© DTA, INC. DRAFT
DRAFT V1
8/31/2024
COUPON BOND CUMULATIVE CUMULATIVE BOND NPV (3%)
BOND RATE/ BONDED CONSTRUCTION PAY-AS-YOU-GO CONSTRUC. PROCEEDS BOND PROCEEDS
YEAR BOND TERM INDEBTEDNESS PROCEEDS REVENUE PLUS PAY-GO PLUS PAY-GO 2029 5.0% / 30 YRS $1,555,000 $1,280,520 $311,654 $1,592,174 $1,422,924 2034 5.0% / 30 YRS $2,245,000 $1,915,285 $975,189 $4,170,994 $3,421,906 2039 5.0% / 30 YRS $2,630,000 $2,269,465 $1,912,800 $7,378,069 $5,571,484 2044 5.0% / 25 YRS $2,820,000 $2,427,614 $3,171,412 $11,064,295 $7,708,967 2049 5.0% / 20 YRS $2,930,000 $2,500,939 $4,808,229 $15,202,051 $9,785,055 2054 5.0% / 15 YRS $2,855,000 $2,387,118 $6,885,757 $19,666,697 $11,724,813 2059 5.0% / 10 YRS $2,495,000 $2,058,075 $9,656,974 $24,495,990 $13,541,931 2065 5.0% / 5 YRS $3,070,000 $2,566,950 $14,741,378 $32,147,343 $15,986,279 2070 5.0% / 0 YRS $0 $0 $21,180,496 $38,586,462 $17,753,685 TOTAL NA $20,600,000 $17,405,965 $21,180,496 $38,586,462 $17,753,685
TAX INCREMENT REVENUE ASSUMPTIONS BOND ASSUMPTIONS
TOTAL COUNTY SECURED PROPERTY TAX (% OF PROP 13 1%) [2] 19.83% TOTAL CITY SECURED PROPERTY TAX (% OF PROP 13 1%) [3] 11.98% COST OF ISSUANCE (FIXED) $150,000 PROPERTY TAX IN-LIEU OF VLF (% OF PROP 13 1%) [4] 5.43% COST OF ISSUANCE (VARIABLE) 1.50% CUMULATIVE EIFD TAX INCREMENT (2025 - 2070) $52,826,743 RESERVE FUND [5] 8.18% MAXIMUM BOND TERM 30
VALUATION ASSUMPTIONS MINIMUM DEBT SERVICE COVERAGE 130.67% BASE YEAR VALUE FOR EIFD (No RDA) PARCELS $829,999,411
% INCREASE IN ASSESSED VALUE OF RESIDENTIAL LAND USES 4.00% % INCREASE IN ASSESSED VALUE OF NON-RESIDENTIAL LAND USES 3.00% EIFD ASSUMPTIONS EIFD BASE YEAR 2024
OTHER ASSUMPTIONS FIRST YEAR OF EIFD INCREMENT 2025
DISCOUNT RATE FOR NPV ANALYSIS 3.00% TERM OF EIFD (YEARS) [7] 45 ANNUAL COUNTY/PFA ADMINISTRATION EXPENSE 5.00% % OF CITY TAX INCREMENT TO EIFD 50% % OF COUNTY TAX INCREMENT TO EIFD 25%
AVERAGE BONDED BOND
GROSS ASSESSED VALUE GROSS VALUE INDEBTEDNESS PROCEEDS
LAND USE CLASS FOR EIFD [8] ACREAGE [6] PER ACRE (PER ACRE) (PER ACRE) CLASS 1RESIDENTIAL $129,146,398 34.41 $3,753,710 $93,164 $78,719 CLASS 2NON-RESIDENTIAL $700,853,013 207.48 $3,377,979 $83,839 $70,840 TOTAL $829,999,411 241.88 $7,131,689 $177,004 $149,559
[1] This analysis assumes that tax increment will be available to the EIFD between 2024-25 through 2034-35, and will not be pledged to prior City Successor Agency bond issues. [2] Source: County Auditor/Controller's Office. Allocation of 1% property tax, net of ERAF, for Santa Rosa EIFD. [3] Source: County Auditor/Controller's Office. Allocation of 1% property tax, net of ERAF, for Santa Rosa EIFD. [4] Based on current year (FY 2022-23) Citywide assessed value of $32.31 billion and a VLF plus true-up amount of $17.53 million. [5] Represents the average percentage of bond issuance funding the initial reserve requirement. The initial reserve requirement for each bond series is minimum of:
(i) 10% of bond amount, (ii) maximum annual debt service, and (iii) 125% of the average annual debt service. [6] Source: Sonoma County Assessor's Office
[7] DTA conservatively assumes 45 years after the first increment to EIFD, as it is currently unknown when the Public Financing Authority will approve the first bond issuance. [8]Source: Sonoma County Assessor's Office
SUMMARY OF COMPUTATIONS
PROJECTED TAX INCREMENT AND BONDED INDEBTEDNESS FOR
CITY OF SANTA ROSA/ COUNTY OF SONOMA
PROPOSED ENHANCED INFRASTRUCTURE FINANCING DISTRICT [1] (SANTA ROSA DOWNTOWN BUSINESS CORRIDOR - RDA PROPERTIES)
MAJOR CONCLUSIONS
ATTACHMENT 1
DTA, Inc. Draft - Unaudited Page 2
Draft V1
0 0 0 0 0 1 0 0 0 0
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 CALENDAR YEAR - PAYMENTS TO BOND HOLDERS 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE *Sep 2029*
BOND TERM 30
TOTAL BONDED INDEBTEDNESS $0 $0 $0 $0 $0 $1,555,000 $0 $0 $0 $0 LESS: COSTS OF ISSUANCE / DISCOUNT $0 $0 $0 $0 $0 ($173,325) $0 $0 $0 $0 LESS: RESERVE REQUIREMENT $0 $0 $0 $0 $0 ($101,155) $0 $0 $0 $0 LESS: CAPITALIZED INTEREST $0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- TOTAL BOND FINANCED FACILITIES $0 $0 $0 $0 $0 $1,280,520 $0 $0 $0 $0 II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 CLASS 2 NON-RESIDENTIAL 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL $0 $3,753,710 $3,903,859 $4,060,013 $4,222,413 $4,391,310 $4,566,962 $4,749,641 $4,939,626 $5,137,212 CLASS 2 NON-RESIDENTIAL $0 $3,377,979 $3,479,319 $3,583,698 $3,691,209 $3,801,945 $3,916,004 $4,033,484 $4,154,488 $4,279,123 IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL $0 $129,146,398 $134,312,254 $139,684,744 $145,272,134 $151,083,019 $157,126,340 $163,411,394 $169,947,849 $176,745,763 CLASS 2 NON-RESIDENTIAL $0 $700,853,013 $721,878,603 $743,534,961 $765,841,010 $788,816,241 $812,480,728 $836,855,150 $861,960,804 $887,819,628 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- GROSS ASSESSED VALUE $0 $829,999,411 $856,190,857 $883,219,706 $911,113,144 $939,899,260 $969,607,068 $1,000,266,543 $1,031,908,653 $1,064,565,392 LESS: ESTIMATED BASE YEAR VALUE $0 ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- INCREMENTAL PROPERTY VALUE $0 $0 $26,191,446 $53,220,295 $81,113,733 $109,899,849 $139,607,657 $170,267,132 $201,909,242 $234,565,981 V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83% $0 $0 $51,938 $105,537 $160,850 $217,934 $276,845 $337,643 $400,390 $465,149 CITY SECURED PROPERTY TAX INCREMENT 11.98% $0 $0 $31,390 $63,783 $97,212 $131,712 $167,315 $204,060 $241,982 $281,120 CITY PROPERTY TAX IN-LIEU OF VLF 5.43% $0 $0 $14,211 $28,877 $44,011 $59,630 $75,750 $92,385 $109,554 $127,273 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- GROSS TAX INCREMENT ("TI") $0 $0 $97,539 $198,197 $302,074 $409,276 $519,910 $634,088 $751,926 $873,542 VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00% $0 $0 $12,335 $25,065 $38,202 $51,759 $65,751 $80,190 $95,093 $110,473 CITY TAX INCREMENT 50.00% $0 $0 $22,016 $44,735 $68,182 $92,378 $117,350 $143,121 $169,718 $197,168 LESS: COUNTY / PFA ADMIN FEES 5.00% $0 $0 ($4,166) ($8,466) ($12,903) ($17,482) ($22,208) ($27,085) ($32,119) ($37,313)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ TOTAL TI REVENUE TO EIFD $0 $0 $30,185 $61,334 $93,480 $126,655 $160,892 $196,226 $232,692 $270,328 VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS $0 $0 $0 $0 $0 $1,555,000 $0 $0 $0 $0 NEW RESERVE FUND $0 $0 $0 $0 $0 $173,325 $0 $0 $0 $0
MATURED BONDED INDEBTEDNESS $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 RELEASED RESERVE FUND $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
TOTAL ANNUAL PAYMENT - SERIES A $0 $0 $0 $0 $0 $0 $101,155 $101,155 $101,155 $101,155 TOTAL ANNUAL PAYMENT - SERIES B $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES C $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES D $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES E $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES F $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES G $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES H $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES I $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES J $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- TOTAL ANNUAL DEBT SERVICE $0 $0 $0 $0 $0 $0 $101,155 $101,155 $101,155 $101,155 RESERVE FUND CREDIT $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
CAPITALIZED INTEREST $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
PAY-AS-YOU-GO FACILITIES $0 $0 $30,185 $61,334 $93,480 $126,655 $59,737 $95,071 $131,537 $169,173 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- NET ANNUAL DEBT SERVICE $0 $0 $30,185 $61,334 $93,480 $126,655 $160,892 $196,226 $232,692 $270,328 VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE NA NA NA NA NA NA 159.06% 193.99% 230.04% 267.24% DTA, Inc. Draft - Unaudited Page 3
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
1 0 0 0 0 1 0 0 0 0
2033-34 2034-35 2035-36 2036-37 2037-38 2038-39 2039-40 2040-41 2041-42 2042-43 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
*Sep 2034* *Sep 2039*
30 30
$2,245,000 $0 $0 $0 $0 $2,630,000 $0 $0 $0 $0
($183,675) $0 $0 $0 $0 ($189,450) $0 $0 $0 $0
($146,040) $0 $0 $0 $0 ($171,085) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,915,285 $0 $0 $0 $0 $2,269,465 $0 $0 $0 $0
34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 $5,342,700 $5,556,408 $5,778,664 $6,009,811 $6,250,203 $6,500,211 $6,760,220 $7,030,629 $7,311,854 $7,604,328 $4,407,497 $4,539,722 $4,675,913 $4,816,191 $4,960,676 $5,109,497 $5,262,782 $5,420,665 $5,583,285 $5,750,784 $183,815,594 $191,168,218 $198,814,946 $206,767,544 $215,038,246 $223,639,776 $232,585,367 $241,888,781 $251,564,333 $261,626,906 $914,454,217 $941,887,844 $970,144,479 $999,248,813 $1,029,226,278 $1,060,103,066 $1,091,906,158 $1,124,663,343 $1,158,403,243 $1,193,155,340 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,098,269,811 $1,133,056,061 $1,168,959,425 $1,206,016,357 $1,244,264,524 $1,283,742,842 $1,324,491,525 $1,366,552,124 $1,409,967,576 $1,454,782,246 ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $268,270,400 $303,056,650 $338,960,014 $376,016,946 $414,265,113 $453,743,431 $494,492,114 $536,552,713 $579,968,165 $624,782,835 $531,986 $600,967 $672,164 $745,649 $821,496 $899,782 $980,588 $1,063,995 $1,150,088 $1,238,957 $321,514 $363,204 $406,233 $450,645 $496,484 $543,797 $592,633 $643,042 $695,074 $748,783 $145,561 $164,435 $183,916 $204,023 $224,776 $246,196 $268,306 $291,128 $314,684 $339,000 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $999,060 $1,128,607 $1,262,314 $1,400,316 $1,542,756 $1,689,776 $1,841,527 $1,998,164 $2,159,847 $2,326,740 $126,347 $142,730 $159,639 $177,092 $195,105 $213,698 $232,890 $252,699 $273,146 $294,252 $225,499 $254,740 $284,919 $316,068 $348,218 $381,402 $415,654 $451,009 $487,502 $525,172 ($42,675) ($48,209) ($53,920) ($59,815) ($65,899) ($72,179) ($78,661) ($85,352) ($92,258) ($99,387)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $309,171 $349,261 $390,638 $433,345 $477,424 $522,921 $569,882 $618,356 $668,390 $720,037 $2,245,000 $0 $0 $0 $0 $2,630,000 $0 $0 $0 $0
$183,675 $0 $0 $0 $0 $189,450 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $0 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $0 $0 $0 $0 $0 $0 $171,085 $171,085 $171,085 $171,085
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $101,155 $247,195 $247,195 $247,195 $247,195 $247,195 $418,281 $418,281 $418,281 $418,281 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$208,016 $102,065 $143,442 $186,149 $230,229 $275,726 $151,602 $200,075 $250,109 $301,757 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $309,171 $349,261 $390,638 $433,345 $477,424 $522,921 $569,882 $618,356 $668,390 $720,037 305.64% 141.29% 158.03% 175.30% 193.14% 211.54% 136.24% 147.83% 159.79% 172.14% DTA, Inc. Draft - Unaudited Page 4
