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Home My WebLink About1988 02-02 EBFAF SPRINGSTED ' F PUBLIC FINANCE ADVISORS 85 East Seventh Place, Suite 100 Saint Paul, Minnesota 55101 2143 ' 612.223.3000 Fax: 612.223.3002 February 2, 1988 Mr. Gerald E. Splinter City Manager City Hall 6301 Shingle Creek Parkway Brooklyn Center, MN 55430 RE: Earle Brown Farris Tax Increment Project Dear Mr. Splinter: We have revised the projected bond issue amounts for this project, using new projected values and contingency factors. The assumptions we are using were provided us by the City and include the following: 1. The captured taxable assessed value effective January 2, 1987, was $7,718,061. The captured taxable assessed value, as of January 2, 1988, was $11,616,984. 2. The City has requested we project the captured assessed valuation growth at a rate of 2% per year throughout the life of the District. 3. A constant mill rate of 115 mills has been incorporated into the projections. 4. The City requested a reduction in projection of incremental income in an amount equal to 15% as a contingency for decreasing values throughout the life of the issue. An alternative to this was requested using a contingency of 10%. 5. The City will deduct the annual administrative fee of $50,000 per year throughout the life of the District. 6. The 1985 bond issue will also be supported from the increments generated in this District. 7. The City will not bond for more than the District will support from its own incremental income. 8. The Bonds will be dated May I, 1988 and will mature on February 1, 1991 and thereafter. Interest included in the 1988 levy will include the period from May I, 1988 through February I, 1990, a period of 21 months. Indiana Office: Wisconsin Office: 251 North Illinois Street, Suite 1510 500 Elm Grove Road, Suite 101 Indianapolis. Indiana 46204.1942 Elm Grove, Wisconsin 53122.0037 317.237.3636 414.782.8222 Fax: 317.237.3639 Fax: 414.782.2904 Mr. Gerald E. Splinter, City Manager February 2, 1988 Page 2 9. The bonds will be private activity bonds under the Tax Reform Act of 1986, and therefore interest payable on the bonds will be at taxable interest rates. ' 10. Fiscal disparities is being paid outside of the District. Using these assumptions, we have prepared several schedules for your consideration. Each of the schedules will be discussed, and we will provide a summary of the results of each of the schedules, detailing the amount of money which will be available from bond proceeds and the amount of tax increment required to support these bonds. We have prepared schedules. assuming a final maturity in the years 2003, 2006 and 2009. In each of these instances, there are two different alternatives. Those with a single letter (i.e., A, 13, etc.) assume a 15% contingency factor. Those with a "-I" (i.e., A-I, etc.) assume a 10% contingency factor. Schedule A - The calculation of available tax increment revenues, assuming a 15% ' contingency with the 2% inflation factor. Column I is the levy year and also the year in which the valuation is on line as of January 2. Column 2 is the year in which principal on the bonds would be repaid. For instance, a levy in 