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Mr. David Childs : <br /> 21 June 1984 -- <br /> Page 2 <br /> It is assumed the development indicated on the previous page is 100% in place <br /> and valued by the assessor as of January 2, 1987. The tax cycle would then <br /> result in this valuation being available to produce an increment with the 1987 <br /> levy, to be collected during 1988; and fully available' to make 'the� February' F, <br /> 1,989 principal payment on the bonds. We-have assumed a partial increment of <br /> 40% of the full increment is available for assessment purposes as of January 2,, <br /> 1986. a <br /> The relatively slow.-time line for development of this property result's in the <br /> need for a considerable amount of capitalized interest and adversely affects the <br /> cash flow feasibility of these projects. Column 7 shows the difference between <br /> the income column and the total estimated debt service, which is, with <br /> exception of a few lines, a shortfall. Column 8 shows any- surpluses on a <br /> cumulative basis and column 9 shows the estimated tax'' levies required to <br /> support each issue: <br /> If you have any questions relating•to the attached, please contact us., <br /> Cordially, <br /> Richard L. Treptow <br /> Vice President <br /> Enclosures <br /> cc: 'Mr. Richard Krier, Derrick Companies <br /> /gf <br />