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
1 0 0 0 0 1 0 0 0 0
2043-44 2044-45 2045-46 2046-47 2047-48 2048-49 2049-50 2050-51 2051-52 2052-53 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053
*Sep 2044* *Sep 2049*
25 20
$2,820,000 $0 $0 $0 $0 $2,930,000 $0 $0 $0 $0
($192,300) $0 $0 $0 $0 ($193,950) $0 $0 $0 $0
($200,086) $0 $0 $0 $0 ($235,111) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $2,427,614 $0 $0 $0 $0 $2,500,939 $0 $0 $0 $0
34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 $7,908,501 $8,224,841 $8,553,835 $8,895,988 $9,251,828 $9,621,901 $10,006,777 $10,407,048 $10,823,330 $11,256,263 $5,923,307 $6,101,006 $6,284,037 $6,472,558 $6,666,734 $6,866,736 $7,072,739 $7,284,921 $7,503,468 $7,728,572 $272,091,982 $282,975,661 $294,294,688 $306,066,475 $318,309,134 $331,041,500 $344,283,160 $358,054,486 $372,376,666 $387,271,732 $1,228,950,001 $1,265,818,501 $1,303,793,056 $1,342,906,847 $1,383,194,053 $1,424,689,874 $1,467,430,571 $1,511,453,488 $1,556,797,092 $1,603,501,005 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,501,041,983 $1,548,794,162 $1,598,087,744 $1,648,973,323 $1,701,503,187 $1,755,731,374 $1,811,713,730 $1,869,507,974 $1,929,173,758 $1,990,772,737 ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $671,042,572 $718,794,751 $768,088,333 $818,973,912 $871,503,776 $925,731,963 $981,714,319 $1,039,508,563 $1,099,174,347 $1,160,773,326 $1,330,691 $1,425,384 $1,523,135 $1,624,042 $1,728,209 $1,835,745 $1,946,759 $2,061,366 $2,179,685 $2,301,837 $804,224 $861,453 $920,530 $981,515 $1,044,470 $1,109,461 $1,176,554 $1,245,819 $1,317,326 $1,391,151 $364,100 $390,010 $416,756 $444,366 $472,868 $502,292 $532,667 $564,026 $596,400 $629,823 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $2,499,015 $2,676,848 $2,860,421 $3,049,923 $3,245,548 $3,447,498 $3,655,981 $3,871,211 $4,093,411 $4,322,810 $316,039 $338,529 $361,744 $385,710 $410,450 $435,989 $462,355 $489,574 $517,675 $546,686 $564,056 $604,195 $645,630 $688,403 $732,558 $778,140 $825,197 $873,777 $923,930 $975,708 ($106,746) ($114,342) ($122,183) ($130,278) ($138,634) ($147,260) ($156,166) ($165,359) ($174,851) ($184,649)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $773,350 $828,382 $885,191 $943,835 $1,004,373 $1,066,869 $1,131,387 $1,197,992 $1,266,755 $1,337,745 $2,820,000 $0 $0 $0 $0 $2,930,000 $0 $0 $0 $0
$192,300 $0 $0 $0 $0 $193,950 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $0 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $0 $0 $0 $0 $0 $0 $235,111 $235,111 $235,111 $235,111
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $418,281 $618,367 $618,367 $618,367 $618,367 $618,367 $853,477 $853,477 $853,477 $853,477 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$355,069 $210,016 $266,824 $325,468 $386,007 $448,502 $277,909 $344,515 $413,277 $484,267 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $773,350 $828,382 $885,191 $943,835 $1,004,373 $1,066,869 $1,131,387 $1,197,992 $1,266,755 $1,337,745 184.89% 133.96% 143.15% 152.63% 162.42% 172.53% 132.56% 140.37% 148.42% 156.74% DTA, Inc. Draft - Unaudited Page 5
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
1 0 0 0 0 1 0 0 0 0
2053-54 2054-55 2055-56 2056-57 2057-58 2058-59 2059-60 2060-61 2061-62 2062-63 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063
*Sep 2054* *Sep 2059*
15 10
$2,855,000 $0 $0 $0 $0 $2,495,000 $0 $0 $0 $0
($192,825) $0 $0 $0 $0 ($187,425) $0 $0 $0 $0
($275,057) $0 $0 $0 $0 ($249,500) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $2,387,118 $0 $0 $0 $0 $2,058,075 $0 $0 $0 $0
34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 34.41 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 207.48 $11,706,514 $12,174,774 $12,661,765 $13,168,236 $13,694,965 $14,242,764 $14,812,474 $15,404,973 $16,021,172 $16,662,019 $7,960,430 $8,199,242 $8,445,220 $8,698,576 $8,959,534 $9,228,320 $9,505,169 $9,790,324 $10,084,034 $10,386,555 $402,762,602 $418,873,106 $435,628,030 $453,053,151 $471,175,277 $490,022,288 $509,623,180 $530,008,107 $551,208,431 $573,256,769 $1,651,606,035 $1,701,154,216 $1,752,188,843 $1,804,754,508 $1,858,897,143 $1,914,664,058 $1,972,103,979 $2,031,267,099 $2,092,205,112 $2,154,971,265 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $2,054,368,637 $2,120,027,322 $2,187,816,873 $2,257,807,659 $2,330,072,420 $2,404,686,346 $2,481,727,159 $2,561,275,206 $2,643,413,543 $2,728,228,034 ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,224,369,226 $1,290,027,911 $1,357,817,462 $1,427,808,248 $1,500,073,009 $1,574,686,935 $1,651,727,748 $1,731,275,795 $1,813,414,132 $1,898,228,623 $2,427,949 $2,558,151 $2,692,579 $2,831,372 $2,974,675 $3,122,636 $3,275,409 $3,433,155 $3,596,036 $3,764,225 $1,467,368 $1,546,058 $1,627,302 $1,711,184 $1,797,791 $1,887,213 $1,979,544 $2,074,880 $2,173,320 $2,274,968 $664,329 $699,955 $736,737 $774,713 $813,923 $854,408 $896,209 $939,371 $983,939 $1,029,958 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $4,559,646 $4,804,165 $5,056,618 $5,317,269 $5,586,389 $5,864,257 $6,151,163 $6,447,406 $6,753,296 $7,069,151 $576,638 $607,561 $639,488 $672,451 $706,485 $741,626 $777,910 $815,374 $854,059 $894,004 $1,029,165 $1,084,355 $1,141,337 $1,200,169 $1,260,912 $1,323,630 $1,388,388 $1,455,254 $1,524,297 $1,595,589 ($194,766) ($205,210) ($215,994) ($227,128) ($238,623) ($250,492) ($262,748) ($275,402) ($288,468) ($301,960)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $1,411,037 $1,486,706 $1,564,830 $1,645,492 $1,728,774 $1,814,764 $1,903,550 $1,995,226 $2,089,887 $2,187,633 $2,855,000 $0 $0 $0 $0 $2,495,000 $0 $0 $0 $0
