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Exhibit 111 Assumptions Report City of Hugo, Minnesota Tax Increment Financing (Redevelopment) District No. 1-2 Downtown Redevelopment Project Scenario A: Total EMV Type of Tax Increment Financing District Redevelopment Maximum Duration of TIF District 25 years from 1st increment Projected Certification Request Date 07/15/07 Decertification Date 12/31/35': (26 Years of Increment) 2007f2008 Base Estimated Market Value $W%,740,300 Estimated blended class rate 1.5419% Original Net Tax Capacity $427,741 Assessment/Collection Year 2007/2008 2008/2009 2009/2010 2010/2011 Base Estimated Market Value $27;740,300 $27,740,300 $27,740,300 $27,740,300 Increase in Estimated Market Value 0 11.750,227 21,323,549 31,136,204 Total Estimated Market Value 27. 40.300 39.490,527 49,063,849 58,876;504 Total Net Tax Capacity $4-27:741, $535877 $699,322 $815.602 City of Hugo 35.931114- Washington 5.931`%Washington County 25.651% ISD#624 17.731% Other 3.672% Local Tax Capacity Rate 82.985% Proposed 20062007 Fiscal Disparities Contribution From TIF District 32.3370% Administrative Retainage Percent(maximum 10%) 10,00% Pooling Percent 0.00% Bonds Note(Pay-As-You-Go) Bonds Dated Note Dated 07/15/07 Bond Issue @ 0.00%(NIC) Note Rate 5,00% Eligible Project Costs Note Amount $16,300,000 Present Value Date&Rate-..,, 07/15/07 5.00"lo Notes 'Original net tax capacity estimated assuming current classification of property as blend of residential and commercial. Future base tax capacity may be adjusted as future developments occur. Assumptions include no future changes to the property tax system, class rates and tax rate. Includes preliminary 2007 tax rates provided by County and 2.5%annual market value inflator. Proposed construction schedule commencing in 2008 for all types of development(residential and commercial) and is staggered over an 8-10 year period SPRINGSTED