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Home My WebLink AboutOrdinance 4683 ORDINANCE NO. 4683 AN ORDINANCE AMENDING THE PROJECT PLAN FOR THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE, AND FINDING THE PLAN IS ECONOMICALLY FEASIBLE WHEREAS, on July 27, 2004, the Fayetteville City Council held a Public Hearing concerning the creation of the Highway 71 East Square Redevelopment District; and WHEREAS, on August 17, 2004, the City Council passed Ordinance No. 4608 creating the Highway 71 East Square Redevelopment District and authorized preparation of a Redevelopment Project Plan; and WHEREAS, the City with input from the proposed redevelopers of a Twenty- Two Million Dollar hotel project to be constructed after removal of the blighted Mountain Inn has prepared a proposed Project Plan; and WHEREAS, on November 30, 2004, the City held a Public Hearing on this initial Project Plan proposed for the Redevelopment District; and WHEREAS, on December 7, 2004, the City had a further public hearing on this Project Plan and passed Ordinance 4646 adopting the Project Plan; and WHEREAS, because of a minor, technical notification discrepancy, the City determined the need to renotify all statutorily required officials and republish notice of the public hearings for the Redevelopment District; and WHEREAS, the City Council after 15 day published notice held another public hearing on December 28, 2004 at which all interested parties were given the opportunity to express their views on the proposed adoption of the Project Plan for the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas; and WHEREAS, the City Council adopted this Project Plan on December 28, 2004 by Ordinance No. 4663 ; and WHEREAS, the Arkansas Attorney General in January 2005 has opined that the 25 mills required by Amendment 74 to be sent to the State may not be used for tax incremental financing; and WHEREAS, removing the 25 mills from the tax increment requires amendment of the Project Plan; and 0 r WHEREAS, the required fifteen day statutory notification of taxing entities and two publications of notice of the intent to amend the Project Plan have been accomplished prior to the public hearing for the Amendment to the Project Plan on January 25, 2005 ; and WHEREAS, the Amendment to the Project Plan complies with all statutory requirements of A.C.A. § 14-168-306 and 307. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1 : That the City Council of the City of Fayetteville, Arkansas hereby finds that the Amended Project Plan for the Highway 71 East Square Redevelopment District (attached as Exhibit A) is economically feasible. Section 2 : That the City Council of the City of Fayetteville, Arkansas hereby adopts the Amended Project Plan for the Highway 71 East Square Redevelopment District and determines it has complied with all requirements set forth in A.C.A. § 14- 168-306. PASSED and APPROVED this 15th day of March, 2005 . 4$&. @ • • • SG%, APPROVED: FAYETTEVILLE • .� By: j&4 ; /r/4 D COOD , ayor ATTEST: t o o *N0 6J�,. G By: S NDRA SMITH, City Clerk City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO . 1 PROJECT PLAN As Amended by AMENDMENT No. 1 a • r i March 2005 Table of Contents Page Project Plan as Amended by Amendment No. 1 1 Exhibit No. 1 Ordinance No. 4608 And 4662 Creating The District 17 Exhibit No. 2 Ordinance No. 4673 Modification Of The District Boundary 24 Exhibit No. 3 Ordinance No. 4646 And 4663 Adopting The Project Plan 28 Exhibit No. 4 Resolution No. 19-05 Authorizing Preparation Of Bond Documents 34 Exhibit No. 5 Detailed Locations of Sidewalks And Pedestrian Crossing 37 Exhibit No .6 Washington County Assessor's Certification 55 Exhibit No. 7 Arkansas Code Annotated 14-168-301 Through 14-168-323 79 Exhibit No. 8 Existing Conditions / Land Use District Map 93 Exhibit No. 9 Existing Conditions Of Blight 95 Exhibit No. 10 Financial Feasibility Study 102 Exhibit No. 11 Financing Strategies And Bond Structure 142 Exhibit No. 12 Local Demographics Exhibit No. 13 Downtown Master Plan ` • • 1 CITY OF FAYETTEVILLE, ARKANSAS HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT PROJECT PLAN AMENDMENT NO . 1 BACKGROUND In light of the probable reduction in the amount of millage that can be included for the incremental financing of the original Project Plan, the plan has been amended so that only Phase I of the original Project Plan can go forward and be financed at this time. The original Phase II, of the project plan, has been deleted. A new project has been added to repair, replace, and connect sidewalks and construct a pedestrian crossing. This additional project can be funded from the sale proceeds from the property the redevelopment district will sell to redevelop the Mountain Inn site. The original boundary for the Highway 71 East Square Redevelopment District was adopted by the Fayetteville City Council on August 17, 2004 and again on December 28, 2004 due to required additional notification (see Exhibit No. 1 ). The City Council, on January 25, 2005, modified the existing boundaries of the Highway 71 East Square Redevelopment District No. 1 by Ordinance. No. 4673 to include additional areas that are located within the Downtown Master Plan (see Exhibit No. 2). The project plan was first adopted at the December 7, 2004 City Council Meeting and readopted at the December 28, 2004 Special City Council Meeting due to additional notification requirements ( see Exhibit No. 3). The Project Plan is specifically designed to benefit the redevelopment district in the removal of designated blight coupled with the reinvestment in infrastructure to benefit the redevelopment district area and the City of Fayetteville as a whole. The geographical boundaries of the Highway 71 East Square Redevelopment District, as amended, are illustrated on the next page: City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE Amended Highway 71 East Square CA I Redevelopment District No. 1 .[ ,,, - aAc>, AILEC L11 NAI nl Olt Sqa"` A,Id ttoto I u 11 % Oi r ry Logo d A • � TIF P9ntl WE. ,u IMy )1B �Yl+r( on.di"ety Fee le,'� 080 City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE 0 • 3 The Highway 71 East Square Redevelopment District Project Plan outlines the public purposes and investments in infrastructure that are targeted for the redevelopment district. The purpose of the district is to encourage the commercial and residential redevelopment of real property, thereby preventing the spread of blighted, deteriorated and deteriorating areas, and discouraging the loss of commerce, industry and employment. The Project Plan, once adopted, may be amended over time by the Fayetteville City Council in order to ensure that the return to the public is invested in a manner that will ensure economic vitality in the district, as well as the district's impact on the City of Fayetteville. The project plan contains two projects and includes proposed financing for both projects: • Project No. 1 - Process Of Removing Blight In The Former Mountain Inn Area -Catalyst Project (Funding: Bond Financing) • Project No. 2. -City Sidewalk And Pedestrian Improvements — Repair And Replacement Of Existing Sidewalks, Pedestrian Crossing, And New Sidewalks To Fill In Missing Segments (Funding: Property Sale Proceeds) PROJECT NO. 1 - REDEVELOPMENT OF THE BLIGHTED MOUNTAIN INN AREA The "catalyst" project in the district is the redevelopment of the blighted Mountain Inn area (see Section One). East Square, LLC, (The Developer) is proposing a $ 22.5 million investment into a destination hotel/meeting space/condominium project. Approximately $ 19 million of the proposed redevelopment is from private investments. An additional $3 .5 million for the public purpose of eliminating the existing blight will be secured by Tax Increment Bonds issued by the redevelopment district. No TIF proceeds will be used for the construction of the buildings of the proposed project but will be limited strictly to public purposes allowed under the law for redevelopment districts. City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE 4 The Fayetteville City Council has adopted the Dover Kohl Downtown Master Plan (see Exhibit No. 13) which focuses on improvements in much of the area included in the approved TIF District. The adopted Downtown Master Plan identified as a clear priority the removal of the "eyesore" of the denigrated Mountain Inn. PROJECT NO. 1 - REMOVAL OF BLIGHT The project plan (the area identified as the Mountain Inn Project) for the Highway 71 East Square Redevelopment District targets the removal of blight as defined in Arkansas Statute 14- 168-301 . It reads as follows: (3)(A) "Blighted area" means an area in which the structures, buildings, or improvements, by reason of dilapidation, deterioration, age or obsolescence, inadequate provision for access, ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding or the existence of conditions which endanger life or property, are detrimental to the public health, safety, morals, or welfare. (B) "Blighted area" includes any area which, by reason of the presence of a substantial number of substandard, slum, deteriorated or deteriorating structures, predominance of defective or inadequate street layout, faulty lot layout in relation to size, adequacy, accessibility, or usefulness, unsanitary or unsafe conditions, deterioration of site or other improvements, diversity of ownership, tax on special assessment delinquency exceeding the fair value of the land, defective or unusual conditions of title, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, substantially impairs or arrests the sound growth of a city, retards the provision of housing accommodations, or constitutes an economic or social liability and is a menace to the public health, safety, morals, or welfare in its present condition and use, or any area which is predominantly open and which because of lack of accessibility, obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community. The recently adopted "Downtown Master Plan" contemplates specific key projects necessary for a fully revitalized downtown area. The Mountain Inn was identified as #3 in the list of immediate projects. The Downtown Master Plan states: "A key opportunity for infill development is the redevelopment of the Mountain Inn. The hotel, fronting College Avenue, has been vacant for a number of years. The existing structure is an eyesore. . . the location of the Mountain Inn among several other Downtown landmarks and historic City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE • 0 5 structures offers the opportunity to create a taller building - a new landmark-which signals the revival of downtown". For many years the New Mountain Inn Motor Lodge. remnants of the once premier lodging facility formerly known as the Mountain Inn have been decaying with little hope for a change in its _ blighted condition. In its day, the hotel was _ considered the destination of choice for travelers in the Fayetteville area as well as the hosting of other community traditions including Sunday - -- brunch, regular business meetings, club events and wedding parties. -- Unfortunately, the hotel through a series of unsuccessful ventures became an inconsistent host and ultimately an outdated lodging facility. During the same period that the Mountain Inn lost its luster the Fayetteville downtown area went into a period of degradation and many business operators, vendors and customers left the area. After years of wasting away, concerned citizens, local government leaders and developers came together to revitalize the historic Fayetteville downtown square as well as neighboring Dickson Street. This rebirth has been ongoing for the past fifteen years with the vast majority of the significant building in the Downtown/Dickson Street area being revived to support the business, cultural and entertainment center it has become. In recent years multiple redevelopment projects have transformed parts of the downtown/Dickson Street area into a hub of culture, commerce and entertainment for northwest Arkansas. New construction and redevelopment projects of note that have emerged include: The Campbell Bell Building, The Ozark Theatre Building, The Three Sisters, UARK Bowl, The Bank Of Fayetteville Building, The Walton Arts Center, The Ozark Brew Pub, Camall Hall, The Ice Plant Building, Rollston Building, Cooper House, Pyeatt Building, Campbell Terrace, Laundry Building, Bakery Building, Collier's Drug, The Old Post Office Building, The Town Center and the recently completed new Fayetteville Public Library. Some of the redevelopments are pictured below and on the next page: y City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE 1 ^1 Y: y , 1 11 City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE 0 • 7 Noticeably absent from this regenerative trend has been the Mountain Inn with its broken windows and boarded-up doorways sitting on its prominent position at the crest of Archibald Yell/College Avenue. Unfortunately, now, the once bustling hotel's only visitors consist of vandals, transients and the local police force. Now with its neighbors alive with activity, the former Mountain Inn and other participating spaces will be transformed into a destination facility that will be unsurpassed in the Fayetteville market. The planned development project will incorporate a 144 room full-service hotel, 18 condominiums, 12,500 sq. ft. conference/meeting space, three , _ restaurants, a day spa, exercise center, boutique shops, a 300 space multi-story c T parking garage and a rooftop botanical garden with observation deck. The -r=—= project in its entirety is known as the East Square Redevelopment Project. I The project's centerpiece is a planned r r + rT + �r full service national flagship hotel. The i I hotel will serve the mid-to-high end of rr the business traveler, short duration vacationer and meeting/event attendees. � I With a thoroughly defined design L 1 1- 1 F _ r F concept, the stylish hotel will offer the - - --- highest level of comfort and service - -- along with the intrigue of its inviting - amenities. The twelve-story main structure of the new hotel will be built on the existing site of the 1960's addition to the historic Mountain Inn. = Condominiums will be built on the upper - - - floors of the new structure. The architecturally pleasing section of the historic inn's arcade which faces Center Street will be preserved to accommodate pedestrian accessible boutique shops along the north/south lower level arcade and will house the day spa and function space on the upper floors. Banquet and conference facilities will be arranged in the northeast section of the complex with a multi-purpose ballroom and multiple flexible "break-out" meeting City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE 1��''��yut'f�► xI%�1 110. Ef Iwo 5-73" an _. Sec o48 RQ1111% , rn:•c y as .r :��lir:: - H.aa.: NJ I : • 8 110 1 pies 0 0 9 PROJECT NO. 1- REAL PROPERTY ASSEMBLY, DEMOLITION AND SITE PREPARATION The Tax Increment Bonds to be issued by the Highway 71 East Square Redevelopment District will finance certain allowable public purposes as outlined by the enabling legislation Arkansas Code Annotated 14-168-301 through 14-168-323, Redevelopment District, Chapter 168, Community Redevelopment Generally, Subchapter 3, Community redevelopment — Creation and procedures. Specifically as described in 14 -168- 301(13A -E): "(13)(A) "Redevelopment project" means an undertaking for eliminating or preventing the development or spread of slums or deteriorated, deteriorating, or blighted areas, for discouraging the loss of commerce, industry, or employment, or for increasing employment, or any combination thereof. (B) A redevelopment project may include one (1) or more of the following: (i) The acquisition of land and improvements, if any, within the redevelopment district and clearance of the land so acquired; or (ii) The development, redevelopment, revitalization, or conservation of the project area whenever necessary to provide land for needed public facilities, public housing, or industrial or commercial development or revitalization, to eliminate unhealthful, unsanitary, or unsafe conditions, to lessen density, mitigate or eliminate traffic congestion, reduce traffic hazards, eliminate obsolete or other uses detrimental to the public welfare, or otherwise remove or prevent the spread of blight or deterioration; or (C) The financial or other assistance in the relocation of persons and organizations displaced as a result of carrying out the redevelopment project and other improvements necessary for carrying out the project plan, together with such site improvements as are necessary for the preparation of any sites and making any land or improvements acquired in the project area available, by sale or by lease, for public housing or for development, redevelopment, or rehabilitation by private enterprise for commercial or industrial uses in accordance with the plan; (D) The construction of capital improvements within a redevelopment district designed to alleviate deteriorating conditions or a blighted area or designed to increase or enhance the development of commerce, industry, or housing within the redevelopment district; or (E) Any other projects the local governing body deems appropriate to carry out the purposes of this subchapter;" City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE U 10 In particular the public purposes of the improvements financed by Tax Increment Financing include acquisition costs, asbestos remediation, demolition expenses, reclamation expenditures, waste recycling and site work on the site of the former Mountain Inn area. The Redevelopment District shall pay not more than $2,613,000 for real property assembly costs and $887,000.00 for demolition and site preparation work for a total of $3,500,000 as shown below. If this work does not require the full $887,000.00, the remainder shall be used to pay debt service on the TIF bonds. After demolition of the properties purchased by the Redevelopment District pursuant to the Project Plan, the property cleared by the City shall be sold to the developers for Three Hundred Thousand Dollars ($300,000.00) of which $120,000 shall be used to pay the interest and reduce the debt of the bonds. The remaining $180,000 shall fund the Sidewalk Project No. 2. The expenditures are as follows: Expenditures 1 'Real Property Assembly costs: $ 2,613,000.00 765-01940-000,765-01930-000 $ 1,200,000.00 765-01938-000 $ 500,000.00 765-01939-000 $ 500,000.00 765-01929-000 $ 413,000.00 2 ""Demolition & Site Preparation: $ 887,000.00 $ 3,500,000.00 * No Condemnation procedures will be utilized for the Mountain Inn Project ** Demolition and Site Preparation expenditures include the following: A. Resolution of access issues B. Resolution of utilities as needed C. Water/sewer system upgrades as required D. Layout & engineering E. Asbestos and other environmental remediation City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE • 11 The following aerial photograph delineates the Mountain Inn Project site: Historic Facade Parking Garage New Main Bldg. PROJECT NO.2 CITY SIDEWALK AND PEDESTRIAN IMPROVEMENTS - REPAIR AND REPLACEMENT OF EXISTING SIDEWALKS, PEDESTRIAN CROSSING, AND NEW SIDEWALKS TO FILL IN MISSING SEGMENTS The second project that will be funded by the Redevelopment District is to repair, replace, connect sidewalks together where gaps occur, and to install a pedestrian crossing at the intersection of South Street and Archibald Yell similar to the one constructed at the Frisco Trail where it crosses Center Street. This pedestrian crossing must be approved by the Arkansas Highway and Transportation Department (AHTD) and may be moved to a nearby location if required by AHTD. This project will be funded from $180,000 of the sale proceeds from the acquired property by the Redevelopment District to the developers of the Mountain Inn. A total of 7,275 linear feet of sidewalk is proposed to be repaired, replaced, and constructed. This work would be completed by the City's Transportation Department over a 3 to 5 year period. A detailed listing and maps of specific streets, length, side of street, and estimated costs are shown on the next two pages. Detailed maps showing the location of the proposed improvements can be found in Exhibit No. 5. City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE • 12 Street Between or Near Side of Street Length Feet Estimated Cost $16/Linear Foot 4 Foot Wide* Prairie Street East of Gregg Northside 170 $2,720 Locust Ave. Archibald to South Westside 280 $4,480 South Street West of Locust Southside 80 $1,280 South Street West of Locust Northside 230 $3,680 Locust Avenue 5th to Archibald Westside 340 $5,440 Locust Avenue South of Rock Westside 135 $2,160 East Avenue South of Rock Eastside 190 $3,040 School Avenue Center to Mountain Westside 230 $3,680 Locust Avenue Center to Mountain Westside 230 $3,680 Locust Avenue Center to Mountain Eastside 230 $3,680 Locust Avenue Meadow to Spring Eastside 330 $5,280 West Avenue Lafayette to Watson Eastside 360 $5,760 West Avenue Watson to Dickson Eastside 280 $4,480 Watson Street West of West Ave. Northside 320 $5,120 Campbell Ave. Lafayette to Watson Westside 360 $5,760 Spring Street East to College Northside 470 $7,520 Mock Avenue Maple to Mt. Nord Eastside 270 $4,320 Mock Avenue Mt. Nord to Lafayette Eastside 200 $3,200 Mock Avenue Mt. Nord to Lafayette Westside 215 $3,440 Mt. Nord Street East of Mock Northside 320 $5,120 Gregg Avenue Maple to Reagan Westside 330 $5,280 Gregg Avenue Reagan to Lafayette Westside 255 $4,080 Reagan Street West of Gregg Southside 200 $3,200 Gregg Avenue South of Lafayette Westside 560 $8,960 Gregg Avenue North of Dickson Eastside 160 $2,560 University Ave. South of Dickson Eastside 530 $8,480 Total Feet 7275 $116,400 South Street and Archibald Yell Pedestrian Crossing $20,000 Curb and Gutter Replacement, Driveway Approaches, Storm Drainage $20,650 Total $157,050 ` Note: $4.00/ Square Foot includes Contingency 15% $22,950 removal and disposal of existing sidewalk $180,000 City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE • 13 ST ST RD N W+E S 0 35 510 1,0 Fee ® Proposed Sidewalk Locations ---- Pedestrian Crossing City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE I 14 AUTHORIZATION OF INJUNCTIVE OR DECLARATORY JUDGMENT SUIT VERSUS WASHINGTON COUNTY ASSESSOR Passage of the ordinance to adopt this Amended Project Plan necessitates an injunction or declaratory judgment suit be filed requesting that the Circuit Court determine the proper division of increment millage in the Assessor's certification of the "debt service ad valorem" rate and the "applicable ad valorem rate" for the enlarged district in accordance with Constitutional mandates. Therefore, passage of this Amended Project Plan and the TIF trust indentures requires that the City Attorney to file such declaratory judgment or injunctive suit so the statutory and constitutional issues regarding appropriate ad valorem rates can be decided by the Court. FINANCING METHODS The methods of financing all estimated project costs for the real property assembly, demolition and site preparation shall be by the issuance of TIF bonds or notes. The TIF bonds (secured by a pledge of all TIF revenues of which at least 3.16 are of unchallenged legality) shall be made as soon as possible in order to secure sufficient financing to purchase all the property by April 20, 2005. The repair and replacement of existing sidewalks, pedestrian crossing, and new sidewalks to fill in missing segments shall be funded from $180,000 of the $300,000 that is paid to the Redevelopment District when the property is sold. The remaining $120,000 shall go towards paying off the bonds issued for the real property assembly, demolition and site preparation project. ZONING ORDINANCES AND OTHER PROJECT COSTS The project does not require or propose any changes of zoning ordinances. The Downtown Master Plan calls for the removal of the Mountain Inn blighted area as a top priority. Apart from economic analysis, bond counsel and underwriting costs and because of lack of sufficient TIF revenue, no other "non -project costs" are anticipated to be paid by TIF financing. NO RELOCATIONS REQUIRED No persons should have to be relocated as all buildings sought to be demolished are vacant. TOTAL INDEBTEDNESS The total principal amount of indebtedness to be incurred is approximately $4.2 million which includes the cost of issuing the bonds and establishing a reserve fund. If the principal is not paid off until 2029, the total accumulated interest amount will approximate 17 million. The total tax increment for the 25 year life of this project is City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE 0 is based upon 3.16 mills. Additional detailed financing information is available in Exhibit No. 11. No other revenues are anticipated to be used to secure the tax incremental financing. FUTURE OPTIONS If tax incremental financing revenues exceeds the projections because more millage is or becomes legally available to the Redevelopment District or property valuation growth exceeds the economic forecast, a project in the western part of the district such as the extension of the Frisco Trail to the Scull Creek Trail or additional sidewalk and pedestrian crossing improvements may be undertaken by the City Council then serving. PROFESSIONAL SERVICES The District may engage as may be necessary professional advisors, consultants, attorneys and other TIF specialists to carry out the project plan and related financings. APPLICATION OF DISTRICT REVENUES All tax increment collected will be used to cover district indebtedness and/or other direct district expenses including initial bonded debt and additional bonds that may be issued as district revenues permit. All revenues shall be pledged to retire the district's indebtedness for the initial TIF bonds in accordance with bond covenants and obligations until fully paid. INTEREST EARNINGS All interest earnings will be used towards debt service obligations on issued Tax Increment Financing bonds/notes. Earnings may be applied to the payment of interest and any prepayment of debt obligations as may be permitted. DIRECT ECONOMIC IMPACTS -Approximately 125 new jobs will be created in connection with the catalyst project -Construction jobs estimated at 55 -Increase in demand in consumer goods during construction period -Improved Property Values upon removal of blight -Tourism attraction drawing tourist dollars to Fayetteville -Adjunct to convention/meeting space for attracting additional conventions, etc. -Creates a catalyst for additional redevelopment along College/Archibald Yell -Promotes additional downtown living, thereby adding vitality to Fayetteville's City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE I 16 downtown economy -New tax revenues (estimated on catalyst project only): 1) Sales tax of approximately $153,750 annually 2) HMR tax collections of approximately $60,000 annually City of Fayetteville, Arkansas HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PROJECT PLAN AS AMENDED BY AMENDMENT NUMBER ONE • 17 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN O fl is EXHIBIT No.1 Ordinance No. 4608 and 4662 Creating the District ORDINANCE NO. 4608 18 MICROFILMED AN ORDINANCE FORMING THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PURSUANT TO AMENDMENT 78 OF THE ARKANSAS CONSTITUTION AND AUTHORIZING THE PREPARATION OF A PROJECT PLAN WHEREAS, the City Council after 15 day published notice has held a public hearing at which all interested parties were given the opportunity to express their views on the proposed creation of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas and its proposed boundaries; and WHEREAS, prior to publication, a copy of said notice was sent by first-class mail to the chief executive officer of all local governmental and taxing entities having the power to levy taxes on property located within the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, and to the school board of any school district which includes property located within the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas; and WHEREAS, the City Council has designated the boundaries of the proposed Highway 71 East Square Redevelopment District Number One, of Fayetteville, Arkansas. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby establishes the boundaries of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas as set forth on the map attached hereto as Exhibit "A" and incorporated_ herein. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby names the District the following name for identification purposes: Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. Section 3: That the City Council of the City of Fayetteville, Arkansas hereby creates the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas as of September 20, 2004. Section 4: That the City Council hereby finds that the real property within the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, will be benefited by . the redevelopment project by eliminating or . preventing the • 19 development or spread of blighted, deteriorated, or deteriorating areas, or discouraging the loss of commerce, or employment, or increasing employment, or any combination thereof. Section 5: That the City Council of the City of Fayetteville, Arkansas hereby creates a separate and special fund into which shall be deposited all tax increment revenues, and all other revenues designated by the City for the benefit of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. All project costs shall be paid from this fund. This fund shall be known as the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. Section 6: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the preparation of a Redevelopment Project. PASSED and APPROVED this 17'" day of August, 2004. By: ATTEST: APPROVED: COODY, Mayor U FAYETTEVILLE: By: t: ONDRA SMITH, City Clerk %9sy9:QKAN;;PflJ- 21 ORDINANCE NO. 4662 MICROJFILMEV AN ORDINANCE FORMING THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE PURSUANT TO AMENDMENT 78 OF THE ARKANSAS CONSTITUTION, AUTHORIZING THE PREPARATION OF A PROJECT PLAN, REPEALING ORDINANCE NO. 4608 AND DECLARING AN EMERGENCY WHEREAS, the City Council after 15 day published notice has held a public hearing at which all interested parties were given the opportunity to express their views on the proposed creation of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas and its proposed boundaries; and WHEREAS, prior to publication, a copy of said notice was sent by first-class mail to the chief executive officer of all local governmental and taxing entities having the power to levy taxes on property located within the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, and to_the school board of any school district which includes property located within the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas; and WHEREAS, the City Council has designated the boundaries of the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby establishes the boundaries of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas as set forth on the map attached hereto as Exhibit • "A"and incorporated herein. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby names the District the following name for identification purposes: Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. Section 3: That the City Council of the City of Fayetteville, Arkansas hereby creates the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, as of December 28, 2004. Section 4: That the City Council hereby finds that the real property within the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, will be benefited by the redevelopment project by eliminating or preventing the 22 development or spread of blighted, deteriorated, or deteriorating areas, or discouraging the loss of commerce, or employment, or increasing employment, or any combination thereof. Section 5: That the City Council of the City of Fayetteville, Arkansas hereby creates a separate and special fund into which shall be deposited all tax increment revenues, and all other revenues designated by the City for the benefit of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. All project costs shall be paid from this fund. This fund shall be known as the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas. Section 6: That the City Council of the City of Fayetteville, Arkansas hereby authorizes the preparation of a Redevelopment Project Plan. Section 7: That upon the effective date of this ordinance, Ordinance No. 4608 originally creating this Redevelopment District is hereby repealed. Section 8: Emergency Clause. If this ordinance is not immediately effective, the goal of the Redevelopment District and its Project Plan to remove a dangerous, dilapidated firetrap could fail due to lack of time -sensitive finding. The City Council, therefore, determines and declares an emergency exists which would imperil the public peace, health or safety, and consequently this ordinance shall be in full force and effect from the date of its passage and approval. PASSED and APPROVED this 28'" day of December, 2004. ATTEST: By: ww•� SONDRA SMITH, City Clerk 24 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.2 Ordinance No. 4673 Modification of the District Boundary • • 25 ORDINANCE NO. 4673 AN ORDINANCE MODIFYING THE BOUNDARIES OF THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT Or_NQI- •c DISTRICT NUMBER ONE PURSUANT TO A.C.A. §14-168-305 (f) __ AND A.C.A. §14-168-307 (c) AND DECLARING AN EMERGENCY of CD 3 WHEREAS, several public hearings were held concerning the boundaries of the Highway 71 East Square Redevelopment District Number One (which was created and its boundaries adopted by Ordinance No. 4662, December 28, 2004); and • WHEREAS, a public hearing was also held concerning the possible formation of a redevelopment district of the remainder of the Downtown Master Plan study area, but such creation has been indefinitely -tabled in light of budgetary concerns when the Attorney General's Opinion removed the 25 mills authorized by Amendment 74 from tax incremental financing districts; and WHEREAS, to adequately finance a reduced project plan to remove the blighted area of an surrounding the Mountain Inn and to finance important transportation improvements on the western side of the Downtown Master Planning area, the boundaries of the Highway 71 East Square Redevelopment District No. One should be expanded to include the entire Downtown Master Planning Area as permitted in A.C.A. § 14-168305 (f). • NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: • Section 1: That the City Council of the City of Fayetteville, Arkansas hereby modifies the boundaries of the Highway 71 East Square Redevelopment District No. One of Fayetteville, Arkansas to expand this district to the west to include the area of the Downtown Master Plan as shown on the map attached as "Exhibit A". Section 2 That the City Council hereby finds that the real property within the modified boundaries of the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, will be benefited by the redevelopment project by eliminating or preventing the development or spread of blighted, deteriorated, or deteriorating areas, or discouraging the loss of commerce, or employment, or increasing employment, or any combination thereof. Section 3: Emergency Clause. If this ordinance is not immediately effective, the goal of the Redevelopment District and its Project Plan to remove a dangerous, dilapidated firetrap could fail due to lack of time -sensitive funding. The City Council, therefore, determines and declares an emergency exists which would imperil the public peace, health or safety, and consequently this ordinance shall be in full force and effect from the date of its passage and approval. PASSED and APPROVED this 25th day of January, 2005. ;FAYETTEVILLE; ATTEST: By:�-a-. SONDRA SMITH, City Clerk By: 28 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.3 Ordinance No. 4646 and 4663 Adopting the Project Plan 29 ORDINANCE NO. 4646 MICROFILMED AN ORDINANCE ADOPTING THE PROJECT PLAN FOR THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT, FINDING THE PLAN IS ECONOMICALLY FEASIBLE AND AUTHORIZING THE ISSUANCE OF TAX INCREMENT FINANCING BONDS TO FUND THE IMPROVEMENTS OUTLINED IN THE PLAN WHEREAS, on July 27, 2004, the Fayetteville City Council held a Public Hearing concerning the creation of the Highway 71 East Square Redevelopment District; and • WHEREAS, on August 17, 2004, the City Council passed Ordinance No. 4608 creating the Highway 71 East Square Redevelopment District and authorized preparation of a Redevelopment Project Plan; and WHEREAS, the City with input from the proposed redevelopers of a Twenty - Two Million Dollar hotel project to be constructed after removal of the blighted Mountain Inn has prepared a proposed Project Plan attached as Exhibit "A"; and WHEREAS, the Project Plan includes: (a) The kind, number and location of all public works or improvements within the district including the acquisition of real property, demolition of blighted/vacant buildings, and sale of the cleared land to the redevelopers; (b) an economic feasibility study, (c) a detailed list of estimated project costs; (d) a description of financing including tax increment bonds; (e) a certification of the county tax assessor of the base value, ad valorem rate, debt service ad valorem rate, and ad valorem rate for the redevelopment district; (I) no other funds are expected to be deposited into the special funds; (g) a map showing existing uses and conditions of real property in the district; (h) a map of proposed improvements and uses in the district; (i) no zoning changes are anticipated; (j) reference to the Downtown Master Plan; It (k) non -project costs include financial advice, bond costs, economic forecasting; (1) no persons are anticipated to be displaced; (m) the amount of TIF indebtedness; (n) the amount of tax increment estimated to be generated by the project; (o) no other revenues are anticipated to be used to secure the tax increment financing. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby finds that the Project Plan for the Highway 71 East Square Redevelopment District (attached as Exhibit A) is economically feasible. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby adopts the Project Plan for the Highway 71 East Square Redevelopment District and determines it has complied with all requirements set forth in A.C.A. §14-168-306. Section 3: That the City Council of the City of Fayetteville, Arkansas hereby approves and authorizes the issuance of the tax increment financing bonds as outlined in the Project Plan in the amount, interest rates, duration, etc. stated within the Project Plan. PASSED and APPROVED this 7"' day of December, 2004. ATTEST: 44M.MFIfflop j..... By: APPROVED: 30 Z AN ORDINANCE ADOPTING THE PROJECT PLAN FOR THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE, FINDING THE PLAN IS ECONOMICALLY FEASIBLE, REPEALING ORDINANCE 4646 AND DECLARING AN EMERGENCY WHEREAS, on July 27, 2004, the Fayetteville City Council held a Public Hearing concerning the creation of the Highway 71 East Square Redevelopment District; and WHEREAS, on August 17 2004, the City Council passed Ordinance No. 4608 creating the Highway 71 East Square Redevelopment District and authorized preparation of a Redevelopment Project Plan; and WHEREAS, the City with input from the proposed redevelopers of a Twenty - Two Million Dollar hotel project to be constructed after removal of the blighted Mountain Inn has prepared a proposed Project Plan attached as Exhibit "A"; and WHEREAS, on November 30, 2004, the City held a Public Hearing on the Project Plan proposed for the Redevelopment District; and WHEREAS, on December 7, 2004, the City had a further public hearing on the Project Plan and passed Ordinance 4646 adopting the Project Plan; and WHEREAS, because of a minor, technical notification discrepancy, the City determined the need to renotify all statutorily required officials and republish notice of the public hearings for the Redevelopment District. WHEREAS, the City Council after 15 day published notice has held another public hearing at which all interested parties were given the opportunity to express their views on the proposed adoption of the Project Plan for the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas; and WHEREAS, prior to publication, a copy of said notice was sent by first-class mail to the chief executive officer of all local governmental and taxing entities having the power to levy taxes on property located within the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas, and to the school board of any school district which includes property located within the proposed Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas; and WHEREAS, the Project Plan includes: •. _. • 32 of real property, demolition of blighted/vacant.buildings, and sale of the cleared land to the redevelopers; (b) an economic feasibility study, (c) a detailed list of estimated project costs; (d) a description of financing including tax increment bonds; (c) a certification of the county tax assessor of the base value, ad valorem rate, debt service ad valorem rate, and ad valorem rate for the redevelopment district; .(f) no other funds are expected to be deposited into the special funds; (g) a map showing existing uses and conditions of real property in the district; (h) a map of proposed improvements and uses in the district; (i) no zoning changes are anticipated; (j) reference to the Downtown Master Plan; (k) non -project costs include financial advice, bond costs, economic forecasting; (1) no persons are anticipated to be displaced; (m) the amount of TIF indebtedness; (n) the amount of tax increment estimated to be generated by the project; (o) no other revenues are anticipated to be used to secure the tax increment financing. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby fords that the Project Plan for the Highway 71 East Square Redevelopment District (attached as Exhibit A) is economically feasible. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby adopts the Project Plan for the Highway 71 East Square Redevelopment District and determines it has complied with all requirements set forth in A.C.A. § 14-168-306. 33 Section 3: That upon the effective date of this ordinance, Ordinance No. 4646 originally adopting the Project Plan for this Redevelopment District is hereby repealed Section 4: Emergency Clause. If this ordinance is not immediately effective, the goal of the Redevelopment District and its Project Plan to remove a dangerous, dilapidated firetrap could fail due to lack of time -sensitive funding. The City Council, therefore, determines and declares an emergency exists which would imperil the public peace, health or safety, and consequently this ordinance shall be in full force and effect from the date of its passage and approval. PASSED and APPROVED this 28t11 day of December, 2004. By: Mayor ATTEST: By: SONDRA SMITH, City Clerk FAYEITEVI LLE ; 34 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. I PROJECT PLAN EXHIBIT No.4 Resolution No. 19-05 Authorizing Preparation of Bond Documents 35 RESOLUTION NO. 19-05 A RESOLUTION AUTHORIZING THE PREPARATION OF CERTAIN DOCUMENTATION FOR THE SUBSEQUENT APPROVAL OF THE CITY COUNCIL RELATED TO THE PROPOSED ISSUANCE BY THE CITY OF FAYETTEVILLE TAX INCREMENT BONDS (HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT PROJECT), SERIES 2005, IN A FORM AND AMOUNT TO PROVIDE A PROJECT FUND OF $3,500-O00.00 (THE "BONDS") FOR THE PURPOSE OF FINANCING THE COSTS OF ACQUISITION AND DEMOLITION OF CERTAIN REAL PROPERTY LOCATED WITHIN THE DISTRICT; AND PRESCRIBING OTHER MATTERS RELATING THERETO WHEREAS, in order to alleviate blight and encourage development within the Highway 71 East Square Redevelopment District (the "District") created pursuant to Ordinance No.4673 adopted on January 25, 2005, the City intends (i) to acquire certain real property and demolish certain existing structures thereon (the "Project"), which property is located within the District and consists primarily of the former Mountain Inn property, former Niblock Law Offices, former Red Bird Restaurant and the former Washington County Courts Building, and (ii) upon the satisfaction of certain conditions, to sell such cleared property to a private developer for the purpose of constructing a hotel, meeting and associated parking facilities thereon; and WHEREAS, it has been determined that the most advantageous method of financing the costs of the Project is through the issuance by the City of its Tax Increment Bonds (the "Bonds") pursuant to Amendment 78 to the Arkansas Constitution ("Amendment 78") and Arkansas Code Annotated (2003 Supp.) Sections 14-168-301 et seq. (the "Act"); and WHEREAS, the City has determined to consider the issuance of the Bonds, subject to the final approval of terms of the Bonds by ordinance of the City Council, and to authorize the Underwriters and Bond Counsel, hereinafter designated in Sections 2 and 3, respectively, with the advice and assistance of the Mayor, City Attorney and City staff, to take certain actions in preparation for the issuance and sale of the Bonds; NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS THAT: Section 1: The Bond Counsel, as hereinafter defined, with the advice and assistance of the Mayor, City Attorney and City staff, is hereby authorized to prepare documents relating to the issuance and sale of the Bonds, provided, however, the City Council shall first adopt an approving ordinance before any such documents are binding upon the City. Section 2: The firm of Kutak Rock LLP is hereby designated as bond counsel ("Bond Counsel') in connection with the issuance and sale of the Bonds. Section 3: The firm of Crews & Associates, Inc. is hereby designated as underwriter (the "Underwriter") for the purpose of marketing the Bonds and advising the City concerning the 36 financing of the Project. The sale of the Bonds to the Underwriter will be accomplished pursuant to the terms of a bond purchase agreement to be presented for the approval of the City Council. Section 4: The provisions of this resolution are hereby declared to be separable and if a section, phrase or provision shall be declared to be invalid, such declaration shall not affect the validity of the remainder of the resolution. Section 5: All resolutions and parts thereof in conflict herewith are hereby repealed to the extent of such conflict. PASSED and APPROVED this t St day of February, 2005. APPROVED: • :p _ By: :FAYETTEVILLE: 2 C1 37 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.5 Detailed Locations of Sidewalks and Pedestrian Crossing •wa a L Ml 30 P1 180 240 ' Feet - j __ t t1j9JA i '� 3. • W • , 'e 444 __ j WHITESIDE-ST - r � H I ' f to Q ry rm ■ " uic•;KSON ST a A , R j ? 853 - 847 -845 &J3 641 30: $ '' 18'0 240e !r R6 r � •l � , 711_' :I a r 2R. i -• � � y. � r r � •.. r ., IlILA.] I 11 ' Mme•. l:. d-" j r t � i t 310 "• Z _ � t+ p S •4L_.Jj•1 __ •_ 1 I ! TR .� It '+ 30 4 > L"f� ,: S ' ' *�- WHITESIDE'ST • y I Y ' i I tEl.. ." 4rf ' (• I I t __ Ay } l 1 LAFA` r t;. + • Ui " s S I. i a. In R / w 17 4e f r 44• ti44 r it- #4, a • •644 4 44r t w • t 844• IIJj C C Q W4fb n644 _ r 44 y0 644 n 644 0 G a 644 441 p644 4;644 0 1 f G W Q 6644 8T 'a 1 r1 IL' ,. a T _�_� L 2 •s • I t � t J R� \\.1 180 , 240 y R• t f pP ry :s . G) REAGAN;ST'. *! t tee' ,,, m sr -I i • eif m a I' G J � • MAPLE ST`"` "rte A ... 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SOUTH ST SOUTH ST sc Q � }" 4_ 309, / ` Y A " 319, 315 yci b '1J C1 • 55 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.6 Washington County Assessor's Certification ASSWASHINGTON COUNTY 56 STATE OF ARKANSAS Washington County Courthouse 280 North College - Suite 250 Fayetteville, Arkansas 72701 LEE ANN KIZZAR TELEPHONE COUNTY ASSESSOR 4791444-1500 January 29, 2005 Mr. Steve Davis City of Fayetteville 113 West Mountain Fayetteville AR 72701 Dear Mr. Davis, Please accept this letter and its attachments as the assessor's certification required by ACA 14-168- 306(b)(5) for the approval of the Amended Highway 71 East Square Redevelopment District No. I Project Plan. The assessed value of all real property within the amended redevelopment district subject to ad. valorem taxation, also known as the Base Value as defined in ACA 14-168-301 as of January 1, 2004,.is: 31,446,555. The total of the local millage rates of Washington County, the Fayetteville School District, and the City of Fayetteville, also known as the Total Ad Valorem Rate as defined in ACA 14-168-301, is: 26.86. The portion of the total ad valorem rate that was, at January 1, 2001, pledged to the payment of debt service by the Fayetteville School District, certified to me by the Fayetteville School District, also known as the Debt Service Ad Valorem Rate as defined in ACA 14-168-301, is: 23.7. The total local ad valorem rate less the debt service ad valorem rate for property located in the Fayetteville School District, also known as the Applicable Ad Valorem Rate as defined in A.C.A. 14-168-301, is: 3.16. Attached are the certifications from the Fayetteville School District of the debt service ad valorem rate, a copy of the most recent millage ordinance detailing levied ad valorem millage rates for all taxing entities in Washington County, and a report from the assessor's database detailing the appraised and assessed value of each parcel in the redevelopment district along with totals for the entire district. Sincerely, Lee Ann Vizzar 57 ORDINANCE NO. 2004-68 I- F O r fl a APPROPRIATION ORDINANCE: N z Z " rn — :n X03 ca BE IT ENACTED BY THE QUORUM COURT o�' m M OF THE COUNTY OF WASHINGTON, o m 3 Q STATE OF ARKANSAS, AN ORDINANCE ^' TO BE ENTITLED: r- ^ i 2 .n en AN ORDINANCE LEVYING THE COUNTY,. MUNICIPAL AND SCHOOL DISTRICT TAXES FOR THE YEAR 2004. WHEREAS, Article 7, Section 30, of the Constitution of the State of Arkansas requires the Justices of the Peace of each county to "sit with and assist the County Judge in levying the county taxes"; and, WHEREAS, A.C.A. 14-14-904 provides that "The Quorum Court, at its regular meeting in November of each year, shall levy the county, municipal, and school taxes for the current year." NOW, THEREFORE, BE IT ORDAINED BY THE QUORUM COURT OF WASHINGTON COUNTY, ARKANSAS: ARTICLE 1. The following taxes are hereby levied for. the Year 2004 fog Washington. County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) County General 4.75 mills (B) County Road 1.11 mills (C) County Library 1.0 mills* To be collected throughout the County except for property within the City Limits of Fayetteville. ARTICLE 2. The following taxes are hereby levied for the Year 2004. for the respective municipalities within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) Fayetteville 1.8 mills" (B) Springdale 5.6 mills (C) Elkins 5.0 mills (D) Greenland 2.9 mills (E) West Fork 5.0 mills • • 58 ORDINANCE NO. 2004-68 PAGE 2 (F) Winslow 3.0 mills (G) Farmington 4.9 mills (H) Tontitown 2.0 mills ,(I) Elm Springs 5.0 mills (J) Johnson 4.8 mills (K) Prairie Grove 9.4 mills (L) Lincoln 6.5 mills (M) Goshen 0.0 mills 1.0 mill is a library millage and is to be collected only inside the City Limits of Fayetteville; .8 mill is for all other legal purposes. ARTICLE 3. The following taxes are hereby levied for the Year 2004 for the respective school districts within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY Debt M & 0. Total (A) Fayetteville, #1 19.2 mills 25.0 mills 44.2 mills (B) Farmington, #6 15.7 mills 25.0 mills 40.7 mills (C) Elkins, #10 15.2 mills 25.0 mills 40.2 mills (D) Winslow, #20 8.0 mills 25.0 mills 33.0 mills (E) Prairie Grove, #23 12.9 mills 25.0 mills 37.9 mills (F) Lincoln, #48 14.8 mills 25.0 mills 39.8 mills (G) Springdale, #50 14.5 mills 25.0 mills 39.5 mills (H) Greenland, #95 12.9 mills 25.0 mills 37.9 mills (I) West Fork, #141 14.0 mills 25.0 mills 39.0 mills (J) Benton County, #21 15.0 mills .25.0 mills 40.0 mills ARTICLE4. The levy of taxes for 2004 is in accordance with State law. 42— 15'- c J H NTON, County Judge DATE REN COMBS PRITCHARD, County Clerk Sponsor. Kurt Anderson Date of Passage: December 9. 2004 Votes For. 12 Votes Against: 0 Abstentions: . 0 Absent: 1 I * 'ii? . Fayetteville Public schools CELEBRATING THE PAST WHILE EMBRACING THE. FUTURE September 21, 2004 • Ms. Lee Ann Kizzar County Assessor' • Washington County Courthouse 280 North_College-.Suite 360 • Fayetteville, AR 72701 Dear Ms. Kizzar: Please be informed that the Fayetteville School Districts millage structure at January 1, 2001 was as follows: 19.3 mills General Maintenance & Operation 23.7 mills Debt Service 1.0 mill 'Capital. Outlay 44.0 mills _ I -have attached the school ballot. from that election for your reference: Please call me if you have any questions. Thankkyou, Lisa Z.Mo ad 59 -1000 WEST_STONE STREET: PO Box 849 FAYETTEVILLE, ARKANSAS 72702 . (501) 444-3000 = A 21S ANSL SCHOOL ELECTION BALLOT* DISTRICT NO. 1 INSTRUCTIONS TO VOTER 1. To vote you must blacke the Oval ( ) complete) next to the candidate of you choice. 2. Use only the penc provided. 3. After voting, deposit ballo in ballot box. School Board Director. - 3yr. Pos 2 o Howard Hamilton (Unopposed) School Board Director. - 3yr. Pos 6 O Pam Grondin (Unopposed) School Tax 44.0 Mills The total rate proposed above Includes the uniform rate of 25.0 mills (the Statewide Uniform Rate) to be collected on all taxable Property in the State and remitted to the Stale Treasurer pursuant to Amendment No. 74 to the Arkansas Constitution to be used solely for maintenance and operation of. schools in the State. As provided In Amendment No. 74, the Statewide Uniform Rate replaces a portion of the existing rate of tax levied by. this school District and available for maintenance and operation of the schools In this District. The total proposed school tax levy of 44.0 mills Includes 19.3 mills for general maintenance and operation, 1.0 mill for current expendituresidedicated maintenance and operation expenditures dedicated specifically for the purposes of purchasing school buses, purchasing furniture and . equipment, purchasing computer software and rennvaun.. ft..w ----'-•- ••......,.,y .evy paeaged for the retirement of existing bonded indebtedness. The 23.7 debt service mills are allocated as follows; 3.0 mills Is a continuing levy dedicated exclusively to the retirement or the District's Bonds dated November 1, 1997 and May 1, 1998. and 20.7 mills is a continuing levy pledged for the retirement of all other existing bonded Indebtness. The surplus revenues produced by the 20.7 debt service mills may be used by the District for other school purposes. It the proposed school tax levy Is approved by the electors, then the total school tax rate shall be 44.0 mills (this being the elect of such approval not withstanding the results of the litigation referred to below). If the proposed school tax levy Is not approved by the electors, then the total school tax rate shall be a lower rate determined in accordance with pending litigation In the Circuit Court of Washington County, Arkansas (the'Court-) involving the rollback provisions of Amendment No. 59 to the Arkansas Constitution, in which the Court has ruled that the rollback provisions of Amendment No. 59 have been triggered (the 'Rollback Millage Rate). The total proposed tax levy of 44.0 mills represents an Increase in total mills equal to the difference between the proposed levy of the 44.0 mills and the lower Rollback Millage Rate. O FOR TAX o AGAINSTTAX it Amended II iIr 71 East Square Redevelopment Distr Jo. 1 Parcel ID 765-01638-000 765-01639-000 765-01640-000 765-01641-000 765-01642-000 765-01643-000 765-01644-000 765-01645-000 765-01646-000 765-01647-000 765-01648-000 765-01649-000 765-01650-000 765-01651-000 765-01652-000 765-01653-000 765-01654-000 765-01655-000 765-01656-000 765-01657-000 765-01658-000 765-01659-000 765-01660-000 • 765-01661-000 765-01663-000 765-01663-000 765-01664-000 765-01664-000 765-01665-000 765-01665-000 765-01666-000 -765-01666-001 765-01667-000 765-01668-000 765-01669-000 765-01670-000 765-01671-000 765-01672-000 765-01673-000 765-01674-000 765-01675-000 765-01676-000 765-01677-000 765-01678-000 765-01679-000 765-01680-000 765-01681-000 765-01682-000 765-01683-000 765-01684-000 765-01685-000 765-01686-000 765-01687-000 765-01688-000 765-01690-000 765-01691-000 765-01692-000 765-01693-000 765-01694-000 765-01695-000 765-01696-000 Tax District Type 011 C1 011 Cl 011 RI 011 CV 011 CM 011. Cl 011 Cl 011 ET 011 CI 011 Cl 011 EX 011 EX 011 Cl 011 CI 011 CV 011 CM 011 Cl 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CM 011 CM 011 CI 011 CI 011 CI 011 CI 011 CI 011 CB 011 CV 011 CM 011 CI 011 RI 011 CI 011 CV 011 RI 011 CR 011 RI 011 CI 011. CV 011 RI 011 CV 011 CI 011 CV 011 RI 011 CI 011 CI 011 CI 011 CV 011 CV 011 CI 011 CV 011 RI 011 RI 011 RI 011 RI 011 CI 011 RI Total Appraised 136,600 125,800 141,850 43,700 64,100 696,850 1,358,600 0 210,950 275,950 0 0 379,000 576,450 86,000 186,850 995,300 249,300 194,000 230,400 170,100 202,350 124,050 210,900 80,150 80,150 130,200 130,200 128,450 128,450 251,450 29,300 130,000 168,750 338,850 165,250 114,100 27,200 131,500 155,050 89,450 74,900 160,000 85,950 80,000 182,000 180,000 158,650 138,800 296,550 254,200 116,150 21,100 337,950 58,000 112,250 157,050 122,450 87,150 476,400 134,650 Total Assessed 26,488 20,020 22,719 6,435 9,724 125,070 182,559 0 35,905 49,207 0 0 71,258 98,927 16,819 25,926 148,334 42,743 32,895 30,778 30,602 32,340 16,701 38,988 10,687 10,687 10,802 10,802 19,734 19,734 .27,199 5,860 25,080 24,138 52,124 27,367 18,690 4,400 18,682 27,311 10,090 7,794 11,440 14,459 10,450 30,007 29,700 24,151 25,333 27,957 49,477 7,951 1,444 44,200 6,163 17,760 27,317 14,813 13,900 69,155 15,044 61 1/29/2005 • Parcel ID 765-01697-000 765-01698-000 765-01699-000 765-01700-000 765-01701-000 765-01702-000 765-01703-000 765-01704-000 765-01705-000 765-01706-000 765-01707-000 765-01708-000 765-01709-000 765-01710-000 765-01711-000 765-01712-000 765-01713-000 765-01714-000 765-01715-000 765-01716-000 765-01717-000 765-01718-000 765-01719-000 765-01721-000 765-01726-000 765-01733-000 765-01736-000 765-01739-000 765-01740-000 765-01741-000 765-01742-000 765-01743-000 765-01743-002 765-01743-003 765-01744-000 765-01745-000 765-01745-001 765-01745-002 765-01746-000 765-01747-000 765-01748-000 765-01749-000 765-01750-000 765-01751-000 765-01752-000 765-01753-000 765-01754-000 765-01755-000 765-01756-000 765-01757-000 765-01758-000 765-01759-000 765-01760-000 765-01761-000 765-01762-000 765-01763-000 765-01764-000 765-01765-000 765-01766-000 765-01767-000 765-01768-000 765-01769-000 765-01770-000 765-01771-000 Tax DistrType 011 W RI 011 RI 011 RI 011 CR 011 RI 011 CR 011 CM 011 CR 011 CI 011 CI 011 CI 011 CM 011 CI 011 Cl 011 CV 011 RI 011 EX 011 RI 011 RI 011 EX 011 CR Oil RI 011 RI 011 RI 011 EX 011 EX 011 CI 011 EX 011 EX 011 CI 011 EX 011 CI 011 EX 011 EX 011 ET 011 PS 011 EX 011 EX 011 EX 011 CR 011 RI 011 RI 011 ET 011 ET 011 ET 011 EX 011 RI 011 CI 011 CR 011 CR 011 RI 011 RI 011 CI 011 CR 011 CI 011 RI 011 CI 011 CI 011 RI 011 CR 011 RI 011 RV 011 RI 011 RI Total ADDraised 65,850 57,050 86,650 102,400 76,950 287,950 90;150 239,500 207,750 458,650 634,200 71,800 270,550 69,000 50,400 78,800 0 92,550 163,750 0 134,600. 56,250 199,550 169,450 0 0 805,300 0 0 504,900 0 1,356,950 0 0 0 0 0 0 0 213,300 155,950 87,700 0 0 0 0 133,500 146,000 351,850 95,600 128,400 87,150 93,350 197,600 179,650 116,100 153,700 151,800 259,400 269,800 107,700 20,000 90,650 74,650 To ssessed 10,053 7,402 12,740 12,601 12,572 52,426 11,341 36,594 26,984 74,419 92,444 12,177 24,574 7,445 8,129 9,621 0 13,566 20,203 0 16,130 8,850 31,021 28,940 0 0 127,523 0 0 55,567 0 231,535 0 0 0 0 0 0 0 38,223 16,052 16,403 0 0 0 0 20,861 23,724 29284 13,327 19,900 15,530 12,999 39,520 24,123 14,629 28,754 27,092 47,498 48,671 15,101 2,816 8,990 10,167 62 29/2005 Parcel ID Tax District Type Total Appraised Total t nssed 765-01772-000 011 WCR 174,550 X2,742 63 765-01773-000 011 RI 71,300 9,796 765-01774-000 011 CI 671,000 134,200 765-01774-001 011 CM 63,500 12,111 765-01775-000 011 CI 139,050 27,137 765-01776-000 011 RI 192,300 22,618 765-01777-000 011 CV 18,150 2,189 765-01777-001 011 RI 90,900 14,257 765-01778-000 011 CR 286,400 41,598 765-01779-000 011 CI 100,050 17,646 765-01780-000 011 EX 0 0 765-01781-000 011 CI 282,450 44,165 765-01782-000 .011 CI 268,800 45,133 765-01783-000 011 CI 188,650 31,812 765-01784-000 011 CI 70,900 12,999 765-01785-000 011 CM 61,450 8,514 765-01786-000 011 CI 284,600 23,995 765-01787-000 011 RI 136,300 17,604 765-01788-000 011 Cl 223,100 24,004 765-01789-000 011 CI 263,050 34,738 765-01790-000 011 RI 68;200 9,295 765-01791-000 011 RI 90,200 9,020 765-01792-000 011 CI 92,950 15,656 765-01793-000 011 RI 73,000 10,704 765-01794-000 011 ET 0 0 765-01795-000 011 ET 0 0 765-01796-000 011 CI 144,100 21,912 765-01797-000 011 CI 146,300 19,005 765-01798-000 011 CI 168,950 25,267 765-01799-000 011 CI 193,000 31,257 765-01800-000 011 ET 0 0 765-01801-000 011 ET 0 0 765-01802-000 011 CI 226,500 37,180 765-01803-000 011 CI 184,200 26,312 765-01804-000 011 CI 339,000 48,532 765-01806-000 011 CI 173,850 33,297 765-01807-000 011 PS 5,211,350 1,042,270 765-01808-000 011 CI 168,350 28,882 765-01809-000 011 PS 144,750 28,950 765-01810-000 011 CI 1,077,000 152,757 765-01811-000 011 CI 1,296,200 206,492 765-01812-000 011 CI 290,300 58,060 765-01813-000 .011 CM 47,850 6,710 765-01814-000 011 CI 380,200 73,871 765-01815-000 011 CM 55,600 10,978 765-01816-000 011 CI 409,400 80,993 765-01817-000 011 ET 0 0 765-01820-000 011 Cl 6,400,000 1,280,000 765-01821-000 011 CI 6,190,100 1,086,591 765-01827-000 011 CI 171,100 32,990 765-01828-000 011 CI 199,850 38,338 765-01829-000 011 CI 141,800 26,712 765-01830-000 011 CI 580,000 67,696 765-01831-000 011 CI 240,300 44,573 765-01832-000 011 CI 169,100 31,746 765-01832-001 011 CI 100,100 18,633 765-01833-000 011 CI 163,700 22,537 765-01834-000 011 CI 405,400 64,106 765-01835-000 011 CV 396,900 75,533 765-01835-001 011 CB 1,953,100 299,207 765-01836-000 011 CI 4,000,000 770,000 765-01837-000 011 CV 64,850 11,231 765-01838-000 011 Cl 455,400 84,885 765-01839-000 011 CI 982,300 122,694 2005 •Parcel ID 765-01840-000 765-01841-000 765-01842-000 765-01843-000 765-01844-000 765-01844-001 765-01845-000 765-01846-000 765-01847-000 765-01848-000 765-01849-000 765-01850-000 765-01851-000 765-01852-000 765-01853-000 765-01854-000 765-01855-000 765-01856-000 765-01857-000 765-01858-000 765-01859-000 765-01860-000 765-01861-000 765-01862-000 765-01863-000 765-01864-000 765-01865-000 765-01866-000 765-01867-000 765-01868-000 765-01869-000 765-01870-000 765-01871-000 765-01872-000 765-01873-000 765-01874-000 765-01875-000 765-01876-000 765-01877-000 765-01878-000 765-01879-000 765-01880-000 765-01881-000 765-01882-000 765-01882-001 765-01883-000 765-01884-000 765-01885-000 765-01886-000 765-01887-000 765-01887-002 765-01888-000 765-01889-000 765-01890-000 765-01891-000 765-01892-000 765-01893-000 765-01894-000 765-01895-000 765-01896-000 765-01897-000 765-01898-000 765-01899-000 765-01900-000 Tax District- Type 011 CM 011 CI 011 EX 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 Cl 011 ET 011 ET 011 ET 011 ET 011 EX 011 ET 011 ET 011 CI 011 CI 011 RI 011 CI 011 RI 011 RI 011 Cm 011 RI 011 CM 011 CI 011 CI 011 CI 011 RI 011 ET 011 ET 011 ET 011 ET 011 EX 011 CI 011 CI 011 RI 011 RI 011 CI 011 EX 011 RI 011 RI 011 CR 011 CI 011 CR 011 RI 011 RV 011 CI 011 CI 011 EX 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CM 011 RI 011 RI 011 RI 011 RI 011 CV Total Appraised 89,000 68,150 0 85,250 67,100 67,000 275,950 722,150 702,950 2,500,000 0 0 0 0 0 0 0 412,450 161,850 187,750 118,200 73,100 64,400 76,550 171,850 66,550 482,350 290,200 123,500 154,700 0 0 0 0 0 46,050 41,650 78,550 437,050 106,850 0 112,000 163,450 276,150 445,900 231,000 75,350 500 75,700 88,050 0 54,950 62,650 47,050 86,500 107,000 100,500 86,000 135,200 100,950 137,550 137,350 79,750 58,400 Iota ssessed 17,270 12,112 0 14,143 11,168 11,140 52,573 127,470 140,590 461,627 0 0 0 0 0 0 0 68,990 26,727 27,955 15,378 12,197 6,030 12,325 25,333 11,484 49,325 49,940 12;727 23,924 0 0 0 0 0 7,865 7,021 13,695 85,102 19,118 0 16,103 17,139 45,624 89,180 46,200 12,735 100 9,482 7,894 9,324 8,451 7,536 14,850 17,586 13,002 15,389 12,598 15,766 18,690 17,593 7,899 3,080 ?912005 Parcel ID Tax District Type Total Appraised Total sessed 765-01901-000 011 • CI 55,450 6,907 65 765-01902-000 011. RI 65,450 9,162 765-01903-000 011 CI 209,500 28,929 765-01904-000 011 RI 436,350 55,159 765-01905-000 011 CR 246,900 27,478 765-01906-000 011 CR 228,650 22,765 765-01907-000 011 RI 174,150 31,856 765-01908-000 011 RI 125,650 17,576 765-01909-000 011 EX 0 0 765-01910-000 011 RI 55,350 7,136 765-01911-000 011 EX 0 0 765-01912-000 011 RI 52,750 10,550 765-01913-000 011 CI 112,650 12,627 765-01914-000 011 ET 0 0 765-01915-000 011 CI 95,400 .17,578 765-01916-000 011 CI 362,450 37,752 765-01917=000 011 CI 435,500 60,380 765-01918-000 011 CI 1,975,950 377,706 765-01919-000 011 CI 244;900 34,120 765-01920-000 011 CI 238,800 45,485 765-01924-000 011 CI 236,850 47,370 765-01925-000 011 CI 481,400 79,671 765-01926-000 011 EX 0 0 765-01927-000 011 CI 717,700 129,031 765-01928-000 011 EX 0 0 765-01929-000 011 ET 0 0 765-01930-000 011 CI 389,750 77,950 765-01932-000 011 CI 527,600 59,068 765-01933-000 011 Cl 432,400 72,758 765-01935-000 011 CI 4,380,500 849,736 765-01938-000 011 -CI 167;550 30,488 765-01939-000 011 CI 334,850 62,062 765-01940-000 011 CI 668,400 119,577 765-01940-001 011 CI 230,800 45,485 765-01941-000 011 EX 0 0 765-01942-000 011 CI 341,350 68,266 765-01943-000 011 CI 470,250 90,167 765-01944-000 011 CI 109,650 14,715 765-01945-000 011 CI 175,450 23,695 765-01946-000 011 EX 0 0 765-01947-000 011 EX 0 0 765-01948-000 011 CI 332;760 61,576 765-01949-000 011 Cl 239,150 44,959 765-01950-000 011 CI 260,950 52,190 765-01952-000 011 ET 0 0 765-01953-000 011 ET 0 0 765-01954-000 011 CI 151,150 26,609 765-01955-000 011 RV 22,500 3,168 765-01956-000 011 RI 72,550 12,913 765-01958-000 011 EX 0 0 765-01959-000 011 EX 0 0 765-01960-000 011 EX 0 0 765-01961-000 011 EX 0 0 765-01962-000 011 EX 0 0 765-01963-000 011 EX 0 0 765-01964-000 011 EX 0 0 765-01965-000 011 EX 0 0 765-01966-000 011 C1 396,000 79,200 765-01967-000 011 CI 98,200 . 10,496 765-01968-000 011 CV 69,000 13,365 765-01969-000 011 CV 34,500 6,688 765-01970-000 011 CV 34,500 6,688 765-01971-000 011 CV 23,000 4,455 765-01972-000 011 CI 1,294,050 130,545 /2005 - Parcel ID Tax District Type Total Appraised Total Assessed 765-01975-000 011 EX 0 0 66 765-01976-000 011 ET 0 0 765-01977-000 011 ET 0 0 765-01978-000 011 ET 0 0 765-01979-000 011 ET 0 0 765-01980-000 011 ET 0 0 765-01981-000 011 ET 0 0 765-01982-000 011 ET 0 0 765-01983-000 011 ET 0 0 765-01984-000 011 ET 0 0 765-01985-000 011 ET 0 0 765-01985-001 011 CI 1,219,550 225,577 765-01986-000 011 EX 0 0 765-01987-600 011 EX 0 0 765-01988-000 011 EX 0 0 765-01989-000 011 EX 0 0 765-01990-000 011 EX 0 0 765-01991-000 011 CI 392,300 69,398 765-01992-000 011 ET 0 0 765-01993-000 011 ET 0 0 765-01994-000 011 CI 294,300 52,613 765-01995-000 011 CI 218,100 29,835 765-01996-000 011 EX 0 0 765-01997-000 011 EX 0 0 765-01998-000 011 EX 0 0 765-01999-000 011 CI 208,650 41,173 765-01999-001 011 Cl 141,000 20,933 765-02000-000 011 CI 340,350 47,018 765-02001-000 011 Cl 285,650 40,865 765-02002-000 011 RI 471,650 78,977 765-02003-000 011 CI 341,350 56,049 765-02004-000 011 Cl 334,350 39,344 765-02005-000 011 CI 324,800 60,665 765-02006-000 011 RI 72,500 7,305 765-02007-000 011 CR 185,600 37,120 765-02008-000 011 RI 67,700 10,978 765-02010-000 011 CT 146,050 26,950 765-02020-000 011 RI 98,700 10,915 765-02021-000 011 EX 0 0 765-02022-000 011 RI 49,400 4,730 765-02023-000 011 RI 79,850 10,608 765-02024-000 011 RI 65,550 7,635 765-02025-000 011 RI 80,500 15,149 765-02026-000 011 EX 0 0 765-02027-000 011 RI ' 46,550 7;908 765-02028-000 011 RI 46,600 7,207 765-02029-000 011 RI 96,650 15,133 765-02030-000 011 EX 0 0 765-02031-000 011 RI 82,150 8,735 765-02032-000 011 RI 44,000 8,393 765-02033-000 011 EX 0 0 765-02034-000 011 RM 22,300 4,460 765-02035-000 011 RV 50,500 8,666 765-02036-000 011 EX 0 0 765-02037-000 011 EX 0 0 765-02038-000 011 EX 0 0 765-02039-000 011 EX 0 0 765-02040-000 011 EX 0 0 765-02041-000 011 EX 0 0 765-02041-000 011 EX 0 0 765-02042-000 011 EX 0 0 765-02043-000 011 CI 222,950 30,901 765-02044-000 011 RI 91,800 10,011 765-02045-000 011 RI 78,550 9,515 '9/2005 fi Parcel ID 765-02046-000 765-02047-000 765-02048-000 765-02049-000 765-02050-000 765-02051-000 765-02052-000 765-02053-000 765-02054-000 765-02055-000 765-02056-000 765-02057-000 765-02058-000 765-02059-000 765-02060-000 765-02061-000 765-02062-000 765-02063-000 765-02064-000 765-02064-001 765-02065-000 765-02066-000 765-02067-000 765-02068-000 765-02069-000 765-02070-000 765-02071-000 765-02072-000 765-02073-000 765-02074-000 765-02075-000 765-02076-000 765-02077-000 765-02078-000 765-02080-000 765-02081-000 765-02082-000 765-02083-000 765-02084-000 765-02085-000 765-02086-000 765-02087-000 765-02088-000 765-02088-001 765-02092-000 765-02093-000 765-02093-001 765-02094-000 765-02095-000 765-02096-000 765-02097-000 765-02098-000 765-02099-000 765-02100-000 765-02102-000 765-02103-000 765-02104-000 765-02106-000 765-02108-000 765-02112-000 765-02113-000 765-02114-000 765-02115-000 765-02116-000 Tax Distric Tye 011 CI 011 CR 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI 011 CR 011 PS 011 EX 011 EX 011 RI 011 RV 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI 011 RI 011 RI 011 RI 011 CV 011 CV 011 CI 011 CI 011 RV 011 RV 011 RI 011 CI 011 RV . 011 RI 011 CV 011 CV 011 CV 011 RI 011 RV 011 RV 011 EX Oil RI 011 CI 011 RI 011 RV 011 RV 011 RM 011 CI Total Appraised 160,650 216,050 111,700 68,600 66,250 86,150 77,350 299,400 79,450 75,350 65,650 50,850 65,950 52,200 54,000 76,100 104,900 68,100 183,050 86,150 112,900 111,300 58,100 56,050 160,350 359,500 1,750 0 0 50,900 22,500 66,250 132,800 61,650 35,650 47,950 153,200 51,800 35,850 57,050 26,500 43,700 160,250 34,950 100 500 61,100 79,250 17,500 51,200 23,500 80,050 52,150 46,000 15,000 17,500 •0 49,650 44,850 58,100 20,000 6,250 19,350 231,950 Tota ssessed 25,464 34,939 17,606 7,401 7,052 10,925 8,827 42,056 7,624 6,100 7,317 6,635 8,041 6,364 6,635 7,362 13,033 9,462 26,933 7,744 11,182 9,560 5,952 5,630 26,169 52,773 350 0 0 5,808 2,860 10,427 16,352 7,765 6,303 7,222 24,915 7,444 5,477 8,065 3,795 5,754 21,607 4,791 20 100 6,901 13,607 2,464 9,812 4,312 14,674 9,559 7,951 • 2,059 2,402 0 7,072 6,787 7,579 2,231 1,250 3,069 41,599 67 !9/2005 Parcel ID 765-02118-000 765-02119-000 765-02120-000 765-02121-000 765-02123-000 765-02124-000 765-02127-000 765-02128-000 765-02129-000 765-02130-000 765-02133-000 765-02134-000 765-02135-000 765-02137-000 765-02138-000 765-02139-000 765-02140-000 765-02980-000 765-02981-000 765-02982-000 765-02983-000 765-02984-000 765-02985-000 765-02986-000 765-02987-000 765-02988-000 765-02989-000 765-02990-000 765-02991-000 765-04310-000 765-04312-000 765-04313-000 765-04314-000 765-04315-000 765-04316-000 765-04317-000 765-04318-000 765-04319-000 765-04320-000 765-04321-000 765-04322-000 765-04323-000 765-04324-000 765-04325-000 765-04326-000 765-04327-000 765-04328-000 765-04329-000 765-04330-000 765-04331-000 765-04332-000 765-04333-000 765-04334-000 765-04334-100 765-04335-000 765-04336-000 765-04337-000 765-04338-000 765-04339-000 765-04340-000 765-04341-000 765-04342-000 765-04343-000 765-04344-000 Tax Distric Type 011 RV 011 RI 011 RI 011 RI 011 RV 011 CI 011 RV 011 RI 011 RV 011 CI 011 CV 011 CI 011 RI 011 RI 011 CM 011 RI 011 RI 011 RI 011 CI 011 RI 011 RM 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RM 011 RI 011 CI 011 RI 011 RI 011 RI 011 CI 011 RI 011 RI 011 CI 011 CI 011 C1 011 CI 011 CM 011 CM 011 CM 011 CM 011 ET 011 RV 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 RI 011 RV 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI Total Appraised 10,000 68,250 54,000 67,950 26,250 98,900 31,250 66,850 33,750 324,750 34,250 131,300 112,800 66,100 18,550 110,750 83,600 44,050 73,250 43,450 10,500 22,250 36,250 37,500 33,850 72,950 26,250 10,300 23,600 98,250 165,500 157,400 61,100 173,900 167,650 149,050 240,250 113,200 499,050 342,150 97,850 40,350 52,200 58,300 0 23,400 0 0 0 0 0 0 0 0 0 0 152,350 20,650 99,700 93,650 133,500 186,100 70,200 53,750 Total ssessed 1,408 7,424 6,499 10,013 5,250 15,473 2,603 8,309 4,752 64,146 5,445 18,733 16,574 6,195 3,663 8,900 9,708 6,119 12,474 6,363 1,485 2,922 6,450 4,936 5,048 10,221 4,147 1,496 4,276 19,437 23,568 18,559 8,910 34,780 24,518 21,411 46,689 22,418 60,117 65,670 16,632 6,765 6,428 7,309 0 2,860 0 0 0 0 0 0 0 0 0 0 19,625 2,640 14,300 10,642 20,270 22,803 14,040 10,750 29/2005 A Parcel ID 765-04345-000 765-04346-000 765-04347-000 765-04348-000 765-04349-000 765-04350-000 765-04350-001 765-04351=000 765-04352-000 765-04353-000 765-04354-000 765-04355-000 765-04356-000 765-04357-000 765-04357-100 765-04358-000 765-04359-000 765-04360-000 765-04361-000 765-04362-000 765-04362-001 765-04363-000 765-04363-001 765-04364-000 765-04365-000 765-04366-000 765-04367-000 765-04368-000 765-04369-000 765-04370-000 765-04371-000 765-04372-000 765-04373-000 765-04374-000 765-04375-000 765-04376-000 765-04376-000 765-04378-000 765-04378-001 765-04379-000 765-04380-000 765-04381-000 765-04382-000 765-04384-000 765-04385-000 765-04388-000 765-04389-000 765-04390-000 765-04391-000 765-04392-000 765-04393-000 765-04394-000 765-04395-000 765-04396-000 765-04397-000 765-04398-000 765-04399-000 765-04400-000 765-04401-000 765-04402-000 765-04403-000 765-04404-000 765-04405-000 765-04406-000 Tax Distdct Type 01._RI 011 ET 011 RI 011 RI 011 RI 011 CI 011 CI 011 ET 011 ET 011 ET 011 ET 011 RI 011 RI 011 CR 011 EX 011 CI 011 CI 011 CI 011 CI 011 CI 011 EX 011 CM 011 EX 011 CI 011 CI 011 • CI 011 CI 011 CI 011 CI 011 CI 011 C1 011 CI 011 CI 011 CM 011 CI 011 CI 011 CI 011 VP 011 CI 011 CI 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 ET 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CV 011 CI 011 CI 011 CI 011 CI 011 CI 011 RI 011 RI 011 RI 011 CR Total Appraised 30,150 0 58,300 68,550 78,250 301,850 223,400 0 0 O 0 55,250 56,650 119,750 0 54,000 81,350 70,350 70,350 1,072,400 393,700 0 168,900 0 1,225,100 265,350 85,550 110,200 97,650 242,500 257,850 134,500 152,400 247,550 106,450 830,250 255,000 255,000 0 280,300 510,150 0 0 0 0 0 0 0 0 341,500 58,400 57,650 114,450 83,800 97,550 54,000 926,000 547,650' 167,600 304,650 210,850 78,100 41,400 85,550 84,500 Tc1'Assessed W 4,114 0 10,410 10,054 11,682 50,736 39,556 0 0 0 0 7,465 7,679 14,915 0 10,800 14,377 12,033 185,001 64,625 0 5,420 0 177,117 42,400 1.1,703 9,626 11,005 39,039 26,183 18,805 20,878 22,542 16,145 105,770 37,336 37,336 0 43,618 57,537 0 0 0 0 0 0 0 0 68,300 8,525 9,648 14,297 10,534 15,021 9,900 185,200 93,093 20,578 26,984 19,133 14,626 8,280 12,793 14,784 '29/2005 Parcel ID Tax District Type Total Appraised Total Assessed 765-04407-000 011 • RI 43,250 8,650 70 765-04408-000 011 RI 59,100 9,109 765-04409-000 011' CR 145,100 18,620 765-04410-000 011 RI 88,300 10,455 765-04411-000 011 RI 69,150 11,087 765-04412-000 011 RI 119,400 23,880 765-04413-000 011 RI 86,650 9,298 765-04414-000 011 R1 75,350 15,070 765-04415-000 011 RI 120,200 14,012 765-04416-000 011 RI 129,400 16,881 765-04417-000 011 RI 112,100 16,228 765-04418-000 011 RI 129,100 13,490 765-04419-000 011 RI 99,700 9,596 765-04421-000 011 RI 194;050 28,820 765-04424-000 011 RM 25,950 5,190 765-04427-000 011 RI 52,600 5,639 765-04428-000 011 RI 53,750 6,364 765-04430-000 011 RI 54,150 6,964 765-04431-000 011 CV 100,000 14,300 765-04432-000 011 RI 388,550 39,674 765-04433-000 011 CM 45,100 9,020 765-04434-000 011 CI 643,250 104,621 765-04435-000 011 EX 0 0 765-04436-000 011 EX 0 0 765-04437-000 011 EX 0 0 765-04438-000 011 RI 143,700 22,583 765-04439-000 011 EX 0 0 765-04440-000 011 EX 0 0 765-04441-000 011 EX 0 0 765-04442-000 011 CM 207,100 41,420 765-04443-000 011 CI 2,092,250 274,283 765-04444-000 011 EX 0 0 765-04445-000 011 EX 0 0 765-04446-000 011 EX 0 0 765-04447-000 011 EX 0 0 765-04448-000 011 EX 0 0 765-04449-000 011 CI 134,350 26,345 765-04450-000 011 CI 334,600 64,162 765-04451-000 011 EX 0 0 765-04452-000 011 CI 261,200 44,602 765-04453-000 011 EX 0 0 765-04454-000 011 EX 0 0 765-04455-000 011 EX 0 0 765-04456-000 011 EX 0 0 765-04457-000 011 EX 0 0 765-04458-000 011 EX 0 0 765-04459-000 011 EX 0 0 765-04461-000 011 EX 0 0 765-04462-000 011 EX 0 0 765-04463-000 011 EX 0 0 765-04464-000 011 EX 0 0 765-04465-000 011 EX 0 0 765-04466-000 011 EX 0 0 765-04467-000 011 EX 0 0 765-04513-000 011 RI 96,900 14,144 765-04514-000 011 RI 88,150 15,279 765-04515-000 011 RI 99,250 17,003 765-04516-000 011 RI 97,050 14,359 765-04517-000 011 CI 782150 136,798 765-04518-000 011 CV 165,250 12,584 765-05441-000 011 Cl 1,300,650 159,654 765-05441-001 011 EX 0 0 765-05442-000 011 RI 69,500 - 13,288 765-05442-001 011 RV 26,400 4,543 912005 to Parcel ID Tax• District Type Total Appraised Total ssessed 765-05443-000 011 RV 14,400 2,475 71 765-05444-000 011 RI 56,700 10,780 765-05445-000 011 RI 55,750 10,582 765-05446-000 011 EX 0 0 765-05447-000 011 CV 273,950 23,298 765-05448-000 011 CI 230,650 46,130 765-05448-001 011 EX 0 0 765-05449-000 011 CI 77,200 12,864 765-05450-000 011 EX 0 0 765-05451-000 011 CR 107,300 18,336 765-05452-000 011 RM 22,500 3,900 765-05453-000 011 RI 41,150 7,689 765-05454-000 011 CR 76,250 8,965 765-05455-000 011 EX 0 0 765-05456-000 011 CV 5,800 825 765-05457-000 011 EX 0 0 765-05458-000 011 CI 73,600 12,758 765-05459-000 011 EX 0 0 765-05460-000 011 EX 0 0 765-05461-000 011 EX. 0 0 765-05462-000 011 RI 24,300 4,179 765-05462-001 011 CR 87,850 16,643 765-05463-000 011 RV 16,000 3,200 765-05465-000 011 CI 107,850 17,827 765-05466-000 011 EX 0 0 765-05467-000 011 EX 0 0 765-05468-000 011 CI 250,850 46,884 765-05469-000 011 RI 51,400 9,285 765-05470-000 011 RI 46,900 7,570 765-05471-000 011 RI 59,600 10,982 765-05472-000 011 RI 135,150 20,678 765-05473-000 011 RI 42,200 5,020 765-05474-000 011 RI 37,700 6,678 765-05475-000 . 