HomeMy WebLinkAbout17-22REDEVELOPMENT AUTHORITY OF THE CITY OF OSHKOSH, WISCONSIN
NOVEMBER 3, 2017 17-22 RESOLUTION
(CARRIED________LOST________LAID OVER________WITHDRAWN________)
PURPOSE:APPROVE AMENDMENT NO.TAX INCREMENTAL DISTRICT NO.
31 DEVELOPMENT AGREEMENT & GROUND LEASE
AGREEMENT WITH FOX VALLEY PRO BASKETBALL, INC.
INITIATED BY:CITY ADMINISTRATION
WHEREAS,the City of Oshkosh, the Redevelopment Authority of the City of
Oshkosh and Fox Valley Pro Basketball, Inc. previously entered into a Development
Agreement and Ground Lease pertaining to Tax Incremental District No. 31 for the
purposes of redevelopment of certain property located at 1118 and 1212 South Main Street
in the City of Oshkosh; and
WHEREAS, certain costs associated with the redevelopment project have exceeded
the original estimates and it is appropriate to enter into amendments to the Agreement to
address payment for those additional costs and to permit the Developer to collaterally
assign the Development Agreement for purposes of obtaining financing for the project if
needed.
NOW, THEREFORE,BE IT RESOLVED by the Redevelopment Authority of the City
of Oshkosh that the proper City officials are hereby authorized to execute and deliver an
appropriate Amendment to the Tax Incremental District No. 31 Development Agreement
with Fox Valley Pro Basketball, Inc and to the Ground Lease for Property Located at 1118
and 1212 South Main Street in the City of Oshkosh in substantially the same form as
attached, any changes in the execution copy being deemed approved by their respective
signatures, and said City officials are authorized and directed to take those steps necessary
to implement the terms and conditions of the Agreement as amended.
TO:City of Oshkosh Redevelopment Authority
FROM:Allen Davis, Community Development Director
DATE:October 31, 2017
SUBJECT:17-22 Approve Amendment to Tax Increment District No. 31 Development
Agreement & Ground Lease with Fox Valley Pro Basketball, Inc.
BACKGROUND
The RDA is party to the Development Agreement and the Ground Lease since the RDA
owns the former Buckstaff Property. The proposed amendments are based on
development that have occurred since the original Development Agreement and Ground
Lease were approved.
ANALYSIS
The developer has identified an additional $1.2 million in the site preparation costs for
the Arena. This additional cost will be paid by the developer. The proposed amendment
allows the City to increase the projected TIF pay-go payments in the future to allow the
developer to recover these additional costs for the project.
City Attorney Lorenson has provided a detailed memo that covers these issues that the
developer and the city both wanted to incorporate into an updated Development
Agreement and Ground Lease. In addition, the memo covers other issues regarding
special assessments, lender assignment, and the ground lease.
The City Council met in closed session to discuss the proposed terms and then approved
the amendments in open session on October 24, 2017.
FISCAL IMPACT
City Attorney Lorenson’s memo is attached.
RECOMMENDATION
The RDA approves the Amendment to Tax Increment District No. 31 Development
Agreement & Ground Lease with Fox Valley Pro Basketball, Inc. as proposed.
OCTOBER 24, 2017 17-529 RESOLUTION
CARRIED 5-1P LOST LAID OVER WITHDRAWN
PURPOSE: APPROVE AMENDMENT NO. TAX INCREMENTAL DISTRICT
NO. 31 DEVELOPMENT AGREEMENT & GROUND LEASE
AGREEMENT WITH FOX VALLEY PRO BASKETBALL, INC.
INITIATED BY: CITY ADMINISTRATION
WHEREAS, the City of Oshkosh, the Redevelopment Authority of the City of
Oshkosh and Fox Valley Pro Basketball, Inc. previously entered into a Development
Agreement and Ground Lease pertaining to Tax Incremental District No. 31 for the
purposes of redevelopment of certain property located at 1118 and 1212 South Main Street
in the City of Oshkosh; and
WHEREAS, certain costs associated with the redevelopment project have exceeded
the original estimates and it is appropriate to enter into amendments to the Agreement to
address payment for those additional costs and to permit the Developer to collaterally
assign the Development Agreement for purposes of obtaining financing for the project if
needed.
NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of
Oshkosh that the proper City officials are hereby authorized to execute and deliver an
appropriate Amendment to the Tax Incremental District No. 31 Development Agreement
with Fox Valley Pro Basketball, Inc and to the Ground Lease for Property Located at 1118
and 1212 South Main Street in the City of Oshkosh in substantially the same form as
attached, any changes in the execution copy being deemed approved by their respective
signatures, and said City officials are authorized and directed to take those steps necessary
to implement the terms and conditions of the Agreement as amended.
