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DRAFT <br /> EXHIBIT D <br /> TAX INCREMENT FINANCING DISTRICT NO. 12 <br /> CASH FLOW ANALYSIS <br /> *1996 1997 1998 1999 2000 2001*** <br /> Original Net Tax Capacity(1) "*$2,300 $2,369 $2,440 $2,513 $2,588 $2,665 <br /> Total Net Tax Capacity $2,300 $25,310 $25,310 $25,310 $25,310 $25,310 <br /> Captured Net Tax Capacity $0 $22,941 $22,870 $22,797 $22,722 $22,645 <br /> Estimated Tax Rate (2) 1.04247 1.04247 1.04247 1.04247 1.04247 1.04247 <br /> Captured Tax Increment $23,915 $23,841 $23,765 $23,687 $0 <br /> Cumulative Captured Tax Increment $47,756 $71,521 $95,208 $95,208 <br /> (1) Assumes a three percent (3%) annual increase in original tax capacity. <br /> (2) Based on a payable 1995 tax rate. This rate will change in 1996 and in subsequent years; <br /> This will result in a change in the actual amount of tax increment collected by the city. <br /> * Taxes will be generated in 1996, but no increment will be collected. The first year an increment <br /> • will be collected is 1997 and is based on a finished market value as of January 1, 1996. <br /> ** Assumes no construction value as a January 1, 1995. <br /> ***The District is decertified December 31, 2000, and taxes generated in 2001 will be collected by the local <br /> taxing jurisdictions. <br /> • <br />