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C!_-' J.Wnhaugh&Associates E(t If Certified Public Accountants,LIP ! i 8.365 Keystone Crossing y., Sudo 300 = 11"(111.t CI.Hun 40458 qq� Ii j Imhnnapulis,IN 462400458 I`r CL Pllonr..31 i41;51500 4, t ! ih? m,31(-40C4550 May 11,2011 Vwn¢unmaugn.con, 11's uli.:bnul expeiiencc. Members of the Mooresville Redevelopment Commission 80 West Main Street Mooresville,IN 47102-1659 Re: Tax Increment Report Mooresville Allocation Area No. 1 Mooresville Allocation Area No. 2 and Expanded Allocation Area No. 2 Dear Members of the Commission: We have, at your request, prepared this Special Purpose Report ("Report") to provide the Mooresville Redevelopment Commission with information about the above-named Tax Allocation Areas,including schedules of historical and estimated Tax Increment(defined below),obligations payable from Tax Increment, account balances, and illustrative bonding capacity. Definition of Tax Increment. Tax Increment consists of all real property tax proceeds attributable to the assessed valuation in a tax allocation area as of the assessment date in excess of the base assessed valuation described in IC 36-7-14-39(b)(1) multiplied by the current property tax rate (referred to throughout this report as the"Tax Increment"). The base assessed value means the net assessed value of all the property in the allocation area as finally determined for the assessment date immediately preceding the effective date of a declaratory resolution pursuant to IC 36-7-14-39 establishing an allocation area. Forward-looking statements. This Report contains forward-looking statements. The schedules and underlying assumptions are based upon information currently available from the Morgan County Auditor's and Assessor's offices and information provided to us by Town officials and representatives. Such forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the developers and the Tax Increment to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Refer also to"Risks of Tax Increment"contained in Appendix A. In the preparation of these schedules, certain assumptions were made as noted regarding certain future events. As in the case with such assumptions regarding future events and transactions,some or all may not occur as expected and the resulting differences could be material. We have not examined the underlying assumptions nor have we audited or reviewed the historical data. Consequently,we express no opinion thereon nor do we have a responsibility to prepare subsequent reports. t ,