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<br />EXHIBIT D - NUMERICAL "BUT FOR" <br /> <br />ESTIMATED MARKET VALUE INCREASE FOR A REDEVELOPMENT PROJECT <br />WITHOUT TAX INCREMENT ASSISTANCE <br /> <br />it is anticipated that without tax increment assistance the following construction could be <br />realized: <br /> <br />minimal renovation of existing structures within the proposed project area to allow the <br />continuation of industrial uses such as truck and trailer storage, auto related businesses <br />and warehousing. <br /> <br />Estimated Market Value <br />Less: Original Market Value <br />Increased Market Value <br /> <br />$ 42,099,900 <br />$ 30,189,700 <br />$ 11,910,200 <br /> <br />ESTIMATED MARKET VALUE INCREASE FOR A REDEVELOPMENT PROJECT <br />WITH TAX INCREMENT ASSISTANCE <br /> <br />it is anticipated that with tax increment assistance the following construction could be <br />realized: <br /> <br />approximately 730 loft, townhome and senior condominium housing units <br />approximately 225,000 square feet of corporate and other office space <br />approximately 325,000 square feet of retail and restaurant space <br /> <br />Estimated Market Value <br />Less: Original Market Value <br />Increased Market Value <br />Less: Present Value of the Tax Increment Generated * <br />5.5% over the term of the District and Subdistrict <br />See Attached Schedule 1) <br />Net Increased Market Value <br /> <br />$212,376,245 <br />$ 30,189,700 <br />$182,186,545 <br />$ 38,466,218 <br /> <br />$143,717,327 <br /> <br />* Tax Increment Generated includes revenue from both the District and the Subdistrict. <br /> <br />11 <br />