011 RI 55,850 8,561 765-05476-000 011 Rl 55,300 7,993 765-05477-000 011 RI 52,700 9,744 765-05478-000 011 RI 44,250 7,036 765-05479-000 011 CI 205,000 31,163 765-05481-000 011 CM 16,350 2,563 765-05482-000 011 RI 67,750 10,854 765-05483-000 011 RI 43,350 8,173 765-05484-000 011 RI 51,050 8,723 765-05485-000 011 RI 31,450 5,786 765-05486-000 011 RI 62;650 12,497 765-05487-000 011 Cl 93,500 15,928 765-05492-001 011 EX 0 765-05498-000 011 EX 0 0 765-05499-000 011 EX 0 0 765-05500-000 011 EX 0 0 765-05501-000 011 CI 110,700 14,542 765-05501-001 011 EX 0 0 765-05502-000 011 CV 42,550 4,455 765-05504-000 011 ET 0 0 765-05505-000 011 EX 0 0 765-05506-001 011 EX 0 0 765-05506-002 011 EX 0 0 765-05507-000 011 IV 45,750 8,852 765-05508-000 011 CI 28,700 4,994 765-05509-000 011 II 418,350 80,553 765-05510-000 011 CI 103,350 16,541 765-05511-000 011 CI 83,300 16,613 765-05520-000 011 CI 74,500 11,561 765-05520-000 011 CI 74,500 11,561 765-05521-000 011 Cl 120,050 19,524 :912005 II Parcel ID 765-05521-001 765-05522-000 765-05523-000 765-05523-001 765-05524-000 765-05524-001 765-05525-000 765-05525-001 765-05526-000 765-05527-000 765-05528-000 765-05529-000 765-05530-000 765-05531-000 765-05532-000 765-05533-000 765-05534-000 765-05535-000 765-05536-000 765-05537-000 765-05538-000 765-05539-000 765-05539-001 765-05540-000 765-05541-000 765-05541-001 765-05572-010 765-05573-000 765-05574-000 765-05575-000 765-05576-000 765-05577-000 765-05578-000 765-05579-000 765-05580-000 765-05581-000 765-05582-000 765-05583-000 765-05584-000 765-05585-000 765-05586-000 765-05587-000 765-05588-000 765-05589-000 765-06024-000 765-06025-000 765-06026-000 765-06027-000 765-06028-000 765-06029-000 765-06030-000 765-06031-000 765-06032-000 765-06033-000 765-06034-000 765-06035-000 765-06036-000 765-06037-000 765-06038-000 765-06039-000 765-06040-000 765-06380-000 765-06381-000 765-06382-000 Tax District Type 011 EX 011 IV 011 11 011 EX 011 Cl 011 EX 011 EX 011 CV 011 RI 011 RI 011 C1 011 RI 011 RI 011 CI 011 RI 011 CI 011 CV 011 RI 011 RV 011 RV 011 RI 011 RV 011 EX 011 11 011 CI 011 EX 011 CI 011 ET 011 ET 011 ET 011 ET 011 ET 011 RI 011 ET 011 ET 011 ET 011 ET 011 ET 011 RI 011 ET 011 ET 011 ET 011 ET. 011 ET 011 RI 011 CV 011 RI 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RM 011 RI 011 CI 011 EX 011 EX 011 RI 011 CI 011 RI 011 RV 011 RI Total Appraised 0 36,550 366,850 0 40,100 0 0 17,800 34,150 37,050 14,550 54,450 31,700 69,850 42,150 253,600 15,000 37,200 15,200 25,600 42,100 6,400 0 72,850 42,950 0 338,350 0 0 0 0 0 59,850 0 0 0 0 0 60,600 0 0 0 0 0 124,450 52,850 218,500 748,650 80,800 64,500 254,000 271,650 347,150 92,700 24,600 125,200 185,400 0 0 329,900 291,100 62,100 12,600 49,850 TotaLASsessed 0 4,378 73,370 0 5,764 0 0 2,640 6,314 6,875 2,910 9,938 5,660 13,970 6,291 45,912 2,233 6,897 2,618 2,860 7,493 1,100 0 13,274 5,205 0 58,344 0 0 0 0 0 9,416 0 0 0 0 0 9,395 0 0 0 0 0 22,825 9,009 41,635 147,180 12,999 11,968 48,710 51,939 54,271 17,910 3,818 23,892 28,328 0 0 41,400 49,478 11,571 1,683 9,515 72 29/2005 19 Parcel ID 765-07060-000 765-07061-000 765-07062-000 765-07063-000 765-07064-000 765-07065-000 765-07066-000 765-07067-000 765-07068-000 765-07069-000 765-07070-000 765-07087-000 765-07088-000 765-07089-000 765-07090-000 765-07091-000 765-07092-000 765-07093-000 765-07094-000 765-07095-000 765-07096-000 765-07097-000 765-07098-000 765-07099-000 765-07100-000 765-07123-000 765-07124-000 765-07125-000 765-07126-000 765-07128-000 765-07129-000 765-07130-000 765-07131-000 765-07969-000 765-07972-000 765-07973-000 765-07975-000 765-07976-000 765-07978-000 765-07979-000 765-07980-000 765-07984-000 765-07987-000 765-07988-000 765-08077-000 765-08078-000 765-08082-000 765-08083-000 765-08084-000 765-08088-000 765-08089-000 765-08239-000 765-08240-000 765-08241-000 765-08242-000 765-08243-000 765-08245-000 765-08247-000 765-08248-000 765-08249-000 765-08249-001 765-08250-000 765-08539-000 765-08540-000 Tax District Type 011 .CI 011 RI 011 RI 011 RI 011 RV 011 RI 011 RI 011 RV 011 RV 011 RI 011 RI 011 CI 011 CI 011 RM 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RV 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CV 011 EX 011 RI 011 RI 011 RV 011 RI 011 RI 011 RI 011 CI 011 CI 011 CI 011 CR 011 CI 011 CI 011 RI 011 CI 011 EX 011 CI 011 PS 011 CV 011 CI 011 CV 011 CV 011 EX 011 RI 011 RI 011 RV 011 RI 011 RI 011 EX 011 EX 011 CI 011 RI 011 CV 011 RI 011 RI 011 RI Total Appraised 69,850 20,650 86,900 33,150 15,000 45,150 33,700 10,500 10,500 40,900 32,750 267,550 116,550 14,250 36,400 66,450 50,400 41,000 57,450 29,500 100 41,800 37,450 49,500 57,700 72,450 50,500 10,500 0 13,250 59,000 18,750 56,500 107,250 110,350 187,850 308,200 100,350 205,000 246,350 163,250 111,250 1,007,700 0 2,059,200 30,400 92,450 525,300 77,050 16,900 0 54,850 60,100 8,750 64,000 82,900 0 0 189,500 106,300 18,900 55,000 691,000 635,000 Total Assessed 826 2,898 12,396 5,577 1,760 5,218 5,302 1,232 1,232 6,886 5,005 43,987 22,156 1,749 4,950 9,195 6,835 4,460 9,639 3,861 20 6,842 5,657 6,992 8,036 6,100 8,492 1,650 0 2,650 7,770 2,200 7,030 18,260 17,241 37,445 55,873 20,070 38,885 47,539 31,635 19,360 196,118 0 411,840 6,080 10,824 92,398 9,020 1,130 0 9,174 8,565 1,375 8,633 11,568 0 0 37,900 13,388 2,970 5,941 80,600 78,741 73 2005 11 Parcel ID 765-08541-000 765-08542-000 765-08543-000 765-08544-000 765-08545-000 765-08546-000 765-08547-000 . 765-08548-000 765-08549-000 • 765-08550-000 765-08551-000 765-0855Z000 765-08553-000 765-08554-000 765-08555-000 765-08556-000 765-09759-000 765-09760-000 765-09761-000 765-09762-000 765-09763-000 765-09764-000 765-09765-000 765-09766-000 765-09767-000 765-09768-000 765-09769-000 765-09770-000 765-09914-000 765-09915-000 765-09917-000 765-09918-000 765-09919-000 765-09920-000 765-09921-000 765-09922-000 765-09923-000 765-09924-000 765-09925-000 765-09926-000 765-11664-000 765-11723-000 765-11724-000 765-11724-001 765-11731-000 765-11731-001 765-11731-010 765-11917-000 765-11918-000 765-11919-000 765-11920-000 765-11921-000 765-11922-000 765-11923-000 765-11924-000 765-11925-000 765-11926-000 765-11927-000 765-11928-000 765-11929-000 765-11930-000 765-11931-000 765-11932-000 765-11933-000 Tax District 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 •011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 Type Total Appraised RI 481,500 RI 357,000 RI 376,600 RI 749,700 RV 52,500 RI• 263,600 RI 354,950 RI 122;700 RI 218,450 RI 315,100 RI 299,450 RI 113,250 RV 100,000 RI 120,550 RI 109,100 RI 298,350 EX 0 EX 0 EX 0 EX 0 CR 126,450 RV 27,500 RV 27,500 PS .1,500 EX 0 EX 0 EX 0 EX 0 CI 357,650 CI 406,650 CI 318,100 ET 0 EX 0 CI 767,550 RI 169',950 RI 127,150 RV 22,000 RV 22,000 EX 0 EX 0 RI 139,450 EX 0 EX. 0 EX 0 •EX 0 CM 60,200 EX 0 RI 151,850 RI 387,650 CR 74,250 RI 107,750 RI 70,250 RI 52,300 RI 82,050 RI 60,550 RI 77,250 RI 67,750 RI 100,300 RI 94,300 RI 61,550 RI 61,500 RI 74,600 RI 77,300 RI 122,800 Total Assessed • 60,091 44,459 54,926 93,626 3,432 28,432 37,040 14,443 32,604 36,124 36,261 11,101 5,577 13,542 12,037 34,172 0 0 0 0 25,290 3,300 3,300 300 0 0 0 0 54,726 59,000 51,022 0 0 99,843 30,308 24,588 3,300 3,300 0 0 14,041 0 0 0 0 10,353 0 20,455 77,530 12,935 19,763 9,650 8;505 16,410 10,362 11,579 11,364 16,491 17,951 12,310 10,141 13,101 11,410 20,108 74 /29/2005 1 a Parcel ID 765-11934-000 765-11935-000 765-11936-000 765-12671-000 765-12672-000 765-12673-000 765-12674-000 765-12675-000 765-12676-000 765-12681-000 765-12682-000 765-12684-000 765-12686-000 765-12687-000 765-12688-000 765-12689-000 765-12689-001 765-12691-000 765-12709-000 765-12710-001 765-12710-002 765-12710-003 765-12710-004 765-12710-005 765-12710-006 765-12710-007 765-12710-009 765-12710-010 765-12710-011 765-12711-000 765-12712-000 765-12713-000 765-12714-000 765-12715-000 765-12716-000 765-12718-000 765-12720-000 765-12721-000 765-12722-000 765-12764-000 765-12764-001 765-12764-002 765-12765-000 765-12766-000 765-12767-000 765-12768-000 765-12781-000 765-12782-000 765-12783-000 765-12785-000 765-12789-000 765-12791-000 765-12792-000 765-12793-000 765-12794-000 765-12795-000 765-12796-000 765-12797-000 765-12811-000 765-12867-000 765-12868-000 765-12868-001 765-12869-000 765-12870-000 Tax District 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011. 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 Type Total Appraised RI 81,550 RI 90,850 RI 86,150 ET 0 CI 133,600 CI 266,600 RI 71,350 CM 27,500 RI 98,350 ET 0 ET 0 EX 0 CI 493,100 RV 23,000 RI 128,350 EX 0 RV 1,000 EX 0 ET 0 CI 320,142 CI 194,534 CI 146,175 CI 170,293 CI 199,308 CI 68,680 CI 26,076 CI 65,008 CI 22,648 CI 11,386 ET 0 ET 0 ET 0 ET 0 CI 1,724,950 EX 0 CV 12,800 CV 19,200 CV 14,700 CM 26,000 EX 0 CI 307,800 CI 436,250 RV 14,400 RV 14,400 RV 16,000 RV 16,000 CR 49,900 CI 74,150 CM 17,150 C1 467,700 CV 28,350 CM 36,150 RI 111,600 RI 47,650 RV 19,200 RV 13,600 RV 8,000 RI 58,000 RI 24,800 CV 180,000 CI 675,500 CI 216,250 RI 114,250 RI 110,350 Total Assessed •14,973 10,774 13,924 0 26,068 50,850 12,455 5,500 18,150 0 0 0 94,373 3,575 14,286 0 200 0 0 50,912 30,943 23,243 27,080 31,702 10,929 4,145 10,340 3,603 1,815 0 0 0 0 247,592 0 1,188 1,782 1,364 2,552 0 25,454 80,680 2,288 2,288. 2,574 2,574 8,723 11,268 2,013 88,717 4,455 5,786 21,043 8,148 3,300 2,145 1,375 8,050 4,290 18,036 83,484 27,196 15,909 14,863 29/2005 15 • Parcel ID 765-12871-000 765-12872-000 765-12873-000 765-12874-000 765-12875-000 765-12875-001 765-12875-002 765-12875-003 765-12875-004 765-12875-010 765-12876-000 765-12877-000 765-12878-000 765-12879-000 765-12880-000 765-12881-000 765-12882-000 765-12883-000 765-12884-000 765-12885-000 765-12886-000 765-12888-000 765-12889-000 765-12890.-000 765-12893-000 765-12894-000 765-12899-000 765-12900-000 765-12901-000 765-12904-000 765-12905-000 765-12906-000 765-12907-000 765-12908-000 765-12932-000 765-12932-001 765-12933-000 765-12934-000 765-12935-000 765-12944-000 765-12945-000 765-12946-000 765-12954-000 765-12957-000 765-12958-000 765-12959-000 765-12960-000 765-12961-000 765-12962-000 765-13020-000 765-13020-001 765-17377-000 765-20935-010 765-20935-020 765-22032-000 765-22033-000 765-22034-000 765-22035-000 765-22036-000 765-22037-000 765-22038-000 765-22039-000 765-22040-000 765-22041-000 Tax District 011• 011 011 011 011 011 011 011 011 011 011 011 Oil 011 011 011 011 011 011 011 011 011 011 011 011 011 •011 011 011 011 011 011 011 011 011 011 011 011 011 011 Oil 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 011 Type Total Appraised CI 132,150 CI 89,300 CI 93,450 CI 122,050 CM 76,950 CB 42,550 CB 9,100 EX 0 CB 187,950 PS 0 CV 117,900 C1 82,050 EX 0 RI 87,750 RI 109,900 EX 0 RI 216,750 RI 139,300 RV 22,000 RI 281,300 EX 0 RI 86,150 RI 130,550 PS 0 PS 0 CI 524,350 CV 142,000 RI 174,000 CV 50,000 CI 776,450 CI 636,600 CM 259,900 CI 333,000 CI 337,850 PS 940,650 CI 585,650 EX 0 CI 190,650 CV 46,550 CI 224,950 RI 69,600 CR 680,400 CI 238,550 RI 50,000 RI 91,600 RI 60,850 RI 52,450 CI 221,500 RI 46,500 CI 44,300 EX 0 EX 0 CI 1,436,854 CI 371,646 RI 420,119 RI 359,032 RI 384,607 RI 465,242 CI 315,192 CI 145,374 CI 859,361 CI 293,367 CI 252,856 CI 304,296 Total Assessed • 18,994 12,141 12,012 15,315 11,782 8,510 1,820 0 36,113 0 13,599 9,209 0 12,799 18,090 0 33,176 15,094 3,520 46,404 0 11,197 23,109 0 0 49,464 8,237 20,778 2,959 74,474 102,828 37,166 42,843 37,199 188,130 74,143 0 29,172 8,536 33,173 7,645 109,340 45,934 6,035 14,421 5,750 7,136 44,300 6,793 5,749 0 0 273,665 70,528 78,887 64,170 72,188 93,048 49,280 24,640 141,680 49,280 43,120 60,819 76 1/29/2005 , 9 Parcel ID 765-22042-000 765-22043-000 765-22044-000 765-22045-000 765-22046-000 765-22047-000 765-22048-000 '765-22049-000 765-22050-000 765-22051-000 765-22052-000 765-22053-000 765-22054-000 765-22055-000 765-22056-000 765-22057-000 765-22058-000 765-22059-000 765-22060-000 765-22061-000 765-22062-000 765-22063-000 765-22064-000 765-22065-000 765-22066-000 .765-22067-000 765-22068-000 765-22367-000 765.22368-000 765-22369-000 765-22370-000 765-22371-000 765-22372-000 765-22373-000 765-22374-000 765-22375-000 765-22376-000 765-22377-000 765-22378-000 765-22379-000 765-22380-000 765-22381-000 765-22382-000 765-22383-000 765-22384-000 765-22536-000 765-22537-000 765-22538-000 765-22539-000 765-22540-000 765-22541-000 765-22542-000 765-22543-000 765-22544-000 765-22545-000 765-22546-000 765-22547-000 765-22548-000 765-22549-000 765-22550-000 765-22551-000 765-22552-000 765-22553-000 765-22554-000 Tax District Type 011 WI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI Oil RI 011 RI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 RI 011 RI 011 RI 011 Rl. 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI Oil RI 011 CI 011 CI 011 CI 011 CI 011 •CI 011 CI 011 CI 011 CI 011 CI Total ADoraised 616,394 366,715 312,098 397,925 827,060 795,850 226,271 210,666 148,247 124,839 124,839 132,642 132,642 288,691 202,864 413,530 234,074 163,851 163,851 273,086 109,234 444,740 249,678 187,259 117,037 117,037 117,037 206,100 208,950 208,350 224,450 209,950 225,400 208,350 225,050 209,950 225,050 208,350 224,050 308,300 322,800 206,200 135,050 963,750 0 339,500 394,850 457,600 476,000 239,850 228,800 184,500 114,400 114,400 147,650 553,550 439,150 0 97,400 97,400 97,400 97,400 97,400 97,400 Total Assessed ,200 3, 293 62,381 79,552 165,319 159,093 45,221 42,119 29,645 24;959 23,825 26,521 26,521 57,695 40,557 82,676 46,783 32,747 32,747 52,112 21,824 88,902 49,907 37,433 23,397 23,397 23,397 40,370 40,370 38,535 44,000 40,370 44,000 40,370 42,000. 40,370 44,000 38,535 44,000 60,500 59,850 41,240 27,010 192,750 0 67,900 78,970 91,520 95,200 47,970 45,760 36,900 22,880 22,880 29,530 110,710 87,830 0 9,009 9,009 9,009 9,009 9,009 9,009 77 1/2005 17 Parcel ID 765-22555-000 765-22556-000 765-22557-000 765-22558-000 765-22559-000 765-22560-000 765-22561-000 765-22562-000 765-22563-000 765-22564-000 765-22565-000 765-22566-000 765-23362-000 765-23363-000 765-23364-000 765-23365-000 765-23366-000 765-23367-000 765-23368-000 765-23413-000 765-23414-000 765-23415-000 765-23416-000 765-23417-000 765-23418-000 765-23419-000 Tax District Type 01 CI 01 CI 011 CI 011 C1 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011 CI 011. RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CI 011 RI 011 RI 011 RI 011 RI 011 RI 011 RI 011 CR Total Anoraised 97,400 97,400 97,400 97,400 97,400 97,400 97,400 97,400 0 274,147 273,053 0 234,000 214,600 225,900 306,600 337,250 321,650 0 85,450 65,100 76,900 134,950 81,700 303,700 0 191,120,753 191,120,753 Total Assessed 9,009 9,009 9,009 9,009 9,009 9,009 9,009 9,009 0 50,204 49,995 0 46,800 42,920 45,180 61,320 67,450 64,330 0 17,090 13,020 15,380 26,990 16,340 60,740 0 31,446,555 31,446,555 M 1/29/2005 to City of Fayetteville, Arkansas EXHIBITS 7 THROUGH 13 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN As Amended by AMENDMENT No. 1 March 2005 79 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.7 Arkansas Code Annotated 14-168-301 through 14-168-323 S. • • 80 EXHIBIT No.7 Arkansas Code Annotated 14-168-301 through 14-168-323 Redevelopment District Chapter 168 Community Redevelopment Generally Subchapter 3 Community redevelopment Creation and procedures 14-168-301. Definitions. As used in this act subchapter, unless the context otherwise requires: (1) "Applicable ad valorem rate" means the total ad valorem rate less the debt service ad valorem rate; (2) "Base value" means the assessed value of all property within a redevelopment district subject to ad valorem taxation, as of the most recent assessment preceding the formation of the redevelopment district; (3)(A) "Blighted area" means an area in which the structures, buildings, or improvements, by reason of dilapidation, deterioration, age or obsolescence, inadequate provision for access, ventilation, light, air, sanitation, or open spaces, high density of population and overcrowding or the existence of conditions which endanger life or property, are detrimental to the public health, safety, morals, or welfare. (B) "Blighted area" includes any area which, by reason of the presence of a substantial number of substandard, slum, deteriorated or deteriorating structures, predominance of defective or inadequate street layout, faulty lot layout in relation to size, adequacy, accessibility, or usefulness, unsanitary or unsafe conditions, deterioration of site or other improvements, diversity of ownership, tax on special assessment delinquency exceeding the fair value of the land, defective or unusual conditions of title, or the existence of conditions which endanger life or property by fire and other causes, or any combination of such factors, substantially impairs or arrests the sound growth of a city, retards the provision of housing accommodations, or constitutes an economic or social liability and is a menace to the public health, safety, morals, or welfare in its present condition and use, or any area which is predominantly open and which because of lack of accessibility, obsolete platting, diversity of ownership, deterioration of structures or of site improvements, or otherwise, substantially impairs or arrests the sound growth of the community; (4) "Current value" means the assessed value of all property within a redevelopment district subject to ad valorem taxation, as of the most recent assessment after the formation of the redevelopment district; (5) "Debt service ad valorem rate" means that portion of the total ad valorem rate that has been, at January 1, 2001, pledged to the payment of debt service on bonds issued by any taxing unit in which all or any part of the redevelopment district is located; (6)(A) "Incremental value", for any redevelopment district, means the difference between the base value and the current value. • • 81 (B) The incremental value will be positive if the current value exceeds the base value, and the incremental value will be negative if the current value is less than the base value; (7) "Local governing body" means the city council, city board of directors, county quorum court, or any other legislative body governing a local government in the State of Arkansas; (8) "Local government" means any city or county in the State of Arkansas; (9)(A) "Project costs" means expenditures made in preparation of the project plan and made, or estimated to be made, or monetary obligations incurred, or estimated to be incurred, by the local government, which are listed in the project plan as costs of public works or improvements within a redevelopment project district, plus any costs incidental thereto. (B) Project costs include, but are not limited to: (i) Capital costs, including, but not limited to, the actual costs of the construction of public works or improvements, new buildings, structures, and fixtures, the demolition, alteration, remodeling, repair, or reconstruction of existing buildings, structures, and fixtures, environmental remediation, parking and landscaping, the acquisition of equipment, and site clearing, grading, and preparation; (ii) Financing costs, including, but not limited to, all interest paid to holders of evidences of indebtedness issued to pay for project costs, all costs of issuance, and any redemption premiums, credit enhancement, or other related costs; (iii) Real property assembly costs, meaning any deficit incurred resulting from the sale or lease as lessor by the local government of real or personal property within a redevelopment district for consideration which is less than its cost to the local government; (iv) Professional service costs, including, but not limited to, those costs incurred for architectural, planning, engineering, and legal advice and services; (v) Imputed administrative costs, including, but not limited to, reasonable charges for the time spent by local government employees in connection with the implementation of a project plan; (vi) Relocation costs, including, but not limited to, those relocation payments made following condemnation and job training and retraining; (vii) Organizational costs, including, but not limited to, the costs of conducting environmental impact and other studies, and the costs of informing the public with respect to the creation of redevelopment project areas and the implementation of project plans; (viii) The amount of any contributions made in connection with the implementation of the project plan; (ix) Payments made, in the discretion of the local governing body, which are found to be necessary or convenient to the creation of redevelopment areas or the implementation of project plans; and (x) That portion of costs related to the construction of environmental protection devices, storm or sanitary sewer lines, water lines, or amenities or streets or the rebuilding or expansion of streets, the construction, alteration, rebuilding, or expansion of which is necessitated by the project plan for a district, whether or not the construction, alteration, rebuilding, or expansion is within the area; • 82 (l0) "Project plan" means the plan which shall be adopted by a local governing body for a redevelopment project as described in § 14-168-308; (11) "Real property" means all lands, including improvements and fixtures on them and property of any nature appurtenant to them or used in connection with them and every estate, interest, and right, legal or equitable, in them, including terms for years and liens by way of judgment, mortgage, or otherwise, and the indebtedness secured by the liens; (12) "Redevelopment district" means a contiguous geographic area within a city or county in which a redevelopment project will be undertaken, as defined and created by ordinance of the local governing body; (13)(A) "Redevelopment project" means an undertaking for eliminating or preventing the development or spread of slums or deteriorated, deteriorating, or blighted areas, for discouraging the loss of commerce, industry, or employment, or for increasing employment, or any combination thereof. (B) A redevelopment project may include one (1) or more of the following: (i) The acquisition of land and improvements, if any, within the redevelopment district and clearance of the land so acquired; or (ii) The development, redevelopment, revitalization, or conservation of the project area whenever necessary to provide land for needed public facilities, public housing, or industrial or commercial development or revitalization, to eliminate unhealthful, unsanitary, or unsafe conditions, to lessen density, mitigate or eliminate traffic congestion, reduce traffic hazards, eliminate obsolete or other uses detrimental to the public welfare, or otherwise remove or prevent the spread of blight or deterioration; or (C) The financial or other assistance in the relocation of persons and organizations displaced as a result of carrying out the redevelopment project and other improvements necessary for carrying out the project plan, together with such site improvements as are necessary for the preparation of any sites and making any land or improvements acquired in the project area available, by sale or by lease, for public housing or for development, redevelopment, or rehabilitation by private enterprise for commercial or industrial uses in accordance with the plan; (D) The construction of capital improvements within a redevelopment district designed to alleviate deteriorating conditions or a blighted area or designed to increase or enhance the development of commerce, industry, or housing within the redevelopment district; or (E) Any other projects the local governing body deems appropriate to carry out the purposes of this subchapter; (14) "Special fund" means a separate find for a redevelopment district established by the local government into which all tax increment revenues and other pledged revenues are deposited and from which all project costs are paid; (15) "Tax increment" means the incremental value of a redevelopment district multiplied by the applicable ad valorem rate; (16) "Taxing unit" means any city, county, school district, or community college district; and FE (17) "Total ad valorem rate" means the total millage rate of all county, city, school, or other local general property taxes levied on all taxable property within a redevelopment district in a year. History. Acts 2001, No. 1197, § 2. 14-168-302. Construction. The General Assembly declares that this subchapter is necessary for the welfare of this state and its inhabitants, and it is the intent of the General Assembly that it is to be broadly construed to effect its purpose. History. Acts 2001, No. 1197, § 3. 14-168-303. Powers supplemental. The powers conferred by this subchapter are in addition and supplemental to the powers conferred upon local governments and improvement districts by the General Assembly relating to the issuance of bonds. History. Acts 2001, No. 1197, § 4. 14-168-304. Powers generally. In addition to any other powers conferred by law, a local government may exercise any powers necessary and convenient to carry out the purpose of this subchapter, including the power to: (1) Create redevelopment districts and to define the boundaries of redevelopment districts; (2) Cause project plans to be prepared, to approve the project plans, and to implement the provisions and effectuate the purposes of the project plans; (3) Issue redevelopment bonds and notes and to pledge tax increments and other redevelopment revenues for repayment of them; (4) Deposit moneys into the special fund for any redevelopment project district; (5) Enter into any contracts or agreements, including agreements with bondholders, determined by the local governing body to be necessary or convenient to implement the provisions and effectuate the purposes of project plans; (6) Receive from the federal government or the state loans and grants for, or in aid of, a redevelopment project and to receive contributions from any other source to defray project costs; (7)(A) Exercise the right of eminent domain to condemn property for the purposes of implementing the project plan. (B) The rules and procedures set forth in §§ 18-15-301 - 18-15-307 shall govern all condemnation proceedings authorized in this subchapter, (8) Make relocation payments to such persons, businesses, or organizations as may be displaced as a result of carrying out the redevelopment project; (9) Clear and improve property acquired by it pursuant to the project plan and construct public facilities on it or contract for the construction, development, redevelopment, rehabilitation, remodeling, alteration, or repair of the property; 84 (10) Cause parks, playgrounds, or water, sewer, or drainage facilities, or any other public improvements, including, but not limited to, fire stations, community centers, and other public buildings, which it is otherwise authorized to undertake, to be laid out, constructed, or furnished in connection with the redevelopment project; (11) Lay out and construct, alter, relocate, change the grade of, make specific repairs upon, or discontinue public ways and construct sidewalks in, or adjacent to, the redevelopment project; (12) Cause private ways, sidewalks, ways for vehicular travel, playgrounds, or water, sewer, or drainage facilities and similar improvements to be constructed within the redevelopment project for the particular use of the redevelopment district or those dwelling or working in it; (13) Construct any capital improvements of a public nature, as such term is defined in § 14-164-303(a)(2), as now or hereafter amended; (14) Construct capital improvements to be leased or sold to private entities in connection with the goals of the redevelopment project; (15) Designate one (1) or more official or employee of the local government to make decisions and handle the affairs of redevelopment districts created pursuant to this subchapter, (16) Adopt ordinances or bylaws or repeal or modify such ordinances or bylaws or establish exceptions to existing ordinances and bylaws regulating the design, construction, and use of buildings within the redevelopment district; (17) Sell, mortgage, lease, transfer, or dispose of any property, or interest therein, acquired by it pursuant to the project plan for development, redevelopment, or rehabilitation in accordance with the project plan; (18) Invest project revenues as provided in this subchapter; and (19) Do all things necessary or convenient to carry out the powers granted in this subchapter. History. Acts 2001, No. 1197, § 5. 14-168-305. Creation of district. (a) The local governing body, upon its own initiative or upon request of affected property owners or upon request of the city or county planning commission, may designate the boundaries of a proposed redevelopment district. (b)(l) The local governing body shall hold a public hearing at which interested parties are afforded a reasonable opportunity to express their views on the proposed creation of a redevelopment district and its proposed boundaries. (2)(A) Notice of the hearing shall be published in a newspaper of general circulation in the city or county at least fifteen (15) days prior to the hearing. (B) Prior to this publication, a copy of the notice shall be sent by first-class mail to the chief executive officer of all local governmental and taxing entities having the power to levy taxes on property located within the proposed redevelopment district and to the school board of any school district which includes property located within the proposed redevelopment district. (c) The local governing body shall adopt an ordinance which: 85 (1) Describes the boundaries of a redevelopment district sufficiently definite to identify with ordinary and reasonable certainty the territory included in, which boundaries may create a contiguous or noncontiguous district; (2) Creates the redevelopment district as of a date provided in it; (3)(A) Assigns a name to the redevelopment district for identification purposes. (B) The name may include a geographic or other designation, shall identify the city or county authorizing the district, and shall be assigned a number, beginning with the number one (1). (C) Each subsequently created district shall be assigned the next consecutive number; and (4) Contains findings that the real property within the redevelopment district will be benefitted by eliminating or preventing the development or spread of slums or blighted, deteriorated, or deteriorating areas, or discouraging the loss of commerce, industry, or employment, or increasing employment, or any combination thereof (d)(l) No county shall establish a redevelopment district, any portion of which is within the boundaries of a city. (2) Provided, however, that one (1) or more local governments through interlocal agreement may join in the creation of a district, the boundaries of which lie in one (1) or more local governments. (e)(1) The ordinance shall establish a special fund as a separate fund into which all tax increment revenues and other revenues designated by the local government for the benefit of the redevelopment district shall be deposited, and from which all project costs shall be paid. (2) Such special fund may be assigned to and held by a trustee for the benefit of bondholders if tax increment financing is used. (()(1) The boundaries of the redevelopment district may be modified from time to time by ordinance of the local government. (2) Provided, however, that in the event any bonds, notes or other obligations are outstanding with respect to the redevelopment district, any change in the boundaries shall not reduce the amount of tax increment available to secure such tax increment financing. History. Acts 2001, No. 1197, § 6. 14-168-306. Project plan - Approval. (a)(1) Upon the creation of the redevelopment district, the local governing body shall cause the preparation of a project plan for each redevelopment district, and such project plan shall be adopted by ordinance of the local governing body. (2) This process shall conform to the procedures set forth in this section. (b) Each project plan shall include: (1) A statement listing the kind, number, and location of all proposed public works or improvements within the district or, to the extent provided, outside the district; • 86 (2) An economic feasibility study, (3) A detailed list of estimated project costs; (4) A description of the methods of financing all estimated project costs, including the issuance of tax increment bonds, and the time when the costs or monetary obligations related thereto are to be incurred; (5) A certification by the county tax assessor of the base value, total ad valorem rate, debt service ad valorem rate, and applicable ad valorem rate for the redevelopment district; (6) The type and amount of any other revenues that are expected to be deposited to the special fund of the redevelopment district; (7) A map showing existing uses and conditions of real property in the district; (8) A map of proposed improvements and uses in the district; (9) Proposed changes of zoning ordinances; (10) Appropriate cross-references to any master plan, map, building codes, and city ordinances affected by the project plan; (1l) A list of estimated nonproject costs; and (12) A statement of the proposed method for the relocation of any persons to be displaced. (c) If the project plan is to include tax increment financing, the tax increment financing portion of the plan shall set forth: (1) The amount of indebtedness to be incurred pursuant to this subchapter; (2) An estimate of the tax increment to be generated as a result of the project; (3) The method for calculating the tax increment, which shall be in conformance with the provisions of this subchapter, together with any provision for adjustment of the method of calculation; (4) Any other revenues, such as payment -in -lieu -of -taxes revenues, to be used to secure the tax increment financing; and (5) Any other provisions as may be deemed necessary in order to cany out any tax increment financing to be used for the redevelopment project. (d) If less than all of the tax increment is to be used to fund a redevelopment project or to pay project costs or retire tax increment financing, the project plan shall set forth the portion of the tax increment to be deposited in the special fund of the redevelopment district, and provide for the distribution of the remaining portion of the tax increment to the taxing units in which the district lies. (e)(I) The local governing body shall hold a public hearing at which interested parties are afforded a reasonable opportunity to express their views on the proposed project plan. (2)(A) Notice of the hearing shall be published in a newspaper of general circulation in the city or county at least fifteen (15) days prior to the hearing. 87 (B) Prior to this publication, a copy of the notice shall be sent by first-class mail to the chief executive officer of all local governmental and taxing entities having the power to levy taxes on property located within the proposed redevelopment district and to the school board of any school district which includes property located within the proposed redevelopment district. (3) The hearing may be held in conjunction with the hearing set forth in § 14-168-305(b)(I). (4) Prior to publication, a copy of the notice shall be sent by first-class mail to the chief executive officer of all local governments or entities having the power to levy taxes on property within the district and to the school board of any school district which includes property located within the proposed redevelopment district. (t)(1) Approval by the local governing body of a project plan must be within one (1) year after the date of the county assessor's certification required by subdivision (b)(5) of this section. (2) The approval shall be by ordinance which contains a finding that the plan is economically feasible. History. Acts 2001, No. 1197, § 7. 14-168-307. Project plan - Amendment. (a) The local governing body may adopt by ordinance an amendment to a project plan. (b)(1) Adoption of an amendment to a project plan shall be preceded by a public hearing held by the local governing body as provided in § 14-168-306(e)(l), at which interested parties shall be afforded a reasonable opportunity to express their views on the amendment. (2)(A) Notice of the hearing shall be published in a newspaper of general circulation in the city or county once a week for two (2) consecutive weeks. The first such publication shall be fifteen (15) days prior to the hearing. (B) Prior to publication, a copy of the notice shall be sent by first-class mail to the chief executive officer of all local governments or entities having the power to levy taxes on property within the district and to the school board of any school district which includes property located within the proposed district. (c)(1) One (1) or more existing redevelopment districts may be combined pursuant to lawfully adopted amendments to the original plans for each district. (2) Provided that the local governing body fords that the combination of the districts will not impair the security for any bonds previously issued pursuant to this subchapter. History. Acts 2001, No. 1197, § 8. 14-168-308. Termination of districts. (a) No redevelopment district may be in existence for a period longer than twenty-five (25) years, unless, pursuant to amendment of the redevelopment plan, additional bonds have been issued and would not be fully paid until after the date which is twenty-five (25) years from the date of creation of the district. S • 88 (b) The local governing body may set a shorter period for the existence of the district, and may also provide that no bonds shall have a final maturity on a date later than the termination date of the district. (c) Upon termination of the district, no further ad valorem tax revenues shall be distributed to the special fund of the district. (d)(l) The local governing body shall adopt, upon the expiration of the time periods set forth in this section, an ordinance terminating the redevelopment district. (2) Provided, however, that no district shall be terminated so long as bonds with respect to the district remain outstanding. History. Acts 2001, No. 1197, § 9. 14-168-309. Costs of formation. (a) The local government may pay, but shall have no obligation to pay, the costs of preparing the project plan or forming the redevelopment district. (b) If the local government elects not to incur those costs, they shall be made project costs of the district and reimbursed from bond proceeds or other financing, or may be paid by developers, property owners, or other persons interested in the success of the redevelopment project. History. Acts 2001, No. 1197, § 10. 