1987 would be collected in 1988 to pay interest on August 1, 1988 and principal and interest on February I, 1989. Column 3 is the captured assessed valuation as of January 2 of each year. This column assumes an inflation factor of 2%, beginning with the values as of January 2, 1989. Column 4 is the constant mill rate of 115 mills, resulting in a ' gross tax increment as shown in Column 5. We have subtracted the 15% contingency in Column 6 and the administrative fee in Column 7, resulting in a net tax increment available to pay debt service as shown in Column 8. Column 9 represents the 1985 bond issue and Column 10 is the resulting incremental income available to pay new debt service. Schedule A-1 - This is the same calculation of available incremental income, except, ' as shown in Column 6, the contingency is only 10%, resulting in more available income for new issues as shown in Column 10. ' Schedule B - A bond issue with a final maturity in 2003, the same final maturity as no additional bonds would be issued, this could be the Assumin with the 1985 bonds g . final year of the District. The requirement shown in Column 9 of $66,883 represents additional interest cost on the bonds, which can be paid from the incremental income available from the 1987 levy, which in Schedule A (Column 10) amounts to $293,000. Schedule B-I - The some maturity schedule as with 113," except that the contingency ' is only 10%. Schedule C - A bond issue with a final maturity in the year 2006, using a 15% contingency factor. The year 2006 was selected, since this is the some length of bond ' issue as the original 1985 bonds, i.e., 18 years. Schedule C-l - The same schedule as "C," except that a 10% contingency factor is ' used. Schedule D - A bond issue with a final maturity in 2009, using a 15% contingency factor. This is not a very attractive bond issue, and results in significant excess Mr. Gerald E. Splinter, City Manager t February 2, 1988 Page 3 ' costs, and also shows additional debt requirements of cash in Column 9. Those requirements could be met from the 15% contingency if in fact it materializes. Schedule D-1 -The same schedule as "D," except for the 10% inflation factor. Summary - An attempt to demonstrate the impact of each of the options by showing ' the amount of bond which can be financed and also the total amount of incremental income that is required to support those costs. After you have had an opportunity to review the schedules, please feel free to give me or Jerry Shannon a call and we can discuss the schedules or any alternative schedules you may desire. I would also like you to reexamine the assumptions used in the analysis, making sure we understand exactly the City's position. Cordially, ZRonald W. Langn ss Senior Vice President dah Enclosures City of Brooklyn Center, Minnesota Earle Brown Farm TIF (I.F. Project # 2101) 2% Valuation Inflation - 15% Contingency SCHEDULE A Prepared: 01-Feb-88 SPRINGSTED Incorporated Captured Gross Less: Less: Net 1985 Available Assessed Mill Tax 15% Admin. Tax Debt For New Levy / Pay Values Rate Increment Contingency Fee Increment Service Issue (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 1987 1989 7,718,061 