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MOORESVILLE (INDIANA)REDEVELOPMENT COMMISSION (Cont'd) Mooresville Allocation Area No. 1 GENERAL COMMENTS Outstanding and Proposed Bonds: There are currently no outstanding bonds for the Mooresville Allocation Area No. 1. The Town issued$8,990,000 of Sewage Works Revenue Bonds through the State Revolving Loan Program(SRF) in 2010 (the"2010 SRF Bonds").The$15.3 million Sewer Project will be funded from the 2010 SRF Bond proceeds, a $5 million Disaster Recovery Grant from the State, and $1,250,000 from Tax Increment funds on-hand(of which$850,000 was contributed from Area No. 1 and$400,000 from Area No. 2). The 2010 SRF Bonds will be repaid primarily from sewer revenues collected from utility customers through monthly sewer charges. The Commission will contribute$300,000 of annual Tax Increment from Areas No. 1 and 2 to pay a portion of the annual debt service on the 2010 SRF Bonds. The Pledge Resolution for Allocation Area No. 1 pledges$100,000 per interest payment date($200,000 per year)to the repayment of the 2010 SRF Bonds,which have a final maturity of July 15, 2031. Estimated Annual Real Property Tax Increment-Page 5 This schedule provides an estimate of the annual real property Tax Increment from the Area based on property tax information available from the Morgan County Auditor's and Assessor's offices. The incremental assessed value of the Area reported by the County Auditor's office for 2009 payable 2010 property taxes was $61,522,912. The estimated annual Tax Increment from real property for payable 2010 was$1,166,040. The actual Tax Increment distribution reported by the Auditor's office was $1,151,557. For 2010 taxes payable 2011,the County Auditor's office reported the incremental assessed value at $67,025,195. The incremental assessed value was multiplied by the 2011 tax rate of$1.7880 per $100 of assessed value for the Town of Mooresville taxing district to calculate the estimated Tax Increment of$1,198,410. For tax year payable 2012 and thereafter,the Tax Increment is anticipated to grow due to the scheduled reductions in the existing tax abatements as shown in this schedule. The Tax Increment is estimated to reach $1,276,430 by payable year 2019. No adjustment was made for future statewide reassessments or annual Trending. Estimated Tax Increment and Obligations—Page 6 This schedule begins with the estimated Tax Increment for Area No. 1 and subtracts the obligations: (i)the tax rebate to TOA through 2012 and(ii)the annual Tax Increment Pledge of$200,000 from Area No. 1 to the 2010 SRF Bonds;to show the estimated Tax Increment remaining. (Continued on next page) -2_ 4