14-168-310. Overlapping districts. The boundaries of any redevelopment districts shall not overlap with any other redevelopment district. History. Acts 2001, No. 1197, § 11. 14-168-311. Valuation of real property. (a)(1) Upon and after the effective date of the creation of a redevelopment project district, the county assessor of the county in which the district is located shall transmit to the county clerk, upon the request of the local governing body, the base value, total ad valorem rate, debt service ad valorem rate, and applicable ad valorem rate for the redevelopment district and shall certify to it. (2)(A) The assessor shall undertake, upon request of the local governing body, an investigation, examination, and inspection of the taxable real property in the district and shall reaffirm or revalue the base value for assessment of the property in accordance with the findings of the investigation, examination, and inspection. (B) The assessor shall determine, according to his or her best judgment from all sources available to him or her, the full aggregate value of the taxable property in the district, which aggregate valuation, upon certification thereof by the assessor to the clerk, constitutes the base value of the area. (b)(1)(A)(i) The assessor shall give notice annually to the designated finance officer of each taxing unit having the power to levy taxes on property within each district of the current value and the incremental value of the property in the redevelopment district. (ii) The assessor shall also determine the tax increment by applying the applicable ad valorem rate to the incremental value. 89 (B) The notice shall also explain that the entire amount of the tax increment allocable to property within the redevelopment district will be paid to the special fund of the redevelopment district. (2) The assessor shall identify upon the assessment roll those parcels of property which are within each existing district specifying on it the name of each district. History. Acts 2001, No. 1197, § 12. 14-168-312. Division of ad valorem real property tax revenue. (a) For so long as the redevelopment district exists, the tax assessor shall divide the ad valorem tax revenue collected, with respect to taxable property in the district, as follows: (1) The assessor shall determine for each tax year: (A) The amount of total ad valorem tax revenue which should be generated by multiplying the total ad valorem rate times the current value; (B) The amount of ad valorem tax revenue which should be generated by multiplying the applicable ad valorem rate times the base value; (C) The amount of ad valorem tax revenue which should be generated by multiplying the debt service ad valorem rate times the current value; and (D) The amount of ad valorem revenue which should be generated by multiplying the applicable ad valorem rate times the incremental value; (2) The assessor shall determine from the calculations set forth in subdivision (a)(1) of this section the percentage share of total ad valorem revenue for each according to subdivisions (a)(I)(B) - (D) of this section, by dividing each of such amounts by the total ad valorem revenue figure determined by the calculation in subdivision (a)(I)(A) of this section; and (3) On each date on which ad valorem tax revenue is to be distributed to taxing units, such revenue shall be distributed by. (A) Applying the percentage share determined 'according to subdivision (a)(1)(B) of this section to the revenues received and distributing such share to the taxing entities entitled to such distribution pursuant to current law; (B) Applying the percentage share determined according to subdivision (a)(I)(C) of this section to the revenues received and distributing such share to the taxing entities entitled to such distribution by reason of having bonds outstanding; and (C) Applying the percentage share determined according to subdivision (a)( 1)(E)) of this section to the revenues received and distributing such share to the special fund of the redevelopment district. (b) In each year for which there is a positive tax increment, the county treasurer shall remit to the special fund of the redevelopment district that portion of the ad valorem taxes that consists of the tax increment. (c) Any additional moneys appropriated to the redevelopment district pursuant to an appropriation by the local governing body and any additional moneys dedicated to the fund from other sources shall be deposited to the redevelopment district fund by the treasurer of the local government. 0 90 (d) Any funds so deposited into the special fund of the redevelopment district may be used to pay project costs, principal and interest on bonds, and to pay for any other improvements of the redevelopment district deemed proper by the local governing body. (e) Unless otherwise directed pursuant to any agreement with bondholders, moneys in the fund may be temporarily invested in the same manner as other municipal funds. (t) If less than all of the tax increment is to be used for project costs or pledged to secure tax increment financing as provided in the plan for the redevelopment project, the assessor shall account for such fact in distributing the ad valorem tax revenues. History. Acts 2001, No. 1197, § 13. 14-168-313. Payments in lieu of taxes and other revenues. (a) The local governing body may elect to deposit in the special fund of the redevelopment district all or any portion of the local government's share of payments in lieu of taxes on property within the redevelopment district. (b) Other revenues to be derived from the redevelopment project may also be deposited in the special fund at the direction of the local governing body. History. Acts 2001, No. 1197, § 14. 14-168-314. Bonds generally. (a)(1) Bonds may be issued for project costs which may include interest prior to and during the carrying out of a project and for a reasonable time thereafter, with such reserves as may be required by any agreement securing the bonds and all other expenses incidental to planning, carrying out, and financing the project. (2) The proceeds of bonds may also be used to reimburse the costs of any interim financing entered on behalf of the redevelopment district. (b) Bonds issued under this subchapter shall be payable solely from the tax increment or other revenues deposited to the credit of the special fund of the redevelopment district and shall not be deemed to be a pledge of the faith and credit of the local government. (c) Every bond issued under this subchapter shall recite on its face that it is a special obligation bond payable solely from the tax increment and other revenues pledged for its repayment. History. Acts 2001, No. 1197, § 15. 14-168-315. Redevelopment bonds or notes - Authority to issue. For the purpose of paying project costs or of refunding notes issued under this subchapter for the purpose of paying project costs, the local governing body may issue redevelopment bonds or notes payable out of positive tax increments and other revenues deposited to the special fund of the redevelopment district. History. Acts 2001, No. 1197, § 16. 14-168-316. Redevelopment bonds or notes - Authorizing resolution. (a) Redevelopment bonds and notes shall be authorized by ordinance of the local governing body. (b)(1) The ordinance shall state the name of the redevelopment project district, the amount of bonds or notes authorized, and the interest rate to be borne by the bonds or notes. 91 (2) The ordinance may prescribe the terms, form, and content of the bonds or notes and such other matters as the local governing body deems useful, or it may include by reference the terms and conditions set forth in a trust indenture or other document securing the redevelopment bonds. History. Acts 2001, No. 1197, § 17. 14-168-317. Redevelopment bonds or notes - Terms, conditions, etc. (a)(1) Redevelopment bonds or notes may not be issued in an amount exceeding the estimated aggregate project costs, including all costs of issuance of the bonds or notes. (2) The redevelopment bonds and notes shall not be included in the computation of the constitutional debt limitation of a local government. (b)(l) The bonds or notes shall mature over a period not exceeding twenty-five (25) years from their date of issuance or a period terminating with the date of termination of the redevelopment district, whichever period terminates earlier. (2) The bonds or notes may contain a provision authorizing their redemption, in whole or in part, at stipulated prices, at the option of the local government on any interest payment date and, if so, shall provide the method of selecting the bonds or notes to be redeemed. (3) The principal and interest on the bonds and notes may be payable at any place set forth in the resolution, trust indenture, or other document governing the bonds. (4) The bonds or notes shall be issued in registered form. (5) The bonds or notes may be in any denominations. (6) Each such bond or note is declared to be a negotiable instrument. (c) The bonds or notes may be sold at public or private sale. (d) Insofar as they are consistent with subdivision (a)(1) and subsections (b) and (c) of this section, the provisions of §§ 14-169-220 and 14-169-221 relating to procedures for issuance, form, contents, execution, negotiation, and registration of municipal bonds and notes are incorporated by reference therein. (e)(1) The bonds may be refunded or refinanced and refunding bonds may be issued in any principal amount. (2) Provided, that the last maturity of the refunding bonds shall not be later than the last maturity of the bonds being refunded. History. Acts 2001, No. 1197, § 18. 14-168-318. Redevelopment bonds or notes - Security - Marketability. To increase the security and marketability of redevelopment bonds or notes, the local government may: (1) Create a lien for the benefit of the bondholders upon any public improvements or public works financed by the bonds; or (2) Make such covenants and do any and all such actions, not inconsistent with the Arkansas Constitution, which may be necessary or convenient or desirable in order to additionally secure the bonds or notes, or which tend to make MA the bonds or notes more marketable according to the best judgment of the local governing body. History. Acts 2001, No. 1197, § 19. 14-168-319. Redevelopment bonds or notes - Special fund for repayment. (a) Redevelopment bonds and notes are payable out of the special fund created for each redevelopment district under this subchapter. (b)(1) The local governing body shall irrevocably pledge all or part of the special fund to the payment of the bonds or notes. (2) The special fund, or the designated part thereof, may thereafter be used only for the payment of the bonds or notes and their interest until they have been fully paid. (c) A holder of the bonds or notes shall have a lien against the special fund for payment of the bonds or notes and interest on them and may bring suit, either at law or in equity, to enforce the lien. History. Acts 2001, No. 1197, § 20. 14-168-320. Redevelopment bonds or notes - Tax exemption. Bonds and notes issued under this subchapter, together with the interest and income therefrom, shall be exempt from all state, county, and municipal income taxes. History. Acts 2001, No. 1197, § 21. 14-168-321. Excess funds. (a) Moneys received in the special fund of the district in excess of amounts needed to pay project costs may be used by the local governing body for other purposes of the district or for any other lawful purpose of the local governing body. (b) Upon termination of the district, all amounts in the special fund of the district may be used by the local governing body for any lawful purpose. History. Acts 2001, No. 1197, § 22. 14-168-322. Impact reports. The Assessment Coordination Department, in cooperation with other state agencies and local governments, shall make a comprehensive impact report to the Governor and to the General Assembly at the beginning of each biennium as to the economic, social, and financial effect and impact of community redevelopment financing projects. History. Acts 2001, No. 1197, § 23. 14-168-323. Value of assessed property in a redevelopment district. (a) If state funding to a school district is calculated with regard to the value of assessed property located in the school district, the incremental value of real property within a redevelopment district shall not be included in the assessed value of the real property within the school district for purposes of computing school district funding if the real property is located within the redevelopment district and within the school district and the assessed value of the real property increases above the base value. (b) Subsection (a) of this section shall apply for each school year during which the tax increment for real property within the redevelopment district is distributed pursuant to § 14-168-312. History. Acts 2003 (2nd Ex. Sess.), No. 43, § 1. C • 93 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.8 Existing Conditions / Land Use District Map , �ALLEY.61B - - - -MAPLE-ST-4 eFo�"4+g a 9 _. s { '�srsst r>� !. of lI 12 N • fl ,: •, r •,�f� SUTTON. ST I4�n �� 1 rl• ! � G _ 1 O W InII I H 2 —.r— CENTERST Id ]: 1� DNT/p LJ�, UNTAW ST O J: _Z' �A 5 NETS Land Use L_. -mGMv. Gnmo,nn Amended Boundary of i I Highway 71 East Square ®�. Redevelopment District No. I b 1 N (1-25-05) �OC,wc.amaf ;, prtamrtw.n.wo [� vaceara r< ,. BTMST� u s • • 95 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.9 Existing Conditions of Blight if f t , woo .[, Fri. e - - -. 1 / jilt- p r r. Mqq 0' .Ir ( A I 100 �1[OT�Y{1r1'-- .w E. NO TRESPASSIN WARNING CRIME SCENE "\ ".: THEM- P'[MISES IS '1K PROPERTY ARE SUBJECT >PROSECUTION UT POLICE Eck Hoyt YS vMY1 I • �1 )I • 0 Jill 102 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN i O 4 i EXHIBIT No.10 Financial Feasibility Study 103 An Extension of the Feasibility Study of the Highway 71 East Square Redevelopment District #1 Produced for the City of Fayetteville, Arkansas SAM M. WALTON COLLEGE 4 BUSINESS Centerfor Business and Economic Research Center for Business and Economic Research Reynolds Center Building 217 Sam M. Walton College of Business 1 University of Arkansas Fayetteville, Arkansas 72701-1201 (479)575-4151 Contact: Dr. Jeffery T. Collins, Director February 2005 • 104 Summary The City of Fayetteville approached the staff at the Center for Business and Economic Research with new assumptions about the values of assessed properties that would be coming on the tax rolls during the lifetime of the East Square Highway 71/Downtown TIF district. Growth in the assessed value of the district can result from three avenues. First, the caps imposed by Amendment 79 cause there to be an ever-expanding difference between taxable and assessed value. Recapturing taxable revenues is expected to generate growth for the next five to ten years. Second, there is "normal" growth in existing property values due to the functioning of the market. In Fayetteville from 2001 through 2004, existing commercial improved properties' assessed values grew at 7.8 percent while existing residential improved properties' assessed values grew at 7.9 percent. The third path to growth in total assessment values is the introduction of newly constructed improvements onto the tax rolls. When new construction is taken into consideration, the 2001-2004 average commercial improved category growth rate increases to 9.7 percent and the residential improved category growth rate increases to 15.5 percent. The calculations in this report do not make any adjustments for recapturing lost taxable revenues due to Amendment 79. The estimates are, however, dependent on the amount of growth in existing property values and on the amount of newly assessed construction. Tables I and 2 include the new projections of cash flows that will accrue to the district, depending on whether 3.16 mills or 7.66 mills are available. The growth rate values for years 2005 through 2009 are calculated differently than those in the remaining years of the TIF district's life. In 2005 through 2009, the assessed values of the commercial improved properties and the residential improved properties are first multiplied by the historical growth rates that do not include any new improvements being added to those categories. This rate is a "same parcel" rate that is analogous to the "same store sales" concept that retailers use when they report sales growth rates. On top of this reduced growth rate are added in the new assessments (in their estimated year of being added to the tax roles) from the "Potential New Developments Table" provided by the City of Fayetteville to CBER staff. These new assessments take the place of the portion of the growth rate that had been due to new improvements coming on the tax rolls. For years 2010 through 2029, the growth rates applied by property taxation classification are the averages from 2001-2004 that include growth due to new construction. No change in assessment values due to specific improvements is included for these years, but rather, recent history is used as a guide. Table 3 shows the differences in growth rates by property classification that are due to the change in the value of properties that are already on the tax rolls and the total change in the value of all properties in a class, including those that result from new construction. • • 105 Table 1: Projected Cash Flows with 3.16 Available Mills Combined Mountain Inn & Downtown Master Plan District Weighted Estimates by Property Taxation Classification 3.16 Mils Available See Appendix for Assumptions Total Available Increment...................................................................................... 5,311,645,994 TotalAvailable Yield.................................................................................................... 16,784,801 Net Present Value of Available Yield...................................................................... 9,707,652 TaxRate...................................................................................................... 0.316% PresentValue Rate................................................................................................................. 3.00% t TV ,� ♦ }j k M.!l� U A > Y ✓ S.:lu Ay HYe'drta�''*¢a+kl:4i}""a''Fti)j°Y.s�'h'tL��__ b4S##» f1&.& t1 Y::.l(1 Jj.'�^'5 ��:1. 1#�.��il #d �x �'rf�cJr e.Jiy��.> , } i 6 �`*#. ##v. �Ni 4 i �� # }at 1 #N A ##�_.[[ ,»ry r'4ei 1 � ,S .hu f Frozen Assessment 31,703,839 31,703,839 31,703,839 31,703,839 31,703,839 Total Assessment 35,046,385 42,118,605 57,387,152 67,738,453 77,510,478 Assessment Growth Rate _ 10.54% 20.18% 36.25% 18.04% 14.43% Increment 3,342,546 10,414,766 25,683,313 36,034,614 45,806,639 Available Yield 10,562 32,911 81,159 113,869 144,749 PV of Available Yield 10,255 31,021 74,272 101,171 124,862 __ra..-." t ,tl> i. k , y• > pl "... t f 2010 , '120 ,ls-.-,• -207 , 4 _ � 1 .-� � F..Y, 2 F , ? ,,_. X014 .: Frozen Assessment 31,703,839 _ 31,703,839 31 703,839 31,703,839 31,703,839 Total Assessment 85,988,396 95,446,587 106,004,848 117,798,429 130 980,125 Assessment Growth Rate 10.94% 11.00% 11.06% 11.13% 11.19% Increment 54,284,557 63,742,748 74 301,009 86,094,590 99,276,286 AvailableYieldI 171,539 201,427 234,791 272,059 313,713 PV of Available Yield 143,661 163,779 185,346 208,510 233,432 '........ . , 4___ l l" n RT V i.. _�. r015w &20X61 2019 �r r �.,zoln� � � k . 2ols, . : : Frozen Assessment 31,703,839 31,703,839 _ 31,703,839 31,703,839 31,703,839 Total Assessment 145,722,656 162,221,395 180 697,478 201,401,353 224,616,842 Assessment Growth Rate 11.26% 11.32% 11.39% 11.46% 11.53% Increment 114,018,817 130,517,556 148,993 639 169,697,514 192 913,003 Available Yield __ 360,299 412,435 470,820 536,244 609,605 PV of Available Yield 260,288 . 289,274 320,605 354,521 391,282 'mil Lk v °'.`i. JI>> ! ( �Y i MLL. _ .. 2020 � ;., 2021 �.;>a �,2022.�„, ,t .r; 2023,� ,, '�� Frozen Assessment 31,703,839 31,703,839 31,703,839 31,703,839 31,703,839 Total Assessment 250,665,780 279,913 330 312,774,051 349,718,858 391,282,982 Assessment Growth Rate 11.60% 11.67% 11.74% 11.81% 11.89% Increment 218,961,941 I 248,209,491 281,070,212 318,015,019 359,579,143 Available Yield I 691,920 I 784,342 888,182 1,004,927 1,136 270 PV ofAvailable Yield 431,182 474,540 521,713 573,096 629,125 Year: s t2O25:. =;20261 . ' E 2027^.' - : 2028 . ., . 2029 Frozen Assessment 31,703,839 31,703,839 I 31,703,839 31,703,839 31,703,839 Total Assessment __ 438,075,095 490,787,763 550,209,426 617,238,145 692,897,356 Assessment Growth Rate 11.96% ! 12.03% 12.11% 12.18% 12.26% Increment 406,371,256 L... 459,083,924 518,505,587 585,534,306 661,193,517 Available Yield 1,284,133 I 1,450,705 1,638,478 1,850,288 2,089,372 PV of Available Yield 690,285 757,112 830,203 910,219 997,895 • • 106 Table 2: Projected Cash Flows with 7.66 Available Mills Combined Mountain Inn & Downtown Master Plan District Weighted Estimates by Property Taxation Classification 7.66 Mils Available See Appendix for Assumptions TotalAvailable Increment...................................................................................... 5,311,645,994 TotalAvailable Yield.................................................................................................... 40,687,208 Net Present Value of Available Yield...................................................................... 23,531,839 TaxRate...................................................................................................... 0.766% PresentValue Rate.................................................................................................. 3.00% lain a �1., c. `R u Frozen Assessment ,839 31,703,839 31,703,839 31,703,839 31,703839 Total Assessment 385 TV 42,118,605 57387,152 67738,453 77,510478 Assessment Growth Rate 4% 20.18% 36.25% 18.04% 14.43% Increment 546 10,414,766 25,683 313 36,034,614 45,806,639 Available Yield 25,604 79,777 196,734 350,879 PV of Available Yield 24,858 75,1198 180,040 -276,025 245,245 245,245 302,671 h_ � :Year• 1c3,= r. l k i `rt LO1O•........♦IY> :.t k Z \ �'{• }:. •Y I .� >1 �Y2Y12 2..,.I. J •_.......•.y{ .}f .1 .. �i3: J.5 t • i Frozen Assessment 31,703,83903,839 31,703,839 31,703,839 31,703 839 Total Assessment 85,988,39646,587 106,004,848 117,798,429 130,980,125 Assessment Growth Rate 10.94% 11_00% 11.06% 11.13% 11.19% Increment 54,284,557 63,742,748 74,301 009 86,094,590 99,276,286 Available Yield I 415,820 488,269 569,146 659,485 760,456 PV of Available Yield 348,242 397,008 449,289 505,440 565,851 M t l \ Year I• -..v,. --.....t: 205 S .2016 ,;...• il YY. ! 13 ur'.i:; rt.<� 29.1j7 tf Jam: .. 20JB 2419s-; Frozen Assessment 31,703,839 31,703,839 31,703,839 31,703,839 31,703,839 Total Assessment 145,722,656 162,221,395 180,697 478 201,401,353 224,616,842 Assessment Growth Rate 11.26%I11.32% 11.39% 11.46% 11.53% Increment I 114,018,817 130,517,556 148,993,639 169,697,514 192,913 003 Available Yield 873,384 999,764 1,141,291 1,299,883 1,477,714 PV of Available Yield 630,951 701,215 777,164 859,376 948,488 Zr-i. ;...,: , .1x2920: : 2021.:.; , , 0 . ,.t n - `.:? 22 2023 > , , . Frozen Assessment 31,703,839 31,703,839 31,703,839 31,703,839 31,703,839 Total Assessment 250,665,780 279,913,330 312,774,051 349,718,858 391,282,982 Assessment Growth Rate 11.60% 11.67% 11.74% 11.81% 11.89% Increment 218,961941 248,209,491 281,070,212 318,015,019 359,579,143 Available Yield i 1,677,248 1,901,285 2,152,998 2,435,995 2,754,376 PV of Available Yield 1,045,206 1,150,309 1,264,659 1,389,214 1,525,031 Year .. 2025 20?6 2027 2028 : -2029. .. .. Frozen Assessment 31,703,8391 31,703,839 31,703,839 31,703,839 31,703,839 Total Assessment 438,075,095 490,787,763 550,209,426 617,238,145 692,897,356_ Assessment Growth Rate 11.96% 12.03% 12.11% 12.18% _ 12.26% Increment 406,371,256 1 459,083,924 518,505,587 585,534,306 661,193,517 Available Yield 3,112,804 ' 3,516,583 3,971,753 4,485,193 5,064,742 PV of Available Yield 1,673,285 I 1,835,278 2,012,454 2,206,418 2,418,949 107 Table 3: Growth Rates by Property Type with and without New Construction 2001-2004 Same 2001-2004 Assessed Property Type Parcels Assessed Value Growth Rate Value Growth Rate including New Construction Commercial Building 3.3% 3.3% Commercial Improved 7.8% 9.7% Commercial Miscellaneous 6.4% 6.4% Commercial Residential 8.3% 8.3% Commercial Transportation 4.9% 4.9% Commercial Vacant 6.0% 6.0% Industrial Improved 4.0% 4.0% Industrial Vacant 7.0% 7.0% Public Service 6.5% 11.9% Residential Improved 7.9% 15.5% Residential Miscellaneous 0.0% 0.0% Residential Vacant 0.2% 0.2% • .-O a E N Q E a 0 0 d G z G N a a !y a L co m d C X d 0 m a O > Y > U wo 02 �. ei .9 w D � O O a O O O U O o O O U M a� ii X � 00 Y O OO w a O N T G.. 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WALTON UNP�ERSITY COLLEGE Qf BUSINESS OARKANSAS Center/or Business and Economic Research Center for Business and Economic Research Reynolds Center Building 217 Sam M. Walton College of Business I University of Arkansas Fayetteville, Arkansas 72701-1201 (479) 575-4151 Contact: Dr. Jeffery T. Collins, Director January 2005 118 Introduction This report includes the results of the financial feasibility study of the Highway 71 East Square Redevelopment District #1 (East Square district) requested by the City of Fayetteville from researchers at the Center for Business and Economic Research (CBER) in the Sam M. Walton College of Business at the University of Arkansas. As of publication time, there are various scenarios being considered for financing the redevelopment of the East Square area together with differing assumptions about the availability of funding. Because of the lingering uncertainties about the inputs to the model, a series of 12 different estimations is presented. As policies become more concrete, decision -makers can use the tables that best represent reality to help in their processes. The projections included in this report are based on assessment values from 2001 to 2004. Although some assessment data are available for years prior to 2001, changes in the property tax laws and in the appraisal process make comparisons invalid. The authors of this study acknowledge that the use of only four years of data to make projections for the next twenty-five years is a considerable limitation. However, the authors of this report also believe that good decisions are the results of good information and the data from 2001-2004 are of sufficient quality to make reasonable predictions about the future. More importantly, no reasonable alternative methodology for predicting the growth in assessment values exists. The University and CBER are unable to guarantee any outcome, result, or investment decision of the City, the project developers, legal and underwriting professionals involved in the preparation of the bond documents, or individual bond investors, and expressly decline to make any such guarantee. Naturally, economic feasibility studies are subject to and affected by ever-changing local, state, national, and international economic and political forces and other economic assumptions. With respect to any investment decision, therefore, decision -makers must exercise their discretion and best judgment based upon the best available information, but no assurances or outcomes can be guaranteed. It must be clear to all who read this financial feasibility report that the predictions made by CBER researchers are based upon historical data, and to the extent that the future differs from the past, the projections will be more or less accurate. Market forces, local, state, national, and international events, acts of nature, and many other variables affect the assessed property values in Fayetteville and its districts and cause deviations from the projected values. CBER researchers and the University cannot be held responsible fro any differences between predictions about the future and actual outcomes. 2 119 Methodology The purpose of this report is to estimate the revenue stream that can be expected to result from the levying of property taxes on the incremental change in assessed real estate value in the East Square district. Additionally, projections of the revenue stream resulting from the levying of property taxes in the East Square district and a set of parcels from downtown Fayetteville are estimated. The first step in the estimating these revenues involved data gathering. Staff from the City of Fayetteville provided CBER researchers the list of parcels that would be included in the East Square district and in a proposed Downtown TIF district. CBER analysts then obtained parcel assessment data for the years 2001 through 2004 from the Washington County Assessor's office. The 2004 data represent a snapshot of the Washington County Assessor's records as of December 31, 2004. The property use type of each of the parcels was identified and average annual assessment growth rates were calculated by type for the years 2001 to 2004 for the East Square district set of parcels, the East Square district plus the Downtown parcels, and for all Fayetteville parcels. Then twenty-five year baseline projections for each district were produced. These projections assume that each property will grow at its parcel type's average annual growth rate from 2001-2004 for the next twenty-five years. This baseline scenario shows how property values in the districts are likely to change absent any infrastructure improvement. Arkansas Amendment 79 caps the growth of assessed values of existing properties at 5 percent for owner -occupied houses, at 0 percent for homeowners over the age of 65 and for disabled people, and at 10 percent for other properties. However, when new improvements are made, the full appraised value of these properties is assessed in their first year and then in subsequent years, these properties become subject to the Amendment 79 caps on growth in assessed value. Thus, it is possible for the annual growth rate of a particular category of properties to exceed the Amendment 79 capped amount. Using the average annual growth rates by parcel type as the basis of the projections means that these newly assessed properties are included in the estimate. After the baseline projections, assuming no extraordinary infrastructure improvements, were calculated, two alternative scenarios were presented. The first includes the addition to the tax rolls of two projects in 2007. The "Terminella Project" is one of the developments while the other is the redevelopment of the old library building. The Terminella project is assumed to have an appraised value of $2.6 million, which translates into $520,000 of additional assessed value. The redevelopment of the old library building is assumed to add $4 million in appraised value to the district, resulting in $800,000 of additional assessed value. The assessed values of these properties then grow at the Commercial Improved rate for the duration of the twenty-five year period. 120 The second scenario presented includes the addition of the Terminella Project and the redevelopment of the old library along with the redevelopment of the Mountain Inn property. The Mountain [nn is assumed to come on the tax rolls in 2007 with an appraised value of $20 million, which equates to an assessed value of $4 million. Once the projections of total assessed value in each district and for each scenario were made, the available increment in each year was calculated. To calculate the annual yield of the TIF district, it is necessary to apply the appropriate millage rate to the available increment. At the request of the City of Fayetteville, two millage scenarios are presented. The first assumes that of the 51.86 mills that are assessed in the district, 7.66 will be available for tax increment financing. These 7.66 mills are the sum of the Washington County millage, the roads millage, the City of Fayetteville millage, and the library millage. The second rate is 3.16. This amount is the remainder from 51.86 when the 25 state -mandated public school mills and the 23.7 Fayetteville Public School debt millage as of January 1, 2001 are subtracted. Results The results of the various permutations of scenarios are presented in Tables 1 through 12. The first three tables present the results using only the parcels in the original East Square district, along with a 7.66 millage rate. Tables 4 through 6 present the results using only the parcels in the original East Square district along with a 3.16 millage rate. Tables 7 through 12 replicate these results using the parcels in both the East Square district and the Downtown districts. Table 13 presents a summarized version of the twenty-five year total yields from each of the alternatives presented in the first twelve tables. Under the scenario where parcels from both the East Square district and the Downtown district are include and when 7.66 mills are available to the TIF district, the Terminella project and the old library redevelopment add $775,268 to the total twenty-five year yield. In the same case, the addition of the Mountain Inn redevelopment adds $2,329,296 to the twenty-five year yield. These are the upper bounds for the scenarios considered for the impacts of these projects. Included in Tables 14 through 17 are summary statistics about the data and about the millage rates considered. Table 14 contains the distribution of parcels by type for the East Square district, the East Square district and the Downtown district, and for the entire City of Fayetteville. The East Square district is more heavily weighted Commercial Improved than the whole city and less heavily weighted toward Residential Improved. Adding the Downtown district parcels alleviates this somewhat, but Fayetteville is still much more residential than the districts considered. The information contained in Table 15 bears this out further. A full 79.2 percent of the assessed valuation in the East Square district is Commercial Improved, 66.0 percent of the assessed valuation in the East Square plus Downtown district is Commercial Improved and only 32.4 percent of the assessed valuation in the whole City of Fayetteville is Commercial Improved. El • • 121 Therefore, the growth rate applied to the Commercial Improved properties will have a disproportionate effect in the East Square district. Table 16 shows the average annual growth rates in assessed values by parcel type for the East Square district, the East Square plus Downtown district, and the City of Fayetteville. For the East Square Commercial Improved properties, the average annual growth rate from 2001 to 2004 was 8.1 percent. In Fayetteville as a whole and in the East Square plus Downtown district, the growth rate was higher, at 9.7 percent. Finally, Table 17 presents the breakdown of the millage rate assumptions used in this study. Obviously, there is a significant revenue difference under every scenario depending on whether the higher or lower millage rate is applied to the available increment. Conclusion This study uses historical growth rates in assessed value to project out the revenue stream that will be available for use in the East Square TIF district in the City of Fayetteville. Three model specifications are considered: a baseline where no extraordinary infrastructure investment is made, an alternative where the Terminella project and the old library redevelopment are considered, and an alternative where the redevelopment of the Mountain Inn is additionally considered. Also, projections are included for a district that would include both the East Square and the Downtown districts. Under the most liberal scenario, the available yield for the TIF district is $30,668,484. The difference between this scenario and its baseline is $3,104,564. This difference is the amount that should be attributable to specific investments, rather than the normal progression of the market. • • 122 Table 1: East Square Baseline Scenario with Available TIF millage of 7.66 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,007,514,922 Total Available Yield: $7,717,564 Net Present Value of Total Available Yield: $4,496,471 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $17,983,461 $19,463,936 $21,072,067 $22,819,434 $24,718,735 Assessment Growth Rate 8.20% 8.23% 8.26% 8.29% 8.32% Increment $1,363,383 $2,843,858 $4,451,989 $6,199,356 $8,098,657 Available Yield $10,444 $21,784 $34,102 $47,487 $62,036 PV of Available Yield $10,139 $20,533 $31,208 $42,192 $53,513 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $26,783,908 $29,030,259 $31,474,607 $34,135,448 $37,033,139 Assessment Growth Rate 8.35% 8.39% 8.42% 8.45% 8.49% Increment $10,163,830 $12,410,181 $14,854,529 $17,515,370 $20,413,061 Available Yield $77,855 $95,062 $113,786 $134,168 $156,364 PV of Available Yield $65,202 $77,294 $89,823 $102,828 $116,350 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $40,190,101 $43,631,044 $47,383,230 $51,476,755 $55,944,875 Assessment Growth Rate 8.52% 8.56% 8.60% 8.64%, 8.68% Increment $23,570,023 $27,010,966 $30,763,152 $34,856,677 $39,324,797 Available Yield $180,546 $206,904 $235,646 $267,002 $301,228 PVofAvailableYield $130,431 $145,118 $160,463 $176,520 $193,347 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $60,824,371 $66,155,958 $71,984,747 $78,360,770 $85,339,567 Assessment Growth Rate 8.72% 8.77% 8.81% 8.86% 8.91% Increment $44,204,293 $49,535,880 $55,364,669 $61,740,692 $68,719,489 Available Yield $338,605 $379,445 $424,093 $472,934 $526,391 PV of Available Yield $211,007 $229,570 $249,110 $269,707 $291,450 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $92,982,856 $101,359,291 $110,545,315 $120,626,141 $131,696,854 Assessment Growth Rate 8.96% 9.01% 9.06% 9.12% 9.18% Increment $76,362,778 $84,739,213 $93,925,237 $104,006,063 $115,076,776 Available Yield $584,939 $649,102 $719,467 $796,686 $881,488 PV of Available Yield $314,433 $338,762 $364,548 $391,917 $421,004 6 123 Table 2: East Square Scenario Including the Terminella Project and the Library Renovation with Available TIF millage of 7.66 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,089,070,271 Total Available Yield: $8,342,278 Net Present Value of Total Available Yield: $4,877,993 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $17,983,461 $19,463,936 $22,392,067 $24,246,489 $26,261,528 Assessment Growth Rate 8.20% 8.23% 15.04% 8.28% 8.31% Increment $1,363,383 $2843,858 $5,771,989 $7626,411 $9,641,450 Available Yield $10,444 $21,784 $44,213 $58,418 $73,854 PV of Available Yield $10,139 $20,533 $40,462 $51,904 $63,707 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $28,451,825 $30,833,447 $33,424,037 $36,242,982 $39,311,599 Assessment Growth Rate 8.34% 8.37% 8.40% 8.43% 8.47% Increment $11,831,747 $14,213,369 $16,803,959 $19,622,904 $22,691,521 Available Yield $90,631 $108,874 $128,718 $150,311 $173,817 PV of Available Yield $75,902 $88,525 $101,611 $115,201 $129,336 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $42,653,349 $46,294,068 $50,262,231 $54,589,249 $59,309,800 Assessment Growth Rate 8.50% 8.54% 8.57% 8.61% 8.65% Increment $26,033,271 $29,673,990 $33,642,153 $37,969,171 $42,689,722 Available Yield $199,415 $227,303 $257,699 $290,844 $327,003 PV of Available Yield $144,062 $159,426 $175,480 $192,282 $209,891 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $64462,199 $70,088,822 $76,236,576 $82,957,432 $90,309,028 Assessment Growth Rate 8.69% 8.73% 8.77% 8.82% 8.86% Increment $47,842,121 $53,468,744 $59,616,498 $66,337,354 $73,688,950 Available Yield $366,471 $409,571 $456,662 $508,144 $564,457 PV of Available Yield $228,372 $247,797 $268,241 $289,787 $312,526 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $98,355,352 $107,167,508 $116,824,592 $127,414,682 $139,035,961 Assessment Growth Rate 8.91% 8.96% 9.01% 9.06% 9.12% Increment $81,735,274 $90,547,430 $100,204,514 $110,794,604 $122,415,883 Available Yield $626,092 $693,593 $767,567 $848,687 $937,706 PV of Available Yield $336,555 $361,981 $388,920 $417,498 $447,853 7 0 • 124 Table 3: East Square Scenario with the Mountain Inn, Terminella Project, and Library Renovation with available TIF millage of 7.66 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,336,207,692 Total Available Yield: $10,235,531 Net Present Value of Total Available Yield: $6,034,119 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620078 $16,620,078 Total Assessment $17,983,461 $19,463,936 $26,392,067 $28,570,898 $30,936,656 Assessment Growth Rate 8.20% 8.23% 35.59% 8.26% 8.28% Increment $1,363,383 $2,843,858 $9,771,989 $11,950,820 $14,316,578 Available Yield $10,444 $21,784 $74,853 $91,543 $109,665 PV of Available Yield Frozen Assessment Total Assessment $10,139 $16,620,078 $33,506,117 $20,533 $16,620,078 $36,297,654 $68,501 $16,620,078 $39,331,404 $81,335 $16,620,078 $42,629,450 $94,598 $16,620,078 $46,216,024 Assessment Growth Rate 8.31% 8.33% 8.36% 8.39% 8.41% Increment Available Yield $16,886,039 $129,347 $19,677,576 $150,730 $22,711,326 $173,969 $26,009,372 $199,232 $29,595,946 $226,705 PV of Available Yield $108,326 $122,557 $137,333 $152,695 $168,690 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $50,117,738 $54,363,836 $58,986,476 $64,021,050 $69,506,541 Assessment Growth Rate 8.44% 8.47% 8.50% 8.54% 8.57% Increment $33,497,660 $37,743,758 $42,366,398 $47,400,972 $52,886,463 Available Yield $256,592 $289,117 $324,527 $363,091 $405,110 PV of Available Yield $185,368 $202,781 $220,987 $240,046 $260,025 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $75,485,920 $82,006,592 $89,120,904 $96,886,708 $105,368,001 Assessment Growth Rate 8.60% 8.64% 8.68% 8.71% 8.75% Increment $58,865,842 $65,386,514 $72,500,826 $80,266,630 $88,747,923 Available Yield $450,912 $500,861 $555,356 $614,842 $679,809 PV of Available Yield $280,994 $303,029 $326,213 $350,636 $376,394 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment Assessment Growth Rate $114,635,642 8.80% $124,768,166 8.84% $135,852,704 8.88% $147,986,017 8.93% $161,275,679 8.98% Increment Available Yield PV of Available Yield $98,015,564 $750,799 $403,592 $108,148,088 $828,414 $432,343 $119,232,626 $913,322 $462,773 $131,365,939 $1,006,263 $495,015 $144,655,601 $1,108,062 $529,217 125 Table 4: East Square Baseline Scenario with Available T/F millage of 3.16 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,007,514,922 Total Available Yield: $3,183,747 Net Present Value of Total Available Yield: $1,854,941 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $17,983,461 $19,463,936 $21,072,067 $22,819,434 $24,718,735 Assessment Growth Rate 8.20% 8.23% 8.26% - 8.29% 8.32% Increment $1,363,383 $2,843,858 $4,451,989 $6,199,356 $8,098,657 Available Yield $4,308 $8,987 $14,068 $19,590 $25,592 PV of Available Yield $4,183 $8,471 $12,874 $17,405 $22,076 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $26,783,908 $29,030,259 $31,474,607 $34,135,448 $37,033,139 Assessment Growth Rate 8.35% 8.39% 8.42% 8.45% 8.49% Increment $10,163,830 $12,410,181 $14,854,529 $17,515,370 $20,413,061 Available Yield $32,118 $39,216 $46,940 $55,349 $64,505 PV of Available Yield $26,898 $31,886 $37,055 $42,420 $47,998 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $40,190,101 $43,631,044 $47,383,230 $51,476,755 $55,944,875 Assessment Growth Rate 8.52% 8.56% . 