115 887,577 133,137 50,000 704,440 410,725 293,715 1988 1990 11,616,984 115 1,335,953 200,393 50,000 1,085,560 460,725 624,835 1989 1991 11,849,324 115 1,362,672 204,401 50,000 1,108,271 467,575 640,696 1990 1992 12,086,310 115 1,389,926 208,489 50,000 1,131,437 503,675 627,762 1991 1993 12,328,036 115 1,417,124 212,659 50,000 1,155,066 536,925 618,141 1992 1994 12,574,597 115 1,446,079 216,912 50,000 1,179,167 572,265 606,902 1993 1995 12,826,089 115 1,475,000 221,250 50,000 1,203,750 614,130 589,620 1994 1996 13,082,611 115 1,504,500 225,675 50,000 1,228,825 651,610 577,215 1995 1997 13,344,263 115 1,534,590 230,189 50,000 1,254,402 694,485 559,917 1996 1998 13,611,148 115 1,565,282 234,792 50,000 1,280,490 736,765 543,725 1997 1999 13,883,371 115 1,596,588 239,488 50,000 1,307,100 782,795 524,305 1998 2000 14,161,039 115 1,628,519 244,278 50,000 1,334,242 826,995 507,247 1999 2001 14,444,259 115 1,661,090 249,163 50,000 1,361,926 874,395 487,531 2000 2002 14,733,145 115 1,694,312 254,147 50,000 1,390,165 924,195 465,970 2001 2003 15,027,808 115 1,728,198 259,230 50,000 1,418,968 864,800 554,168 2002 2004 15,328,364 115 1,162,762 264,414 50,000 1,448,348 1,448,348 2003 2005 15,634,931 115 1,798,017 269,703 50,000 1,478,315 1,478,315 2004 2006 15,947,630 115 1,833,977 275,097 50,000 1,508,881 1,508,881 2005 2007 16,266,582 115 1,870,657 280,599 50,000 1,540,058 1,540,058 2006 2008 16,591,914 115 1,908,070 286,211 50,000 1,571,860 1,571,860 2007 2009 16,923,752 115 1,946,231 291,935 50,000 1,604,297 1,604,297 33,347,725 5,002,159 1,050,000 27,295,566 9,922,060 17,373,506 Note: Program Assumes a 2% Inflation of Captured Assessed Values throughout the life of the District. A 15% contingency is used to reduce the projected available incremental income. City of Brooklyn Center, Minnesota Earle Brown Farm TIF (I.F. Project # 2101) 2% Valuation Inflation - 10% Contingency SCHEDULE A-1 Prepared: 02-Feb-88 SPRINGSTED Incorporated Captured Gross Less: Less: Net 1985 Available Assessed Mill Tax 10% Admin. Tax Debt For New Levy / Pay Values Rate Increment Contingency Fee Increment Service Issue (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) 1987 1989 7,718,061 115 887,577 88,758 50,000 748,819 410,725 338,094 1988 1990 11,616,984 115 1,335,953 133,595 50,000 1,152,358 460,725 691,633 1989 1991 11,849,324 115 1,362,672 136,267 50,000 1,176,405 467,575 708,830 1990 1992 12,086,310 115 1,389,926 138,993 50,000 1,200,933 503,675 697,258 1991 1993 12,328,036 115 1,417,724 141,772 50,000 1,225,952 536,925 689,027 1992 1994 12.574,597 115 1,446,079 144,608 50,000 1,251,471 572,265 679,206 1993 1995 12,826,089 115 1,475,000 147,500 50,000 1,277,500 614,130 663,370 1994 1996 13,082,611 115 1,504,500 150,450 50,000 1,304,050 651,610 652,440 1995 1997 13,344,263 115 1,534,590 153,459 50,000 1,331,131 694,485 636,646 1996 1998 13,611,148 115 1,565,282 156,528 50,000 1,358,154 736,765 621,989 1997 1999 13,883,371 115 1,596,588 159,659 50,000 1,386,929 782,795 604,134 1998 2000 14,161,039 115 1,628,519 162,852 50,000 1,415,668 826,995 588,673 1999 2001 14,444,259 115 1,661,090 166,109 50,000 1,444,981 874,395 570,586 2000 2002 14,733,145 115 1,694,312 169,431 50,000 