TO: Mayor and Members of the Common Council
FROM: Lynn A. Lorenson, City Attorney
DATE: October 19, 2017
RE: Approve Amendment to Tax Incremental District No. 31 Development
Agreement and Ground Lease Agreement with Fox Valley Pro Basketball, Inc.
BACKGROUND
In March 2017 the City, RDA and Fox Valley Pro Basketball, Inc. entered into a Development
Agreement and Ground Lease for the purpose of redevelopment of property located at 1118
and 1212 South Main Street in the City of Oshkosh for the construction of a sports arena and
supporting infrastructure. Certain costs associated with that project have exceeded the
estimates identified in the TIF Project Plan and Development Agreement and Fox Valley Pro
Basketball, Inc. approached the City requesting amendments to the Agreement and Lease.
ANALYSIS
Council directed staff to work with the Developer to address the additional costs of the project.
Staff was directed to review potential sources of contribution to the project and to maintain
Developer's commitment for public infrastructure costs in support of the project beyond those
sources which had been identified as available to support the project. The parties reached a
tentative understanding that was incorporated into the attached letter of August 8, 2017 signed
by the Developer, City Manager and City Attorney. Pursuant to the tentative agreement, an
amendment to the Development Agreement has been drafted and approved by the Developer
and his counsel and will be presented to the Council for approval at its October 24, 2017 meeting.
Staff was directed to raise the TIF reimbursement cap by $1.2 million dollars for paygo amounts
reimbursable to the Developer from TIF increments to allow the Developer the ability to recoup
greater than anticipated site preparation costs encountered primarily related to contamination
and soil conditions located on the property. This increase is reflected in section 1 of the attached
amendment.
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, W154903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
Section 2 of the proposed amendment addresses the agreement to provide some funding for the
public improvements associated with the project through special assessments to the arena
property as well as other adjoining and benefitting properties; as well as providing for an
accounting of the costs to the Developer; and acknowledge the previous payment of the deposit
amount by the Developer. Attached to this memo is a breakdown of the costs identified and
sources of funding as well as a copy of the August 8, 2017 letter to the Developer.
Section 3 also addresses the levying of special assessments which had not initially been
anticipated in association with this project.
Section 4 is a new section that has not been previously discussed with Council but which the
Developer has requested. It was initially anticipated that this project would not use a lender.
Because no lender was anticipated when the original agreements were drafted language
pertaining to assignments to lenders which has been included in other development agreements
was removed from this agreement. The Developer is currently considering some funding
through a lender and so has requested the proposed language to allow them to take advantage
of other lending. This allows a contingent assignment of the development agreement, which
means that a document could be entered into later that states that if the developer defaults on
its loan with its lender, then the lender could step into the developer's shoes.
Finally section 5 of the proposed amendment adds language to the Ground Lease referencing
back to the Development Agreement pertaining to costs of the project.
FISCAL IMPACT
The proposed change increasing the TIF reimbursement cap would allow the Developer to
receive additional payments from the TIF provided sufficient funds are generated by the TIF to
support such payments. This amendment could potentially extend the life of the TIF to cover
those additional payments, but would not require any additional payments not supported by
TIF increment.
The proposed changes pertaining to costs, assessments and the deposit amount in sections 2, 3
and 5 recognize the funding options identified in the attached letter and breakdown of costs and
allow the City to fund some of the improvements through special assessments. The fiscal
impacts are identified in those attachments to this memorandum.
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
There is no anticipated fiscal impact from Section 4 allowing for collateral assignment to a
lender.
RECOMMENDATION
Staff believes that the attached amendment is consistent with direction given by Council and
recommends approval of the amendment.
Respectfully Submitted,
l J
L A. Lorenso
City Attorney
Approved:
Mark A. Rohloff
City Manager
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5000 http://www.ci.oshkosh.wi.us
AMENDMENT TO
TAX INCREMENTAL DISTRICT NO. 31
DEVELOPMENT AGREEMENT WITH
FOX VALLEY PRO BASKETBALL, INC.
