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INCREMENT PAYMENT PRINCIPAL INTEREST BALANCE
<br /> PAYMENT
<br /> DATES
<br /> 40 12/31/99 $0 $0 $0 $1,200,000
<br /> 02/01/2000 $0 $0 $8,000 $1,208,000
<br /> 08/01/2000 $0 $0 $48,320 $1,256,320
<br /> 02/01/2001 $0 $0 $50,253 $1,306,573
<br /> 08/01/2001 $54,274 $2,011 $52,263 $1,304,562
<br /> 02/01/2002 $54,274 $2,092 $52,182 $1,302,470
<br /> 08/01/2002 $54,274 $2,175 $52,099 $1,300,295
<br /> 02/01/2003 $54,274 $2,262 $52,012 $1,298,033
<br /> 08/01/2003 $54,274 $2,353 $51,921 $1,295,680
<br /> 02/01/2004 $54,274 $2,447 $51,827 $1,293,233
<br /> 08/01/2004 $54,274 $2,545 $51,729 $1,290,689
<br /> 02/01/2005 $54,274 $2,646 $51,628 $1,288,042
<br /> 08/01/2005 $54,274 $2,752 $51,522 $1,285,290
<br /> 02/01/2006 $54,274 $2,862 $51,412 $1,282,427
<br /> 08/01/2006 $54,274 $2,977 $51,297 $1,279,451
<br /> 02/01/2007 $54,274 $3,096 $51,178 $1,276,355
<br /> 08/01/2007 $54,274 $3,220 $51,054 $1,273,135
<br /> 02/01/2008 $54,274 $3,349 $50,925 $1,269,786
<br /> 08/01/2008 $54,274 $3,483 $50,791 $1,266,304
<br /> 02/01/2009 $54,274 $3,622 $50,652 $1,262,682
<br /> . 08/01/2009 $54,274 $3,767 $50,507 $1,258,915
<br /> 02/01/2010 $54,274 $3,917 $50,357 $1,254,998
<br /> 08/01/2010 $54,274 $4,074 $50,200 $1,250,924
<br /> 02/01/2011 $54,274 $4,237 $50,037 $1,246,686
<br /> 08/01/2011 $54,274 $4,407 $49,867 $1,242,280
<br /> 02/01/2012 $54,274 $4,583 $49,691 $1,237,697
<br /> 08/01/2012 $54,274 $4,766 $49,508 $1,232,931
<br /> 02/01/2013 $54,274 $4,957 $49,317 $1,227,974
<br /> 08/01/2013 $54,274 $5,155 $49,119 $1,222,819
<br /> 02/01/2014 $54,274 $5,361 $48,913 $1,217,458
<br /> TOTAL $1,41-1,124 $89,11.5 $1,428,582
<br /> Assumptions:
<br /> 1. Building complete by 12/31/99
<br /> 2. Eligible costs equal $1,200,000
<br /> 3. 8 % interest rate
<br /> 4. Interest calculated on the basis of a 360-day year consisting of 12 30-day months.
<br /> 5.New 69,582 square foot office flex bulding would generate taxes equal to $2.15 per sq. ft.
<br /> 6. Base tax capacity equals $22,342.
<br /> 7. New tax capacity equals $115,281
<br /> 8. Local tax capacity rate equals 129.771%
<br /> 0 Tax increments equals $120,608 per year
<br /> 0. Available tax increments equals 90% total tax increments which equals $108,547
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