1,474,880 924,195 550,685 2001 2003 15,027,808 115 1,728,198 172,820 50,000 1,505,378 864,800 640,578 2002 2004 15,328,364 115 1,762,762 176,276 50,000 1,536,486 1,536,486 2003 2005 15,634,931 115 1,798,017 179,802 50,000 1,568,215 1,568,215 2004 2006 15,947,630 115 1,833,977 183,398 50,000 1,600,580 1,600,580 2005 2007 16,266,582 115 1,870,657 187,066 50,000 1,633,591 1,633,591 2006 2008 16,591,914 115 1,908,070 190,807 50,000 1,667,263 1,667,263 2007 2009 16,923,752 115 1,946,231 194,623 50,000 1,701,608 1,701,608 33,347,725 3,334,772 1,050,000 28,962,952 9,922,060 19,040,892 Note: Program Assumes a 2% Inflation of Captured Assessed Values throughout the life of the District. A 10% contingency is used to reduce the projected available incremental income. City of Brooklyn Center, Minnesota Prepared February 2, 1988 Earle Brown Farm TIF (I.F.#2101) By SPRINGSTED Incorporated Final Maturity 2003 - 15% Contingency Dated: 5- 1-1988 SCHEDULE B Mature: 2- 1 Total Available Total Year of Year of Principal 105% Increment Net Annual Cumulative Levy Mat. Principal Rates Interest & Interest of Total Income Requirement Surplus Surplus (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1988 1990 0 8.70% 658,779 658,779 691,718 624,835 66,883 0 0 1989 1991 230,000 8.80% 376,445 606,445 636,767 640,696 0 3,929 3,929 1990 1992 240,000 8.90% 356,205 596,205 626,015 627,762 0 1,747 5,676 1991 1993 250,000 9.00% 334,845 584,845 614,087 618,141 0 4,054 9,730 1992 1994 265,000 9.10% 312,345 577,345 606,212 606,902 0 690 10,420 1993 1995 270,000 9.20% 288,230 558,230 586,142 589,620 0 3,478 13,898 1994 1996 285,000 9.30% 263,390 548,390 575,810 577,215 0 1,405 15,303 1995 1997 295,000 9.40% 236,885 531,885 558,479 559,917 0 1,438 16,741 1996 1998 305,000 9.50% 209,155 514,155 539,863 543,725 0 3,862 20,603 1997 1999 320,000 9.60% 180,180 500,180 525,189 524,305 0 0 19,719 1998 2000 330,000 9.70% 149,460 479,460 503,433 507,247 0 3,814 23,533 1999 2001 345,000 9.80%, 117,450 462,450 485,573 487,531 0 1,958 25,491 2000 2002 360,000 9.90% 83,640 443,640 465,822 465,970 0 148 25,639 2001 2003 480,000 10.00% 48,000 528,000 554,400 554,168 0 0 25,407 TOTALS: 3,975,000 3,615,009 7,590,009 7,969,510 7,928,034 66,883 Bond Years: 37,576.25 Annual Interest: 3,615,009 Avg. Maturity: 9.45 Plus Discount: 75,525 Avg. Annual Rate: 9.620% Net Interest: 3,690,534 N.I.C. Rate: 9.821% Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. City of Brooklyn Center, Minnesota Prepared February 2, 1988 Earle Brown Farm TIF (I.F.#2101) By SPRINGSTED Incorporated Final Maturity 2003 - 10% Continge ncy Dated: 5- 1-1988 SCHEDULE B-1 Mature: 2- 1 Total Available Total Year of Year of Principal 105% Increment Net Annual Cumulative Levy Mat. Principal Rates Interest & Interest of Total Income Requirement Surplus Surplus (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1988 1990 0 8.70% 746,646 746,646 783,978 691,633 92,345 0 0 1989 1991 245,000 8.80% 426,655 671,655 705,238 708,830 0 3,592 3,592 1990 1992 260,000 8.90% 405,095 665,095 698,350 697,258 0 0 2,500 1991 1993 275,000 9.00% 381,955 656,955 689,803 689,027 0 0 1,724 1992 1994 290,000 9.10% 357,205 647,205 679,565 679,206 0 0 1,365 1993 