AND
GROUND LEASE AGREEMENT FOR PROPERTY
LOCATED AT 1118 AND 1212 SOUTH MAIN STREET
The City of Oshkosh and the Redevelopment Authority of the City of Oshkosh,
hereinafter referred to as CITY, and Fox Valley Pro Basketball, Inc., hereinafter referred to
as DEVELOPER, entered into a Development Agreement dated March 17, 2017 pertaining
to City of Oshkosh Tax Incremental District No. 31 for purposes of redevelopment of certain
property located at 1118 and 1212 South Main Street in the City of Oshkosh and the
construction of a sports arena and supporting infrastructure and a Ground Lease Agreement
dated March 17, 2017 pertaining to the same property.
Certain costs associated with the Project have exceeded the estimates identified
within the TIF Project Plan and Development Agreement and CITY and DEVELOPER desire
to amend the terms of the Development Agreement to (1) allow the City to recover certain
costs through the special assessment process, (2) to increase the amount of the maximum
Developer Incentive Principal" which DEVELOPER may recover under the terms of the
Development Agreement and (3) to permit Developer to collaterally assign the Development
Agreement for purposes of obtaining financing if necessary for the Project.
The parties agree that they each receive a business benefit through this Amendment.
THEREFORE, CITY and DEVELOPER agree as follows:
1. Article I. DEFINITIONS
Q. Project Costs.
following:
final sentence) shall be deleted and replaced with the
Notwithstanding the foregoing, the cumulative total of Project Costs making up
the "Developer Incentive Principal" as set forth on Exhibit C shall in no event
exceed $5,549,450.
2. Article III. DEVELOPER'S OBLIGATIONS.
Sections C and
following:
D shall be deleted in their entirety and replaced with the
C. Costs and Expenses. The Developer shall be responsible for all of its own
costs related to the Project and completion of any other work to be performed
by the Developer under this Agreement, including all engineering, inspections,
materials and labor. City has levied certain costs for public infrastructure to
adjoining property owners as provided within the City of Oshkosh Special
Assessment Policy. Developer consents to and shall pay the costs for the
special assessments levied upon the Property as of the date of this
Amendment and may pay them in installments in accordance with the City's
Special Assessment Policy and Ordinance. Costs for public infrastructure as
generally provided for in Exhibit C shall be paid first from funds deposited by
the Developer under Section III. D. of the Development Agreement. The
remaining costs for public infrastructure as generally set forth in Exhibit C in
excess of the deposited funds shall be invoiced to Developer upon completion
of the public infrastructure. City shall provide Developer with an accounting of
all costs not subject to special assessments that are to be paid by Developer
under this paragraph. Developer shall make payment within 60 days of invoice
for such costs. Developer shall be responsible for payment of all City fees
including impact fees, building permit fees, zoning and sign permit fees,
electrical and plumbing fees for onsite work to the Property.
D. Deposit to Fund Public Improvements. Developer has deposited the sum
of $2,270,000 with the City in order to fund the performance of the
improvements being made by the City to East 11th Avenue, South Park
Avenue, and South Main Street described in Exhibit C. Developer
acknowledges that Developer remains responsible for all costs agreed to
under this Agreement. The amount of the deposit required pursuant to Section
III. D. of this Agreement was reduced by the amount of any WEDC grant
actually received by the City.
3. Article VII. WARRANTIES AND REPRESENTATIONS.
B. 2. shall be deleted in its entirety and replaced with the following:
2. No special assessments or other charges of any kind, except as
provided in Article III. C. above, shall be assessed or levied against or accrue
or come due from the Developer or the Property with respect to the Property
Project Costs.
4. Article XI. MISCELLANEOUS PROVISIONS.
D. 1. Agreement. The following sentence shall be added to the end of Section
D. 1.:
Developer may assign this Agreement to a Lender for collateral purposes upon
written consent by the City which consent shall not be unreasonably withheld.
5. GROUND LEASE. The Ground Lease that was attached to the Development
Agreement and that was executed by and between the Parties on March 17,
2017 shall be amended as follows:
Exhibit B to Ground Lease. 41" full paragraph shall be deleted in its entirety
and replaced with:
Fox Valley Pro Basketball, Inc. will be responsible for onsite private
development costs as well as the cost of public infrastructure improvements
required in the right of way to serve the site and arena as provided in the
Development Agreement and its amendments.
All other terms in the March 17, 2017 Development Agreement and Ground Lease
shall remain unchanged and in effect.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as
of the date stated in the first paragraph of this Agreement.
Signature Pages to follow)
FOX VALLEY PRO BASKETBALL, INC.
Its:
STATE OF )
SS
COUNTY OF )
Personally came before me this day of , 2017, the
above-named to me known to be the person who executed the
foregoing instrument.