$192,825 $0 $0 $0 $0 $187,425 $0 $0 $0 $0
$0 $0 $0 $0 $0 ($1,555,000) $0 $0 $0 $0
$0 $0 $0 $0 $0 ($173,325) $0 $0 $0 $0
$101,155 $101,155 $101,155 $101,155 $101,155 $101,155 $0 $0 $0 $0 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $146,040 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $235,111 $235,111 $235,111 $235,111 $235,111 $235,111 $235,111 $235,111 $235,111 $235,111 $0 $275,057 $275,057 $275,057 $275,057 $275,057 $275,057 $275,057 $275,057 $275,057 $0 $0 $0 $0 $0 $0 $323,114 $323,114 $323,114 $323,114
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $853,477 $1,128,535 $1,128,535 $1,128,535 $1,128,535 $1,128,535 $1,350,494 $1,350,494 $1,350,494 $1,350,494 $0 $0 $0 $0 $0 ($173,325) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$557,559 $358,171 $436,296 $516,957 $600,240 $859,554 $553,057 $644,733 $739,394 $837,139 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,411,037 $1,486,706 $1,564,830 $1,645,492 $1,728,774 $1,814,764 $1,903,550 $1,995,226 $2,089,887 $2,187,633 165.33% 131.74% 138.66% 145.81% 153.19% 160.81% 140.95% 147.74% 154.75% 161.99% DTA, Inc. Draft - Unaudited Page 6
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
0 1 0 0 0 0 1
2063-64 2064-65 2065-66 2066-67 2067-68 2068-69 2069-70 TOTAL 2064 2065 2066 2067 2068 2069 2070
*Sep 2065* *Sep 2070*
5 0
$0 $3,070,000 $0 $0 $0 $0 $0 $20,600,000
$0 ($196,050) $0 $0 $0 $0 $0 ($1,509,000)
$0 ($307,000) $0 $0 $0 $0 $0 ($1,685,035)
$0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $0 $2,566,950 $0 $0 $0 $0 $0 $17,405,965
34.41 34.41 34.41 34.41 34.41 34.41 34.41 NA
207.48 207.48 207.48 207.48 207.48 207.48 207.48 NA
$17,328,500 $18,021,640 $18,742,505 $19,492,206 $20,271,894 $21,082,770 $21,926,080 $476,235,339 $10,698,152 $11,019,096 $11,349,669 $11,690,159 $12,040,864 $12,402,090 $12,774,153 $325,979,926 $596,187,039 $620,034,521 $644,835,902 $670,629,338 $697,454,511 $725,352,692 $754,366,799 $16,384,876,833 $2,219,620,403 $2,286,209,015 $2,354,795,285 $2,425,439,144 $2,498,202,318 $2,573,148,388 $2,650,342,840 $67,633,337,059 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $2,815,807,442 $2,906,243,536 $2,999,631,187 $3,096,068,482 $3,195,656,830 $3,298,501,080 $3,404,709,639 $84,018,213,892 ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) ($829,999,411) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,985,808,031 $2,076,244,125 $2,169,631,776 $2,266,069,071 $2,365,657,419 $2,468,501,669 $2,574,710,228 $45,838,240,986 $3,937,897 $4,117,234 $4,302,423 $4,493,660 $4,691,146 $4,895,088 $5,105,702 $90,898,149 $2,379,929 $2,488,314 $2,600,236 $2,715,813 $2,835,167 $2,958,422 $3,085,710 $54,935,706 $1,077,478 $1,126,547 $1,177,219 $1,229,544 $1,283,580 $1,339,382 $1,397,010 $24,871,330 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $7,395,304 $7,732,095 $8,079,878 $8,439,018 $8,809,893 $9,192,893 $9,588,422 $170,705,185 $935,251 $977,843 $1,021,826 $1,067,244 $1,114,147 $1,162,583 $1,212,604 $21,588,310 $1,669,205 $1,745,223 $1,823,721 $1,904,784 $1,988,494 $2,074,942 $2,164,217 $38,530,125 ($315,891) ($330,277) ($345,133) ($360,474) ($376,316) ($392,676) ($409,571) ($7,291,693)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $2,288,564 $2,392,788 $2,500,414 $2,611,554 $2,726,326 $2,844,850 $2,967,251 $52,826,743 $0 $3,070,000 $0 $0 $0 $0 $0 $20,600,000
$0 $196,050 $0 $0 $0 $0 $0 $1,509,000
($2,245,000) $0 $0 $0 $0 ($13,730,000) ($3,070,000) ($20,600,000) ($183,675) $0 $0 $0 $0 ($955,950) ($196,050) ($1,509,000) $0 $0 $0 $0 $0 $0 $0 $3,034,649
$146,040 $0 $0 $0 $0 $0 $0 $4,381,214
$171,085 $171,085 $171,085 $171,085 $171,085 $171,085 $0 $5,132,558 $200,086 $200,086 $200,086 $200,086 $200,086 $200,086 $0 $5,002,148 $235,111 $235,111 $235,111 $235,111 $235,111 $235,111 $0 $4,702,216 $275,057 $275,057 $275,057 $275,057 $275,057 $275,057 $0 $4,125,858 $323,114 $323,114 $323,114 $323,114 $323,114 $323,114 $0 $3,231,139 $0 $0 $709,093 $709,093 $709,093 $709,093 $709,093 $3,545,463 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,350,494 $1,204,453 $1,913,546 $1,913,546 $1,913,546 $1,913,546 $709,093 $33,155,246 ($183,675) $0 $0 $0 $0 ($955,950) ($196,050) ($1,509,000) $0 $0 $0 $0 $0 $0 $0 $0
$1,121,746 $1,188,335 $586,868 $698,008 $812,780 $1,887,254 $2,454,208 $21,180,496 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $2,288,564 $2,392,788 $2,500,414 $2,611,554 $2,726,326 $2,844,850 $2,967,251 $52,826,743 169.46% 198.66% 130.67% 136.48% 142.48% 148.67% 418.46% © DTA, INC. DRAFT
DRAFT V1
8/31/2024
COUPON BOND CUMULATIVE CUMULATIVE BOND NPV (3%)
BOND RATE/ BONDED CONSTRUCTION PAY-AS-YOU-GO CONSTRUC. PROCEEDS BOND PROCEEDS
YEAR BOND TERM INDEBTEDNESS PROCEEDS REVENUE PLUS PAY-GO PLUS PAY-GO 2029 5.0% / 30 YRS $230,000 $61,588 $46,030 $107,618 $96,841 2034 5.0% / 30 YRS $335,000 $158,183 $145,170 $364,941 $297,416 2039 5.0% / 30 YRS $400,000 $217,979 $287,546 $725,296 $540,098 2044 5.0% / 25 YRS $440,000 $252,181 $481,007 $1,170,939 $799,651 2049 5.0% / 20 YRS $460,000 $266,188 $734,199 $1,690,319 $1,061,401 2054 5.0% / 15 YRS $455,000 $254,339 $1,060,064 $2,270,523 $1,314,666 2059 5.0% / 10 YRS $405,000 $208,425 $1,626,957 $3,045,841 $1,606,288 2065 5.0% / 5 YRS $490,000 $283,650 $2,564,142 $4,266,676 $1,997,390 2070 5.0% / 0 YRS $0 $0 $4,363,509 $6,066,043 $2,488,721 TOTAL NA $3,215,000 $1,702,534 $4,363,509 $6,066,043 $2,488,721
