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01/20/99 17:04 FAX 15152436994 PFM DES MOINES Q002/007 <br /> iCity of Mounds View, Minnesota EXHIBIT I <br /> Mermaid Project <br /> Capitalization Schedule <br /> Projects <br /> Upfront Financing,Site Acquisition etc. $1,700,000 <br /> Rent-All Property acquisition 550,000, <br /> Total City-Commitments for Project Costs $2,250,000 <br /> Less: <br /> Reserved 0 <br /> City Cash(Contribution)/Extra Bond Proceeds 3,650 $3.650 <br /> Projected 1999 City Bonding Needs $2,253,650 <br /> Estimated Costs of Issuance 28,300 <br /> Capitalized Interest 0 <br /> Estimated Underwriter's Discount 23,050 <br /> 1999 Taxable TIF Bond Issue(Rounded to nearest$5,000) $2,305,000 <br /> • Anticipated Market Value of Mermaid Project: $7,350,000 * <br /> Assessed Market Value to Taxable Valuation <br /> Taxable Valuation $5,979,661 *** <br /> Assumes Tax Capacity Rate exceeds$150,000 limit 3J0% <br /> Captured Tax Capacity from Mermaid Project $209,288 <br /> Total Tax Rate 129.878% <br /> Anticipated Tax Receipts Captured in District $271,819 **** <br /> **Anticipated market value needs to be confirmed with updated project plans from the developers. <br /> ***Minimum-assessment-agreement will-stipulate-$4,800,000-taxable value-as-of Jan 2,2000. <br /> ****Per Ramsey County,District will decertify on January 1,2013. <br /> • <br /> Page 1 of 1 -rvi C! <br />