Notary Public, State of
My Commission:
CITY OF OSHKOSH, WISCONSIN
Bv:
Approved as to form:
Lynn A. Lorenson, City Attorney
STATE OF )
SS
COUNTY OF )
Mark A. Rohloff, City Manager
Pamela R. Ubrig, City Clerk
Personally came before me this day of , 2017, the above
named Mayor and City Clerk, to me known to be the person who executed the foregoing
instrument.
Notary Public, State of Wisconsin
My Commission:
REDEVELOPMENT AUTHORITY OF THE
CITY OF OSHKOSH, WISCONSIN
In
STATE OF )
SS
COUNTY OF )
Chair
Executive Director
Personally came before me this day of , 2017, the above
named Chair and Executive Director, to me known to be the person who executed the
foregoing instrument.
Notary Public, State of Wisconsin
My Commission:
City Attorney's Office
Phone: (920) 236-5115
Fax: (920)236-5106
http://www.ci.oshkosh.wi.us
August 8, 2017
Gregory Pierce
Fox Valley Pro Basketball, Inc.
2370 State Road 44, STE A
Oshkosh, WI 54904
Dear Mr. Pierce:
The City and Fox Valley Pro Basketball Inc. are parties to a development agreement dated March 17,
2017 which provides for payment of costs relating to the development of an arena on South Main
Street in the City of Oshkosh and necessary public infrastructure improvements in support of the
arena development. Because this project was not included in the City's planned projects for the year,
this amount was not included in City budgets and funding was required to be provided by the
Developer under the terms of the Development Agreement. Initial estimates of costs pertaining to the
public improvements were estimated at $2,530,800 in the Detailed List of Project Costs included within
the TIF plan. During the course of designing and bidding the public infrastructure portion of the
project, the scope of the project was changed to remove certain work deemed unnecessary and add
other work determined to be prudent to complete during the course of this project. As a result of the
changed scope, not all of the work in the public works project as it was bid related directly to the
development of the arena property. Bids were solicited and the costs of the improvements exceeded
the costs as estimated in the TIF Project Plan. Per Developer's request, it was requested that the City
provide an accounting for all costs related to and directly related to the arena project. When reviewing
the bids and projected costs for the project, the City identified and removed the costs due to work not
directly benefiting the arena project from the costs chargeable to the Developer under the terms of the
Development Agreement. In addition, the City attempted to identify additional sources of funds
which might be utilized to reduce costs potentially chargeable to the Developer under the terms of the
Development Agreement.
City Attorney
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5115 http://www.ci.oshkosh.wi,us
City
of
Oshkosh
The purpose of this letter is to clarify the anticipated costs related to the arena project under Article
III of the Development Agreement and the City's identified sources of funding for the various
improvements which will be used to lower the amount charged to the developer under the
Development Agreement.
Item TIF Plan Estimate Bid with costs'
Paving/Sidewalks 623,600 1,106,926
Water Main 248,000 768,922
Sanitary Sewer 146,000 65,299
Storm Sewer 1,040,000 2,400,354
Traffic Signals 250,000 272,831
Street Lights 223,200 200,454
2,530,800 4,814,786
Deduction for 141h Street Water Maine - 471,852
4,342,934
Anticipated Funding through identified City resources
Water Main Costs funded by Water Utility 297,070
Sanitary Sewer Costs funded by Wastewater Utility 65,300
Storm Sewer Costs funded by Storm Water Utility 749,800
Paving and Sidewalk Costs assessable to adjacent properties 450,000
WEDC Grant 250,000
1,812,170
Bid with Costs $4,342,934
City identified funding -1,812,170
2,530,764
Pursuant to the terms of the Development Agreement, the City anticipates that the Developer will pay
a total of $2,530,764 directly for the public improvements required for this project.
1 In addition to the contractor's base bid amount, each item is assigned a proportionate share of anticipated
environmental tipping fees, consultant's costs and engineering fees.
2 The 14`h Street water main will not serve the arena property.
City Attorney
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5115 http://www.ci.oshkosh.wi.us
Cit
of
Oshkosh
In addition to the anticipated difference between the deposit and the final project costs noted above,
the parties have previously discussed and the City anticipates that the Developer will assume the
special assessments for paving and sidewalks assessed to the property currently leased to and which
will be conveyed to the Developer upon completion of environmental remediation. The assessments
have been estimated at $215,532 for this property. This amount may be reduced upon submission of
final project costs, but will not increase above this amount. After the transfer of the property from the
City to the Developer (City currently holds title during the environmental clean-up phase), the City
agrees that this amount may be placed on a payment plan in accordance with those payment plans in
chapter 25 of the City's Municipal Code.