TAX INCREMENT REVENUE ASSUMPTIONS BOND ASSUMPTIONS
TOTAL COUNTY SECURED PROPERTY TAX (% OF PROP 13 1%) [2] 19.83% TOTAL CITY SECURED PROPERTY TAX (% OF PROP 13 1%) [3] 11.98% COST OF ISSUANCE (FIXED) $150,000 PROPERTY TAX IN-LIEU OF VLF (% OF PROP 13 1%) [4] 5.43% COST OF ISSUANCE (VARIABLE) 1.50% CUMULATIVE EIFD TAX INCREMENT (2025 - 2070) $8,265,150 RESERVE FUND [5] 8.22% MAXIMUM BOND TERM 30
VALUATION ASSUMPTIONS MINIMUM DEBT SERVICE COVERAGE 131.30% BASE YEAR VALUE FOR EIFD (No RDA) PARCELS $111,756,685
% INCREASE IN ASSESSED VALUE OF RESIDENTIAL LAND USES 4.00% % INCREASE IN ASSESSED VALUE OF NON-RESIDENTIAL LAND USES 3.00% EIFD ASSUMPTIONS EIFD BASE YEAR 2024
OTHER ASSUMPTIONS FIRST YEAR OF EIFD INCREMENT 2025
DISCOUNT RATE FOR NPV ANALYSIS 3.00% TERM OF EIFD (YEARS) [7] 45 ANNUAL COUNTY/PFA ADMINISTRATION EXPENSE 5.00% % OF CITY TAX INCREMENT TO EIFD 50% % OF COUNTY TAX INCREMENT TO EIFD 25%
AVERAGE BONDED BOND
GROSS ASSESSED VALUE GROSS VALUE INDEBTEDNESS PROCEEDS
LAND USE CLASS FOR EIFD [8] ACREAGE [6] PER ACRE (PER ACRE) (PER ACRE) CLASS 1RESIDENTIAL $50,309,987 35.21 $1,428,733 $41,102 $21,766 CLASS 2NON-RESIDENTIAL $61,446,698 30.92 $1,987,151 $57,166 $30,273 TOTAL $111,756,685 66.14 $3,415,885 $98,268 $52,039
[1] This analysis assumes that tax increment will be available to the EIFD between 2024-25 through 2034-35, and will not be pledged to prior City Successor Agency bond issues. [2] Source: County Auditor/Controller's Office. Allocation of 1% property tax, net of ERAF, for Santa Rosa EIFD. [3] Source: County Auditor/Controller's Office. Allocation of 1% property tax, net of ERAF, for Santa Rosa EIFD. [4] Based on current year (FY 2022-23) Citywide assessed value of $32.31 billion and a VLF plus true-up amount of $17.53 million. [5] Represents the average percentage of bond issuance funding the initial reserve requirement. The initial reserve requirement for each bond series is minimum of:
(i) 10% of bond amount, (ii) maximum annual debt service, and (iii) 125% of the average annual debt service. [6] Source: Sonoma County Assessor's Office
[7] DTA conservatively assumes 45 years after the first increment to EIFD, as it is currently unknown when the Public Financing Authority will approve the first bond issuance. [8]Source: Sonoma County Assessor's Office
SUMMARY OF COMPUTATIONS
PROJECTED TAX INCREMENT AND BONDED INDEBTEDNESS FOR
CITY OF SANTA ROSA/ COUNTY OF SONOMA
PROPOSED ENHANCED INFRASTRUCTURE FINANCING DISTRICT [1] (SANTA ROSA DOWNTOWN BUSINESS CORRIDOR - NON RDA PROPERTY)
MAJOR CONCLUSIONS
DTA, Inc. Draft - Unaudited Page 2
Draft V1
0 0 0 0 0 1 0 0 0 0
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS 2023-24 2024-25 2025-26 2026-27 2027-28 2028-29 2029-30 2030-31 2031-32 2032-33 CALENDAR YEAR - PAYMENTS TO BOND HOLDERS 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE *Sep 2029*
BOND TERM 30
TOTAL BONDED INDEBTEDNESS $0 $0 $0 $0 $0 $230,000 $0 $0 $0 $0 LESS: COSTS OF ISSUANCE / DISCOUNT $0 $0 $0 $0 $0 ($153,450) $0 $0 $0 $0 LESS: RESERVE REQUIREMENT $0 $0 $0 $0 $0 ($14,962) $0 $0 $0 $0 LESS: CAPITALIZED INTEREST $0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- TOTAL BOND FINANCED FACILITIES $0 $0 $0 $0 $0 $61,588 $0 $0 $0 $0 II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 CLASS 2 NON-RESIDENTIAL 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL $0 $1,428,733 $1,485,883 $1,545,318 $1,607,131 $1,671,416 $1,738,273 $1,807,803 $1,880,116 $1,955,320 CLASS 2 NON-RESIDENTIAL $0 $1,987,151 $2,046,766 $2,108,169 $2,171,414 $2,236,556 $2,303,653 $2,372,763 $2,443,946 $2,517,264 IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL $0 $50,309,987 $52,322,386 $54,415,282 $56,591,893 $58,855,569 $61,209,792 $63,658,183 $66,204,511 $68,852,691 CLASS 2 NON-RESIDENTIAL $0 $61,446,698 $63,290,099 $65,188,802 $67,144,466 $69,158,800 $71,233,564 $73,370,571 $75,571,688 $77,838,839 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- GROSS ASSESSED VALUE $0 $111,756,685 $115,612,485 $119,604,084 $123,736,359 $128,014,369 $132,443,356 $137,028,754 $141,776,199 $146,691,530 LESS: ESTIMATED BASE YEAR VALUE $0 ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- INCREMENTAL PROPERTY VALUE $0 $0 $3,855,800 $7,847,399 $11,979,674 $16,257,684 $20,686,671 $25,272,069 $30,019,514 $34,934,845 V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83% $0 $0 $7,646 $15,562 $23,756 $32,239 $41,022 $50,115 $59,529 $69,276 CITY SECURED PROPERTY TAX INCREMENT 11.98% $0 $0 $4,621 $9,405 $14,357 $19,484 $24,792 $30,288 $35,977 $41,868 CITY PROPERTY TAX IN-LIEU OF VLF 5.43% $0 $0 $2,092 $4,258 $6,500 $8,821 $11,224 $13,712 $16,288 $18,955 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- GROSS TAX INCREMENT ("TI") $0 $0 $14,359 $29,224 $44,613 $60,545 $77,039 $94,115 $111,795 $130,100 VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00% $0 $0 $1,816 $3,696 $5,642 $7,657 $9,743 $11,902 $14,138 $16,453 CITY TAX INCREMENT 50.00% $0 $0 $3,241 $6,596 $10,070 $13,666 $17,389 $21,243 $25,233 $29,365 LESS: COUNTY / PFA ADMIN FEES 5.00% $0 $0 ($613) ($1,248) ($1,906) ($2,586) ($3,291) ($4,020) ($4,775) ($5,557)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ TOTAL TI REVENUE TO EIFD $0 $0 $4,444 $9,044 $13,806 $18,736 $23,841 $29,125 $34,596 $40,261 VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS $0 $0 $0 $0 $0 $230,000 $0 $0 $0 $0 NEW RESERVE FUND $0 $0 $0 $0 $0 $153,450 $0 $0 $0 $0