1995 300,000 9.20% 330,815 630,815 662,356 663,370 0 1,014 2,379 1994 1996 315,000 9.30% 303,215 618,215 649,126 652,440 0 3,314 5,693 1995 1997 330,000 9.40% 273,920 603,920 634,116 636,646 0 2,530 8,223 1996 1998 350,000 9.50% 242,900 592,900 622,545 621,989 0 0 7,667 1997 1999 365,000 9.60% 209,650 574,650 603,383 604,134 0 751 8,418 1998 2000 385,000 9.70% 174,610 559,610 587,591 588,673 0 1,082 9,500 1999 2001 405,000 9.80% 137,265 542,265 569,378 570,586 0 1,208 10,708 2000 2002 425,000 9.90% 97,575 522,575 548,704 550,685 0 1,981 12,689 2001 2003 555,000 10.00% 55,500 610,500 641,025 640,578 0 0 12,242 TOTALS: 4,500,000 4,143,006 8,643,006 9 ,075,158 8,995,055 92,345 Bond Years: 4 3,030.00 Annual Interest: 4,143,006 Avg. Maturity: 9.56 Plus Discount: 85,500 Avg. Annual Rate: 9.628% Net Interest: 4,228,506 N.I.C. Rate: 9.827% Interest rates ar e estimates; changes may cause significant al terations of this schedule. The actual underwriter's discount b id may also vary. 1 City of Brooklyn Center, Minnesota Prepared February 2, 1988 Earle Brown Farm TIF (I.F.#2101) By SPRINGSTED Incorporated Final Maturity 2006 - 15% Contingency Dated: 5- 1-1988 SCHEDULE C Mature: 2- 1 Total Available Total Year of Year of Principal 105% Increment Net Annual Cumulative Levy Mat. Principal Rates Interest & Interest of Total Income Requirement Surplus Surplus (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1988 1990 0 8.70% 853,523 853,523 896,199 624,835 271,364 0 0 1989 1991 120,000 8.80% 487,728 607,728 638,114 640,696 0 2,582 2,582 1990 1992 120,000 8.90% 477,168 597,168 627,026 627,762 0 736 3,318 1991 1993 120,000 9.00% 466,488 . 586,488 615,812 618,141 0 2,329 5,647 1992 1994 125,000 9.10% 455,688 580,688 609,722 606,902 0 0 2,827 1993 1995 115,000 9.20% 444,313. 559,313 587,279 589,620 0 2,341 5,168 1994 1996 115,000 9.30% 433,733 548,733 576,170 577,215 0 1,045 6,213 1995 1997 110,000 9.40% 423,038 533,038 559,690 559,917 0 227 6,440 1996 1998 105,000 9.50% 412,698 517,698 543,583 543,725 0 142 6,582 1997 1999 95,000 9.60% 402,723 497,723 522,609 524,305 0 1,696 8,278 1998 2000 90,000 9.70% 393,603 483,603 507,783 507,247 0 0 7,742 1999 2001 80,000 9.80% 384,873 464,873 488,117 487,531 0 0 7,156 2000 2002 65,000 9.90% 377,033 442,033 464,135 465,970 0 1,835 8,991 2001 2003 155,000 10.00% 370,598 525,598 551,878 554,168 0 2,290 11,281 2002 2004 1,025,000 10.10% 355,098 1,380,098 1,449,103 1,448,348 0 0 10,526 2003 2005 1,155,000 10.20% 251,573 1,406,573 1,476,902 1,478,315 0 1,413 11,939 2004 2006 1,305,000 10.25% 133,763 1,438,763 1,510,701 1,508,881 0 0 10,119 TOTALS: 4,900,000 7,123,641 12,023,641 12,624,823 12,363,578 271,364 Bond Years: 70,655.00 Annual Interest: 7,123,641 Avg. Maturity: 14.42 Plus Discount: 93,100 Avg. Annual Rate: 10.082% Net Interest: 7,216,741 N.I.C. Rate: 10.214% Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. City of Brooklyn Center, Minnesota Prepared February 2, 1988 Earle Brown Farm TIF (I.F.