The Development Agreement requires the Developer to provide a deposit in the amount of $2,520,000
minus the amount of any WEDC Grant received by the City which would be applied to reduce the
overall project costs, or $2,270,000.
2,530,764
2,270,000
260,764 anticipated difference between Developer deposit and projected direct costs
The City takes the position that the Developer is responsible for all costs related to the Project.
Developer takes the position that Developer's total costs for the public portion of the project are and
were capped at $2,520,000, less a credit for any grant received from WEDC ($2,520,000 - $250,000 =
2,270,000). The City Attorney and officials agree to recommend to the Council an amendment to the
Development Agreement to raise the TIF cap by a minimum of at least $1,200,000 or more to cover the
additional public costs being requested by the City to be paid by Developer plus additional site work
costs incurred by Developer needed to clean up the site among other eligible items contemplated in
the TIF.
The City anticipates invoicing the Developer for the difference between the Developer deposit and
final project costs upon completion of the project and invoicing by the contractor. The City will
provide a final written accounting to Developer, and will inform the Developer as to any changes in
the project which may affect the amounts the City wishes to claim are due to the Developer under the
terms of the Development Agreement. Developer reserves all rights to review and challenge any and
all amounts and costs of any nature, including the costs outlined above, that the Developer does not
believe are due and owing by Developer under the Development Agreement.
City Attorney
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.236.5115 http://www.ci.oshkosh.wi.us
City
of
Oshkosh
In summary, the projected costs for the public portion of this project directly related to the arena
development are estimated to be $4,342,934. Of that amount the City has identified $1,812,170 of
funding that may be applied to the project. The Developer's anticipated costs pertaining to the project
are estimated to be $2,530,764 plus $215,532 in anticipated special assessments on the property for a
total of $2,746,296. That amount is broken down as follows:
2,746,296 Anticipated total costs for Developer, including special assessments
500,000 partial payment of deposit amount, rec'd 7/21/17
2,246,296
1,770,000 remainder of deposit amount due
476,296
215,532 anticipated special assessments (payable in installments as provided by Municipal Code)
260,764 anticipated amount to be invoiced to Developer upon completion of project
As noted above, the City has received $500,000 of the deposit amount. The City understands that the
Developer will promptly pay the remainder of the deposit amount, $1,770,000, on or before August 8,
2017 and no default has occurred by Developer. Timely payment of the deposit amount is required
under the Development Agreement and is necessary to allow the contractor to continue work on the
project.
By signature below, the Developer hereby acknowledges receipt of this letter and agrees to make
payment of the deposit amount as required by the Development Agreement.
By
M rk A. Rohloff, City Manager
By signature below, the Developer hereby acknowledges receipt of this letter and agrees to make
payment of the deposit amount as required by the Development Agreement.
By
Itt--.e-"
I `L J
Gregory Pierce, President
Fox Valley Pro Basketball, Inc.
City Attorney
City Hall, 215 Church Avenue P.O. Box 1130 Oshkosh, WI 54903-1130 920.235.5115 http://www.ci.oshkosh.wi.us
TIF 31 Arena Project — Anticipated Costs and Funding for Public Infrastructure
October 2017
Deduct 141h St. Watermain added to project (471,852)
Arena / TIF costs 4,342,934
City Funded Deductions:
Water Utility
TIF Plan Estimate Bid Amounts
Concrete paving/Sidewalks 623,600 1,106,926
Watermain 248,000 768,922
Sanitary Sewer 146,000 65,299
Storm Sewer 1,040,000 2,400,354
Traffic Signals 250,000 272,831
Street Lights 223,200 200,454
Total 2,530,800 4,814,786
Deduct 141h St. Watermain added to project (471,852)
Arena / TIF costs 4,342,934
City Funded Deductions:
Water Utility deduct 297,070
Wastewater Utility deduct 65,300
Stormwater Utility deduct 749,800
Street/Sidewalk CIP deduct 450,000
WEDC Grant deduct 250,000
Total City Funded Deductions 1,812,170)
Project costs paid by Developer included in TIF 2,530,764
Deposit already made by Developer to fund costs (2,270,000)
Estimated amount to be invoiced upon completion of Project $260,764
Future Street and sidewalk assessments on Arena property 215,532
Total Cost to Developer for public infrastructure $2,746,296
Buckstaff PAYGO Payment Calculations
Tax Incremental District No. 31
Project Costs > $5,549,450
Less WEDC Grant Funds Received > -$250,000
City Grant > F $5,299,450
MRO Issue Date 7/21/2017
0 City Staff Input Cells
Valuation Incremental TO Interim
Year Value (EV) Rate/$1,000 Tax Increment Plus GuarantyPayment
Less Admin
Costs
Less Prop Acq
Costs
Available Tax
Increment
Payment PAYGO
Date Payment
Beginning
PAYGO Bal. Interest Rate
Accrued
Interest
Less
Payment
Ending
PAYGO Bal.
