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<br />Table 1: Projected Sources and Uses of Funds <br /> <br /> <br />Sources Amount Uses Amount <br />Bank/SBA 504 $17,480,385 Land $1,372,140 <br />Cash Equity $2,116,947 Site improvements $177,125 <br />TIF $1,372,140 Building Construction $12,000,000 <br />City/EDA Microloan $200,000 SAC/WAC fees $104,727 <br /> Machinery & Equipment $5,160,500 <br /> Office Furniture and Fixtures $200,000 <br /> Contingency $1,300,000 <br /> Professional Fees $255,000 <br /> Other (Interest Reserve) $600,000 <br />Total $21,169,472 Total $21,169,472 <br /> <br />Tax Increment Revenue Assumptions and Estimates <br /> <br />Certain assumptions were used to estimate the projected available tax increment revenues outlined below: <br />• Total new taxable value <br />o $75 per square foot taxable value estimated <br />o Phase 1: 110,000 square foot building total of $8,250,000 <br />o Phase 2: 40,000 square foot expansion additional $3,000,000 <br />• Parcel ID: 75-929-0020 <br />o Existing land (tax exempt) value of $165,300 <br />o Total land acreage of 21.02 <br />o Land required for development of approximately 14.4 acres <br />o Base value assumed to be $110,095 (14/21.02 as allocation) <br />o Original net tax capacity of $1,651 <br />• Property reclassified as commercial-industrial with relevant class rates <br />• Maximum term of economic development district (9 total years) <br />o Projected maximum term for project is 9 years <br />o First year collection payable 2026 and final year payable 2034 <br />• Increment based on difference between existing value <br />o Very preliminary and to be evaluated as project proceeds <br />• Construction commences in 2024 and complete by December 31, 2025 <br />o 50% complete for assess January 2025, taxes payable 2026 <br />o 100% complete for assess January 2026 for taxes payable 2027 <br />• Payable 2024 combined tax rate of 100.344% <br />• 2% annual market value inflator <br />• 5% retained by City for admin <br />o Maximum 10% for admin <br />o 95% pledged to project financing <br />• Present value rate: range of 0%, 3.5% and 5% and 6/30/24 present value date <br /> <br />Table 1a: Tax Increment Revenue Projections (Phase 1) <br /> <br />Tax Increment Revenue Estimates <br />Estimated Building Size 110,000 SF <br /> <br />Existing Land Value $110,095 <br />Original Net Tax Capacity (Base) $1,651 <br /> <br />Estimated Total Completed Value $8,250,000 <br />Total Tax Capacity $165,900 <br />Captured Tax Capacity (Total less Original) $164,249 <br />Page 37 of 64