,196 $ 181,913 $ 243,908 $ 83,218 Total Financing Cost $ 2,759,553
2051 $ 44,479,102 $ 1,700,672 $ 42,778,430 $ 729,457 $ 27,891 $ 701,566 $ 215,328 $ 183,732 $ 246,347 $ 84,050
2052 $ 44,923,893 $ 1,717,678 $ 43,206,215 $ 736,752 $ 28,170 $ 708,582 $ 217,482 $ 185,569 $ 248,810 $ 84,891
2053 $ 45,373,132 $ 1,734,855 $ 43,638,277 $ 744,119 $ 28,452 $ 715,668 $ 219,657 $ 187,425 $ 251,298 $ 85,740 * assumes increment growth over term
Note: Fully taxable during construction; PILOT begins upon Project Completion

Assumptions:
all values shown are estimated values and are not to be construed as pre-determined future values
1% Inflationary factor in valuation
Level mill levy over time period shown
 Memorial Village II Projected Tax Revenues (100% exemption Yr 1-10; 80%
exemption Yrs 11-20)

$800,000

$700,000
Taxes w/o Proj.
$600,000
Taxes w/ Proj.

$500,000

$400,000

$300,000

$200,000

$100,000

$0