#2101) By SPRINGSTED Incorporated Final Maturity 2006 - 10% Contingency Dated: 5- 1-1988 SCHEDULE C-1 Mature: 2- 1 Year of Levy (1) 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 fear of Mat. (2) 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 Principal Rates (3) (4) 0 8.70% 130,000 8.80% 130,000 8.90% 135,000 9.00% 135,000 9.10% 135,000 9.20% 135,000 9.30% 135,000 9.40% 130,000 9.50% 125,000 9.60% 125,000 9.70% 120,000 9.80% 115,000 9.90% 210,000 10.00% 1,085,000 10.10% 1,225,000 10.20% 1,380,000 10.25% Total Available Total Principal 105% Increment Net Interest & Interest of Total Income Requirement (5) (6) (7) (8) (9) 948,001 948,001 995,401 691,633 303,768 541,715 671,715 705,301 708,830 0 530,275 660,275 693,289 697,258 0 518,705 653,705 686,390 689,027 0 506,555 641,555 673,633 679,206 0 494,270 629,270 660,734 663,370 0 481,850 616,850 647,693 652,440 0 469,295 604,295 634,510 636,646 0 456,605 586,605 615,935 621,989 0 444,255 569,255 597,718 604,134 0 432,255 557,255 585,118 588,673 0 420,130 540,130 561,137 570,586 0 408,370 523,370 549,539 550,685 0 396,985 606,985 637,334 640,578 0 375,985 1,460,985 1,534,034 1,536,486 0 266,400 1,491,400 1,565,970 1,568,215 0 141,450 1,521,450 1,597,523 1,600,580 0 Annual Cumulative Surplus Surplus (10) (11) TOTALS: 5,450,000 7,833,101 13,283,101 13,947,259 13,700,336 303,768 Bond Years: 77,792.50 Annual Interest: 7,833,101 Avg. Maturity: 14.27 Plus Discount: 103,550 Avg. Annual Rate: 10.069% Net Interest: 7,936,651 N.I.C. Rate: 10.202% Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. 0 0 3,529 3,529 3,969 7,498 2,637 10,135 5,573 15,708 2,636 18,344 4,747 23,091 2,136 25,227 6,054 31,281 6,416 37,697 3,555 41,252 3,449 44,701 1,146 45,847 3,244 49,091 2,452 51,543 2,245 53,788 3,057 56,845 City of Brooklyn Center, Minnesota Prepared February 2, 1988 Earle Brown Farm TIF (I.F.#2101) By SPRINGSTED Incorporated Final Maturity 2009 - 15% Contingency Dated: 5- 1-1988 SCHEDULE D Mature: 2- 1 Total Available Total Year of Year of Principal 105% Increment Net Annual Cumulative Levy Mat. Principal Rates Interest & Interest of Total Income Requirement Surplus Surplus (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 1988 1990 0 8.70% 990,189 990,189 1,039,698 624,835 414,863 0 0 1989 1991 0 8.80% 565,823 565,823 594,114 640,696 0 46,582 46,582 1990 1992 0 8.90% 565,823 565,823 594,114 627,762 0 33,648 80,230 1991 1993 0 9.00% 565,823 565,823 594,114 618,141 0 24,027 104,257 1992 1994 0 9.10% 565,823 565,823 594,114 606,902 0 12,788 117,045 1993 1995 0 9.20% 565,823 565,823 594,114 589,620 0 0 112,551 1994 1996 0 9.30% 565,823 565,823 594,114 577,215 0 0 95,652 1995 1997 0 9.40% 565,823 565,823 594,114 559,917 0 0 61,455 1996 1998 0 9.50% 565,823 565,823 594,114 543,725 0 0 11,066 1997 1999 0 9.60% 565,823 565,823 594,114 524,305 58,743 0 0 1998 2000 0 9.70% 565,823 565,823 594,114 501,247 86,867 0 0 1999 2001 0 9.80% 565,823 565,823 594,114 487,531 106,583 0 0 2000 2002 0 9.90% 565,823 565,823 594,114 465,970 128,144 0 0 2001 2003 0 10.00% 565,823 565,823 594,114 554,168 39,946 0 0 2002 2004 645,000 10.10% 565,823 1,210,823 1,271,364 1,448,348 0 176,984 176,984 2003 2005 740,000 10.20% 500,678 1,240,678 1,302,712 1,478,315 0 175,603 352,587 2004 2006 840,000 10.25% 425,198 1,265,198 1,328,458 1,508,881 0 180,423 533,010 2005 2007 960,000 10.30% 339,098 1,299,098 1,364,053 1,540,058 0 176,005 709,015 2006 2008 