8.60% 8.64% 8.68% Increment $23,570,023 $27,010,966 $30,763,152 $34,856,677 $39,324,797 Available Yield $74,481 $85,355 $97,212 $110,147 $124,266 PV of Available Yield $53,807 $59,866 $66,196 $72,820 $79,762 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $60,824,371 $66,155,958 $71,984,747 $78,360,770 $85,339,567 Assessment Growth Rate 8.72% 8.77% 8.81% 8.86% 8.91% Increment $44,204,293 $49,535,880 $55,364,669 $61,740,692 $68,719,489 Available Yield $139,686 $156,533 $174,952 $195,101 $217,154 PV of Available Yield $87,047 $94,705 $102,766 $111,263 $120,233 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $92,982,856 $101,359,291 $110,545,315 $120,626,141 $131,696,854 Assessment Growth Rate 8.96% 9.01% 9.06% 9.12% 9.18% Increment $76,362,778 $84,739,213 $93,925,237 $104,006,063 $115,076,776 Available Yield $241,306 $267,776 $296,804 $328,659 $363,643 PV of Available Yield $129,714 $139,750 $150,388 $161,679 $173,678 • • 126 Table 5: East Square Scenario Including the Terminella Project and the Library Renovation with Available TIF millage of 3.16 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,089,070,271 Total Available Yield: $3,441,462 Net Present Value of Total Available Yield: $2,012,331 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $17,983,461 $19,463,936 $22,392,067 $24,246,489 $26,261,528 Assessment Growth Rate 8.20% 8.23% 15.04% 8.28% 8.31% Increment $1363,383 $2,843,858 $5,771,989 $7,626411 $9,641,450 Available Yield $4,308 $8,987 $18,239 $24,099 $30,467 PV of Available Yield $4,183 $8,471 $16,692 $21,412 $26,281 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $28,451,825 $30,833,447 $33,424,037 $36,242,982 $39,311,599 Assessment Growth Rate 8.34% 8.37% 8.40% 8.43% 8.47% Increment $11,831,747 $14,213,369 $16,803,959 $19,622,904 $22,691,521 Available Yield $37,388 $44,914 $53,101 $62,008 $71,705 PV of Available Yield $31,312 $36,519 $41,918 $47,524 $53,355 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $42,653,349 $46,294,068 $50,262,231 $54,589,249 $59,309,800 Assessment Growth Rate 8.50% 8.54% 8.57% 8.61% 8.65% Increment $26,033,271 $29,673,990 $33,642,153 $37,969,171 $42,689,722 Available Yield $82,265 $93,770 $106,309 $119,983 $134,900 PV of Available Yield $59,430 $65,768 $72,391 $79,323 $86,587 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $64,462,199 $70,088,822 $76,236,576 $82,957,432 $90,309,028 Assessment Growth Rate 8.69% 8.73% 8.77% 8.82% 8.86% Increment $47,842,121 $53,468,744 $59,616,498 $66,337,354 $73,688,950 Available Yield $151,181 $168,961 $188,388 $209,626 $232,857 PV of Available Yield $94,211 $102,224 $110,658 $119,547 $128,927 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $98,355,352 $107,167,508 $116,824,592 $127,414,682 $139,035,961 Assessment Growth Rate 8.91% 8.96% 9.01% 9.06% 9.12% Increment $81,735,274 $90,547,430 $100,204,514 $110,794,604 $122,415,883 Available Yield $258,283 $286,130 $316,646 $350,111 $386,834 PV of Available Yield $138,840 $149,329 $160,442 $172,231 $184,754 10 I • 127 Table 6: East Square Scenario with the Mountain Inn, Terminella Project, and Library Renovation with available TIF millage of 3.16 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,336,207,692 Total Available Yield: $4,222,416 Net Present Value of Total Available Yield: $2,489,271 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $17,983,461 $19,463,936 $26,392,067 $28,570,898 $30,936,656 Assessment Growth Rate 8.20% 8.23% 35.59% 8.26% 8.28% Increment $1,363,383 $2,843,858 $9,771,989 $11,950,820 $14,316,578 Available Yield $4,308 $8,987 $30,879 $37,765 $45,240 PV of Available Yield $4,183 $8,471 $28,259 $33,553 $39,025 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $33,506,117 $36,297,654 $39,331,404 $42,629,450 $46,216,024 Assessment Growth Rate 8.31% 8.33% 8.36% 8.39% 8.41% Increment $16,886,039 $19,677,576 $22,711,326 $26,009,372 $29,595,946 Available Yield $53,360 $62,181 $71,768 $82,190 $93,523 PV of Available Yield $44,688 $50,559 $56,654 $62,991 $69,590 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $50,117,738 $54,363,836 $58,986,476 $64,021,050 $69,506,541 Assessment Growth Rate 8.44% 8.47% 8.50% 8.54% 8.57% Increment $33,497,660 $37,743,758 $42,366,398 $47,400,972 $52,886,463 Available Yield $105,853 $119,270 $133,878 $149,787 $167,121 PV of Available Yield $76,470 $83,654 $91,164 $99,027 $107,269 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $75,485,920 $82,006,592 $89,120,904 $96,886,708 $105,368,001 Assessment Growth Rate 8.60% 8.64% 8.68% 8.71% 8.75% Increment $58,865,842 $65,386,514 $72,500,826 $80,266,630 $88,747,923 Available Yield $186,016 $206,621 $229,103 $253,643 $280,443 PV of Available Yield $115,919 $125,009 $134,574 $144,649 $155,275 Frozen Assessment $16,620,078 $16,620,078 $16,620,078 $16,620,078 $16,620,078 Total Assessment $114,635,642 $124,768,166 $135,852,704 $147,986,017 $161,275,679 Assessment Growth Rate 8.80% 8.84% 8.88% 8.93% 8.98% Increment $98,015,564 $108,148,088 $119,232,626 $131,365,939 $144,655,601 Available Yield $309,729 $341,748 $376,775 $415,116 $457,112 PV of Available Yield $166,495 $178,356 $190,909 $204,210 $218,319 0 0 128 Table 7: East Square and Downtown Baseline Scenario with Available TIF millage of 7.66 . Weighted Estimates by Property Taxation Classification Total Available Increment: $3,598,422,952 Total Available Yield: $27,563,920 Net Present Value of Total Available Yield: $15,744,504 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $35,135,825 $38,964,278 $43,237,746 $48,011,059 $53,346,178 Assessment Growth Rate 10.83% 10.90% 10.97% 11.04% 11.11% Increment Available Yield $3431,986 $26,289 $7,260439 $55,615 $11,533,907 $88,350 $16,307,220 $124,913 $21,642,339 $165,780 PV of Available Yield $25,523 $52,422 $80,853 $110,984 $143,004 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $59,313,167 $65,991,305 $73,470,353 $81,852,005 $91,251540 Assessment Growth Rate 11.19% 11.26% 11.33% 11.41% 11.48% Increment $27,609,328 $34,287,466 $41,766,514 $50,148,166 $59,547,701 Available Yield $211,487 $262,642 $319,932 $384,135 $456,135 PV of Available Yield $177,117 $213,552 $252,557 $294,407 $339,408 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $101,799,717 $113,644,944 $126,955,756 $141,923652 $158,766,349 Assessment Growth Rate 11.56% 11.64% 11.71% 11.79% 11.87% Increment $70,095,878 $81,941,105 $95,251,917 $110,219,813 $127,062,510 Available Yield $536,934 $627,669 $729,630 $844,284 $973,299 PV of Available Yield $387,893 $440,234 $496,842 $558,171 $624,723 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $177,731,504 $199,100,989 $223,195,775 $250,381,555 $281,075,178 Assessment Growth Rate 11.95% 12.02% 12.10% 12.18% 12.26% Increment Available Yield $146,027,665 $1,118,572 $167,397,150 $1,282,262 $191,491,936 $1,466,828 $218,677,716 $1,675,071 $249,371,339 $1,910,184 PV of Available Yield $697,057 $775,790 $861,607 $955,270 $1,057,623 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $315,752,037 $354,954,549 $399,301,895 $449,501,199 $506,360,371 Assessment Growth Rate 12.34% 12.42% 12.49% 12.57% 12.65% Increment Available Yield PV of Available Yield $284,048,198 $2,175,809 $1,169,605 $323,250,710 $2,476,100 $1,292,258 $367,598,056 $2,815,801 $1,426,743 $417,797,360 $3,200,328 $1,574,349 $474,656,532 $3,635,869 $1,736,511 12 129 Table 8: East Square and Downtown Scenario Including the Terminella Project and the Library Renovation with Available TIF Millage of 7.66 Weighted Estimates by Property Taxation Classification Total Available Increment: $3,699,632,858 Total Available Yield: $28,339,188 Net Present Value of Total Available Yield: $16,209,996 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $35,135,825 $38,964,278 $44,557,746 $49,459,472 $54,935,495 Assessment Growth Rate 10.83% 10.90% 14.36% 11.00% 11.07% Increment $3,431,986 $7,260,439 $12,853,907 $17,755,633 $23,231,656 Available Yield $26,289 $55,615 $98,461 $136,008 $177,954 PV of Available Yield $25,523 $52,422 $90,106 $120,841 $153,505 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $61,057,095 $67,904,886 $75,570,092 $84,156,011 $93,779,683 Assessment Growth Rate 11.14% 11.22% 11.29% 11.36% 11.44% Increment $29,353,256 $36,201,047 $43,866,253 $52,452,172 $62,075,844 Available Yield $224,846 $277,300 $336,015 $401,784 $475,501 PV of Available Yield $188,305 $225,470 $265,254 $307,934 $353,817 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $104,573,804 $116,688,900 $130,295,833 $145,588,658 $162,787,894 Assessment Growth Rate 11.51% 11.59% 11.66% 11.74% 11.81% Increment $72,869,965 $84,985,061 $98,591,994 $113,884,819 $131,084,055 Available Yield $558,184 $650,986 $755,215 $872,358 $1,004,104 PV of Available Yield $403,244 $456,588 $514,264 $576,731 $644,496 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $182,144,274 $203,943,041 $228,508,872 $256,211,522 $287,472,295 Assessment Growth Rate 11.89% 11.97% 12.05% 12.12% 12.20% Increment $150,440,435 $172,239,202 $196,805,033 $224,507,683 $255,768,456 Available Yield $1,152,374 $1,319,352 $1,507,527 $1,719,729 $1,959,186 PV of Available Yield $718,121 $798,230 $885,513 $980,737 $1,084,754 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $322,771,478 $362,656,856 $407,753,498 $458,774,990 $516,536,336 Assessment Growth Rate 12.28% 12.36% 12.44% 12.51% 12.59% Increment $291,067,639 $330,953,017 $376,049,659 $427,071,151 $484,832,497 Available Yield $2,229,578 $2,535,100 $2,880,540 $3,271,365 $3,713,817 PV of Available Yield $1,198,508 $1,323,050 $1,459,546 $1,609,295 $1,773,740 13 M • 130 Table 9: East Square and Downtown Scenario with the Mountain Inn, Terminella Project, and Library Renovation with available TIF Millage of 7.66 Weighted Estimates by Property Taxation Classification Total Available Increment: $4,006,329,540 Total Available Yield: $30,668,484 Net Present Value of Total Available Yield: $17,620,577 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $35,135,825 $38,964,278 $48,557,746 $53,848,600 $59,751,606 Assessment Growth Rate 10.83% 10.90% 24.62% 10.90% 10.96% Increment $3,431,986 $7,260,439 $16,853,907 $22,144,761 $28,047,767 Available Yield $26,289 $55,615 $129,101 $169,629 $214846 PV of Available Yield $25,523 $52,422 $118,146 $150,713 $185,328 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $66,341,727 $73,703,618 $81,932,936 $91,137845 $101,440,724 Assessment Growth Rate 11.03% 11.10% 11.17% 11.23% 11.30% Increment $34,637,888 $41,999,779 $50,229,097 $59,434,006 $69,736,885 Available Yield $265,326 $321,718 $384,755 $455,264 $534,185 PV of Available Yield $222,207 $261,586 $303,729 $348,922 $397,483 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $112,980,126 $125,913,006 $140,417,279 $156,694,739 $174,974,396 Assessment Growth Rate 11.38% 11.45% 11.52% 11.59% 11.67% Increment $81,276,287 $94,209,167 $108,713,440 $124,990,900 $143,270,557 Available Yield $622,576 $721,642 $832,745 $957,430 $1,097,452 PV of Available Yield $449,762 $506,145 $567,059 $632,974 $704,413 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $195,516,304 $218,615,928 $244,609,167 $273,878,086 $306,857,498 Assessment Growth Rate 11.74% 11.81% 11.89% 11.97% 12.04% Increment $163,812,465 $186,912,089 $212,905,328 $242,174,247 $275,153,659 Available Yield $1,254,803 $1,431,747 $1,630,855 $1,855,055 $2,107,677 PV of Available Yield $781,952 $866,230 $957,955 $1,057,912 $1,166,970 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $344,042,512 $385,997,178 $433,364,414 $486,877,387 $547,372,590 Assessment Growth Rate 12.12% 12.19% 12.27% 12.35% 12.43% Increment $312,338,673 $354,293,339 $401,660,575 $455,173,548 $515,668,751 Available Yield $2,392,514 $2,713,887 $3,076,720 $3,486,629 $3,950,023 PV of Available Yield $1,286,094 $1,416,357 $1,558,949 $1,715,191 $1,886,553 14 • • 131 Table 10: East Square and Downtown Baseline Scenario with Available TIF millage of 3.16 Weighted Estimates by Property Taxation Classification Total Available Increment: $3,598,422,952 Total Available Yield: $11,371,017 Net Present Value of Total Available Yield: $6,495,122 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $35,135,825 $38,964,278 $43,237,746 $48,011,059 $53,346,178 Assessment Growth Rate 10.83% 10.90% 10.97% 11.04% 11.11% Increment $3,431,986 $7,260,439 $11,533,907 $16,307,220 $21,642,339 Available Yield $10,845 $22,943 $36,447 $51,531 $68,390 PV of Available Yield $10,529 $21,626 $33,354 $45,784 $58,994 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $59,313,167 $65,991,305 $73,470,353 $81,852,005 $91,251,540 Assessment Growth Rate 11.19% 11.26% 11.33% 11.41% 11.48% Increment $27,609,328 $34,287,466 $41,766,514 $50,148,166 $59,547,701 Available Yield $87,245 $108,348 $131,982 $158,468 $188,171 PV of Available Yield $73,067 $88,097 $104,188 $121,453 $140,017 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $101,799,717 $113,644,944 $126,955,756 $141,923,652 $158,766,349 Assessment Growth Rate 11.56% 11.64% 11.71% 11.79% 11.87% Increment $70,095,878 $81,941,105 $95,251,917 $110,219,813 $127,062,510 Available Yield $221,503 $258,934 $300,996 $348,295 $401,518 PV of Available Yield $160,018 $181,611 $204,964 $230,264 $257,719 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $177,731,504 $199,100,989 $223,195,775 $250,381,555 $281,075,178 Assessment Growth Rate 11.95% 12.02% 12.10% 12.18% 12.26% Increment $146,027,665 $167,397,150 $191,491,936 $218,677,716 $249,371,339 Available Yield $461,447 $528,975 $605,115 $691,022 $788,013 PV of Available Yield $287,559 $320,039 $355,441 $394,080 $436,304 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $315,752,037 $354,954,549 $399,301,895 $449,501,199 $506,360,371 Assessment Growth Rate 12.34% 12.42% 12.49% 12.57% 12.65% Increment $284,048,198 $323,250,710 $367,598,056 $417,797,360 $474,656,532 Available Yield $897,592 $1,021,472 $1,161,610 $1,320,240 $1,499,915 PV of Available Yield $482,500 $533,099 $588,578 $649,470 $716,368 15 • 132 Table 11: East Square and Downtown Scenario Including the Terminella Project and the Library Renovation with Available TIF millage of 3.16 Weighted Estimates by Property Taxation Classification Total Available Increment: $3,699,632,858 Total Available Yield: $11,690,840 Net Present Value of Total Available Yield: $6,687,152 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $35,135,825 $38,964,278 $43,917,746 $48,757,211 $54,164,917 Assessment Growth Rate 10.83% 10.90% 12.71% 11.02% 11.09% Increment $3,431,986 $7,260,439 $12,213,907 $17,053,372 $22,461,078 Available Yield $10,845 $22,943 $40,618 $56,108 $73,412 PV of Available Yield $10,529 $21,626 $37,172 $49,851 $63,326 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703839 Total Assessment $60,211,554 $66,977,089 $74,552,037 $83,038,917 $92,553,917 Assessment Growth Rate 11.16% 11.24% 11.31% 11.38% 11.46% Increment $28,507,715 $35,273,250 $42,848,198 $51,335,078 $60,850,078 Available Yield $92,756 $114,395 $138,617 $165,749 $196,160 PV of Available Yield $77,682 $93,014 $109,426 $127,033 $145,961 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $103,228,792 $115,213,043 $128,676,402 $143,811,686 $160,838,054 Assessment Growth Rate 11.53% 11.61% 11.69% 11.76% 11.84% Increment $71,524,953 $83,509,204 $96,972,563 $112,107,847 $129,134,215 Available Yield $230,269 $268,553 $311,551 $359,876 $414,226 PV of Available Yield $166,351 $188,358 $212,151 $237,920 $265,876 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $180,004,749 $201,595,379 $225,932,825 $253,384,871 $284,370,663 Assessment Growth Rate 11.92% 11.99% 12.07% 12.15% 12.23% Increment $148,300,910 $169,891,540 $194,228,986 $221,681,032 $252,666,824 Available Yield $475,392 $544,276 $621,904 $709,444 $808,228 PV of Available Yield $292,035 $324,807 $360,521 $399,492 $442,070 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $319,368,113 $358,922,404 $403,655,751 $454,278,606 $511,602,535 Assessment Growth Rate 12.31% 12.39% 12.46% 12.54% 12.62% Increment $287,664,274 $327,218,565 $371,951,912 $422,574,767 $479,898,696 Available Yield $919,774 $1,045,812 $1,188,317 $1,349,545 $1,532,071 PV of Available Yield $494,424 $545,801 $602,110• $663,887 $731,725 16 • 133 Table 12: East Square and Downtown Scenario with the Mountain Inn, Terminella Project, and Library Renovation with available TIF millage of 3.16 Weighted Estimates by Property Taxation Classification Total Available Increment: $4,006,329,540 Total Available Yield: $12,660,001 Net Present Value of Total Available Yield: $7,269,063 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $35,135,825 $38,964,278 $47,917,746 $53,146,339 $58,981,028 Assessment Growth Rate 10.83% 10.90% 22.98% 10.91% 10.98% Increment $3,431,986 $7,260,439 $16,213,907 $21,442,500 $27,277,189 Available Yield $10,845 $22,943 $53,258 $69,977 $88,631 PV of Available Yield $10,529 $21,626 $48,739 $62,174 $76,454 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $65,496,186 $72,775,821 $80,914,881 $90,020,751 $100,214,958 Assessment Growth Rate 11.05% 11.11% 11.18% 11.25% 11.32% Increment $33,792,347 $41,071,982 $49,211,042 $58,316,912 $68,511,119 Available Yield $109,456 $132,719 $158,724 $187,811 $220,369 PV of Available Yield- $91,667 $107,913 $125,298 $143,942 $163,975 Frozen Assessment $31,703,639 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $111,635,114 $124,437,149 $138,797,848 $154,917,766 $173,024,556 Assessment Growth Rate 11.40% 11.47% 11.54% 11.61% 11.69% Increment $79,931,275 $92,733,310 $107,094,009 $123,213,927 $141,320,717 Available Yield $256,833 $297,701 $343,534 $394,971 $452,735 PV of Available Yield $185,542 $208,801 $233,930 $261,123 $290,593 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $193,376,779 $216,268,267 $242,033,120 $271,051,435 $303,755,866 Assessment Growth Rate 11.76% 11.84% 11.91% 11.99% 12.07% Increment $161,672,940 $184,564,428 $210,329,281 $239,347,596 $272,052,027 Available Yield $517,647 $590,642 $672,781 $765,271 $869,486 PV of Available Yield $322,581 $357,348 $395,188 $436,423 $481,413 Frozen Assessment $31,703,839 $31,703,839 $31,703,839 $31,703,839 $31,703,839 Total Assessment $340,639,147 $382,262,727 $429,266,667 $482,381,004 $542,438,790 Assessment Growth Rate 12.14% 12.22% 12.30% 12.37% 12.45% Increment $308,935,308 $350,558,888 $397,562,828 $450,677,165 $510,734,951 Available Yield $986,990 $1,119,567 $1,269,247 $1,438,348 $1,629,513 PV of Available Yield $530,556 $584,294 $643,117 $707,572 $778,265 17 0 134 Table 13: Summary of Yields under Alternative Scenarios Baseline Scenario $7,717,564 $3,183,747 $27,563,920 $11,371,017 TIF with Terminella Project and Library Renovation $8,342,278 $3,441,462 $28,339,188 $11,690,840. TIF with Mountain Inn, Terminella Project, and Library $10,235,531 $4,222,416 $30,668,484 $12,660,001 Renovation 18 E • 135 Table 14: 2004 Count and Percentage of Total Parcels by Type Agricultural Improved 0 0 l0 5 o 0.0%0.0%) 0 (0.6%) Agricultural Miscellaneous 0 0 30 0.0% (0.0%) (0.1%) Agricultural Vacant 0 0 244 0.0% (0.0%) 1.1% Commercial A ricultural g 0 0 2 0.0% (0.0%) (0.0%) Commercial Building 1 1 18 (0.2%)0.0 0 /0(0.0%) Commercial Agricultural 0 0 5 Improved (0.0%) (0.0%) (0.0%) Commercial Improved 156 329 1,473 34.0% (29.0%) (6.5%) Commercial Miscellaneous 16 32 77 3.5% (2.8%) (0.3%) Mobile Home Park 0 0 12 0.0% (0.0%) 0.0% Commercial Residential 5 31 107 1.1% (2.7%) (0.5%) Commercial Transportation 0 2 70 0.0% (0.2%) (0.3%) Commercial Vacant 27 49 489 5.9% (4.3%) (2.2%) Exempt HUD 0 1 (0.0%) 0.0% (0.0%) (0.0%) Exempt Temporary ry 36 83 302 7.8% (7.3%) (1.3%) Exempt 80 150 1,470 17.4% (13.3%) (6.5%) Industrial Improved 2 2 72 (0.4%)(0.2%) (0.3%) Industrial Vacant 2 2 55 0.4% (0.2%) (0.2%) Mobile Home 0 0 470 0.0% (0.0%) (2.1%) Public Service 4 7 69 0.9% (0.6%) (0.3%) Residential Building 0 0 3 0.0% (0.0%) (0.0%) Residential Improved 95 381 14,726 20.7% (33.7%) (65.5%) Residential Miscellaneous 5 8 137 (1.1%) (0.7%) (0.6%) Residential Vacant 30 54 2,149 6.5% (40.9%) (9.6%) Void Parcel 0 1 352 0.0% (0.0%) (1.6%) Total 459 1,132 22,468 19 E • 136 Table 15: 2004 Assessed Values and Percentage of Total by Parcel Type Agricultural Improved $0 $0 $3,680,341 (0.0%) (0.0%) (0.6%) Agricultural Miscellaneous $0 $0 $140,078 0.0% (0.0%) (0.0%) Agricultural Vacant $0 $0 $153,153 0.0% (0.0%) (0.0%) Commercial Agricultural 8 $0 $0 $39,435 0.0% 0.0% (0.0%) Commercial Building $299,207 $299,207 $1,336,240 1.8 /0 0 (0.9%) 0.2 /o Commercial Agricultural $0 $0 $376,753 Improved (0.0%) (0.0%) 0.1% Commercial Improved $13,164,920 $20,923,872 $197,054,767 79.2% (66.0%) (32.4%) Commercial Miscellaneous $122,760 $387,187 $1,185,043 0.7% (1.2%) (0.2%) Mobile Home Park $0 $0 $569,856 0.0% (0.0%) (0.1%) $127,682 $942762 $7,495,564 Commercial Residential (0.8%) (3.0%) (1.2%) Commercial Transportation $0 $34,395 $1,805,719 (0.0%) (0.1%) (0.3%) Commercial Vacant $250,354 $462,281 $10,195,942 (1.5%) (1.5%) (1.7%) Exempt HUD $0 $0 $18,018 0.0% (0.0%) (0.0%) Exempt Temporary $0 $0 $0 0.0/0 (0.0%) (0.0%) Exempt P $0 $0 $0 0.0% (0.0%) (0.0%) Industrial Improved P $153,923 $153,923 $19,966,044 0.9% (0.5%) (3.3%) Industrial Vacant $13,230 $13,230 $938,415 0.1% (0.0%) (0.2%) Mobile Home $0 $0 $610,918 0.0% (0.0%) (0.1%) Public Service $1,077,650 $1,266,080 $4,246,660 6.5% (4.0%) (0.7%) Residential Building $0 $0 $87,769 0.0% (0.0%) (0.0%) Residential Improved $1,332,622 $7,064,039 $348,309,600 8.0%) (22.3%) (57.4%) Residential Miscellaneous $11,699 $25,167 $565,200 (0.1%) (0.1%) (0.1%) Residential Vacant $66,031 $131,696 $8,416,970 0.4% (0.4%) (1.4%) Void Parcel $0 $0 $124,586 0.0% (0.0%) (0.0%) Total $16,620,0782 $31,703,839 $607,317,071 OA • • 137 Table 16: 2001-2004 Average Annual Assessed Value Growth Rates by Parcel Type Agricultural Improved 6.1% Agricultural Miscellaneous 1.6% Agricultural Vacant -18.5% Commercial Agricultural . 3.2% Commercial Building 3.3% 3.3% 6.2% Commercial Agricultural Improved -10.5% Commercial Iroved 8.1% 9.7% 9.7% Commercial Miscellaneous 5.6% 6.4% -6.6% Mobile Home Park 1.0% Commercial Residential 17.4% 8.3% 23.4% Commercial Transportation 4.9%* 14.7% Commercial Vacant 6.1% 6.0% 4.1% Exempt HUD 4.0% Exempt Temporary Exempt Industrial Improved 4.0% 4.0% 5.2% Industrial Vacant 7.0% 7.0% 1.9% Mobile Home 2.6% Public Service 6.5% 11.9% 11.7% Residential Building 3.3% Residential Iroved 12.3% 15.5% 7.0% Residential Miscellaneous 4.5% 0.0% 2.4% Residential Vacant 0.1% 0.2% 8.6% Void Parcel 0.0% -63.3% Total 7.0% 9.9% 7.4% 'This value is the growth tide horn 2002-2004, as 2001 was a significant outlier which grt1y affected subsequent analysis. Table 17: Alternative Millage Breakdown Scenarios Washington County 4.75 Washington County Roads 1.11 3.16 City of Fayetteville 0.80 Library 1.00 Fayetteville Public Schools (Debt Service) 19.20 23.70 Fayetteville Public Schools (State) 25.00 25.00 Total 51.86 51.86 21 • 138 An Economic Forecast of Assessment Values in the Highway 71 East Square Redevelopment District To be produced for the City of Fayetteville, Arkansas SAM M. NALTON UNIVERSITY COLLEGE 4 BUSINESS ARKANSAS Centerfor Business and Economic Research Center for Business and Economic Research Reynolds Center Building 217 Sam M. Walton College of Business I University of Arkansas Fayetteville, Arkansas 72701-1201 (479) 575-4151 Contact: Dr. Jeffery T. Collins, Director September 2004 • • 139 The purpose of this study is to estimate the cash flows that will accrue to the Highway 71 East Square Redevelopment Tax District (ESRD) in Fayetteville, Arkansas as a result of the tax increment financing project that has the redevelopment of the Mountain Inn as its centerpiece. The ESRD encompasses 443 parcels in the central part of Fayetteville, running along US Highway 71 B from Maple Street to south of the Mill District. The ESRD centers on the Fayetteville Square, the Mountain Inn, and the Old Courthouse. The desired renovation of the Mountain Inn spurred the formation of the ESRD, as private developers were unwilling under the current economic environment to attempt the project. Further, the redevelopment is seen as key to improving local property values and fostering economic activity in the central corridor of the city. Tax increment financing (TIF) was chosen as the appropriate tool for this private/public partnership. Researchers at the Center for Business and Economic Research (CBER) in the Sam M. Walton College of Business at the University of Arkansas were asked to project the revenues that tax increment financing will provide for the ESRD. The methodology employed was as follows. First, a copy of the property ownership report for the East Square Redevelopment District was obtained from City of Fayetteville staff. This report included the identification of and 2003 assessed valuation numbers for the 459 parcels included in the Highway 71 East Square Redevelopment District. Supplementing this information, CBER researchers used the Washington County Assessor's online property search database to obtain the 2004 assessment values for the same 459 parcels. CBER researchers then gathered historical data on assessment value growth rates in other parts of Fayetteville for comparison purposes. Research was conducted on the growth in property values in TIF districts in Tulsa, Oklahoma to assist in the determination of reasonable expectations for growth rates. The collected data show that 148 of the parcels in the ESRD are classified as Commercial Improved, 95 of the parcels are classified as Residential Improved, 116 of the parcels are exempt from property taxes (either as local or federal government properties or churches), and the remaining 100 parcels are a mix of commercial and residential vacant properties, public services, and miscellaneous usages. A total of 342 of the identified parcels had non -zero assessment values in 2004. In 2003, the total assessed value of the parcels in the ESRD was $14,818,139. In 2004, the year - on -year growth rate of the assessed value was 12.9%, while the median assessment growth rate was 10 percent. Of the relevant 342 parcels, 49 parcels had assessment growth rates of less than 10 percent, 208 had assessed values that grew at 10 percent, and 85 parcels had assessment growth rates of more than 10 percent. Only 6 parcels in the ESRD had lower assessments in 2004 than in 2003 In order to form a basis of comparison, the parcels that have addresses along Dickson Street in Fayetteville were examined. A substantial amount of private and public investment has gone into the redevelopment of Dickson Street in recent years and examining recent annual assessment increases might provide a fair indication of what assessment values might do in the ESRD after investments have been made. According to data from the Washington County Assessor's Office, in 2004 the average growth rate in assessed value on Dickson Street was 12.8 • • 140 percent. The median growth rate was 10 percent. In 2003 the median growth rate of the assessed value of parcels on Dickson Street was 8.3 percent, while in 2002 and 2001 the median growth rates were 9.1 and 10.0 percent respectively. In Tulsa, Oklahoma, tax increment financing has been used in five districts. Oklahoma's TIF legislation differs from that of Arkansas in that both property and sales tax increments are available for revenues for the districts. The successes of the TIF districts in Tulsa have varied. Those that have been most successful have attracted a large retail anchor to the district or have been tied to a specific redevelopment project. Most Tulsa TIF districts have been unable to meet their projected increases in property tax and sales tax. This experience demonstrates that planners should use conservative estimates in their calculations for projected revenue. Based on all of the previous information, CBER researchers have developed a plausible revenue scenario for the ESRD. This scenario takes into consideration that owner -occupied residential property assessment growth is capped at 5 percent, that properties owned and occupied by residents over the age of 65 have frozen property assessments, and that all other property assessment growth is capped at 10 percent. Only new construction is assessed at its full value. In order to provide a conservative estimate of the revenue that will be generated in the TIF district, the following assumptions are made. In 2005 and 2006, assessed property values will grow at 8 percent, unless they are frozen or capped at 5 percent. From 2007-2029, property values grow at 10 percent, unless they are frozen or capped at 5 percent. These revenue estimates do not capture the growth in assessments that will result from new construction, and as such, likely underestimate the true revenues that are likely to accrue to the TIF district. Table I presents the revenue estimates by year that are derived from the listed assumptions. Figure 1 illustrates the growth path of the increment and the full assessment that is estimated for 2030. .W • 141 Weighted Estimates by Property Taxation Classification Total Available Increment: $1,259,980,326 Total Available Yield: $36,867,024 Net Present Value of Total Available Yield: $21,483,655 Frozen Assessment $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 Total Assessment $ 17,964,708 $ 19,294,581 $ 21,084,090 $ 23,051,530 $ 25,214,645 Assessment Growth Rate 7.4% 7.4% 9.3% 9.3% 9.4% Increment $ 3,146,569 $ 4,476,442 $ 6,265,951 $ 8,233,391 $ 10,396,506 Available Yield $ 92,069 $ 130,981 $ 183,342 $ 240,909 $ 304,202 PV of Available Yield $ 89,387 $ 123,462 $ 167,784 $ 214,045 $ 262,407 Frozen Assessment $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 Total Assessment $ 27,592,949 $ 30,207904 $ 33,083,116 $ 36,244,550 $ 39,720,762 Assessment Growth Rate 9.4% 9.5% 9.5% 9.6% 9.6% Increment $ 12,774,810 $ 15,389 765 $ 18,264,977 $ 21,426,411 $ 24,902,623 Available Yield $ 373,791 $ 450,305 $ 534,433 $ 626,937 $ 728,651 PV of Available Yield $ 313,044 $ 366,139 $ 421,887 $ 480,495 $ 542,185 Frozen Assessment $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 Total Assessment $ 43,543,162 $ 47,746,297 $ 52,368,166 $ 57,450,562 $ 63,039,456 Assessment Growth Rate 9.6% 9.7% 9.7% 9.7% 9.7% Increment $ 28,725,023 $ 32,928,158 $ 37,550,027 $ 42,632,423 $ 48,221,317 Available Yield $ 840,494 $ 963,478 $ 1,098,714 $ 1,247,425 $ 1,410,956 PV of Available Yield $ 607,191 $ 675,764 $ 748,171 $ 824,695 $ 905,639 Frozen Assessment $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 Total Assessment $ 69,185,410 $ 75,944,039 $ 83,376,514 $ 91,550,119 $ 100,538,861 Assessment Growth Rate 9.7% 9.8% 9.8% 9.8% 9.8% Increment $ 54,367,271 $ 61,125 900 $ 68,558,375 $ 76,731,980 $ 85,720,722 Available Yield $ 1,590,786 $ 1,788,544 $ 2,006,018 $ 2,245,178 $ 2,508,188 PV of Available Yield $ 991,325 $ 1,082,098 $ 1,178,324 $ 1,280,393 $ 1,388,723 Frozen Assessment $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 $ 14,818,139 Total Assessment $ 110,424,142 $ 121,295,501 $ 133,251,421 $ 146,400,231 $ 160,861,085 Assessment Growth Rate 9.8% 9.8% 9.9% 9.9% 9.9% Increment $ 95,606,003 $ 106,477,362 $ 118,433,282 $ 131,582,092 $ 146,042,946 Available Yield $ 2,797,432 $ 3,115,528 $ 3,465,358 $ 3,850,092 $ 4,273,217 PV of Available Yield $ 1,503,757 $ 1,625,970 $ 1,755,868 $ 1,893,990 $ 2,040,912 HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.11 TIF Financing Strategies and Bond Structure TIF Financing Strategies General Tax Increment Financing Information Tax increment finance ("TIF") is a type of public finance that the Arkansas General Assembly added to the powers of municipalities and counties by Amendment 78 to the Arkansas Constitution. Amendment 78 empowers municipalities and counties to create "redevelopment districts" that can issue bonds the repayment of which is secured by ad valorem tax payments made by owners of taxable real property in the district. The real property within the district receives an increased assessed value due to the public improvements and private reinvestment. Public improvements are financed by the proceeds of the bonds issued and sold by the district. The district pledges to the payment of its bonds that portion of the ad valorem tax that is otherwise levied by the city or county that formed the district (the amount of which is increased by the value of the public and private improvements within the district). That is, the district pledges the tax on the increment in value of the real property within its boundaries before and after the improvements. TIF bonds are secured by the existing municipal and county tax levied against the increase in assessed value. There is no new tax levied. TIF's are generally used as a tool for economic development available to municipalities to promote industry and redevelopment of real property, and to eliminate blight. Projects are funded by using taxes collected in the district itself, without raising the taxes of residents outside the district. This concept is referred to as "redevelopment from within." A TIF financing raises funds for redevelopment and acts to stimulate revitalization without using general revenues of a municipality. TIF uses tax-exempt financing to encourage growth and redevelopment within the district, which in turn stimulates economic growth outside the district. TIF captures, during its life, the increased tax revenue that results when private investment is stimulated. These tax receipts are called the "tax increment." As private investment adds to the tax base within the district, the increment is directed back to pay for the public investment projects. When the bonds are paid off, the tax receipts generated by the tax increment goes back into the general tax revenues or can be dedicated to additional projects within the district. Financing Methods The methods of financing all estimated project costs for the real property assembly, demolition and site preparation shall be by the issuance of TIF bonds or notes. The TIF bonds (secured by a pledge of all TIF revenues of which at least 3.16 are of unchallenged legality) shall be made as soon as possible in order to secure sufficient financing to purchase all the property by April 20, 2005. The repair and replacement of existing sidewalks, pedestrian crossing, and new sidewalks to fill in missing segments shall be funded from $180,000 of the $300,000 that is paid to the Redevelopment District when the property is sold. The remaining $120,000 shall go towards paying off the bonds issued for the real property assembly, demolition and site preparation project. Total Indebtedness The total principal amount of indebtedness to be incurred is approximately $4.2 million which includes the cost of issuing the bonds and establishing a reserve fund. If the principal is not paid off until 2029, the total accumulated interest amount will approximate 17 million. The total tax increment for the 25 year life of this project is based upon 3.16 mills. No other