MATURED BONDED INDEBTEDNESS $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 RELEASED RESERVE FUND $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
TOTAL ANNUAL PAYMENT - SERIES A $0 $0 $0 $0 $0 $0 $14,962 $14,962 $14,962 $14,962 TOTAL ANNUAL PAYMENT - SERIES B $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES C $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES D $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES E $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES F $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES G $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES H $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES I $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 TOTAL ANNUAL PAYMENT - SERIES J $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- TOTAL ANNUAL DEBT SERVICE $0 $0 $0 $0 $0 $0 $14,962 $14,962 $14,962 $14,962 RESERVE FUND CREDIT $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
CAPITALIZED INTEREST $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
PAY-AS-YOU-GO FACILITIES $0 $0 $4,444 $9,044 $13,806 $18,736 $8,879 $14,163 $19,634 $25,299 --------------------------------------------------------------------------------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- NET ANNUAL DEBT SERVICE $0 $0 $4,444 $9,044 $13,806 $18,736 $23,841 $29,125 $34,596 $40,261 VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE NA NA NA NA NA NA 159.34% 194.66% 231.23% 269.09% DTA, Inc. Draft - Unaudited Page 3
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
1 0 0 0 0 1 0 0 0 0
2033-34 2034-35 2035-36 2036-37 2037-38 2038-39 2039-40 2040-41 2041-42 2042-43 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043
*Sep 2034* *Sep 2039*
30 30
$335,000 $0 $0 $0 $0 $400,000 $0 $0 $0 $0
($155,025) $0 $0 $0 $0 ($156,000) $0 $0 $0 $0
($21,792) $0 $0 $0 $0 ($26,021) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $158,183 $0 $0 $0 $0 $217,979 $0 $0 $0 $0
35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21
30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 $2,033,533 $2,114,874 $2,199,469 $2,287,448 $2,378,946 $2,474,104 $2,573,068 $2,675,991 $2,783,030 $2,894,352 $2,592,782 $2,670,565 $2,750,682 $2,833,203 $2,918,199 $3,005,745 $3,095,917 $3,188,795 $3,284,459 $3,382,992 $71,606,799 $74,471,071 $77,449,914 $80,547,910 $83,769,827 $87,120,620 $90,605,444 $94,229,662 $97,998,849 $101,918,803 $80,174,004 $82,579,224 $85,056,601 $87,608,299 $90,236,548 $92,943,644 $95,731,953 $98,603,912 $101,562,029 $104,608,890 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $151,780,803 $157,050,295 $162,506,514 $168,156,209 $174,006,374 $180,064,264 $186,337,398 $192,833,574 $199,560,878 $206,527,693 ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $40,024,118 $45,293,610 $50,749,829 $56,399,524 $62,249,689 $68,307,579 $74,580,713 $81,076,889 $87,804,193 $94,771,008 $79,369 $89,818 $100,638 $111,841 $123,442 $135,455 $147,895 $160,777 $174,117 $187,933 $47,968 $54,283 $60,822 $67,593 $74,604 $81,865 $89,383 $97,168 $105,231 $113,580 $21,717 $24,576 $27,536 $30,602 $33,776 $37,063 $40,467 $43,991 $47,642 $51,422 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $149,053 $168,677 $188,996 $210,036 $231,823 $254,383 $277,744 $301,937 $326,990 $352,935 $18,850 $21,332 $23,902 $26,562 $29,318 $32,171 $35,125 $38,185 $41,353 $44,634 $33,643 $38,072 $42,659 $47,408 $52,325 $57,417 $62,690 $68,151 $73,805 $79,661 ($6,367) ($7,205) ($8,073) ($8,972) ($9,902) ($10,866) ($11,864) ($12,897) ($13,967) ($15,076)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $46,126 $52,199 $58,487 $64,998 $71,740 $78,722 $85,951 $93,438 $101,191 $109,220 $335,000 $0 $0 $0 $0 $400,000 $0 $0 $0 $0
$155,025 $0 $0 $0 $0 $156,000 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $0 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $0 $0 $0 $0 $0 $0 $26,021 $26,021 $26,021 $26,021
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $14,962 $36,754 $36,754 $36,754 $36,754 $36,754 $62,775 $62,775 $62,775 $62,775 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$31,164 $15,445 $21,733 $28,244 $34,986 $41,968 $23,177 $30,663 $38,416 $46,445 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $46,126 $52,199 $58,487 $64,998 $71,740 $78,722 $85,951 $93,438 $101,191 $109,220 308.29% 142.02% 159.13% 176.85% 195.19% 214.19% 136.92% 148.85% 161.20% 173.99% DTA, Inc. Draft - Unaudited Page 4
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
1 0 0 0 0 1 0 0 0 0
2043-44 2044-45 2045-46 2046-47 2047-48 2048-49 2049-50 2050-51 2051-52 2052-53 2044 2045 2046 2047 2048 2049 2050 2051 2052 2053
*Sep 2044* *Sep 2049*
25 20
$440,000 $0 $0 $0 $0 $460,000 $0 $0 $0 $0
($156,600) $0 $0 $0 $0 ($156,900) $0 $0 $0 $0
($31,219) $0 $0 $0 $0 ($36,912) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $252,181 $0 $0 $0 $0 $266,188 $0 $0 $0 $0
35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21