Base Value Year 2017
485,696 0 30,000) 13,254) 442,442.18
1 -Nov
tl 2019 $442,442.18> 5,299,450 5.00% 604,718.06 442,442)
5,299,450
5,461,726AsofJanuary1, 2018 18,000,000 26.98
2019 18,000,000 26.98 485,696 0 10,000) 13,254) 462,442.18 2020 $462,442.18 5,461,726 5.00% 273,086.29 462,442) 5,272,370
2020 18,000,000 26.98 485,696 0 10,000) 13,254) 462,442.18 2021 $462,442.18 5,272,370 5.00% 263,618.50 462,442) 5,073,546
2021 18,000,000 26.98 485,696 0 10,000) 13,254) 462,442.18 2022 $462,442.18 5,073,546 5.00% 253,677.32 462,442) 4,864,781
2022 18,000,000 26.98 485,696 0 10,000) 13,254) 462,442.18 2023 $462,442.18 4,864,781 5.00% 243,239.07 462,442) 4,645,578
2023 18,000,000 26.98 485,696 0 10,000) 13,254) 462,442.18 2024 $462,442.18 4,645,578 5.00% 232,278.92 462,442) 4,415,415
2024 18,000,000 26.98 485,696 0 10,000) 13,254) 462,442.18 S4 2025 $462,442.181 4,415,415 220,770.75 462,442) 4,173,7445.00%
2025 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2026 $462,442.18 4,173,744 5.00% 208,687.18 462,442) 3,919,989
2026 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2027 $462,442.18 3,919,989 5.00% 195,999.43 462,442) 3,653,546
2027 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2028 $462,442.18 3,653,546 5.00% 182,677.30 462,442) 3,373,781
2028 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2029 $462,442.18 3,373,781 5.00% 168,689.05 462,442) 3,080,028
2029 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2030 $462,442.18 3,080,028 5.00% 154,001.40 462,442) 2,771,587
2030 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2031 $462,442.18: 2,771,587 5.00% 138,579.36 462,442) 2,447,724
2031 18,000,000 26.98 485,696 10,000) 13,254) 462,442.18 2032 $462,442.18' 2,447,724 5.00% 122,386.22 462,442) 2,107,668
2032 18,000,000 26.98 485,696 10,000) 475,696.18 2033 $475,696.18 2,107,668 5.00% 105,383.42 475,696) 1,737,356
2033 18,000,000 26.98 485,696 10,000) 475,696.18 2034 $475,696.18 1,737,356 5.00% 86,867.78 475,696) 1,348,527
2034 18,000,000 26.98 485,696 10,000) 475,696.18 2035 $475,696.18 1,348,527 5.00% 67,426.36 475,696) 940,257
2035 18,000,000 26.98 485,696 10,000) 475,696.18 2036 $475,696.18 940,257 5.00% 47,012.87 475,696) 511,574
2036 18,000,000 26.98 485,696 10,000) 475,696.18 2037 $475,696.18 511,574 5.00% 25,578.70 475,696) 61,457
2037 18,000,000 26.98 485,696 10,000) 475,696.18 2038 $64,529.43 61,457 5.00% 3,072.83 64,529) 0
2038 0 10,000) 0.00 i 2039 $0.00` 0 5.00% 0.00 0 0
2039 0 10,000) 0.00 2040 $0.00 0 5.00% 0.00 0 0
2040 0 10,000) 0.00 2041 $0.00: 0 5.00% 0.00 0 0
2041 0 10,000) 0.00 2042 $0.00 0 5.00% 0.00 0 0
2042 0 10,000) 0.00 2043 $0.00' 0 5.00% 0.00 0 0
2043 0 10,000) 0.00 2044 $0.00'` 0 5.00% 0.00 0 0
Final TID Year 2044 0 10,000) 0.00 2045 $0.00 0 5.00% 0.00 1 $0 1 $0
Total $9,713,924 ($290,000) ($185,556) $9,308,368 ########### 8,897,201)