revenues are anticipated to be used to secure the tax incremental financing. Application Of District Revenues All tax increment collected will be used to cover district indebtedness and/or other direct district expenses including initial bonded debt and additional bonds that may be issued as district revenues permit. All revenues shall be pledged to retire the district's indebtedness for the initial TIF bonds in accordance with bond covenants and obligations until fully paid. Interest Earnings All interest earnings will be used towards debt service obligations on issued Tax Increment Financing bonds/notes. Earnings may be applied to the payment of interest and any prepayment of debt obligations as may be permitted. Other Costs Other costs relating to the issuance of bonds may include, among other things, reserve funds, capitalized interest, feasibility studies, accounting, financial advisory, legal and underwriting fees. Any initial bonds and subsequent financings will be subject to allowable financing parameters as determined by bond underwriting requirements, debt service coverage ratios, projections of incremental growth in assessed values, interest rates and other requirements of the capital markets. Professional Services In accordance with Arkansas Code Annotated 14-168-304 (see Exhibit No. 7). Powers Generally, a district may "(3) Issue redevelopment bonds and notes and to pledge tax increments and other redevelopment revenues for repayment of them; (15) Designate one (1) or more official or employee of the local government to make decisions and handle the affairs of redevelopment districts created pursuant to this subchapter; and (19) Do all things necessary or convenient to carry out the powers granted in this subchapter". The district may engage as may be necessary professional advisors, consultants, attorneys and other TIF specialists to carry out the project plan and related financings. The Mayor of the City of Fayetteville or others as may be assigned by the Mayor may engage professionals to specifically meet the desired results of the Project Plan. Application of District Revenues All tax increment collected for the established twenty-five year period will be used to cover district indebtedness including initial bonded debt and additional bonds that may be issued as district revenues permit. Excess revenues shall retire the district's indebtedness or fund additional projects as may be approved by the City Council in accordance with bond covenants and obligations. HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT PLAN EXHIBIT No.12 Local Demographics Local Demographics Summary Economic strength continues to be the mainstay of the Northwest Arkansas MSA. Recently named as the top ranking MSA in the country by the Milken Institute, NWA is now gathering much attention for its regional economy. Fayetteville continues to experience robust growth along with the rest of Northwest Arkansas. Fayetteville is still considered the city of choice for living mainly because of its reputation for offering a superb quality of life. One highlight Fayetteville offers are the attractions associated with the University of Arkansas including sporting events and cultural activities. Fayetteville also is known in the region for its entertainment district located primarily along Dickson Street which connects the historic areas of town and the university campus. There has been a tremendous surge in demand for downtown/urban style living in Fayetteville near the heartbeat of culture for northwest Arkansas. Economic impact from the University of Arkansas in Fayetteville continues to be a major factor. Beginning in 1871 when the University of Arkansas was created with a major land-grant under the Morrill Land -Grant College Act the campus population has been ever increasing. On April 11, 2002 the University of Arkansas announced that it had been the recipient of the largest gift in the history of American public higher education. The Walton Family Charitable Support Foundation of Bentonville, AR committed $300 million to establish and endow an undergraduate honors college and endow the graduate school. $177 million will be targeted towards students, $82 million towards faculty, and $41 million towards library, technology, and other support areas. At the time, the University was in the midst of a six -year campaign targeting to raise $500 million. As a result of the Walton's gift, the University decided to revise its parameters, upping the goal to raising $900 million by June 2005. As of Fall, 2003 the campaign had raised $770 million. Chancellor John White said in his annual State of the University address in September 2002 that over the next decade the University would spend $642 million on building construction and improvement. Many of these facilities and projects are necessary to the University's vision, as they have stated a goal of having 22,500 students by the year 2010. Current enrollment is just over 16,000. The Fayetteville -Springdale -Rogers corridor gained notoriety when the 2000 Census indicated that the area was the sixth fastest growing MSA in the country over the last 10 years. The population jumped from approximately 211,000 to 311,000. Most notably during that time Wal-Mart Stores, whose headquarters are in Bentonville, a sister city and north of Fayetteville, increased their sales from $26 billion to $191 billion. Besides Wal- Mart, two other corporate giants call Northwest Arkansas home. Tyson Foods, which had been a $7 billion sales giant, increased to $23 billion in sales in 2002 with the takeover of IBP. JB Hunt Trucking, also headquartered in the MSA, has annual sales in the $2-2.5 billion range. All three of these companies had phenomenal success during the 1990s and are significant factor in the growth of the area. This bustling corner of the state's saga has not escaped the media's attention as it has received write-ups in several national publications thus aiding growth in yet another way. Economic Overview of the Fayetteville -Springdale -Rogers MSA Overview The two -county area of Northwest Arkansas has experienced unprecedented economic and population growth since the 1990's. A dominant driver behind the growth has been the success of Wal-Mart, as it grew to become the world's largest retailer. Along the way, Wal-Mart has encouraged its vendors to be accessible to the company which directly translated into the opening of offices within Benton or Washington County for Fortune 500 and other companies. The resulting high quality job creation has spawned a boom in the commercial real estate market, as the demand for office space has increased and as the population growth has created the need for more retail shops, restaurants, entertainment facilities and service providers. A corresponding escalation has occurred in the construction of residential housing. Wal-Mart has not been the only driver of growth in Northwest Arkansas. Tyson Foods has also grown rapidly during the same period, becoming the world's largest "protein" company. The Northwest Arkansas area has long been the home base of several large trucking companies. JB Hunt has become one of the largest providers of logistics services in North America and Willis Shaw Express is a major provider of transportation of refrigerated and frozen food products. Fayetteville is also home to the University of Arkansas, a major research university, which is steadily improving its national rankings. Some academic areas have reached the top tier nationally. In 2002, the University of Arkansas was the recipient of a $300 million challenge grant from the Wal-Mart Foundation, the largest grant ever given to a public university in the U.S. The university has accelerated its quest for excellence and at the same time is pursuing a goal of increasing its enrollment, to a total of 22,500 students by 2010. The following pages provide some economic highlights of the Fayetteville -Springdale - Rogers MSA. National Perspective In November of 2004, the Milken Institute released an update of its "Best Performing Cities" rankings, which is intended to rank U.S. cities on two counts: leading the nation in economic performance overall and in job creation. The components of the index include job, wage and salary and technology growth. Using these criteria, the Fayetteville -Springdale -Rogers MSA ranked as the 7th regional economy in the United States. 1. Fort Myers -Cape Coral, FL (3) 2. Las Vegas, NV (2) 3. Phoenix -Mesa, AZ (43) 4. West Palm Beach -Boca Raton, FL (4) 5. Daytona Beach, FL (116) 6. Sarasota -Bradenton, FL (41) 7. Fayetteville -Springdale -Rogers, Ark. (1) 8. Riverside -San Bernardino, CA (20) 9. Fort Lauderdale, FL (29) 10. Monmouth -Ocean, NJ (10) Unemployment Rate The unemployment rates for the U.S. and for the state of Arkansas have followed the same general trend and the levels have been fairly close.The unemployment rate for the Fayetteville -Springdale -Rogers MSA has consistently been significantly lower than both. It has been at the three percent or under level since the second half of 1998. Unemployment Rates, Seasonally Adjusted ss — .---- 5.5- .. . . . m 4.5 - c�. 3.5 - - --- - �\ 2.5 ��-.i, �1w`C`RJRiCr�Y.}�.`�rJ� 1.5 LI` a° ae e°j CO 9°' gyp° p° `p° moo° pN p° �prt pti Ati oA's p5 �p� �p A° U.S. —Arkansas Fay-Spr-Rog MSA San: &aeau of Labe Statstcs. Seasonal A4usbuent By UA Center for B&mneas a -id Econotric Research Non -Farm Employment The monthly establishment -based employment survey conducted by the Bureau of Labor Statistics shows that, on a seasonally adjusted basis, total non -farm employment in both the U.S. and Arkansas are at levels about 105 percent of the level in June of 1998. The Fayetteville -Springdale -Rogers MSA has experienced a noticeably larger increase in employment. Currently, the level is just about 125 percent of the level of June 1998. Non -Farm Employment Relative to June 1998 Seasonally Adjusted 1.30 1.20 1.10 1.00 0.90 c"a W90 a0 # �eA y� c0 }� 0 p^ c0 4^ p p'► cpl Qpti pro s� ey,' y,' s� p� `p� U.S. 4Arkansas --Fay-Spr-Rog MSA Sane: Bureau of Labor statsea. seasons aeasmam by UA Cents far Business and Ewantic Research Sector Emnlovment Sector employment in the region has shown varying trends. Manufacturing employment has declined since 1998, but by a lesser amount than nationally or in the state. Construction, trade -transportation -utilities and services have shown significant gains in the past six years. Fayetteville -Springdale -Rogers MSA Sector Employment Relative to June 1998, Seasonally Adjusted 1.5 1.4 1.3 1.2 1.1 I 0.9 Construction •Manufacturing +Trade, Transportation, & Utilities —Services Source: Bureau of tabor Statistics, Seasonal MlusMent by UA Center for Business and Emnomk Research r Buildine Permits While there is some monthly volatility in the monthly data compiled by the United States Census Bureau, the strong upward trend in the value of building permits in Northwest Arkansas since the Fall of 1998 is evident. Over the last two years, this growth trend has accelerated. In fact, the value of residential building permits in the area has equaled or exceeded the value of those in the Little Rock metropolitan area, an area that currently has a population almost double that of the Fayetteville -Springdale -Rogers MSA. Fayetteville -Springdale -Rogers MSA Residential Building Permits, Seasonally Adjusted Value in $ Millions, 60,000 50,000 40,000 30,000 20,000 10,000 Ia9 Sauce: Bureau c the Genus, Seasonal Adjano,t by UA Cemer for Business and Economic Research r • Population Projections In June of 2003, the Center for Business and Economic Research released updated population projections for Arkansas, its counties and its metropolitan areas. The Fayetteville -Springdale -Rogers MSA is projected to experience a doubling of its population by the year 2025. Population Projections for Fayetteville -Springdale -Rogers MSA 525000 1]5000 425000 315000 325000 275000 225000 115000 125000 P P E� P P N N-- A N H H N H N n n - - - 'V rV rV N N N N N ry ry ry N Year Sourer US. 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Lu Lu N z 0 - z C W W LL 0 ,^ 4Y C I B@ ¢g fl d g �a,9ga Rv mp yC Z o gy > fs y (Q A�JKR6�0 �nCJ a at �� 3 1pJD1 O gd & d N 9 Ia m o v pa d a 8 mQ T6 W; Ram u 3 d�N rnUn lib o f8. adz an, �S8 oW 3/5163 �6ff3 D ORDINANCE NO. �wy 7/ Pri j L f f Pt td mvv1 AN ORDINANCE AMENDING THE PROJECT PLAN FOR THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NUMBER ONE, FINDING THE PLAN IS ECONOMICALLY FEASIBLE, AND DECLARING AN EMERGENCY WHEREAS, on July 27, 2004, the Fayetteville City Council held a Public Hearing concerning the creation of the Highway 71 East Square Redevelopment District; and WHEREAS, on August 17, 2004, the City Council passed Ordinance No. 4608 creating the Highway 71 East Square Redevelopment District and authorized preparation of a Redevelopment Project Plan; and WHEREAS, the City with input from the proposed redevelopers of a Twenty - Two Million Dollar hotel project to be constructed after removal of the blighted Mountain Inn has prepared a proposed Project Plan; and WHEREAS, on November 30, 2004, the City held a Public Hearing on this initial Project Plan proposed for the Redevelopment District; and WHEREAS, on December 7, 2004, the City had a further public hearing on this Project Plan and passed Ordinance 4646 adopting the Project Plan; and WHEREAS, because of a minor, technical notification discrepancy, the City determined the need to renotify all statutorily required officials and republish notice of the public hearings for the Redevelopment District; and WHEREAS, the City Council after 15 day published notice held another public hearing on December 28, 2004 at which all interested parties were given the opportunity to express their views on the proposed adoption of the Project Plan for the Highway 71 East Square Redevelopment District Number One of Fayetteville, Arkansas; and WHEREAS, the City Council adopted this Project Plan on December 28, 2004 by Ordinance No. 4663; and WHEREAS, the Arkansas Attorney General in January 2005 has opined that the 25 mills required by Amendment 74 to be sent to the State may not be used for tax incremental financing; and WHEREAS, removing the 25 mills from the tax increment requires amendment of the Project Plan; and "3 1Z6/td 4o ,q e. /5 ao0sin Toblec� +o 3/1/05 05 Left i A* rcadinj l/ WHEREAS, the required fifteen day statutory notification of taxing entities and two publications of notice of the intent to amend the Project Plan have been accomplished prior to the public hearing for the Amendment to the Project Plan on January 25, 2005; and WHEREAS, the Amendment to the Project Plan complies with all statutory requirements of A.C.A. § 14-168-306 and 307. NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF FAYETTEVILLE, ARKANSAS: Section 1: That the City Council of the City of Fayetteville, Arkansas hereby finds that the Amended Project Plan for the Highway 71 East Square Redevelopment District (attached as Exhibit A) is economically feasible. Section 2: That the City Council of the City of Fayetteville, Arkansas hereby adopts the Amended Project Plan for the Highway 71 East Square Redevelopment District and determines it has complied with all requirements set forth in A.C.A. §14- 168-306. Section 3: Emergency Clause. If this ordinance is not immediately effective, the goal of the Redevelopment District and its Amended Project Plan to remove a dangerous, dilapidated firetrap could fail due to lack of time -sensitive funding. The City Council, therefore, determines and declares an emergency exists which would imperil the public peace, health or safety, and consequently this ordinance shall be in full force and effect from the date of its passage and approval. PASSED and APPROVED this 25`h day of January, 2005. I� ATTEST: By: SONDRA SMITH, City Clerk APPROVED: off' DAN COODY, Mayor PROJECT PLAN AMENDMENT NO. 1 OF THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. ONE OF FAYETTEVILLE, ARKANSAS (January 25, 2005) REMOVAL OF PHASE II In light of the probable reduction in the amount of millage that can be included for incremental financing of the Project Plan envisioned for the Highway 71 East Square Redevelopment District, that plan must be amended so that only Phase One of the Project Plan can go forward and be financed at this time. Therefore, the Project Plan is hereby amended to delete pages 11, 12, 13, and 14 and all references to Phase II within the Project Plan. Furthermore, the map of the district's boundaries on page 3 is amended to reflect the borders approved by the City Council on January 25, 2005, reflecting the entire Downtown Master Planning Area. (See attached map as Exhibit "A") ECONOMIC FEASIBILITY STUDY Exhibit No. 1 (Economic Feasibility Study) is to be amended and replaced by an updated Economic Feasibility Study by the U of A Center for Business and Economic Research dated January 25, 2005. (Attached as Exhibit "B") 0 USES AND CONDITIONS OF PROPERTY Exhibit No. 2 is to be supplemented by the Exhibit to the proposed Downtown Master Plan Redevelopment District Existing Uses and Conditions Map, which are now combined as Exhibit "C". ORDINANCE AMENDING BOUNDARIES OF DISTRICT Exhibit No. 3 is to be deleted and replaced with the ordinance passed January 25, 2005 (Exhibit "D") amending the borders of the Redevelopment District as shown on Exhibit "A". CERTIFICATION OF COUNTY ASSESSOR Exhibit No. 4 is to be amended to reflect the Arkansas Attorney General's Opinion that the 25 mills required by Amendment 74 shall not be included in the total ad valorem rate so that the applicable ad valorem rate available for TIF financing shown on Exhibit 4 is reduced by those 25 mills. However, the debt service ad valorem rate shall be adjusted so that the tax increment from the increase in property valuation (not including the 25 mills) shall be paid (if not securing debt) only to the TIF district and not transferred to another taxing entity. This should yield at least 7.66 mills as the "applicable ad valorem rate" if all of the school mills above the 25 state mandated mills are exempted from inclusion into TIF millage "by reason of having bonds outstanding." A.C.A. §14-168-312 (a)(3)(B). Thus, the debt E service ad valorem rate should be no more than 19.2 mills for debt pursuant to County Ordinance No. 2004-68 (Exhibit "E") levying such millage. Exhibit No. 4 is also supplemented by the Washington County Assessor's Certification by letter dated November 20, 2004 (Exhibit "F") for the proposed Downtown Master Plan Redevelopment District including Washington County Ordinance No. 2004-68 the letter of September 21, 2004 from Lisa Z. Morstad of the Fayetteville Public School System (Exhibit "G"), copy of ballot (Exhibit "H"), and parcel appraisals (Exhibit "I"). Again the County Assessor's Certification for Debt Service Ad Valorem Rate should be no more than 19.2 mills and the Applicable Ad Valorem Rate should be at least 7.66 mills. AUTHORIZATION OF INJUNCTIVE OR DECLARATORY JUDGMENT SUIT VERSUS WASHINGTON COUNTY ASSESSOR Passage of the ordinance to adopt this Amended Project Plan necessitates a suit be filed requesting that the Circuit Court require the Assessor to issue a Certification of the "debt service ad valorem",. rate and the "applicable ad valorem rate" for the enlarged district in accordance with Constitutional mandates. Therefore passage of this Amended Project Plan authorizes the City Attorney to file such declaratory judgment or injunctive I suit so the statutory and constitutional issues regarding appropriate ad valorem rates can be decided by the Court. FINANCING METHODS The methods of financing all estimated project costs shall be by the issuance of two types of TIF bonds or notes. The "marketable bonds" (secured by a pledge of all TIF revenues of which at least 3.16 are of unchallenged legality) shall be made as soon as possible in order to secure sufficient financing to purchase all the property by February 28, 2005. The other, "subordinate bonds or notes" shall be secured, (subordinately to the other TIF bonds) all of the tax increment legally available to pay tax incremental financing bonds within the district after after full payment of the "marketable bonds." As these TIF bonds may not be "marketable" until the Courts resolve the issue of what are the proper debt service and applicable ad valorem rates, the developers have agreed to purchase these bonds at their risk so that if there are not sufficient tax increment financing. revenues within the 25 year life of this district, they will not receive full payment and have no recourse against the City or TIF district. The "subordinate bonds or notes" must be sold with revenues received by the City prior to the City's sale of its "marketable bonds." 4 S PROJECT COST CLARIFICATIONS The City shall pay not more than $887,000.00 for demolition and site preparation work as shown on page 9. If this work does not require the full $887,000.00, the remainder shall be used to pay debt service on the primary TIF bonds. After demolition of the properties purchased by the TIF district pursuant to the Project Plan, the property cleared by the City shall be sold to the developers for Three Hundred Thousand Dollars ($300,000.00) which shall be used to pay the interest and reduce the debt of the primary, "marketable bonds". The developers have agreed to purchase and the City shall issue sufficient bonds or notes above the amount of marketable bonds so that the City through TIF bonds and notes will receive $3.5 million net so as to be able to finance the Project. ZONING ORDINANCES AND OTHER PROJECT COSTS The project does not require or propose any changes of zoning ordinances. The Downtown Master Plan calls for the removal of the Mountain Inn blighted area as a top priority. Apart from econorinc analysis, bond counsel and underwriting costs and because of lack of sufficient TIF 5 revenue, no other "non -project costs" are anticipated to be paid by TIF financing. NO RELOCATIONS REQUIRED No persons should have to be relocated as all buildings sought to be demolished are vacant. TOTAL INDEBTEDNESS The total amount of indebtedness to be incurred is $3.5 million, plus the costs of issuance and any capitalized interest payments. The total tax increment for the 25 year life of this project based upon 7.66 mills is estimated to be $20,351,684.00. The method for calculating this increment was using the economic forecast by Crews and Associates of 8.3% property value growth until 2009 and 6% thereafter and applying 7.66 mills to this valuation growth. No other revenues are anticipated to be used to secure the tax incremental financing. FUTURE OPTIONS If tax incremental financing revenues exceeds the projections because more millage is or becomes legally available to the Redevelopment District or property valuation growth exceeds the economic forecast, a project in the western part of the district such as the extension of the Frisco Trail to the 3 Scull Creek Trail or a cooperative parking deck may be undertaken by the City Council then serving. PROFESSIONAL SERVICES The District may engage as may be necessary professional advisors, consultants, attorneys and other TIP specialists to carry out the project plan and related financings. APPLICATION OF DISTRICT REVENUES All tax increment collected for the established twenty-five year period will be used to cover district indebtedness and/or other direct district expenses including initial bonded debt and additional bonds that may be issued as district revenues permit. Excess revenues shall retire the district's indebtedness or fund additional projects as may be approved by the City Council in accordance with bond covenants and obligations. INTEREST EARNINGS All interest earnings will be used towards debt service obligations on issued Tax Increment Financing bonds/notes. Earnings may be applied to the payment of Capitalized Interest and any prepayment of debt obligations as may be permitted. ii a _____ , s 1 �■ . Fs •r r ¢J■ i■ r • • 71.1. __ R ■a., a> 'S DAVIDSQN�ST • �¢ • '•' i0. IL•A.ST.Ov_2__¢u,'� 11A •, •R IMF. I u x A -� - i ,a ¢ • r .■. ALLEY.519 _• -`. x'13 t-wl • a. + aN' �y� f♦.w 9■C ...Q. - •wilaiti L<-�+ •i•ay 'a'a'1■boa=ai'j� sc w ' p 4i,7L'P'iJL: REAGANT,Z3w ■ r.a•.s. >•�O,- ■, R.s •� r rn / 1 1 .0 waa.z rl ■' E1 ! j .R•y . 1 Z F �. r' .• iib vi ' C • >• 11 R • , �FAYETTE�ST . 0 s .8 O' Z � � ■ •a.. raj �Z I. ■z.■ ■R! Y w -0 w BOI•ESrST.¢A. ¢. ♦ .A LLEN�333 WATSO 1S . i •.r 3' 11 �1+. �•t♦■"1- • I R • 111¢ .S. ?ON.ST t x * . 01 r1J;l. w' Iii ¢ � ` =1GK® 11.x/ _ � r_ _ I� W + �WHITESIDE�ST.j L � Jy� � ± r� £' - _ _ 7 a • _ r . aw ■ r 1 ►.. 111 'w :• will >��¢'1� , : i• !1111 • w QO• . ■ llt ■ ■ 1 • �1¢,��W.SP_RINGST• . • • lrr> t 11... .. zerg . • G •' •1: •o:- aw - P. 1 .! Hz,, n/.; w. '. ■ - f • as E fDO`'ST ¢ .Zp w .Sr1• i s .•�.z • • aS L ry a., �.. aI w •.:.•;g1 •- • o' [ �+ t • a CENTER.ST ■ > ¢ �•,1,r ■. � lr• o •�•■ r • ■.I�; i4 t '> �� ,��. CENTER•ST �. •- _ ■ MOUNTAINST� ��xj * DsMOUNSAIMST - • a'' • P , ■ • s as rxi ALLEY.1.130 w P_UTMAN ST • I ■ ti I mme RI nli� as • �'� ,.: 1 ` ■ a i j a 1 • .•D ■ ROCK.ST • • 1 '` 1 • • ��`+j. ■ : . y0 i ■ ■, as 1. 111 wi .,•a Ia CVO _w t ••� i C3 STON a19' / `Qi• • • • 1\.rig ��-1�V�"B •r•. • afl%&t; a 7 i 1_,• ■ I 1 �a • n a ■.• J l VO SOU�THrST a•'. W. 1 . • v • /1 11••■•.y•1■ as • PRAIR`sT'¢� •. �- i :'! . • ••. • 'ai EXHIBIT A a� �' 1a ' STHIST a Amended Boundary of o? R VAT e; DR • �1 .1 ` ® = �' ' s 'S'~ Highway 71 East Square r. .__ w •wJ. rn } F' i. �w , Redevelopment District No. 1 • J, a . •a 1 • .. `u (1-25-05) ♦ U UR _ -.sue .. - '':• w�E • VV d• "> ■U)■ .. S •. r _t0i :•.. ,U JGESflTh J ORDINANCE NO.2004-68 7;- C n o rn o N p 2 _ APPROPRIATION ORDINANCE: o -n a� O t rn 'mrp BE IT ENACTED BY THE QUORUM COURT 'D n OF THE COUNTY OF WASHINGTON - o STATE OF ARKANSAS, AN ORDINANCE r ry TO BE ENTITLED: AN ORDINANCE LEVYING THE COUNTY, MUNICIPAL AND SCHOOL DISTRICT TAXES FOR THE YEAR 2004. WHEREAS, Article 7, Section 30, of the Constitution of the State of Arkansas requires the Justices of the Peace of each county to "sit with and assist the County Judge in levying the county taxes"; and, WHEREAS,A.C.A. A.C.A. 14-14-904 provides that'The Quorum Court, at its regular meeting in November of each year, shall levy the county, municipal, and school taxes for the current year." NOW, THEREFORE, BE IT ORDAINED BY. THE QUORUM COURT OF WASHINGTON COUNTY, ARKANSAS: ARTICLE 1. The following taxes are hereby levied for.the Year 2004 for Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY EXHI (A) County General 4.75 mills (B) County RoadS 1.11 mills (C) County Library 1.0 mills` To be collected throughout the County except for property within the City Limits of Fayetteville. ARTICLE 2. The following taxes are hereby levied for the Year 2004 for the respective municipalities within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) Fayetteville 1.8 mills'" (B) Springdale 5.6 mills (C) Elkins 5.0 mills (D) Greenland 2.9 mills (E) West Fork 5.0 mills C ORDINANCE NO. 2004-68 PAGE 2 (F) Winslow 3.0 mills (G) Farmington 4.9 mills (H) Tontitown 2.0 mills (I) Elm Springs 5.0 mills (J) Johnson 4.8 mills (K) Prairie Grove 9.4 mills (L) Lincoln 6.5 mills (M) Goshen 0.0 mills " 1.0 mill is a library millage and is to be collected only inside the City Limits of Fayetteville; .8 mill is for all other legal purposes. ARTICLE 3. The following taxes are hereby levied for the Year 2004 for the respective school districts within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY Debt M&0 Total (A) Fayetteville, #1 19.2 mills 25.0 mills 44.2 mills (B) Farmington, #6 15.7 mills 25.0 mills 40.7 mills (C) Elkins, #10 15.2 mills 25.0 mills 40.2 mills (D) Winslow, #20 8.0 mills 25.0 mills 33.0 mills (E) Prairie Grove, #23 12.9 mills 25.0 mills 37.9 mills (F) Lincoln, #48 14.8 mills 25.0 mills 39.8 mills (G) Springdale, #50 14.5 mills 25.0 mills 39.5 mills (H) Greenland, #95 12.9 mills 25.0 mills 37.9 mills (I) West Fork, #141 14.0 mills 25.0 mills 39.0 mills (J) Benton County, #21 15.0 mills .25.0 mills 40.0 mills ARTICLE4. The levy of taxes for 2004 is in accordance with State law. JERRN HI0NTON, County Judge REN COMBS PRITCHARD, County Clerk Sponsor: Kurt Anderson Date of Passage: December 9 2004 Votes For: 12 Votes Against: 0 Abstentions: 0 Absent: 1 /J- 13' o DATE t. 26 WASHINGTON COUNTY STATE OF ARKANSAS wasnington County Cowthotue 280 North Colege - Suite 250 Fayererele. Arkanaas 72701 LEE ANN'KIZZAR COUNTY ASSESSOR November 20, 2004 Mr. Hugh Earnest City of Fayetteville 113 W. Mountain Fayetteville AR 72701 Dear Mr. Earnest, TELEPNONE 479/444. 1500 Please accept this letter and its attachments as the assessor's certification required by ACA 14-168-306(bx5) for the approval of the Downtown Master Plan Redevelopment District Project Plan. The assessed value of all real property within the redevelopment district subject to ad valorem taxation, also known as the Base Value as of January 1, 2004, is: 15,083,761. Therolled back total millage rate of Washington County, the Fayetteville School District, and the City of Fayetteville, also known as the Total Ad Valorem Rate, is: 51.91. The portion of the total ad valorem rate that was, at January 1, 2001, pledged to the payment of debt service by the Fayetteville School District, also known as the Debt Service Ad Valorem Rate, is: 23.7. The total rolled back ad valorem rate less the debt service ad valorem rate, also known as the Applicable Ad Valorem Rate, is: 28.21. Attached is the certification from the Fayetteville School District of the debt service ad valorem rate, a copy of the most recent millage ordinance detailing levied ad valorem millage rates for all taxing entities in Washington County with the pertinent items marked with an asterisk, and a report from the assessor's database detailing the appraised and assessed value of each parcel in the redevelopment district along with totals for the entire district. Also included is a copy of the rollback forms for Washington County and the Fayetteville School District to show the rolled back millages. Sincerely, /! `EXHIBIT Lee AnnKizzar F 29 CELEORATRID Tilt PAST WHILE EMBRACING IP.e FUTOR! September 21, 2004 Ms. Lee Ann k ir,'-/ar County Asses or Washington County Courthouse 280 North College - Suite 360 Fayetteville, AR 72701 Dear Ms. Kizzar: Please he informed that the Faycucville Scheel Districts millag. stmclure at January I, 2001 was as follows: 19.3 mills General Maintenance & Operation 23.7 milts Debt Service 1.0 milt Capital Outlay 44.0 mills I have atlachcd the school ballot from that election for your reference. Please call me it' you have any queslious. lThaltk yrou� �, Lisa 7„ �F'o ad EXHIBIT S lJ 1000 %WST- STnnc S-RGRT PO am 8.1D rAy ITTFSTLLEy ARSANs*D 72702 (501) 4443000 DISTRICT NO. t INSTRUCTIONS TO VOTER .To vote --you must blacken he Oval ( s ) completely text to the candidate of your holce. Use only the pencil 3. After voting, deposit ballot In ballot box. School Board Director. - 3yr, post O Howard Hamilton (Unopposed) School Board Director. - 3yr. Poe 6 o Pam Grondin (Unopposed) DOWNTOWN MAS School Tax 44.0 tAllis TM local Me propnud ,ban In:lud.s we uNbem rile of 2 Mllt Me StMOAtds UMmm 11,1.710 to tybmfd en CT Usable ,mousy M 7M Slate pod Meshed In the 540e Tt&f WS p!Ir u" In Am,ndn.a. Na. 14 to the ArM. t . CmnllWunn b he oats 4o11Y far rdf stn 100 Ka owltm n of .dkede in the SeH4, As prw104 In Amendnnce P. 74. the 54te.ld. anllenn r✓f4ur ea poMYf It nIMls, In OP 141 me Mvted by spilt nchode el WHrkt end .aIUWe IW mamlhiand opted., d NNls w o 5th.,), rn Woy o Toe qWl pro1.a posed .shed Irq M 44.0 MIIW 16thJ9a lil mills Im nc geAKN .lnlaunn. andd YpyrH!.M 1.D en IN e ntp11dYluldnmgntcaIad tn*,ro am Ae4 ppMadOll opnatur.s dedk.fed !p.O.COly os thepurpaege 01 0.urcb,g .Oboe CVeet. Weba.ln9 IYrnIYYI. sad •* Mlnpoofl0Yma'au.nete. The 33.7 d b. soft" Was up allocated w Moss: d.b miss 14 . eor4lnulnq Ieq dedg.ud nmim nadrehaV W e baeM nl 114 CIMItM'a dOnde 0...e i371tThDU 1, 1507 .nrd o .y 1, lilt. Mid 2&T mm, Is a dunlr.11p Imy p pledq.far the rnllrtxn oT sll 01har IYIs1in5 bonded mdeblneu. Ti.. surplus rnrtnues pmdueed by It's 2A7 diM nnlne stilly may be a»d by the Cl,Ihct fes Mhef school DWDaeN. II 'no prpp9Wd school lax In.y L.a • ymd by IMNmtps. lben lb. (AN" ins In iii.Hui be 41.0 mule ilhIe bdml IM tnool ol s4xh opplau nnl wrhs-anding the re,Hl, DI Ne IIIIgskm nArred to below). If Me Delp»ed actual in. loss Is rot ap an p by Me ~PM. than 0, trial erfOpl Wa Mho Pas be s low.. ,ace dNomlh.d t, Rtc*Wmnr. bull, pI dir9 i094ntte M the Circuit Courl of Wsslnnv,n Coualy. Anensta pap tieWC) IOwr4MJ the rohlt c* prDWslans of Andp5 p5 do. 59 In the Ar1c u c Ca1ntIWllin, lit width It. Cc,rl has 21.4 at me Milbank ,merlons eF &5sco'nenl fid. I 0 b.. ham Irg tryd Prot t.!m4<k 61u.RAW). i?4I.WI propnaud I.. Nvy e} tic m"* nprneati en Into. e+mlamin4 puN m lit. tllaH¢e b*t t , t1 proibtd Mw of the 4t0 mlllt and du aw4, uwlb4(k Nlnass Rata a PORTAX AGAINST TAX f 2 al .. fieq�jt, •. N�_ m i-'qua,.4Rlir. exHisir Fayetteville Downtown Master Plan TIE district Parcel ID Type Total Aooraised Total Assessed 765-01653-000 CM 186.850 25,926 765-01654-000 CI 995,300 148334 765-01677-000 CV 160,000 11.440 765-01678-000 RI 65,950 14,459 765-01679-000 CV 80,000 10,450 765-01680-000 CI 182,000 30,007 765-01681-000 CV 180,000 29,700 765-01682-000 RI 158,650 24,151 765-01683-000 CI 138,800 25,333 785-01684-000 CI 296,560 27,957 765-01685-000 Cl 264,200 49,477 765-01686.000 CV 116.150 7,951 765-01687-000 CV 21,100 1,444 765-01668.000 CI 337,950 44,200 765-01690.000 CV 58,000 6,163 785-01891-000 RI 112,250 17,760 765-01692-000 RI 157,050 27,317 765-01693-000 RI 122,450 14,813 765-01694-000 RI 87,150 13,900 765-01695-000 CI 476,400 69,155 765-01696-000 RI 134,650 15,044 765-01697-000 RI 65,850 10,053 765-01898-000 RI 57,050 7,402 765-01699-000 RI 86,650 12,740 765.01700-000 CR 102,400 12,601 765-01701-000 RI 76,950 12,572 766-01702-000 CR 287,950 52,426 765.01703.000 CM 00,150 11,341 765-01704-000 CR 239.500 36.594 • 765.01705-000 CI 207,760 26,984 765-01706-000 CI 458.650 74,419 765-01707-000 CI 634,200 92.444 765-01708-000 CM 71,800 12,177 765-01709-000 CI 270,550 24,574 785-01710-000 CT 69,000 7,445 765-01711.000 CV 50,400 8,129 765.01712-000 RI 78,800 9,621 765.01713-000 EX 0 0 765-01714-000 RI 92,550 13,566 765.01715-000 RI 20,203 765-01716-000 EX 163,750 765-01717.000 0 0 765.01718-000 RRI 154,58,250 6,950 280 16,130 765-01719-000 RI 199,560 38,021 765-01721-000 RI 169,450 28,940 765-01726-000 EX 0 0 765-01733-000 EX 0 0 765.01736.000 CI 805,300 127.523 765-01739-000 0 765-01740-000 EX 0 0 785-01741-000 CI 504,900 55,567 765-01742-000 EX 0 0 765-01743-000 Cl 1,356,950 231,535 765-01743-002 EX 0 0 765-01743-003 EX 0 0 785-01744-000 ET 0 765-01745-000 PS 0 0 765-01745-001 F,( 0 0 765.01745.002 EX 0 0 11/20/2004 Gity of FayelteAlle " • ".r ; �%;}F;.I•, DO,WNrOWNMASTERPLANREDEV • ELOPMENT DISTRICT _ �' a L y t' l4> l �25/.,.-(t)1'�✓)i L, 1 f ..: ♦ , ,.. .•'.- n .. . fir. Y {�, 1•. N-tt'Y 4P .e.n-.. i'r✓"NL -i/. a :JAI r rIROJEC'f1,I'LAN C ( n l m Parcel ID Tkog Total Arnalsed Total Assessed 765-01746-000 EX 0 0 765-01747-000 CR 213,300 38,223 765.01748-000 RI 155,950 16,052 765-01749-000 RI 87,700 16.403 766-01760.000 ET 0 0 765-01751-000 ET 0 0 765-01752-000 ET 0 0 765-01753-000 EX 0 0 765-01754-000 RI 133,500 20,861 765-01755-000 CI 148,000 23,724 765-01758.000 CR 351,850 29,284 765.01757.000 CR 95,600 13,327 765-01758.000 RI 128,400 19,900 785-01759-000 RI 87,150 15,530 765-01760.000 CI 93,350 12,999 765-01761-000 CR 197,600 39.520 765-01762.000 Cl 179,650 24,123 765-01763-000 RI 116,100 14,629 765-01764-000 CI 153,700 28,754 765-01765.000 Cl 151.800 27,092 786-01766-000 RI 259,400 47,498 785-01767-000 CR 269,800 48,071 765-01788-000 RI 107,700 15,101 765-017699-000 RV 20,000 2,816 785-01770-000 RI 90,650 8,900 765-01771-000 RI 74,650 10,167 765-01772-000 CR 174,550 32,742 765-01773-000 RI 71,300 9,796 765-01774-000 CI 671,000 134,200 785-01774-001 CM 63,500 12,111 765-01775-000 CI 139,050 27,137 765-01776-000 RI 192.300 22,618 765.01777-000 CV 18,150 2,189 765-01777-001 RI 90,900 14,257 765-01778-000 CR 286,400 41,598 785.01779-000 Cl 100.050 .17,646 765-01856-000 Cl 412,450 68,990 765.01857-000 Cl 161,860 28,727 765-01856-000 RI 187,750 27,055 765.01859.000 CI 118,200 15,378 765-01860-000 RI 73,100 12,197 765-01861.000 RI 64,400 8,030 785.01862-000 CM 76,550 12,325 765-01663-000 RI 171,850 25,333 785.01864-000 CM 68,550 11,484 765-01865-000 CI 482,350 48,326 785.01866-000 CI 290,200 49,940 765-01867-000 CI 123,500 12,727 766-01868.000 RI 154,700 23,924 765-01869-000 ET 0 0 785-01870-000 FT 0 0 785-01871.000 ET 0 0 765-01872-000 ET 0 0 765.01873-000 EX 0 0 765-01874-000 CI 46,050 7,885 765-01875-000 CI 41,650 7,021 765 -01876 -GOO RI 78,550 13,695 765-01677-000 RI 437,050 85,102 766-01678-000 CI 106,850 19,11.8 765-01879-000 EX 0 0 766-01880-000 RI 112,000 16,103 765-01881-000 RI 163,450 17,139 1120/2004 •- • :?.City of Fayetteville ., ' DOWNTOWNMASTER.?1 . R_EDES ELOPMENT DISTRICT .......... C PLAI!1 ;: 33 Parcel ID T,^pe Total Appraised Total Assessed 765-01882-000 CR 276,150 45,624 765-01882.001 CI 445.900 89,160 766-01883-000 CR 231,000 48200 765-01884-CCO RI 75,350 12,735 RV 500 765-01885.000 100 765-01886.000 GI 75,700 D,482 765-01887-000 - CI 88,050 7,894 765 -01888 -COO RI 54,950 9,324 765-01889-000 RI 62650 8,451 765-01890-000 RI 47,050 7,536 765 -01891 -COD RI 86,500 14850 765-01892-000 RI 107,000 17,586 765-01893-000 RI 100,500 13,002 785-01894-000 RI 86.000 15.389 765-01895-000 CM 136,200 12,598 765-01895.000 RI 100,950 15,786 765.01897-000 RI 137,550 18,690 765-01898-000 RI 137,350 17,593 765-01899-000 RI 79.760 7,899 765.01900-OOD CV 59,400 3,080 765-09901-007 Cl 55.450 8,907 765-01902-000 RI 65,450 9,162 765-01903-000 CI 209,500 28,929 765-01904.000 RI 436,350 55,159 765-01905-000 CR 246,900 27,478 765-01906-0DO CR 228,650 22,765 765-01907-000 RI 174,150 31,856 765-01908-000 RI 125,650 17,576 765.01909-DOO - EX 0 0 765-0191D-000 RI 55,350 7,136 765-01911.000 EX 0 0 785.01912-000 RI 52.750 lasso 765-01913-000 CI 112,650 12,627 765-01914-000 ET 0 0 765-01915-000 CI 95,400 17,618 765-01916-000 CI 362,450 37,752 765-01917.000 Cl 435,500 60,380 765-01994-000 Cl 294,300 52,613 765-01995-000 CI 218.100 29,835 765-01096-000 EX 0 0 765-01997.000 EX 0 0 765-01998-000 EX 0 0 766-01999-00D CI 208,650 41,173 765-01999-001 CI 141,000 20,933 765-02000-000 CI 340,350 47,018 765-02001.000 CI 285,650 40,865 785-02002-000 RI 471,650 78,977 765-02003-000 CI 341,350 666,049 765-02004-000 Cl 334,350 39,344 766-02005-000 CI 324,800 60,665 765-02006-000 RI 72,500 - 7,305 765-02007-000 CR 185,600 37.120 765-02008-000 RI 67,700 10,978 765-02010.000 CT 146,050 26.950 765-02020-000 RI 98,700 10,915 765-02021-000 6.X 0 0 785.02022-000 RI 49,400 4,730 765-02023-000 RI 79,850 10,606 765.02024-000 RI 65,550 7,635 765-02025.000 RI 80,500 15,149- 765-02026-000 EX 0 0 765.02027-000 RI 46,550 7,908 11/20/2004 3 City or Fayetteville - DOWNTOWN MASTER`PLAN RFtEVFLOPMENT DISTRICT . PROJECT; PLAN, 34 parcel ID Type Total Appraised Total Assessed 765-02028-000 RI 46,600 7,207 765-02029-000 RI 06,650 15,133 765-02030-000 EX 0 0 765-02031-000 RI 62,150 8,735 785-02032-000 RI 44,000 8,393 765-02033-000 EX 0 0 765-02034-000 RM 22,300 4,460 765.02035-000 RV 50,600 8.668 785-02036-000 EX 0 0 765-02037-000 EX 0 0 765-02038-000 EX 0 0 765O2039-000 EX 0 0 765-02040-000 EX 0 0 765-02041-000 EX 0 0 • 765-02041-000 EX 0 0 765-02042-000 EX 0 0 765-02043.000 CI 222,950 30,901 765-02044-000 RI 91,800 10,011 765-02045-000 RI 78,550 9,515 785-02046-000 CI 160,650 25,464 765-02047-000 CR 216,050 34,939 785.02048-000 RI 111,700 17,606 765-02049-000 RI 68,600 7,401 765-02050-000 RI 66,250 7,052 765-02051-000 RI 88,150 10,925 765-02052-000 RI 77,350 8,827 765-02053-000 CI 299,400 42.056 765-02054-000 RI 79,450 7,624 765-02055-000 Ri 75,350 6,100 765.02056.000 RI 65,650 7,317 765-02057-000 RI 50,850 6,635 765-02058.000 RI 65,950 8,041 765-02059-000 RI 52,200 6,364 765-02060-000 RI 54,000 6,635 765.02061-000 RI 76,100 7,362 765.02062-000 RI 104,900 13,033 765-02063-000 RI 68,100 9,462 765-02064-000 CI 183,050 28.933 765-02064-001 RI 88,150 7,744 765.02065.000 RI 112,900 11.182 765-02066.000 RI 111,300 9,580 765-02067-000 RI 58,100 5,952 765-02068-000 RI 58,050 5,630 765-02069-000 CI 160,350 28,169 765.04326-000 ET 0 0 766-04327-000 RV 23,400 2,880 765-04328.000 ET 0 0 765-04329-000 ET 0 0 76504330-000 ET 0 0 765-04332-000 ET 0 0 785-04333-000 ET 0 0 765.04334.000 ET 0 0 765-04335.000 ET 0 0 765-04338-000 ET 0 0 765-04337-000 RI 152,350 19,625 765-04338-000 RV 20,650 2,640 765-04339.000 RI 99,700 14,301 765.04340-000 RI 93,650 10,842 765-04341-000 RI 133,500 20,270 765.04342-000 RI 186,100 22,803 765-04343-000 RI 70,200 14,040 765-04344-000 CI 53,750 1Q750 11/20/2004 0 35 l ID P T °jaI -Aaraised TotlAssessed 765-04345-000armI 30,1 0 4,114 . 