30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 $3,010,126 $3,130,531 $3,255,752 $3,385,982 $3,521,421 $3,662,278 $3,808,769 $3,961,120 $4,119,565 $4,284,347 $3,484,482 $3,589,017 $3,696,687 $3,807,588 $3,921,815 $4,039,470 $4,160,654 $4,285,474 $4,414,038 $4,546,459 $105,995,555 $110,235,377 $114,644,792 $119,230,584 $123,999,807 $128,959,799 $134,118,191 $139,482,919 $145,062,236 $150,864,725 $107,747,157 $110,979,572 $114,308,959 $117,738,228 $121,270,374 $124,908,486 $128,655,740 $132,515,412 $136,490,875 $140,585,601 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $213,742,712 $221,214,948 $228,953,751 $236,968,811 $245,270,181 $253,868,285 $262,773,931 $271,998,331 $281,553,110 $291,450,326 ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $101,986,027 $109,458,263 $117,197,066 $125,212,126 $133,513,496 $142,111,600 $151,017,246 $160,241,646 $169,796,425 $179,693,641 $202,240 $217,058 $232,404 $248,298 $264,760 $281,810 $299,470 $317,762 $336,710 $356,336 $122,227 $131,182 $140,457 $150,063 $160,012 $170,316 $180,989 $192,045 $203,496 $215,357 $55,337 $59,391 $63,590 $67,939 $72,443 $77,108 $81,940 $86,945 $92,130 $97,500 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $379,804 $407,631 $436,451 $466,300 $497,215 $529,235 $562,400 $596,752 $632,335 $669,193 $48,032 $51,551 $55,196 $58,971 $62,880 $66,930 $71,124 $75,469 $79,969 $84,630 $85,726 $92,007 $98,512 $105,249 $112,227 $119,454 $126,940 $134,694 $142,725 $151,045 ($16,223) ($17,412) ($18,643) ($19,918) ($21,239) ($22,606) ($24,023) ($25,490) ($27,010) ($28,585)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $117,535 $126,146 $135,065 $144,302 $153,869 $163,778 $174,041 $184,672 $195,684 $207,090 $440,000 $0 $0 $0 $0 $460,000 $0 $0 $0 $0
$156,600 $0 $0 $0 $0 $156,900 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $0 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $0 $0 $0 $0 $0 $0 $36,912 $36,912 $36,912 $36,912
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $62,775 $93,994 $93,994 $93,994 $93,994 $93,994 $130,905 $130,905 $130,905 $130,905 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$54,760 $32,153 $41,071 $50,308 $59,875 $69,784 $43,136 $53,767 $64,778 $76,184 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $117,535 $126,146 $135,065 $144,302 $153,869 $163,778 $174,041 $184,672 $195,684 $207,090 187.23% 134.21% 143.70% 153.52% 163.70% 174.24% 132.95% 141.07% 149.48% 158.20% DTA, Inc. Draft - Unaudited Page 5
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
1 0 0 0 0 1 0 0 0 0
2053-54 2054-55 2055-56 2056-57 2057-58 2058-59 2059-60 2060-61 2061-62 2062-63 2054 2055 2056 2057 2058 2059 2060 2061 2062 2063
*Sep 2054* *Sep 2059*
15 10
$455,000 $0 $0 $0 $0 $405,000 $0 $0 $0 $0
($156,825) $0 $0 $0 $0 ($156,075) $0 $0 $0 $0
($43,836) $0 $0 $0 $0 ($40,500) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $254,339 $0 $0 $0 $0 $208,425 $0 $0 $0 $0
35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21 35.21
30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 30.92 $4,455,721 $4,633,950 $4,819,308 $5,012,080 $5,212,564 $5,421,066 $5,637,909 $5,863,425 $6,097,962 $6,341,881 $4,682,853 $4,823,338 $4,968,038 $5,117,080 $5,270,592 $5,428,710 $5,591,571 $5,759,318 $5,932,098 $6,110,061 $156,899,314 $163,175,287 $169,702,298 $176,490,390 $183,550,006 $190,892,006 $198,527,686 $206,468,793 $214,727,545 $223,316,647 $144,803,169 $149,147,264 $153,621,682 $158,230,332 $162,977,242 $167,866,560 $172,902,556 $178,089,633 $183,432,322 $188,935,292 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $301,702,483 $312,322,551 $323,323,980 $334,720,722 $346,527,248 $358,758,565 $371,430,242 $384,558,427 $398,159,867 $412,251,939 ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $189,945,798 $200,565,866 $211,567,295 $222,964,037 $234,770,563 $247,001,880 $259,673,557 $272,801,742 $286,403,182 $300,495,254 $376,666 $397,726 $419,542 $442,142 $465,555 $489,810 $514,938 $540,971 $567,943 $595,888 $227,644 $240,372 $253,557 $267,215 $281,365 $296,024 $311,211 $326,944 $343,245 $360,134 $103,063 $108,825 $114,794 $120,978 $127,384 $134,021 $140,896 $148,019 $155,399 $163,045 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $707,373 $746,923 $787,893 $830,335 $874,304 $919,854 $967,045 $1,015,935 $1,066,588 $1,119,068 $89,458 $94,460 $99,641 $105,009 $110,569 $116,330 $122,298 $128,481 $134,887 $141,523 $159,662 $168,589 $177,837 $187,416 $197,340 $207,622 $218,273 $229,308 $240,741 $252,586 ($30,216) ($31,905) ($33,655) ($35,468) ($37,346) ($39,292) ($41,307) ($43,396) ($45,559) ($47,801)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $218,905 $231,144 $243,823 $256,957 $270,564 $284,660 $299,263 $314,393 $330,068 $346,309 $455,000 $0 $0 $0 $0 $405,000 $0 $0 $0 $0
$156,825 $0 $0 $0 $0 $156,075 $0 $0 $0 $0
$0 $0 $0 $0 $0 ($230,000) $0 $0 $0 $0
$0 $0 $0 $0 $0 ($153,450) $0 $0 $0 $0
$14,962 $14,962 $14,962 $14,962 $14,962 $14,962 $0 $0 $0 $0 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $21,792 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $36,912 $36,912 $36,912 $36,912 $36,912 $36,912 $36,912 $36,912 $36,912 $36,912 $0 $43,836 $43,836 $43,836 $43,836 $43,836 $43,836 $43,836 $43,836 $43,836 $0 $0 $0 $0 $0 $0 $52,449 $52,449 $52,449 $52,449
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $130,905 $174,741 $174,741 $174,741 $174,741 $174,741 $212,229 $212,229 $212,229 $212,229 $0 $0 $0 $0 $0 ($153,450) $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0 $0 $0
$88,000 $56,403 $69,082 $82,216 $95,823 $263,369 $87,035 $102,165 $117,840 $134,080 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $218,905 $231,144 $243,823 $256,957 $270,564 $284,660 $299,263 $314,393 $330,068 $346,309 167.22% 132.28% 139.53% 147.05% 154.84% 162.90% 141.01% 148.14% 155.52% 163.18% DTA, Inc. Draft - Unaudited Page 6