1,085,000 10.35% 240,218 1,325,218 1,391,479 1,571,860 0 180,381 889,396 2007 2009 1,230,000 10.40% 127,920 1,357,920 1,425,816 1,604,297 0 178,481 1,067,877 TOTALS: 5,500,000 10,544,823 16,044,823 16,847,062 17,079,793 835,146 Bond Years: 102,415.00 Annual Interest: 10,544,823 Avg. Maturity: 18.62 Plus Discount: 104,500 Avg. Annual Rate: 10.296% Net Interest: 10,649,323 N.I.C. Rate: 10.398% Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. M M M M City of Brooklyn Center, Minnesota Prepared February 2, 1988 Earle Brown Farm TIF (I.F.#2101) By SPRINGSTED Incorporated Final Maturity 2009 - 15% Contingency Dated: 5- 1-1988 Mature: 2- 1 SCHEDULE D-1 Total Available Total Year of Year of Principal 105% Increment Net Levy Mat. Principal Rates Interest & Interest of Total Income Requirement (1) (2) (3) (4) (5) (6) (7) (8) (9) 1988 1990 0 8.70% 1,080,201 1,080,201 1,134,211 691,633 1989 1991 0 8.80% 617,258 617,258 648,121 708,830 1990 1992 0 8.90% 617,258 617,258 648,121 697,258 1991 1993 0 9.00% 617,258 617,258 648,121 689,027 1992 1994 0 9.10% 617,258 617,258 648,121 679,206 1993 1995 0 9.20% 617,258 617,258 648,121 663,370 1994 1996 0 9.30% 617,258 617,258 648,121 652,440 1995 1997 0 9.40% 617,258 617,258 648,121 636,646 1996 1998 0 9.50% 611,258 617,258 648,121 621,989 1997 1999 0 9.60% 617,258 617,258 648,121 604,134 1998 2000 0 9.70% 617,258 617,258 648,121 588,673 1999 2001 0 9.80% 617,258 617,258 648,121 570,586 2000 2002 0 9.90% 617,258 617,258 648,121 550,685 2001 2003 0 10.00% 617,258 617,258 648,121 640,578 2002 2004 705,000 10.10% 617,258 1,322,258 1,388,371 1,536,486 2003 2005 805,000 10.20% 546,053 1,351,053 1,418,606 1,568,215 2004 2006 920,000 10.25% 463,943 1,383,943 1,453,140 1,600,580 2005 2007 1,045,000 10.30% 369,643 1,414,643 1,485,375 1,633,591 2006 2008 1,185,000 10.35% 262,008 1,447,008 1,519,358 1,667,263 2007 2009 1,340,000 10.40% 139,360 1,479,360 1,553,328 1,701,608 442,578 0 0 0 0 0 0 0 0 0 0 17,172 97,436 7,543 0 0 0 0 0 0 TOTALS: 6,000,000 11,502,820 17,502,820 18,377,962 18,702,798 564,729 Bond Years: 111,720.00 Annual Interest: 11,502,820 Avg. Maturity: 18.62 Plus Discount: 114,000 Avg. Annual Rate: 10.296% Net Interest: 11,616,820 N.I.C. Rate: 10.398% Annual Cumulative Surplus Surplus (10) (11) 0 0 60,709 60,709 49,137 109,846 40,906 150,752 31,085 181,837 15,249 197,086 4,319 201,405 0 189,930 0 163,798 0 119,811 0 60,363 0 0 0 0 0 0 148,115 148,115 149,609 297,724 147,440 445,164 148,216 593,380 147,905 741,285 148,280 889,565 Interest rates are estimates; changes may cause significant alterations of this schedule. The actual underwriter's discount bid may also vary. ~ so 00 Ow 00 00 so an womm tNNESOT A ■ OF BROOKLYN CENTER, M CITY TIF (l•F• ~210t) EARLS BROwN FARM OpT1ONS SUMMARY OF BONDING C 2006 B 2006 2403 000 $ 5,450,040 Schedule 2003 $ 4,904,040 Final maturity x3,935,004 $4 , 500, $12,023,641 $13,283, 101 $8'643,()06 1 ; 2.44 Bond principal $7,590,049 1:2.45 ents Required 1 ; 1.92 Total lncrem 1 ; ►.91 Cost/Benefit Ratio (COP) (t) Total debt service divided by bond principal. D 2009 $ 5,500,000 $16,044,823 1 ; 2.92 D_ I, 2009 $ 6,400) 000 $17,502,820 1 -.2-92 GSTED Incorporated prepared by; SPR1N February 21 1988