765-04346.000 ET 00 765-04347-000 RI 58,300 10,410 766-04348-00D RI 68,550 10,054 766-04349-000 RI 78.250 11,682 765-04350-000 CI 301,850 50,736 766-04350.001 CI 223,400 39,556 765-04351-000 ET 0 0 765-04352-000 ET 0 0 765-04353-000 ET 0 0 705-04354-000 ET 0 0 765-04355-000 RI 55,250 7,465 765-04356-000 RI 56,650 7.670 765-04357-000 CR 119,750 14,915 765-04357-100 EX 0 0 765-04358-000 Cl 54,000 10,800 765-04359-000 CI 81,350 14,377 765-04360-000 CI 70,350 12,033 7665-04381-000 CI 1072,400 185,001 766-04362-O00 CI 393,700 64.625 765-04362-001 EX 0 0 765-04363-000 CM 168,900 5.420 765-04303-001 EX 0 0 765-04364-000 CI 1226,100 177,117 765-04365.000 CI 265,350 42,400 785-04366-000 CI 05,550 11,703 765-04367-000 CI 110,200 9,626 765-04368-000 CI 97,650 11,005 765-04369-000 C! 242,500 39,039 765-04370-000 - Ca 257,850 26,183 765-04371-000 Cl 134,507 18,805 765-04372.000 CI 152,400 20,878 785.04373-000 CI 247,560 22,542 765-04374-000 CM 106,450 16,145 765-04375-000 Cl 630,250 - 105,770 765-04376-0C0 CI 255,000 37,336 765-04376.000 CI 255,000 37,336 765-04378-000 VP 0 0 765.04378-001 CI 280.300 43,618 765-04379-000 CI 510.150 57,537 765-04380-000 ET 0 0 765.04381-000 ET 0 0 765-04382-000 ET 0 0 765.04384.000 ET 0 0 765-04385-000 ET 0 0 765-04388.000 ET 0 0 765-04389-000 ET 0 0 765-04390-000 ET 0 0 765-04391-000 Cl 341,500 68,300 765-04392-000 RI 58,400 8,525 765-04393-000 RI 57,650 9,848 765-04394-000 RI 114,450 14,297 765-04395-000 RI 83,600 10,534 765-04396-000 RI 97,550 15,021 765-04397-000 CV 54.000 9,900 765.04398-000 CI 926,000 185.200 765-04399-000 CI 547.650 93,093 76$-04400-000 CI 167,600 20,578 765-04401-000 CI 304,660 26,984 785.04402.000 CI 210,850 19,133 765-04403-000 RI 78,100 14.628 765-04404-000 RI 41,400 8,200 11/20/2004 _ .... 36 Parcel ID Type Total Acoralsed Total Assessed 765-04405-000 RI 85,550 12,793 765.04406000 CR 84,600 14,784 765-04407-000 RI 43,250 8,650 765.04408-000 RI 59,100 9,109 765-04409-000 CR 145,100 18,620 765-04410-000 RI 88,300 10,465 765-04411-000 RI 69,150 11,087 765-04412.000 RI 119,400 23,880 785-04413-000 RI 86,650 9,298 765-04414.000 RI 75,350 15,070 765-04415-000 RI 120.200 14,012 765-04418-000 RI 129400 16,881 765.04417-000 RI 112,100 16,228 765-04418-000 RI 129,100 13,490 765-04419.000 RI 99,700 9.596 765-04421-000 RI 194,050 26,820 _ 765-04424-000 RM 25,950 5,190 765-04427.000 RI 52,600 5,839 765.04428-000 RI 53,750 6,364 765-04430-000 RI 54,150 6,964 765-04431.000 CV 100,000 14,300 785-04432-000 RI 388,550 39.674 765.04433-000 CPA 45,100 9,020 765-04434-000 CI 643,250 104,621 765-04435-000 EX 0 0 765-04438-000 EX 0 0 765-04437-000 EX 0 0 765-04438-000 RI 143,700 22,583 765-04439-000 EX 0 0 765-04440-000 EX 0 0 765.04441-000 EXt 0 0 765-04442-000 CM 707,100 41,420 765-04443-000 CI 2,092,250 274,283 785-04444-000 EX 0 0 765-04445-000 EX 0 0 785-04446-000 EX 0 0 755-04447-000 EX 0 0 765 -04513 -OW RI 96,800 14,144 765-04514-000 RI 88.150 15,279 765-04516-000 RI 99,250 17,003 765-04516000 RI 97,050 14,359 765-04517-000 CI 782,150 136,798 ' 765-04518.000 CV 165.250 12,684 76505462-000 RI 24,300 4,179 765-05462.001 CR 87,850 16,643 76605463-000 RV 16,000 3,200 765.05469 -WO RI 51.400 9,285 765.05470-000 R1 48,900 7,570 765-06471-000 RI 59.600 1D,982 785-05472-CW RI 135,150 20,678 765-05473-000 RI 42,200 5,020 765-(5474.000 RI 37,700 6.678 765.05476.000 RI 55,650 8.581 785.05476-000 RI 55,300 7,993 765-05477-000 RI 52,700 9,744 765 -05483 -WD RI 43.350 8.173 765-05484-000 RI 51,050 8,723 765-05485-000 RI 31,450 5,786 765-05486000 RI 62,050 12,497 765-05506-002 EX 0 0 765-05520.000 CI 74,500 - 11,561 765-05520-000 CI 74,500 11,561 11/202004 6 ' -..l,.�!'`i�°%YVri�';�,GFayelCevylle s:� SM1'G?ii��?fn7CK e��Kt,J �Y�y~,�Sry`e�G�si DOWNTOWNMASTER'P)sAN.REDEVELOPMENTIDISITRiNCT i .� k� Y.r4w4tc.-Y-I.5i Kra-s�,.3. i J rn• Uwev"T��4 �s1�Y,,-'�Y✓ tk A��•��t9 nhiy+may i + 3;PROJECIsLAN '" yy 37 arcel ID TWO Total Aooraised Total Assessed 765-05521-000 CI 120,050 19,524 765-05524-000 CI 40,100 5,764 765.05525-000 EX 0 0 765-05626-000 RI 34,150 6,314 765-05527-000 RI 37,050 8,875 765-05529-000 RI 54,450 9,938 765-05530-000 RI 31,700 5,660 766455532.000 W 42,150 6,291 785-05533400 CI 253,600 45.912 785-05534-000 CV 15.000 2.233 765-05535-000 W 37.200 6,897 765-05537.000 RV 25.600 2,810 765-05537-000 RV 25,600 2,880 765-05538-000 RI N 42,100 7,403 765-05539-000 RV 6,400 1,100 765-05541-000 CI 42,950 5.205 765-05541-001 EX O 0 765.05572-010 CI 338,350 58,344 765-05573.000 ET 0 0 765-05574-000 ET 0 0 765-05575-000 ET 0 0 765-05576-000 ET 0 0 765-05577400 Er 0 0 765-05578-000 RI 59,850 9,416 76545579-000 ET 0 0 765-05580-000 FT 0 0 785-05581-000 ET 0 0 765-05582400 FT 0 0 765.05583-000 ET 0 0 765-05584-000 RI 60,600 9,395 76545585.000 ET 0 0 765-05586-000 Er 0 0 765-05587-000 El 0 0 78545568-000 Err 0 "0 765-05589-000 ET 0 0 765-06024400 RI 124,450 22,825 785-06025-000 CV 52,850 9,009 785-06028.000 RI 218,500 41,635 76506027-000 CI 748,650 147,120 765-06028400 RI 80,800 12,999 76546029400 RI 64,500 11,966 765-06030-000 RI 254,000 48.710 765-06031-000 RI 271,650 51,939 765.06032-000 RI 347.160 54.271 765-06033-000 RI 92,700 17,910 765-06034.000 la1 25,200 3,818 765-06035-000 RRI 125,200 23,892 785-06036.000 185,400 28,328 765-06037-000 IX 0 0 765-06038-000 EX 0 0 765-06039-000 RI 329,900 41,408 765-06040-000 CI 291,100 49,478 785-06130.000 RI 50,600 8,714 765-06140-000 RI 48,780 7,540 765.06141.000 RI 40.300 7,040 785.06142.000 DC 0 8 76546143400 CV 16,300 765-06144-000 W 71,4501,765 11,765 765-06145.000 27,450 7,921 765-06147-000 Po 227,450 45,100 765-07123-000 RI 72.450 8,492 765-07124-C® RI 50,500 8,492 11/2012004 7 City of Fayetteville DOWNTOWN MASTER PLAN REDEVELOPMENT DISTRICT :PROJECT=PI AN 38 Parcel IO Type Total Acoratsed Total Assessed 765-08241-000 RV 8,750 1,375 765-08242.000 RI 64,000 6,633 765-08243-000 RI 82,900 12,119 765-08539-000 RI 691,000 60,600 765-08540-000 RI 635,000 78,741 765-08541.000 RI 481,500 60,091 765-08542-000 RI 357.000 44,459 765-08543-000 RI 376,600 54,926 765-08544-000 RI 749.700 93,626 765-08545-000 RV 52,500 3,432 765-08546.000 RI 263,600 28,432 765-08547-000 RI 354.950 37,040 765-08548-000 RI 122.700 14,443 765 -08549 -COO RI 218,450 32,604 765-08550-000 RI 315,100 38,124 765-08551-000 RI 299,450 36,261 765-08552-000 RI 113,250 111101 765-08553-000 RV 100,000 5,577 765-08554-000 RI 120.550 13,542 765-08555.000 RI 109,100 12,037 765-08556-000 RI 298,350 34,172 765-09759-000 EX 0 0 765-09760-000 EX 0 0 765.09781-000 EX 0 0 765-09762-000 EX 0 0 765-09763-000 CR 126,450 25,290 765.09764-000 RV 27,500 3,300 765-09765-000 RV 27,500 3,300 765-09768.000 PS 1,500 300 765-09767.000 EX 0 0 765-09708-000 EX 0 0 765-09769.000 EX 0 0 765-09770-000 EX 0 0 765-09914-000 CI 357,650 54,726 765-09915.000 Cl 406,650 59,000 765-09917-000 CI 318,100 51,022 765-09918-000 ET 0 0 765-09919-000 EX 0 0 765-09920-000 CI 767,560 99,843 785-09921-000 RI 1669,950 30,308 765-09922-000 RI 127,150 24,588 765.09923-000 RV 22,000 3,300 765-09924-000 RV 22,000 3,300 765-09925-000 EC 0 0 765-09926-000 EX 0 0 765-11917-000 RI 151,850 20.455 765-11918-000 RI 387,650 77,530 765-11919000 CR 74,250 12,935 765-11920-000 RI 107,750 19.763 765.11921-000 RI 70,250 9,650 765-11922-000 RI 52,300 8,505 765-11923.000 RI 82,050 16,410 765-11924-000 RI 60,560 10,362 765-11925.000 RI 77,250 11,679 765-11926-000 RI 67,750 11,364 765-11927-000 RI 100,300 16,491 785-11928.000 RI 94,300 17,951 765-11929-000 RI 61,550 12,310 765-11930-000 RI 61,500 10,141 765.11931-000 RI 74,600 13,101 765-11932-000 RI 77.300 11,410 765-11933-000 RI 122,800 20,108 11/20/2004 :'City of.Fspet(eville ; ... 39 Parcel ID ZYDe Tot a1 ARRMMed Tofal Assessed 765.11934-000 RI 81.550 14.973 765-11935-000 RI 90,850 10,774 765.11936-000 RI 86,150 13,924 765-12867.000 CV 175,500 18.030 766-12860.000 CI 675,500 8 83,484 765-12868-001 CI 216,250 765-12869-000 RI 110,350 15,909 14,863 785-12870-000 132,150 18,994 765-12871-000 CI 132,150 18,994 765-12872-000 CI 89,300 12.141 765-12873-000 CI 93,450 12,012 765-12874-000 CI 122,050 15,315 765-12875-000 CM 76,960 11,782 765-12875-003 EX 0 0 765-12878-000 CV 117,900 13,599 765-12877-000 82,050 9,209 765-12878-000 EX 0 0 765-12879-000 RI 89,900 18,090 765-12880-000 RI 109,900 18,090 765-12881-000 Sc 0 0 765-12882.000 RI 216,750 33,176 765-12883-000 RI 139,300 15,094 765-12884-000 RV 22,000 3,520 765-12885-000 RI 281,300 46,404 765-12886-000 EX 0 0 765-12887-000 EX 0 0 765-12888-000 RI 86,150 11,197 765-12889-000 RI 130,650 23,109 765-12894-000 CI 524.350 49,464 765-12899-000 CV 142,000 8,237 765-12900-000 RI 174,000 20,778 765-12901-000 CV 50,000 2.959 765-12904-000 CI 776,450 74,474 765.12905-000 CI 636,600 102,828 765-12906-000 CM 259,900 37,166 765-12907-000 CI 333,000 42,843 785-12908.000 CI 337,850 37,199 765-12932-000 PS 940,650 188,130 765.12932-001 CI 585,650 74,143 765-12933-000 Sc 0 0 765-12934-000 CI 190,650 29,172 765-12935.000 CV 46,650 8,636 765-12936-000 RV 11,000 772 765 -12937 -COO RV 16,600 2,640 765-12938-000 RI 47,600 7,046 765.12939-000 RI 84,900 15,029 765-12940-000 RV 13,200 2,420 765-12941-000 RI 32,000 5,071 765-12942-000 15,400 2,464 765-12943-000 CI 420.650 86,584 765.12944000 CI 224,950 33,173 765-12945-000 RI 69.600 7.645 765-12948-000 CR 680,400 109,340 765-12947-000 RV 15,400 2,145 765.12948-000 RI 49,600 8,037 765-12949-000 RI 49,850 &635 765-12950-000 RI 68,650 8,984 765-12951-000 RI 55,900 6,955 765-12952-000 RV 4,000 660 765-12953.000 RV 3.000 800 765-12954-000 Cl 238,550 45,934 765.12956-000 RI 45,950 5,324 11202004 Parcel ID Tyre Total Appraised Total Assessed 765-12956-000 RI 60.650 7,965 765-12957-000 RI 50,000 6,035 765-12958.000 RI 91,600 14,421 765-12959-000 RI 60,850 5,750 765-12960-000 RI 52,450 7,136 765-12961-000 CI 221,500 44,300 765-12962-000 RI 46,500 6,793 765-12964-000 RI 49,850 6,131 785-12967-000 RI 336,800 55,088 765.12970-000 RI 66,200 6,163 765-12971-000 RI 51,500 5,928 765-12972-000 RI 87,050 8,637 765-12973-000 RI 55,600 8,107 765-13020-000 CI 44,300 5,749 765.13020-001 EX 0 0 765.22041-000 CI 304,296 60,819 765.22042.000 CI 616,394 123,200 765-22043-000 CI 366,715 - 73,293 765-22044-000 CI 312.098 62,381 766-22045-000 CI 397,925 79,552 765-22046-000 CI 827,080 165,319 765.22047.000 CI 795,850 159,093 765-22048-000 CI 226,271 45,221 765-22049-000 CI 210,666 42,119 765-22050-000 RI 148,247 29,645 765-22051.000 RI 124,839 24,959 765-22052-000 RI 124,839 23,826 765-22053-000 RI 132,642 28,521 765.22054-000 RI 132,642 28,521 765-22055-000 RI 288.691 57,696 765-22056-000 RI 202.664 40,557 765-22057-000 RI 413,530 82,676 765-22058-000 RI 234,074 46,783 765-22059-000 RI 183,851 32,747 765-22060-CC0 RI 163,851 32,747 765-22051-000 RI 273,086 52,112 765-22082.000 CI 109,234 21,824 765.22063-000 CI 444,740 88,902 765.22064-000 Cl 249,678 49,907 785-22065-000 CI 187,259 37,433 765-22066-000 CI 117,037 23,397 765.22067-000 CI 117,037 23.397 765-22066-000 CI 117,037 23,397 765-22367.000 RI 206,100 40.370 766-22368-000 RI 206,950 40,370 765-22389-000 RI 208,350 38.536 765.22370-000 RI 224,450 44,000 765-22371-000 RI 209,950 40,370 785-22372-000 RI 225,400 44,000 765.22373.000 RI 208,350 40,370 785.22374-000 RI 225,050 42,000 765-22376-000 RI 209,960 40,370 765-22376-000 RI 225,050 44,000 765-22377-000 RI 208,350 38,535 765-22378-000 RI 224,050 44,000 765-223790 RI 308,300 80,500 765-22380-000 RI 322,800 59,850 765-22381-000 CI 206,200 41,240 765-22382-000 CI 135,050 27,010 785-22383-000 CI 963,750 192,750 765-22384-000 CI 0 0 765-22549-000 CI 97,400 9,009 1120/2004 10 -.n fl'n; -. 41 Par ID Proe Total APP aAW Total Assessed 765-22550-000 CI 97.400 9,009 765-22551.000 CI 97,400 9,009 765-22552-000 CI 97400 9,009 765-22553-000 CI 97,400 9,009 785-22554-000 CI 97,400 9,009 765-22655-000 CI 97.400 9,008 765-22556-000 CI 97,400 9,009 765-22557-000 CI 97,400 9,009 765.22558-000 CI 97,400 9,009 765-22559.000 CI 97,400 9,009 785-22560-000 CI 97.400 9,009 765-22561-000 CI 97,400 9,009 765.22562-000 CI 97,400 9.009 765-22563-000 CI 0 0 766.22564-000 CI 274,147 50,204 765-22565-000 CI 273,053 49,995 765-22566-000 CI 0 0 765-01887-002 EX 0 785.23362.000 RI 234,000 46,800 765-23363-000 RI 214,600 42,920 765-23364-000 RI 225,900 45,180 765.23385-000 RI 306,600 61.320 765-23366-000 RI 337,250 67,450 765-23367.000 RI 321,650 64,330 765-23368-000 CI 0 0765-23413-000 RI 86,450 17,090 765-23414-000 RI 65,100 13,020 765-23415-000 RI 76,900 15,380 765-23416.000 RI 134,950 26.990 765-23417-000 RI 81,700 16,340 765-23418-000 RI 303,700 60,740 785.23419-000 CR 0 0 785-01655-000 CI 249,300 42,743 765-01658.000 Cl 234,400 32,895 705-01657-000 CI 170,400 30,778 765-0165H-000 CI 170,100 30,602 785-01659-000 Cl 202,350 32,340 765-01660-000 CI 124,050 16,701 765-01661-000 CI 210,900 38,988 765-01663-000 CM 80,150 10,687 765-01663-000 CM 80,150 10,687 765.01664-000 CI 130.200 10,802 765-01664-000 CI 130.200 10,802 765-01666-000 CI 128.450 19,734 766-01665-000 CI 128,450 19,734 765-01666-000 Cl 251,450 27,199 765-01667-000 CV 130,000 25.080 766-01668-000 CM 168,750 24,138 765-01669-000 CI 338,850 52,124 765.01670-000 RI 165,250 27,367 765-01671-000 CI 114,100 18,690 785-01672-000 CV 27,200 4,400 765-01673-000 RI 131,600 18,682 76591674.000 CR 155,050 27,311 765-01675-000 RI 89,450 10,090 765-01678-000 CI 74,900 7,794 97,820,053 15,083,761 11n02004 11 Crty of Fayetteville DOWNTOM'McVSTFRPLANREDEVELOPMENTDISTRICC Opt 0 PROJECT PLAN AMENDMENT NO. I OF THE HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. ONE OF FAYETTEVILLE, ARKANSAS (January 25, 2005) REMOVAL OF PHASE II In light of the probable reduction in the amount of millage that can be included for incremental financing of the Project Plan envisioned for the Highway 71 East Square Redevelopment District, that plan must be amended so that only Phase One of the Project Plan can go forward and be financed at this time. Therefore, the Project Plan is hereby amended to delete pages 11, 12, 13, and 14 and all references to Phase II within the Project Plan. Furthermore, the map of the district's boundaries on page 3 is amended to reflect the borders approved by the City Council on January 25, 2005, reflecting the entire Downtown Master Planning Area. (See attached map as Exhibit "A") ECONOMIC FEASIBILITY STUDY Exhibit No. 1 (Economic Feasibility Study) is to be amended and replaced by an updated Economic Feasibility Study by the U of A Center for Business and Economic Research dated January 25, 2005. (Attached as Exhibit "B") USES AND CONDITIONS OF PROPERTY Exhibit No. 2 is to be supplemented by the Exhibit to the proposed Downtown Master Plan Redevelopment District Existing Uses and Conditions Map, which are now combined as Exhibit "C". ORDINANCE AMENDING BOUNDARIES OF DISTRICT Exhibit No. 3 is to be deleted and replaced with the ordinance passed January 25, 2005 (Exhibit "D") amending the borders of the Redevelopment District as shown on Exhibit "A". CERTIFICATION OF COUNTY ASSESSOR Exhibit No. 4 is to be amended to reflect the Arkansas Attorney General's Opinion that the 25 mills required by Amendment 74 shall not be included in the total ad valorem rate so that the applicable ad valorem rate available for TIF financing shown on Exhibit 4 is reduced by those 25 mills. However, the debt service ad valorem rate shall be adjusted so that the tax increment from the increase in property valuation (not including the 25 mills) shall be paid (if not securing debt) only to the TIF district and not transferred to another taxing entity. This should yield at least 7.66 mills as the "applicable ad valorem rate" if all of the school mills above the 25 state mandated mills are exempted from inclusion into TIF millage "by reason of having bonds outstanding." A.C.A. §14-168-312 (a)(3)(B). Thus, the debt PA service ad valorem rate should be no more than 19.2 mills for debt pursuant to County Ordinance No. 2004-68 (Exhibit "E") levying such millage. Exhibit No. 4 is also supplemented by the Washington County Assessor's Certification by letter dated November 20, 2004 (Exhibit "F") for the proposed Downtown Master Plan Redevelopment District including Washington County Ordinance No. 2004-68 the letter of September 21, 2004 from Lisa Z. Morstad of the Fayetteville Public School System (Exhibit "G"), copy of ballot (Exhibit "H"), and parcel appraisals (Exhibit "I"). Again the County Assessor's Certification for Debt Service Ad Valorem Rate should be no more than 19.2 mills and the Applicable Ad Valorem Rate should be at least 7.66 mills. AUTHORIZATION OF INJUNCTIVE OR DECLARATORY JUDGMENT SUIT VERSUS WASHINGTON COUNTY ASSESSOR Passage of the ordinance to adopt this Amended Project Plan necessitates a suit be filed requesting that the Circuit Court require the Assessor to issue a Certification of the "debt service ad valorem" rate and the "applicable ad valorem rate" for the enlarged district in accordance with Constitutional mandates. Therefore passage of this Amended Project Plan authorizes the City Attorney to file such declaratory judgment or injunctive 3 suit so the statutory and constitutional issues regarding appropriate ad valorem rates can be decided by the Court. FINANCING METHODS The methods of financing all estimated project costs shall be by the issuance of two types of TIF bonds or notes. The "marketable bonds" (secured by a pledge of all TIF revenues of which at least 3.16 are of unchallenged legality) shall be made as soon as possible in order to secure sufficient financing to purchase all the property by February 28, 2005. The other, "subordinate bonds or notes" shall be secured, (subordinately to the other TIF bonds) all of the tax increment legally available to pay tax incremental financing bonds within the district after after full payment of the "marketable bonds." As these TIF bonds may not be "marketable" until the Courts resolve the issue of what are the proper debt service and applicable ad valorem rates, the developers have agreed to purchase these bonds at their risk so that if there are not sufficient tax increment financing revenues within the 25 year life of this district, they will not receive full payment and have no recourse against the City or TIF district. The "subordinate bonds or notes" must be sold with revenues received by the City prior to the City's sale of its "marketable bonds." G 0 • PROJECT COST CLARIFICATIONS The City shall pay not more than $887,000.00 for demolition and site preparation work as shown on page 9. If this work does not require the full $887,000.00, the remainder shall be used to pay debt service on the primary TIF bonds. After demolition of the properties purchased by the TIF district pursuant to the Project Plan, the property cleared by the City shall be sold to the developers for Three Hundred Thousand Dollars ($300,000.00) which shall be used to pay the interest and reduce the debt of the primary, "marketable bonds". The developers have agreed to purchase and the City shall issue sufficient bonds or notes above the amount of marketable bonds so that the City through TIF bonds and notes will receive $3.5 million net so as to be able to finance the Project. ZONING ORDINANCES AND OTHER PROJECT COSTS The project does not require or propose any changes of zoning ordinances. The Downtown Master Plan calls for the removal of the Mountain Inn blighted area as a top priority. Apart from economic analysis, bond counsel and underwriting costs and because of lack of sufficient TIF Wi I revenue, no other "non -project costs" are anticipated to be paid by TIP financing. NO RELOCATIONS REQUIRED No persons should have to be relocated as all buildings sought to be demolished are vacant. TOTAL INDEBTEDNESS The total amount of indebtedness to be incurred is $3.5 million, plus the costs of issuance and any capitalized interest payments. The total tax increment for the 25 year life of this project based upon 7.66 mills is estimated to be $20,351,684.00. The method for calculating this increment was using the economic forecast by Crews and Associates of 8.3% property value growth until 2009 and 6% thereafter and applying 7.66 mills to this valuation growth. No other revenues are anticipated to be used to secure the tax incremental financing. FUTURE OPTIONS If tax incremental financing revenues exceeds the projections because more millage is or becomes legally available to the Redevelopment District or property valuation growth exceeds the economic forecast, a project in the western part of the district such as the extension of the Frisco Trail to the no Scull Creek Trail or a cooperative parking deck may be undertaken by the City Council then serving. PROFESSIONAL SERVICES The District may engage as may be necessary professional advisors, consultants, attorneys and other TIF specialists to carry out the project plan and related financings. APPLICATION OF DISTRICT REVENUES All tax increment collected for the established twenty-five year period indebtedness expenses including initial bonded debt and additional bonds that may be issued as district revenues permit. Excess revenues shall retire the district's indebtedness or fund additional projects as may be approved by the City Council in accordance with bond covenants and obligations. INTEREST EARNINGS All interest earnings will be used towards debt service obligations on issued Tax Increment Financing bonds/notes. Earnings may be applied to the payment of Capitalized Interest and any prepayment of debt obligations as may be permitted. 2 e u' -: i'O. f ci i IL•A,ST ■ s ■ f,!�'� /� �... � 1.4�s VID *pad T . M. j •. -W A . .! •.. E•• ■ • ■tr•a�r. ■.Q .v>j_r¢II T.'� ;.rr i. .� .. a z •a <. a r w ALL•EY.519 i__ flL!.,.]e;:2{ W ■'O t .. MA %EiST1� ~ �I REAiAa ,ST 0- - >J1' r Z. as :.�.�m' s . *: m s• sC >■ y • 11l •• •lA 1 'S iT.e�> ''p ■p•Ttr-■ � t d w . r BOLESST.Q a ___ ¢ WA.IWw LLEY�333 WATSON l a' I O dd 4 ' , • �'Fm e n� A� DICK® NISI tWHITESIDEST.> • ® S•- - rn. . o ..Ia' _ T * • - • 1e a • a fa■> Q it �■ • GONNER.ST. �-. • O� Se—: move >� ':.i l� a . : �. Dealt s •w Q t -: t'1' i �y W,SPRINGS D~ Yrw t al Ta �.G r+ . - mom:- i P. ® .r fl.rj1■: r 41® z J • v ' ®Ilr !lam 11:N f ' .• a, m ®, 8 r Jt Di 6ENjj9 u a /•, . , W .tell jlrY �p `' O . ■.Ri'` lM> Ye.OENTER.ST .t •-LLp=j -' p • •N T • ♦� ®i® - V i r 11 ■ d� �N +If�jaMOUN'AIN,ST ■ ¢ ALLIEY.113s w PUTMAN ST • e • o . • �� ■ 1 - i--v RUCKST ■l l :i -. : :;<"' IOD ■ ' O •� aw • �� • ®D► V�,Bw•' a J■ i e t` 3 •.;.. •' l■ ,l .r • l 1 • F?O t j•OUTHrST ■ + • S * .• ti LWAE i 1. qLy ... /�. s W i � ♦ ■' i PRG a ■, ..:. . � ... mow L... , .,i.� S'G ♦. - - . .■ -,-� pp Ih r H. •4TH�ST EXHIBIT A • / STH,ST•■ Derr STH'ST¢ .. PRIVATE,421 DR 1 a .. • Amended Boundary of 1. D.w ■ •. a; ■_ _ W i • ■W• • y 4 ® •>. ¢ -, Highway 71 East Square ■ J r F~ =..4�1._ . e w�' Redevelopment District No. 1 ' �'•��aa■ .. (1-25-05) :1: I; if, . 1 . •> • v': f_ • • - "t_ D ' .. 0 5ro t0.ro .0 C7 .; A., ,9TH:� ST W i 0 ORDINANCE NO. 2004-68 T C no r•i o N p Z m o APPROPRIATION ORDINANCE: = O • rn i m w BE IT ENACTED BY THE QUORUM COURT o 0OF THE COUNTY OF WASHINGTON, ' -1 r 3 STATE OF ARKANSAS, AN ORDINANCE m v TO BE ENTITLED: x 0 AN ORDINANCE LEVYING THE COUNTY, MUNICIPAL AND SCHOOL DISTRICT TAXES FOR THE YEAR 2004. . WHEREAS, Article 7, Section 30, of the Constitution of the State of Arkansas requires. the Justices of the Peace of each county to "sit with and assist the County Judge in levying the county taxes"; and, WHEREAS, A.C.A. 14-14-904 provides that "The Quorum Court, at its regular meeting in November of each year, shall levy the county, municipal, and school taxes for the current year." NOW, THEREFORE, BE IT ORDAINED BY. THE QUORUM COURT OF WASHINGTON COUNTY, ARKANSAS: ARTICLE 1. The following taxes are hereby levied forthe Year 2004 for Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY EXHI (A) County General 4.75 mills a a (B) County Road 1.11 mills (C) County Library 1.0 mills* ` To be collected throughout the County except for property within the City Limits of Fayetteville. ARTICLE 2. The followingtaxes are hereby levied for the Year 2004 for the respective municipalities within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) Fayetteville 1.8 mills** (B) Springdale 5.6 mills (C) Elkins 5.0 mills (D) Greenland 2.9 mills (E) West Fork 5.0 mills ORDINANCE NO. 2004-68 PAGE 2 (F) Winslow 3.0 mills (G) Farmington 4.9 mills (H) Tontitown 2.0 mills (I) Elm Springs 5.0 mills (J) Johnson 4.8 mills (K) Prairie Grove 9.4 mills (L) Lincoln 6.5 mills (M) Goshen 0.0 mills " 1.0 mill is a library millage and is to be collected only inside the City Limits of Fayetteville; .8 mill is for all other legal purposes. ARTICLE 3. The following taxes are hereby levied for the Year 2004 for the respective school districts within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY Debt M & 0 Total (A) Fayetteville, #1 19.2 mills 25.0 mills 44.2 mills (B) Farmington, #6 15.7 mills 25.0 mills 40.7 mills (C) Elkins, #10 15.2 mills 25.0 mills 40.2 mills (D) Winslow, #20 8.0 mills 25.0 mills 33.0 mills (E) Prairie Grove, #23 12.9 mills 25.0 mills 37.9 mills (F) Lincoln, #48 14.8 mills 25.0 mills 39.8 mills (G) Springdale, #50 14.5 mills 25.0 mills 39.5 mills (H) Greenland, #95 12.9 mills 25.0 mills 37.9 mills (I) West Fork, #141 14.0 mills 25.0 mills 39.0 mills (J) Benton County, #21 15.0 mills .25.0 mills 40.0 mills ARTICLE4. The levy of taxes for 2004 is in accordance with State law. /02- /7& K DATE Sponsor: Kurt Anderson Date of Passage: December 9. 2004 Votes For: 12 Votes Against: 0 Abstentions: 0 Absent: 1 26 TELEPHONE 479!444.1500 Please accept this letter and its attachments as the assessor's certification required by ACA 14-I 68-306(bXS) for the approval of the Downtown Master Plan Redevelopment District Project Plan. The assessed value of all real property within the redevelopment district subject to ad valorem taxation, also known as the Base Value as of January 1, 2004, is: 15,083,761. Therolled back total millage rate of Washington County, the Fayetteville School District, and the City of Fayetteville, also known as the Total Ad Valorem Rate, is: 51.91. The portion of the total ad valorem rate that was, at January 1, 2001, pledged to the payment of debt service by the Fayetteville School District, also known as the Debt Service Ad Valorem Rate, is: 23.7. The total rolled back ad valorem rote less the debt service ad valorem rate, also known as the Applicable Ad Valorem Rate, is: 28.21. Attached is the certification from the Fayetteville School District of the debt service ad valorem rate, a copy of the most recent millage ordinance detailing levied ad vnlomm millage rates for all taxing entities in Washington County with the pertinent items marked with an asterisk, and a report from the assessor's database detailing the appraised and assessed value of each parcel in the redevelopment district along with totals for the entire district. Also included is a copy of die rollback forms for Washington County and the Fayetteville School District to show the rolled back millages. Sincerely, f�! X,y�444(y - EXHIBIT [.cc Ann Kizzar F 29 CELEBRAI;.NO Tilt PAST WHILE EMBRACING lilt FUrijgR September 21, 2004 Ms. l.cc Ann KiZ'AT County Assessor Washington County Courthouse 280 North College -- Suite 360 Fayetteville, AR 72701 Dear Ms. Kizzar: Please be informed that the Fayetteville Schad Districts millagc sinlctutc at January 1, 2001 was as follows: 19.3 mills General Maintenance & Operation ^_3.7 mills Debt Service 1.0 milt Capita' Outlay 44.0 nulls _ 1 have attached the schuol ballot from that election for your reference. Please call me if you have any questions. thank you; /.f�f,1 i 4i41 7, 1 uF .ul EXHIBIT 15 1000 WeAT STnnC STRCfl PO am 840 FAYETTEYILLE, ARVAN,A4 72702 (5Ot) 444-3000 City DOWNTOWN MASTER P1 PR( ANNUAL SCHOOL ELECTION BALLOT FAYETTEVILLE SCHOOL 0 WASHINGTON COUNTY -1E DISTRICT NO.1 ui INSTRUCTIONS TO VOTER M 1. To voto.you must blacken the Oval ( a ) completely next to the candidate of your choice, 2. Use only the pencil provided. 3. After voting, deposit ballot In ballot box. ®dl M ® a U- N,, ®et® m4. a a moa School Board Director. - 3yr, P0s2 O Howard Hamilton (unopposed) School Board Director. - 3yr. Posh C Pam Grondln (Unopposed) School Tax 44.0 Mills lb. kbl Alto pru peal . ute Includes Ua uwUerm rile of 25e mils ('dls Slmew oe UNMra Itale') to to cobmad on tT 4aabia propane b the 5Mk and AATIII d le the Se4 Treasurer pnrcusM In Amendmard Na. 141n 'Ni AIAaneat Constitution to be used aptly It, malntabooa and apaotlon of •oluob M the 5t4o. As prodded In Amendment xa. 74. lb Staknlde Unllerm Male toolapert Vono nIRd rta el Ix NYled ad by this eceael 3kr lkt end naalllas Iw *1Ince 14,6 opera!1 , d Mocha aob hi Ibis W oy TM Maul pr • spoesd Aaoi U. Ii *1 l 44.0 milk lttludes Ia mills ter gsnwal Iokigng. andupar4un� 10 eA IN fur oueur4nt expNatimwldaltanke mainelnar. . ire AWAIrn v she Fur sres dMkared spaoxeasy for lb. pursues of Arrult nvvcpsIng sahed ewes. p.i obulnd e,rnnun and yMce milb Us llJutakd M Idles; 1b once la a eon Inulug Jury dfdkAdd Pch"O'elr 0 tM ,allramtN nl the CIiIit ra Bands dared Mnen,Du 1, Idae and Way 1, load, and =&T mile Is a comllnclnq t.y pledged It. the relirarcrl of all ea,, nlsllna ban:M6 mdebincsa. Ps oorylus nMtnuet mounted by the 06T debt pnFe rills May Ni used fly the Sislrct for nger •cheat pulpaam. it the Notorious suhnol ❑ic Iew 4 ao;"vend by IM elc4rera,. loan the m1w ,V.oel In rare shat be Lhn mine IIhi, bekd IM an0A at 14t, opphwd net wr:hitencln1 the re,ulo al Ne IIIIgv.I;q fMerred to bale*). If too ampned sallaas tai Ivry It rat appiw d by the •baton, 11th. the IclI school las:,ek ehdl be a low4 rate determined it ntmdantd with plexirq .rogation Ia lb. Curculi Churl oT WesbingVM Couniv. Araanai; line-Cawt')htwlvina the rolbatk pr,aeilons a1 Amed qr1 IIa. Is It, LM Ada""s Canalhuden, in veekh Ir. Churl nos Mod at me mllba:k praallom el knw4TH l l flu. Is Pa ay ham lryptrsd Ilha •Itnl4Asnn MnO* Hate). The nus! prouwud I4 Net .4 4.4.0 rho Mnrnenb to IrL:Iwaia .n tnl4l mills equal u the dylaranct tatatb. tie prapased bvy at the 44.0 mills and the lower Mdlbach NINga Halt C FONTAX rD AGAINSTTAX A . F 1-4 30 Fayetteville Downtown Master Plan TIF district Ppriel ID TWO Total Appraised Total Assessed 765-01853-000 CM 186.850 25,926 765-01654-000 CI 995.300 148,334 765-01677-000 CV 160,000 11,440 765-01676-000 RI 85,950 14,459 765-01679-000 CV 80,000 10,450 765-01680.000 Cl 182,000 30,007 765-01681-000 CV 180,000 29,700 765-01682-000 RI 158,650 24,151 765-01683-000 Cl 138,800 25,333 765.01684.000 CI 296,550 27,957 765-01685-000 Cl 254,200 49,477 765-01066.000 CV 118,150 7,951 765-01687-000 CV 21,100 1,444 765-01688-000 CI 337,950 44,200 765-01690.000 CV 58,000 6,163 765-01691-000 RI 112,250 17.760 765-01692-000 RI 157,050 27,317 765-01693-000 RI 122,450 14,813 765-01694-000 RI 87,150 13,900 765-01695-000 CI 476,400 69,155 765-01696-000 RI 134,650 15,044 765-01697-000 RI 65,650 10,053 765-01698-000 RI 57,050 7,402 765-01699-000 RI 86,650 12,740 765-01700-000 CR 102,400 12,601 766-01701-000 RI 76,050 12,572 765-01702-000 CR 287,950 52,426 765-01703-O00 CM 00,150 11,341 765-01704-000 CR 239,500 36,594 765.01705-000 CI 207,760 28,984 765.01706-000 CI 458,650 74,419 765-01707-000 CI 634,200 92,444 765-01708-000 CM 71,800 12,177 785.01709-000 CI 270,550 24,574 785-01710-000 CT 69,000 7,445 765.01711.000 CV 50,400 8,129 765-01712-000 RI 78,800 9,621 765.01713-000 EX 0 0 765-01714-000 RI 92,550 13,566 785-01715-000 RI 163,750 20,203 765-01716-000 EX 0 0 765-01717-000 CR 134,600 16,130 765.01718.000 RI 56,260 8,850 765-01719-000 RI 199,550 31,021 765-01721-000 RI 169,450 28,940 765-01726-000 EX 0 0 765-01733-000 EX 0 0 765.01736.000 Cl 805,300 127.523 765-01739-000 EX 0 0 765-01740-000 EX 0 0 785-01741-000 CI 504,900 55,567 765-01742-000 EX 0 0 765-01743.000 CI 1,356,960 231,535 765.01743-002 EX 0 0 765-01743.003 EX 0 0 765-01744-000 ET 0 0 765.01745.000 PS 0 0 765-01745-001 EX 0 0 765-01745.002 EX 0 0 11/20/2004 Parcel ID Tyo@ T.Qj IAA roo ailed Total Assessed 765-01746-000 EX 0 0 765-01747-000 CR 213,300 38,223 765.01748-000 RI 155,950 16,052 765-01749-000 RI 67,700 16,403 765-01760-000 ET 0 0 765-01751-000 ET 0 0 706-01752-000 ET 0 0 765-01753-000 EX 0 0 765.01754000 RI 133,500 20,861 765-01755-000 CI 146,000 23,724 765-01758-000 CR 351,850 29,284 765-01757-000 CR 95,600 13,327 765-01758-000 RI 128,400 19,900 765-01759-000 RI 87,150 15,530 765-01760-000 CI 93,350 12,999 765-01761-000 CR 197,600 39.520 765-01762.000 CI 179,650 24,123 765-01763-000 RI 116,100 14,629 765-01764-000 Cl 153,700 28,754 765-01765-000 CI 151,800 27,092 765-01766-000 RI 259,400 - 47,498 785-01767-000 CR 269,800 48.671 765-01708-000 RI 107,700 15,101 765-01769-000 RV 20,000 2,816 785-01770-000 RI 90,050 8,990 765-01771-000 RI 74,650 10,167 785-01772-000 CR 174,550 32,742 765-01773-000 RI 71,300 9,796 765-01774-000 CI 671,000 134,200 765-01774.001 CM 63,500 12,111 765-01775.000 Cl 139,050 2.7,137 765-01776-000 RI 192,300 22,618 785.01777-000 CV 18,150 2,189 765-01777-001 RI 90,900 14,257 765-01778-000 CR 288,400 41,598 765-01779-000 CI 100,050 -17,646 765-01856-000 CI 412,450 68,090 765-01857-000 CI 161,850 28,727 765-01856-000 RI 187,750 27,955 765-01859.000 CI 118,200 15,378 785-01860-000 RI 73,100 12,197 765-01861-000 RI 64,400 8,030 786-01862.000 CM 76,550 12,325 785-01863-000 RI 171,850 25,333 765.01864-000 CM 66,550 11,484 765-01865-000 CI 482,350 49,325 785.01888.000 CI 290,200 49,940 765-01887-000 CI 123,500 12,727 765-01888.000 RI 154,700 23,924 765.01869.000 ET 0 0 765-01870-000 FT 0 0 765-01871.000 ET 0 0 766-01872-000 ET 0 0 765.01873.000 EX 0 0 785-01874-000 CI 46,050 7,865 786.01875.000 CI 41,650 7,021 765 -01676 -COO RI 78,550 13.695 765-01877-000 RI 437,050 85,102 766-01878-000 Cl 106,850 19,118 765-01879-000 EX 0 0 765-01880-000 RI 112,000 16,103 765-01881-000 RI 163.450 17,139 1120/2004 33 Parcel ID Total ApQral� Total Assessed 765.01882-000 CR 276,150 45,624 765-01882-001 CI 445,900 89,180 765-01883-000 CR 231,000 46,200 765-01884-000 RI 75,350 12,735 765-01885.000 RV 500 100 765-01886.000 CI 75,700 9,482 765-01887-000 CI 88,050 7,894 765-01888.000 RI 54,950 9,324 765-01889-000 RI 62,650 B,451 765-01890-000 RI 47,050 7,536 765-01891.000 RI 86,500 14,850 765-01892-000 RI 107,000 17,586 765-01893-000 RI 100,500 13,002 765-01894-000 RI 88,000 15,389 765-01895-000 CM 135,200 12,598 765.01896-000 RI 100,950 15,766 765-01897-000 RI 137,550 18,690 785-01898-000 RI 137,350 17,593 765-01899.000 RI 79.760 7,899 765-01900-00D CV 58,400 3,080 765111901-000 CI 55.450 8,907 766-01902-00D RI 85,450 9,162 765-01903-000 CI 209,500 28,929 765-01904-000 RI 436,350 55,159 765-01905-000 CR 246,900 27,478 765-01906-000 CR 228,650 22,765 765-01907-000 RI 174.150 31,858 765-01908-000 RI 12.5,650 17,576 765-01909-O00 - EX 0 0 765-01910-000 RI 55,350 7,136 765-01911-000 EX 0 0 765-01912-000 RI 52,750 10,550 765-01913-000 CI 112,650 12,827 765-01914-000 ET 0 0 765-01915-000 CI 95,400 17,678 765-01916-000 CI 362,450 37.752 765-01917-000 CI 435,500 60,380 765-01994-000 Cl 294,300 52,613 765.01995.000 Cl 218,100 29,835 765-01996-000 EX 0 0 765,01997.000 EX 0 0 765111998.000 EX 0 0 768-01999-000 CI 208,650 41,173 765.01999.001 CI 141,000 20,933 705.02000-000 CI 340,350 47,018 765-02001.000 CI 285,650 40,865 785-02002-000 RI 471,650 78,977 785-02003-000 CI 341,350 56,049 705.02004-000 CI 334,350 39,344 766-02005-000 CI 324,800 60,665 765-02006-000 RI 72,500 - 7,305 765-02007-000 CR 185,600 37.120 765-02008-000 RI 67,700 10,978 765-02010-0C0 CT 146,050 26.950 765-02020-000 RI 98,700 10,915 765-02021-000 EX 0 0 785.02022-000 RI 49,400 4,730 765-02023-000 RI 79,850 10,608 768-02024.000 RI 65,550 7,635 765.02025-000 RI 80,500 15,149 765-02026-000 EX 0 0 765-02027-000 RI 46.550 7,906 11202004 3 - "' .City oiFayettv111e DOWNTOWN:MASTERPL`ANIREDEVELOPMENT:DiSTRiCT " -- . , PROJECTCPL"AN �.:`,-- Parcel Ip Type Total Appraised Tal Assessgd 765-02028-000 RI 46,600 7,207 765-02029-000 RI 96,650 15,133 765-02030-000 EX 0 0 765.02031.000 RI 82,150 8,735 766-02032-000 RI 44,000 8,393 765.02033.000 EX 0 0 765-02034.000 RM 22,300 4,460 765-02035-000 RV 50,600 8,668 765-02036-000 EX 0 0 765-02037-000 EX 0 0 765-02038-000 EX 0 0 765-02039-000 EX 0 0 766-02040-000 EX 0 0 765-02D41-000 EX 0 0 765-02041-000 EX 0 0 766-02042-000 EX 0 0 785-02043.000 CI 222,950 30,901 765-02044-000 RI 91,800 10,011 765-02045-000 RI 78,550 9,515 786-02046-000 CI 160,650 25,464 765-02047-000 CR 216,050 34,939 785-02048-000 RI 111,700 17,606 765.02049-000 RI 68,600 7,401 765-02050-000 RI 66,250 7,052 765-02051-000 RI 88,150 10,925 765.02052-000 RI 77,350 8,827 765-02053-000 CI 299,400 42.056 765-02054-000 RI 79,450 7,624 765-02055-000 RI 75.350 6,100 785.02056-000 RI 65,650 7,317 765-02057-000 RI 50,850 6,635 765-02058.000 RI 65,950 8,041 765-02059-000 RI 52,200 6,364 765-02060-000 RI 54,000 @,635 765-02061-000 RI 76,100 7,362 765-02062-000 RI 104,900 13,033 755-02063-000 RI 68,100 9,462 765-02064-000 CI 183,050 26.933 765-02064-001 RI 88,150 7,744 765-02065-000 RI 112,900 11,182 765-02066.000 RI 111,300 9,560 765-02067-000 RI 58,100 5,952 765.02C68-000 RI 56,050 5,630 765-02069-000 CI 160,350 28,169 765.04326-000 ET 0 0 