Draft V1
FISCAL YEAR - COLLECTION OF TAXES/ASSESSMENTS
CALENDAR YEAR - PAYMENTS TO BOND HOLDERS
I. CFD BONDED INDEBTEDNESS
ISSUANCE DATE
BOND TERM
TOTAL BONDED INDEBTEDNESS
LESS: COSTS OF ISSUANCE / DISCOUNT
LESS: RESERVE REQUIREMENT
LESS: CAPITALIZED INTEREST---------------------------------------------------------------------------------------
TOTAL BOND FINANCED FACILITIES
II. ABSORPTION - OPENING (as of 1/1)
LAND USE CATEGORIES
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
III. AVERAGE VALUATION
PER ACRE
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
IV. ASSESSED VALUATION
LAND USES VALUATION
CLASS 1 RESIDENTIAL
CLASS 2 NON-RESIDENTIAL
---------------------------------------------------------------------------------------
GROSS ASSESSED VALUE
LESS: ESTIMATED BASE YEAR VALUE
---------------------------------------------------------------------------------------
INCREMENTAL PROPERTY VALUE
V. TAX INCREMENT REVENUE
COUNTY SECURED PROPERTY TAX INCREMENT 19.83%
CITY SECURED PROPERTY TAX INCREMENT 11.98%
CITY PROPERTY TAX IN-LIEU OF VLF 5.43%
--------------------------------------------------------------------------------------- GROSS TAX INCREMENT ("TI")
VI. TI REVENUE TO EIFD
COUNTY TAX INCREMENT 25.00%
CITY TAX INCREMENT 50.00%
LESS: COUNTY / PFA ADMIN FEES 5.00%------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
TOTAL TI REVENUE TO EIFD
VII. EIFD DEBT SERVICE
NEW BONDED INDEBTEDNESS
NEW RESERVE FUND
MATURED BONDED INDEBTEDNESS
RELEASED RESERVE FUND
TOTAL ANNUAL PAYMENT - SERIES A
TOTAL ANNUAL PAYMENT - SERIES B
TOTAL ANNUAL PAYMENT - SERIES C
TOTAL ANNUAL PAYMENT - SERIES D
TOTAL ANNUAL PAYMENT - SERIES E
TOTAL ANNUAL PAYMENT - SERIES F
TOTAL ANNUAL PAYMENT - SERIES G
TOTAL ANNUAL PAYMENT - SERIES H
TOTAL ANNUAL PAYMENT - SERIES I
TOTAL ANNUAL PAYMENT - SERIES J
---------------------------------------------------------------------------------------
TOTAL ANNUAL DEBT SERVICE
RESERVE FUND CREDIT
CAPITALIZED INTEREST
PAY-AS-YOU-GO FACILITIES
---------------------------------------------------------------------------------------
NET ANNUAL DEBT SERVICE
VIII. DEBT SERVICE COVERAGE
GROSS DEBT SERVICE COVERAGE
0 1 0 0 0 0 1
2063-64 2064-65 2065-66 2066-67 2067-68 2068-69 2069-70 TOTAL 2064 2065 2066 2067 2068 2069 2070
*Sep 2065* *Sep 2070*
5 0
$0 $490,000 $0 $0 $0 $0 $0 $3,215,000
$0 ($157,350) $0 $0 $0 $0 $0 ($1,248,225)
$0 ($49,000) $0 $0 $0 $0 $0 ($264,241)
$0 $0 $0 $0 $0 $0 $0 $0--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $0 $283,650 $0 $0 $0 $0 $0 $1,702,534
35.21 35.21 35.21 35.21 35.21 35.21 35.21 NA
30.92 30.92 30.92 30.92 30.92 30.92 30.92 NA
$6,595,556 $6,859,378 $7,133,753 $7,419,103 $7,715,868 $8,024,502 $8,345,482 $181,264,210 $6,293,362 $6,482,163 $6,676,628 $6,876,927 $7,083,235 $7,295,732 $7,514,604 $191,763,013 $232,249,313 $241,539,285 $251,200,857 $261,248,891 $271,698,847 $282,566,801 $293,869,473 $6,382,856,613 $194,603,351 $200,441,451 $206,454,695 $212,648,335 $219,027,786 $225,598,619 $232,366,578 $5,929,695,899 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $426,852,663 $441,980,736 $457,655,551 $473,897,227 $490,726,632 $508,165,420 $526,236,050 $12,312,552,512 ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) ($111,756,685) --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $315,095,978 $330,224,051 $345,898,866 $362,140,542 $378,969,947 $396,408,735 $414,479,365 $7,171,745,002 $624,842 $654,841 $685,924 $718,132 $751,505 $786,086 $821,921 $14,221,714 $377,633 $395,763 $414,549 $434,014 $454,184 $475,084 $496,741 $8,595,113 $170,968 $179,176 $187,681 $196,494 $205,625 $215,087 $224,892 $3,891,311 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $1,173,442 $1,229,780 $1,288,154 $1,348,640 $1,411,314 $1,476,257 $1,543,553 $26,708,138 $148,400 $155,525 $162,907 $170,556 $178,482 $186,696 $195,206 $3,377,657 $264,859 $277,576 $290,751 $304,403 $318,550 $333,208 $348,398 $6,028,334 ($50,124) ($52,530) ($55,024) ($57,607) ($60,284) ($63,058) ($65,933) ($1,140,841)------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ $363,136 $380,570 $398,635 $417,353 $436,748 $456,845 $477,671 $8,265,150 $0 $490,000 $0 $0 $0 $0 $0 $3,215,000
$0 $157,350 $0 $0 $0 $0 $0 $1,248,225
($335,000) $0 $0 $0 $0 ($2,160,000) ($490,000) ($3,215,000) ($155,025) $0 $0 $0 $0 ($782,400) ($157,350) ($1,248,225) $0 $0 $0 $0 $0 $0 $0 $448,855
$21,792 $0 $0 $0 $0 $0 $0 $653,767
$26,021 $26,021 $26,021 $26,021 $26,021 $26,021 $0 $780,617 $31,219 $31,219 $31,219 $31,219 $31,219 $31,219 $0 $780,477 $36,912 $36,912 $36,912 $36,912 $36,912 $36,912 $0 $738,232 $43,836 $43,836 $43,836 $43,836 $43,836 $43,836 $0 $657,536 $52,449 $52,449 $52,449 $52,449 $52,449 $52,449 $0 $524,494 $0 $0 $113,178 $113,178 $113,178 $113,178 $113,178 $565,888 $0 $0 $0 $0 $0 $0 $0 $0
$0 $0 $0 $0 $0 $0 $0 $0
--------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $212,229 $190,436 $303,614 $303,614 $303,614 $303,614 $113,178 $5,149,866 ($155,025) $0 $0 $0 $0 ($782,400) ($157,350) ($1,248,225) $0 $0 $0 $0 $0 $0 $0 $0
$305,932 $190,134 $95,021 $113,739 $133,134 $935,631 $521,843 $4,363,509 --------------- --------------- --------------- --------------- --------------- --------------- --------------- --------------- $363,136 $380,570 $398,635 $417,353 $436,748 $456,845 $477,671 $8,265,150 171.11% 199.84% 131.30% 137.46% 143.85% 150.47% 422.05%