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PAGE 3 � CASH FLOW AND PRESENT VALUE ANALYSIS column ,� Date - The analysis is formatted on a semi-annual basis beginning in 2003 and concluding in 2035. It is anticipated that one or several tax increment districts (the "Dist�rict(s)") may be created, each with a term of 26 years from receipt of the first tax increment. If a District is created in 2004 and the first tax increment is received in 2006, it would terminate in 203 L The inclusion of years 2032 tllrough 203 5 allows for Districts created in 2005 through 2008. column (b) Ori�inal Tax �� - The original tax capacity of the Twin Lakes DevelopmentArea is $438,167 and is shown as an annual figure. column Cc� Estimated Tax CapacitX - The estimated tax capacity, also shown annually, is added to the original tax capacity as development is completed. For example, the estimated tax capacity in 6/O1/06 and 12/O1/06 of $711,143 represents the added tax capacity of $272,976, resulting from new construction, to the original tax capacity of $438,167. The estimated tax capacity increases to a maximum in 2031 of $1,438,522, assuming 2.5% inflation. column (c2) Fiscal Disnarities Reduction T In 6/O1/07 and 12/OX/07 the annual fiscal disparities contribution of $195,822 represents value that is deducted fronl the District(s). This is a result of the fiscal disparities election to take the fiscal disparities contribution �m inside the District(s) versus outside the District(s). As the development is completed and the estimated tax capacity increases, the fiscal disparities contribution also increases. The result of making the fiscal disparities contribution �rom within the District(s) is a reduction in estimated tax capacity which directly translates into a reduction of tax increment. column (di Cantured Tax CanacitX - The captured tax capacity is the result of subtracting the previous year's original tax capacity and fiscal disparities reduction from the previous year's estimated tax capacity. For example, the captured tax capacity in 6/O1/08 and 12/O1/08 of $1,109,3I4 is the result of $1,743,3021ess $438,1671ess $195,822. column e� Estimated'I� Increment - the semi annual amount of tax increment is calculated by multiplying the captured tax capacity by the local tax xate and dividing by 2. It accumulates to a total of $78,613,519 in 2032. �af3