785-04327-000 RV 23,400 2,860 705-04328-000 ET 0 0 765.04329-000 ET 0 0 785.04330-000 ET 0 0 765-04332-000 ET 0 0 765-04333-000 ET 0 0 765.04334.000 ET 0 0 765-04335.000 ET 0 0 765-04336-000 ET 0 0 765.04337.000 RI 152,350 19,625 765-04338-000 RV 20,650 2,640 765-04339-000 RI 99,700 14,300 755.04340-000 RI 93,650 10,642 765-04341-00D RI 133,500 20,270 765-04342-000 RI 186,100 22,803 765-04343-000 RI 70,200 14,040 765-04344-000 CI 53,750 10,750 11/20/2004 35 Parcel ID Type Total ApLrraistd Total Assessed 765.04345.000 RI 30,150 4,114 765-04346-000 ET 0 0 765-04347-000 RI 58,300 10,410 766-04348.000 RI 68,550 10,054 766-04349-000 RI 78,250 11,682 765-04350-000 Cl 301,850 50,736 766-04350-001 CI 223,400 39,556 765-04351-000 ET a 0 765-04352-000 ET 0 0 765-04353-OOD ET 0 0 765-04354-000 ET 0 0 765-04355-000 RI 55,250 7,465 765.04356-000 RI 56,650 7,679 765.04357-000 CR 119,750 14,915 765-04357-100 EX 0 0 765-04358-000 CI 54,000 10,800 765-04359-000 Cl 81,350 14,377 765-04360-000 Cl 70,350 12,033 765-04361-000 Cl 1,072,400 185,001 766-04362-000 CI 393,700 64,625 765.04362-0DI EX 0 0 765-04363-000 CM 168,900 5,420 765-04363-001 EX 0 0 765-04364.000 Cl 1,225,100 177,117 765.04365.000 CI 285,350 42,400 765-04366-000 CI 85,550 11,703 765-04367-000 CI 110,200 9,626 766-04368-000 CI 97,650 11,005 765-04369-000 CI 242,500 39,039 765-04370-000 CI 257,850 26,183 765-04371-000 CI 134,500 18,805 765-04372.000 CI 152,400 20,878 765-04373-000 CI 247,550 22,542 765-04374.000 CM 106,450 16,145 765-04375-000 Cl 830,250- 105,770 765-04376.000 Cl 256,000 37,336 765-04376.000 Cl 255,000 37,336 765-04378-000 VP 0 0 765.04378.001 Cl 280,300 43,618 765.04379.000 Cl 510.150 57,537 765-04380-000 ET 0 0 765.04381-000 ET 0 0 765-04382-000 ET 0 0 765-04384.000 ET 0 0 765-04385-000 ET 0 0 765-04388-000 ET 0 0 766.04389.000 ET 0 0 765-04390-000 ET 0 0 765-04391-000 CI 341,500 68,300 765-04392-000 RI 58,400 8,525 765-04393-000 RI 57,650 9,648 765-04394-000 RI 114,450 14,297 765-04395-000 RI 83,00 10,534 765-04396-000 RI 07,550 15,021 765-04397-000 CV 54,000 9,900 765.04398-000 CI 926,000 185.200 765-04399-000 CI 547,650 93,093 765-04400-000 CI 167,600 20,578 765-04401-000 CI 304,650 26,984 765-04402.000 CI 210,850 19,133 765-04403-000 RI 78,100 14,626 765-04404-000 RI 41,400 8,260 1120/2004 City of Fayetteville DOWNTOWN MASTER -PLAN; REDEVELOPMENT DISTRICT . PROJECT PLAN 36 Parcel ID Tvoa Total Acoralsed Total Assossed 765-04405-000 RI 85,550 12,793 765.04406-000 CR 84,500 14,784 765-04407-000 RI 43,250 8,650 765-04408-000 RI 59,100 9.109 765-04404000 CR 145,100 18,620 766-04410-000 RI 88,300 10,455 765-04411-000 RI 69,150 11,087 765-04412-000 RI 119,400 23,880 765-04413-000 RI 86,650 9,298 765-04414-000 RI 75.350 15,070 765-04415-000 RI 120,200 14,012 765-04416-000 RI 129,400 18,881 765-04417-000 RI 112,100 16,228 765-04418-000 RI 129,100 13,490 765-04419-000 RI 99,700 0,506 765-04421.000 RI 194,050 26,820 765-04424-000 RM 25,950 5,190 765-04427.000 RI 52,600 5,639 765-04428-000 RI 53,750 6,364 765-04430-000 RI 54,150 6,964 765-04431-000 CV 100,000 14,300 785-04432-000 RI 388,550 39.674 785.04433-000 CM 45,100 9,020 765-04434-000 CI 643,250 104,621 765-04435-000 EX 0 0 765-04436-000 EX 0 0 765-04437-000 EX 0 0 765.04438000 RI 143,700 22,583 765-04439-000 EX 0 0 765-04440-000 EX 0 0 785.04441-000 EX 0 0 765-04442-000 CM 207,100 41,420 765-04443-000 CI 2,092,250 274,283 765-04444-000 EX 0 0 765-04445-000 EX 0 0 765-04446-000 EX 0 0 765-04447-000 EX 0 0 765-04513-000 RI 96,900 14,144 765-04514-000 RI 86.150 15,279 765-04515-000 RI 99,250 17.003 765-04516-000 RI 97,050 14,359 765-04517-000 CI 782.150 136,798 765-04516-000 CV 155.250 12.584 765-05462-000 RI 24,300 4,179 765.05462.001 CR 67,850 16,643 766-05463-000 RV 18,000 3,200 765-05469-000 RI 51,400 9,285 785.05470-000 RI 46,900 7.570 765-05471-000 RI 59.600 10,982 765-05472-000 RI 135,150 20,678 785-05473-000 RI 42,200 5,020 765.05474.000 RI 37,700 6,878 785-05476-000 RI 55,650 8.561 765-05476-000 RI 55,300 7,993 765-05477-000 RI 52,700 9,744 765-054B3-000 RI 43,350 8,173 765-05484-000 RI 51,050 8,723 765-05485-000 RI 31,450 5,786 765-05486-000 RI 62,650 12,497 765-05506-002 EX 0 0 765-05520.000 CI 74,500 11,561 765-05520-000 CI 74,500 11,501 11120/2004 37 Parcel ID Type Total Aaotaised Total Assessed 765-05521-000 CI 120.050 19,524 765-05524-000 CI 40,100 5.764 765-05525-000 EX 0 0 765-05626-000 RI 34,150 6,314 765-05527-000 RI 37,050 8,875 765-06529-000 RI 54,450 9,938 785-05530.000 RI 31,700 5,660 766-06532.000 RI 42,150 6,291 785-05533-000 CI 253,600 45.912 765-05534-000 CV 15,000 2,233 765-05535-000 RI 37.200 8,897 765-05536-000 RV 15,200 2,618 765-05537-000 RV 25.600 2,880 765-05538-000 RI N 42.100 7.493 765-05539-000 RV 6.400 1,100 78505541-000 CI 42,950 5,205 765-05541-001 EX 0 0 785-05572-010 CI 338,350 58,344 765.05573000 ET 0 0 765-05574-000 ET 0 0 765-05575.000 FT 0 0 765.05576-000 ET 0 0 765.05577-000 ET 0 0 765.05578-000 RI 59,850 9,416 765-05579-000 ET 0 0 765-05680-000 FT 0 0 765-05581-000 ET 0 0 765.05582-000 ET 0 0 765-05583-000 ET 0 0 765-05584000 RI 60.600 9,395 765-055B5.000 ET 0 0 765-05586-000 El 0 0 765-05587-000 ET 0 0 765-05588-000 ET 0 '0 785.05589-000 ET 0 0 765-06024-000 RI 124,450 22,825 765.06025-000 CV 52,850 9,009 78546028-000 RI 218,500 41,635 765-0607.7-000 CI 748,650 147,180 765-06028000 RI 80,800 12,099 765-06029-000 RI 64,500 11,968 765-06030-000 RI 254,000 48.710 765-06031-000 RI 271,650 51,939 765-06032-000 RI 347.150 54,271 765-06033-000 RI 92,700 17.910 765-06034-000 RM 24,600 3,818 765-06035-000 RI 125,200 23,892 765-06036-000 Cl 185,400 28,328 765-08037-000 EX 0 0 765-06038.000 EX 0 0 765-06039-000 RI 329,900 41,400 765-06040-000 CI 291,100 49,478 785-08139.000 RI 50,600 6,714 765-06140-000 RI 48.750 7,508 765-06141-000 RI 40,300 7,040 765-06142.000 EX 0 0 765-06143-000 CV 18,300 2.508 765-06144-000 RI 71,450 11,765 765-06145-OCO RI 49,500 7,921 766-06147.000 RI 227,450 45.490 765-07123.000 RI 72,450 8,100 765 -07124 -COO RI 50,500 6,492 RIYLTjl� ��1 2City-oCFeyetteville r;; PROJECT PLAN 38 Parcel ID Type Total Appraised Total Assessed 765-08241-000 RV 8,750 1,375 765.08242.000 RI 64,000 8,633 765.08243.000 RI 82,900 12,119 765-08539.01X1 RI 691,000 80.600 765-08540-000 RI 635,000 78,741 765-08541.000 RI 481,500 60,091 765-08542-000 RI 357,000 44,459 765-08543-000 RI 376,600 54,926 765-08544-000 RI 749.700 93,626 765-08545-000 RV 52,500 3,432 765-08546-000 RI 263,600 28,432 766-08547-000 RI 354.950 37,040 765-08548.000 RI 122.700 14,443 765 -08549 -COO RI 218,450 32,804 766-08550-000 RI 315,100 38,124 765-08551-000 RI 299,450 36,261 765-08552-000 RI 113,250 111101 765-08553-000 RV 100,000 5,577 765-08554-000 RI 120,550 13,542 765-08555.000 RI 109,100 12.037 765-08556-000 RI 298,350 34,172 785-09759.000 EX 0 0 765-09760-000 EX 0 0 765-09781-000 EX 0 0 785-09762000 EX 0 0 765.09763.000 CR 126,450 25,290 765-09764-000 RV 27,500 3,300 765.09765.000 RV 27,500 3.300 765-09766.000 PS 1,500 300 765.09767.000 EX 0 0 765-09768-000 EX 0 0 765-09769-000 EX 0 0 765-09770-O00 EX 0 0 765-09914-000 CI 357,650 54,726 765-09915.000 CI 405,650 59,000 765-09917-000 CI 316,100 51,022 765-09918-000 ET 0 0 765-09919-000 EX 0 0 765-09920-000 CI 767,550 99,843 765.09921-000 RI 1669,950 30,308 765-09922-000 RI 127,150 24,588 765.09923-000 RV 22,000 3,300 765-09924-000 RV 22,000 3,300 765-09925-000 EX 0 0 765.09926-000 EX 0 0 765-11917-000 RI 151,850 20,455 765-11918.000 RI 387,650 77,530 765-11919-000 CR 74,250 12,935 765-11920-000 RI 107,750 19,763 16 -l1921 -00O RI 70,250 9,650 765-11922.000 RI 52,300 8,505 765-11923.000 RI 82,050 16,410 765-11924-000 RI 60,550 10,362 765-11925-000 RI 77,250 11,579 765-11926-000 RI 67,750 . 11,364 765-11927-000 . RI 100,300 16,491 765-11928.000 RI 94,300 17,951 765-11929-000 RI 61,550 12,310 765-11930-000 RI 61,500 10,141 765.11931-000 RI 74,600 13,101 766.11932.000 RI 77,300 11,410 765-11933-000 RI 122,800 20,108 11/20/2004 39 Parcel ID Tv a Total Aooraised Total Assossed 765-11934-000 RI 81.550 14,973 765-11935-000 RI 90,850 10,774 765.11936-000 RI 86,150 13,924 765.12867-000 CV 180,000 18.038 765-12866-0OD CI 675,500 83,484 765-12868-001 CI 216,250 27,196 765-12869-000 RI 114,250 15,909 785-12870-000 RI 110,350 14.863 765-12871-000 CI 132,150 18,994 785-12872-000 CI 89,300 12,141 765-12873.000 CI 93,450 12,012 765-12874-000 CI 122,050 15,315 765-12875-000 CM 76,950 11,782 765-12875-003 EX 0 0 765-12876-000 CV 117,900 13,599 765-12877-000 CI 82,050 9,209 765-12878.000 EX 0 0 765-12879-000 RI 87,750 12,799 765-12880-000 RI 109,900 18,090 765-12881-000 EX 0 0 765-12882.000 RI 216,750 33,176 765-12883-000 RI 139,300 15,094 765-12884-000 RV 22,000 3,520 765.12885.000 RI 281,300 46,404 765-12886-000 EX 0 0 765-12887-000 EX 0 0 765-12888-000 RI 86,150 11,197 765-12889-000 RI 130,550 23,109 765-12894-000 CI 524.350 49,464 765-12699-000 CV 142,000 8,237 765-12900-000 RI 174.000 20,778 765.12901.000 CV 50,000 2,959 765-12904-000 CI 776,450 74,474 765.12905-000 CI 636,600 102,828 765-12906-000 CM 259,900 37,166 7665.12907-000 CI 333,000 42,843 785-12908.000 CI 337,850 37,199 765-12932-000 PS 940,650 188,130 765.12932-001 CI 585,650 74,143 765-12933-000 EX D 0 765-12934-000 CI 190,650 29,172 765-12935.000 CV 46,650 8,536 785-12936-000 RV 11,000 772 765-12937-000 RV 16,500 2,640 765-12938-000 RI 47,600 7,046 765.12939-000 RI 84,900 15,029 765-12940-000 RV 13,200 2,420 765-12941-000 RI 32,000 5,071 765.12942.000 RV 15,400 2,464 765-12943-000 CI 420.650 86,584 765.12944-000 CI 224,950 33,173 765-12945-000 RI 69.600 7,645 765-12946-000 CR 680,400 109,340 765.12947-000 RV 15,400 2,145 765-12948-000 RI 49,600 8,037 765-12949-000 RI 49,850 6,635 765-12950-000 RI 68,650 8,984 765-12951-000 RI 55,900 6,955 765-12952-000 RV 4,000 660 765-12953-000 RV 3,000 600 755-12954-000 CI 238,550 45, 934 765.12955.000 RI 45,950 5,324 11/202004 ;City1Of Fayetteville DOWNTOWN MASTEkPL'AN-REDEVELOPMENT Dl ":r'PROJECT+ PI..AN. Parcel ID Type Total Ap xaised Total Assessed 765.12956-000 RI 60,650 7,965 765-12957-000 RI 50,000 5,035 766-12958-000 RI 91,600 14,421 765-12959-000 RI 60,850 5,750 765-12960-000 RI 52,450 7,136 765-12961.000 Cl 221,500 44,300 765-12982-000 RI 46,500 6,793 765-12964-000 RI 49,850 5,131 765-12967-000 RI 336,800 55,088 765-12970-000 RI 66,200 6,163 765-12971-000 RI 51,500 5,928 765-12972-000 RI 87,050 8,637 765-12973.000 RI 55,600 8,107 765-13020-000 CI 44,300 5,749 765-13020-001 EX 0 0 765.22041-000 CI 304,296 60,819 785.22.042.000 CI 616,394 123,200 765-22043-000 CI 366,715 73,293 765-22044-000 CI 312,098 62,381 765-22045-000 CI 397,925 79,552 765-22046-000 CI 827,060 166,319 765.22047.000 CI 795,850 159,093 765-22048-000 CI 226,271 45,221 765-22049-000 CI 210,666 42,119 765-22050-000 RI 148,247 29,645 765-22051.000 RI 124,839 24,959 765-22052-000 RI 124,839 23,825 765-22053-000 RI 132,642 28,521 765.22054.000 RI 132,642 26,521 765-22055-000 RI 288,691 57,696 765-22056-000 RI 202,864 40,557 765-22067-0D0 RI 413,530 82,676 765-22058-000 RI 234,074 46,783 765-22059-000 RI 163,851 32,747 785.22060.000 RI 163,851 32,747 765-22061-000 RI 273,086 52,112 765-22062-000 CI 109,234 21,824 765-22063-000 CI 444,740 88,902 765.22064-000 CI 249,678 49,907 785-22065-000 CI 187,259 37,433 765-22066-000 CI 117,037 23,397 765-22067-000 CI 117,037 23,397 765-22068-000 CI 117,037 23,397 765.22367.000 RI 206,100 40,370 765-22368-000 RI 208,950 40,370 765-22389-000 RI 208,350 38,536 765.22370-000 RI 2.24,450 44,000 765-22371-000 RI 209,950 40,370 785-22a72.000 RI 225,400 44,000 765-22373-000 RI 208,350 40,370 765.22374-000 RI 225,050 42,000 765-22375-000 RI 209,960 40,370 765-22376-000 RI 225,050 44,000 765-22377-000 RI 2.08,350 38,535 765.22378-000 RI 224,050 44,000 765-22379-00D RI 308,300 60,500 765-22380.000 RI 322,800 59,850 765-223$1.000 CI 206,200 41240 765-22382-000 CI 135,050 27,010 785.22383.000 CI 963,750 192,750 765-22384-000 CI 0 0 785.22549-000 CI 97,400 9,009 11/20/2004 ''- Parcel ID h e Total AWPaW9 Total Assessed 785-22550-000 CI 97,400 9,009 765-22551-000 CI 97,400 9,009 785-22552-000 CI 97,400 9,009 765-22553-000 Cl 97,400 9,009 786-22554-000 Cl 97,400 9,009 785-22655.000 CI 97,400 9,009 765-22556-000 CI 97,400 9,009 765-22557-000 CI 97,400 9,009 765-22558-000 CI 97,400 9,009 765-22559-000 CI 97,400 9.009 765-22580-000 CI 97,400 9,009 765-22561-000 CI 97.400 9,009 765.22562-000 CI 97,400 9,009 765-22583-000 CI 0 0 765-22564-000 CI 274,147 50.204 765-22565-000 CI 273,053 49,995 765-7.2566-000 Cl 0 0 765-01687-002 EX 0 765-23362.000 RI 234,000 46.000 765.23363-000 RI 214,600 42,920 785-23364.000 RI 225,900 45,180 765-23385-000 RI 306,600 61,320 765.23368-000 RI 337,250 67,450 765-23367.000 RI 321,650 64,330 765-23368-000 CI 0 0 765-23413-000 RI 85,450 17,090 7765-23414-000 RI 65,100 13,020 765-23415-000 RI 76,900 15,380 765-234166-000 RI 134,950 26,990 765-23417-000 RI 61,700 16,340 765-23418-000 RI 303,700 60,740 765.23419.000 CR 0 0 765-01655-000 CI 249,300 42,743 765-01656-000 CI 194,000 32,895 765-01657-000 CI 230,400 30,778 765-01658-000 CI 170,100 30,602 765-01659-000 CI 202,350 32,340 765.01660-000 CI 124,050 16,701 765-01661-000 CI 210,900 38,988 765-01663-000 CM 80,150 10,687 765-01663-000 CM 80,150 10,687 765-01564-000 CI 130,200 10,802 765-01664-000 CI 130.200 10,802 765-01666-000 CI 128.450 19,734 766-01665-000 CI 128,450 19,734 765-01666.000 CI 251,450 27,199 765-01667-000 CV 130,000 25,080 765-01668-000 CM 168,750 24,138 765-01669-000 CI 338,850 52,124 765.01670-C00 RI 165,250 27,367 765.01671-000 CI 114,100 18,690 765-01672-000 CV 27,200 4,400 765-01673-000 RI 131,500 18,682 765-01674-000 CR 155,050 27,311 765.01675-000 RI 89,450 10,090 765-01678.000 Cl 74,900 7,794 97,820,053 15, 083,761 11/20/2004 11 tY._ _ City of Fayetteville - `-::. •: r DOWNTOWN MASTER PLAN -REDEVELOPMENT DISTRICT PROJECT PLAN ; '" ,.. 0 KUTAK ROCK LLP DRAFT 03/09/05 CITY OF FAYETTEVILLE, ARKANSAS to as Trustee TRUST INDENTURE Dated as of April 15, 2005 Providing for: City of Fayetteville, Arkansas Tax Increment Interest Accretion Bonds (Highway 71 East Square Redevelopment District No. 1 Project) Series 2005 Prepared by: Kutak Rock LLP 425 West Capitol Avenue, Suite 1100 Little Rock, Arkansas 72201 10-70831.5 0 TABLE OF CONTENTS (This Table of Contents is not a part of the Trust Indenture and is only for convenience of reference.) Page No. ARTICLE I DEFINITIONS Section101. Definitions........................................................................................................4 Section 102. Use of Words................................................................................................. 10 ARTICLE II THE BONDS Section 201. Security for the Bonds................................................................................... 10 Section 202. Authorized Amount....................................................................................... I 1 Section 203. Details of Bonds............................................................................................. 11 Section204. Form............................................................................................................... II Section205. Payment.......................................................................................................... 12 Section206. Execution....................................................................................................... 12 Section 207. Authentication................................................................................................ 12 Section 208. Delivery of the Bonds.................................................................................... 12 Section 209. Mutilated, Destroyed or Lost Bonds.............................................................. 13 Section 210. Registration and Transfer of Bonds............................................................... 14 Section 211. Cancellation................................................................................................... 15 Section 212. Additional Bonds........................................................................................... 15 Section 213. Superior Obligations Prohibited.................................................................... 15 Section 214. [RESERVED]................................................................................................ 16 Section 215. Temporary Bonds........................................................................................... 16 ARTICLE III REDEMPTION OF BONDS BEFORE MATURITY Section301. Redemption.................................................................................................... 16 Section302. Notice............................................................................................................. 17 Section 303. Selection of Bonds to be Redeemed.............................................................. 17 Section 304. Surrender of Bonds Upon Redemption.......................................................... 17 10-70831.5 i 0 Section 305. Redemption in Part........................................................................................ 17 Section 306. Payment of Redemption Price....................................................................... 18 Section 307. Redemption of Additional Bonds.................................................................. 18 ARTICLE IV GENERAL COVENANTS AND REPRESENTATIONS Section 401. Payment of Principal, Premium, if any, and Interest ..................................... 18 Section 402. Performance of Covenants............................................................................. 18 Section 403. Instruments of Further Assurance.................................................................. 19 Section 404. Recordation and Filing................................................................................... 19 Section 405. Inspection of Books....................................................................................... 19 Section 406. Tax Covenants............................................................................................... 19 Section 407. Trustee's and Paying Agent's Fees and Expenses ......................................... 19 Section 408. Completion of Project; Certification of Completion Date ............................. 20 Section 409. Encumbrances................................................................................................ 20 Section 410. Continuing Disclosure................................................................................... 20 ARTICLE V FUNDS AND DEPOSITS Section 501. Creation of Funds and Accounts.................................................................... 20 Section 502. Project Fund...................................................................................................21 Section 503. Revenue Fund................................................................................................ 22 Section504. Bond Fund...................................................................................................... 23 Section 505. Cost of Issuance Fund.................................................................................... 23 Section 506. Redemption Fund...........................................................................................23 Section507. Rebate Fund................................................................................................... 24 Section 508. Debt Service Reserve Fund............................................................................ 25 Section 509. Cessation of Fund Deposits........................................................................... 25 Section 510. Separate Accounts Authorized....................................................................... 25 ARTICLE VI INVESTMENTS Section 601. Investment of Moneys.................................................................................... 26 Section 602. Investment Earnings....................................................................................... 26 Section 603. Responsibility of Trustee............................................................................... 27 10-70831.5 ii a ARTICLE VII DISCHARGE OF LIEN Section 701. Discharge of Lien........................................................................................... 27 Section 702. Bonds Deemed Paid.......................................................................................27 Section 703. Non -Presentment of Bonds............................................................................ 27 ARTICLE VIII DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS Section 801. Events of Default........................................................................................... 28 Section 802. Acceleration................................................................................................... 28 Section 803. Other Remedies; Rights of Bondholders....................................................... 29 Section 804. Right of Bondholders to Direct Proceedings ................................................. 29 Section 805. Appointment of Receiver............................................................................... 29 Section806. Waiver............................................................................................................ 29 Section 807. Application of Moneys.................................................................................. 30 Section 808. Remedies Vested in Trustee........................................................................... 31 Section 809. Rights and Remedies of Bondholders............................................................ 31 Section 810. Termination of Proceedings........................................................................... 32 Section 811. Waivers of Events of Default......................................................................... 32 ARTICLE IX TRUSTEE AND PAYING AGENTS Section 901. Acceptance of Trusts...................................................................................... 32 Section 902. Fees, Charges and Expenses of Trustee and Paying Agents; Trustee's PriorLien....................................................................................................... 34 Section 903. Additional Duties of Trustee.......................................................................... 35 Section 904. Notice to Bondholders of Default.................................................................. 35 Section 905. Intervention by Trustee.................................................................................. 36 Section 906. Merger or Consolidation of Trustee............................................................... 36 Section 907. Resignation by Trustee.................................................................................. 36 Section 908. Removal of Trustee........................................................................................ 36 Section 909. Appointment of Successor Trustee................................................................ 36 Section 910. Concerning Any Successor Trustee............................................................... 36 Section 911. Reliance Upon Instruments............................................................................ 37 Section 912. Appointment of Co-Trustee........................................................................... 37 Section 913. Designation and Succession of Paying Agents..............................................38 10-70831.5 III 0 • ARTICLE X SUPPLEMENTAL INDENTURES Section 1001. Supplemental Indentures Not Requiring Consent of Bondholders ................ 38 Section 1002. Supplemental Indentures Requiring Consent of Bondholders ....................... 39 Section 1003. Effect of Supplemental Indentures ................................................................. 40 ARTICLE XI MISCELLANEOUS Section 1101. Consents, etc. of Bondholders....................................................................... 40 Section1102. Notices........................................................................................................... 40 Section 1103. Limitation of Rights....................................................................................... 41 Section1104. Severability....................................................................................................41 Section 1 105. Applicable Provisions of Law........................................................................ 41 Section 1 106. Counterparts................................................................................................... 41 Section 1107. Successors and Assigns.................................................................................. 41 Section1108. Captions......................................................................................................... 41 Section 1109. Photocopies and Reproductions.....................................................................41 Section 1110. Bonds Owned by the City..............................................................................42 Exhibit A Form of Series 2005 Bond............................................................................. A -I Exhibit B Form of Requisition........................................................................................ B-1 Exhibit C Series 2005 Bond Accretion Schedule........................................................... C -I 10-70831.5 iv TRUST INDENTURE THIS TRUST INDENTURE is made and entered into as of April 15, 2005, by and between the CITY OF FAYETTEVILLE, ARKANSAS (the "City"), a city of the first class organized under and existing by virtue of the laws of the State of Arkansas, and [TRUSTEE NAME[, as trustee (the "Trustee"), a organized under and existing by virtue of the laws of the and having its principal corporate trust office in Arkansas; WITNESSETH: WHEREAS, the City Council of the City has determined that there is a great need for a source of revenue to finance the costs of alleviating certain blight and encouraging economic development within the City and in furtherance of such purposes has created the Highway 71 East Square Redevelopment District No. I (the "District") pursuant to Ordinance No. 4608 adopted on August 17, 2004, as amended by Ordinance No. 4662 adopted on December 28, 2004; and WHEREAS, the specific actions needed to alleviate such blight and encourage such development consist of (i) the acquisition of certain real property and the demolition of existing structures thereon, which property is located within the District and consists of the former Mountain Inn property and surrounding parcels, and (ii) the construction of certain sidewalk and crosswalk improvements within the District (the "2005 Project"); and WHEREAS, following the acquisition and demolition components of the 2005 Project described above, and upon the satisfaction of certain conditions set forth in that certain 2005 Redevelopment Agreement of even date herewith, the City intends to transfer the cleared real property to for the purpose of constructing a hotel and meeting facility thereon; and WHEREAS, the City is authorized and empowered under the provisions of the Constitution and laws of the State of Arkansas, including particularly Amendment 78 to the Constitution of the State of Arkansas ("Amendment 78") and Arkansas Code Annotated (2003 Supp.) Sections 14-168-301 et seq. (as from time to time amended, the "Act"), to issue and sell its bonds to finance the costs of various capital improvements within the District such as those comprising the 2005 Project, which bonds are to be secured by and payable from the ad valorem tax increment described in and authorized by the Act; and WHEREAS, pursuant to the provisions of Ordinance No. of the City, adopted by the City Council on [March 15], 2005 (the "Authorizing Ordinance"), and in accordance with the provisions of Amendment 78 and the Act, the City proposes to issue its Tax Increment Interest Accretion Bonds (Highway 71 East Square Redevelopment District No. I Project), Series 2005 (the "Series 2005 Bonds") in the aggregate principal amount of $ , in order to provide for the financing of the 2005 Project; and 10-70831.5 0 WHEREAS, the City has further determined to enter into this Indenture to authorize the issuance of and to secure the Series 2005 Bonds by granting to the Trustee a pledge and assignment of the interests and other rights herein contained, and certain funds and accounts created hereby; and WHEREAS, the Series 2005 Bonds are to be dated, bear interest, mature and be subject to redemption as hereinafter in this Indenture set forth in detail; and WHEREAS, provision is made in this Indenture for the issuance of Additional Bonds (hereinafter defined) upon compliance with certain conditions set forth herein; and WHEREAS, the execution and delivery of this Indenture and the issuance of the Series 2005 Bonds have been in all respects duly and validly confirmed, authorized and approved under the provisions of the Authorizing Ordinance; and WHEREAS, all things necessary to make the Series 2005 Bonds, when authenticated by the Trustee and issued as in this Indenture provided, the valid, binding and legal obligations of the City according to the import thereof, and to constitute this Indenture a valid pledge of the Tax Increment (as defined herein) to the payment of the principal of, premium, if any, and interest on the Series 2005 Bonds, as specified in and in accordance with the provisions hereof, have been done and performed, and the creation, execution and delivery of this Indenture and the creation, execution, issuance and delivery of the Series 2005 Bonds, subject to the terms hereof, have in all respects been duly authorized; NOW, THEREFORE, KNOW ALL MEN BY THESE PRESENTS, THIS INDENTURE WITNESSETH: That the City, in consideration of the premises and the acceptance by the Trustee of the trusts hereby created and of the purchase and acceptance of the Series 2005 Bonds by the Holders and owners thereof, and the sum of Ten Dollars ($10.00), lawful money of the United States of America, to it duly paid by the Trustee, at or before the execution and delivery of these presents, and for other good and valuable consideration, the receipt of which is hereby acknowledged, and in order to secure the payment of the principal of, premium, if any, and interest on the Series 2005 Bonds and all Additional Bonds (hereinafter defined), if any, according to their tenor and effect, and to secure the performance and observance by the City of all the covenants expressed or implied herein and in the Series 2005 Bonds and Additional Bonds (collectively, the "Bonds"), does hereby grant, bargain, sell, convey, mortgage, assign, transfer and pledge unto the Trustee, and unto its successor or successors in trust, and to them and their assigns forever, for the securing of the performance of the obligations of the City hereinafter set forth the following: Subject only to the provisions of this Indenture permitting the application thereof for the purposes and on the terms and conditions set forth herein, the Tax Increment (as defined herein) and the Revenue Fund established by this Indenture, which are hereby irrevocably assigned and pledged to secure all obligations under this Indenture; and 10-70831.5 2 0 2. Separately to each series of Bonds issued hereunder, but subject to the provisions of this Indenture permitting the application thereof for the purposes and on the terms and conditions set forth herein, the related Accounts of the Bond Fund, the Debt Service Reserve Fund, the Project Fund and the Redemption Fund established by this Indenture, including the investment earnings thereon, if any; and 3. Any and all other properties, rights and interests of every kind and nature (including any proceeds realized upon the sale of the real property acquired with the proceeds of the sale of the Series 2005 Bonds) from time to time which have been, are hereby, or hereafter are, by delivery or by writing or transfer of any kind, conveyed, mortgaged, pledged, assigned or transferred, as and for additional security hereunder, by the City or by any other Person, firm or corporation, or with the written consent of the City, to the Trustee, which is hereby authorized to receive any and all such properties, rights and interests at any time and at all times and to hold and apply the same subject to the terms hereof. TO HAVE AND TO HOLD all the same (the "Trust Estate") with all privileges and appurtenances hereby conveyed and assigned, or agreed or intended so to be, to the Trustee and its successors in said trusts and to them and their assigns forever; IN TRUST NEVERTHELESS, upon the terms and trusts herein set forth for the equal and proportionate benefit, security and protection of all owners of the said Bonds issued under and secured by this Indenture (except as to the separate security described in clause 2 above); without privilege, priority or distinction as to lien or otherwise of any of the Bonds over any of the other Bonds; and provided further, that if the City, its successors or assigns, shall well and truly pay, or cause to be paid, the principal of, premium, if any, and interest due on the Bonds, at the times and in the manner provided in the Bonds, according to the true intent and meaning thereof, and shall make the payments as required under this Indenture or shall provide, as permitted hereby, for the payment thereof by depositing or causing to be deposited with the Trustee the entire amount due or to become due thereon, and shall well and truly keep, perform and observe all of the covenants and conditions pursuant to the terms of this Indenture to be kept, and shall pay to the Trustee all sums of money due or to become due to it in accordance with the terms and provisions hereof, then upon such final payments or deposits this Indenture and the lien and rights hereby granted shall cease, determine and be void; otherwise, this Indenture is to be and remain in full force and effect. THIS INDENTURE FURTHER WITNESSETH that, and it is expressly declared that, all Bonds issued and secured hereunder are to be issued, authenticated and delivered and all revenues and income hereby pledged are to be dealt with and disposed of under, upon and subject to the terms, conditions, stipulations, covenants, agreements, trusts, uses and purposes as hereinafter expressed, and the City has agreed and covenanted, and does hereby agree and 10-70831.5 3 0 covenant, with the Trustee and with the respective owners from time to time of the Bonds or any part thereof, as follows, that is to say: ARTICLE I DEFINITIONS Section 101. Definitions. In addition to the words and terms elsewhere defined in this Indenture, the following words and terms as used in this Indenture shall have the following meanings: "Account" means an Account established by Article V of this Indenture. "Accountant" means an independent certified public accountant or a firm of independent certified public accountants. "Accreted Value" means, with respect to each Series 2005 Bond: (a) for any $5,000 minimum authorized denomination of a Series 2005 Bond, as of any Accretion Date, the amount set forth in Exhibit C hereto as the Accreted Value of a Series 2005 Bond as of such Accretion Date; (b) as of any date (for purposes of this paragraph (b), a "Calculation Date") that is not an Accretion Date, the sum of (i) the Accreted Value determined under paragraph (a) above, as appropriate, as of the most recent Accretion Date plus (ii) the amount determined pursuant to the following formula: (A-B)(X/180), where "A" is the Accreted Value determined under paragraph (a) above as of the Accretion Date immediately following such Calculation Date; "B" is the Accreted Value determined under paragraph (a) above as of the most recent Accretion Date; and "X" is the number of days such Calculation Date follows the most recent Accretion Date, determined assuming that each month in such period contains 30 days. "Accretion Date" means, with respect to the Series 2005 Bonds, (i) the date on which the Series 2005 Bonds are first issued by the City and February 1 and August 1 of each year, commencing August 1, 2005. "Act" means the enabling legislation for Amendment 78, codified as Arkansas Code Annotated (2003 Supp.) Sections 14-168-301 et seq., as from time to time amended. "Additional Bonds" mean Bonds in addition to the Series 2005 Bonds which are issued under the provisions of Section 212 of this Indenture. "Amendment 78" means Amendment No. 78 to the Constitution of Arkansas, approved by the voters of the State on November 7, 2000. 10-70831.5 4 I "Annual Debt Service" means, with respect to all or any particular amount of Bonds, as the case may be, the Debt Service for any particular Fiscal Year required to be paid or set aside during such Fiscal Year, less the amount of such payment which is provided from the proceeds of the sale of Bonds or from sources other than Tax Increment receipts. With respect to the Series 2005 Bonds, "Annual Debt Service" means the Debt Service for any particular year which is deemed to accrete or mature as described under the definition of Debt Service set forth below. "Authorized Representative" means the Mayor of the City and such additional person or persons as from time to time may be designated to act on behalf of the City by a Certificate furnished to the Trustee containing the specimen signature thereof and executed on behalf of the City by its Mayor. "Authorizing Ordinance" means Ordinance No. , adopted by the City on [March 15], 2005, which authorized the issuance of the Series 2005 Bonds pursuant to this Indenture. "Bond Counsel" means any firm of nationally recognized municipal bond counsel selected by the City and acceptable to the Trustee. "Bond Fund" means the fund by that name created and established in Section 501 of this Indenture. "Bond Purchase Agreement" means each bond purchase agreement executed between the City and the Original Purchaser or Purchasers of a series of Bonds issued hereunder. "Bonds" mean the Series 2005 Bonds and all Additional Bonds issued by the City pursuant to this Indenture. "Certificate" means a document signed by an Authorized Representative of the City attesting to or acknowledging the circumstances or other matters therein stated. "City" means the City of Fayetteville, Arkansas, a municipality and political subdivision under the laws of the State of Arkansas. "City Clerk" means the person holding the office and performing the duties of the City Clerk of the City. "Closing Date" means, with respect to any series of Bonds, the date upon which there is an exchange of such series of Bonds for the proceeds representing the initial purchase price for such series of Bonds by the Original Purchaser or Purchasers thereof. "Code" means the Internal Revenue Code of 1986, as from time to time amended, and applicable regulations issued or proposed thereunder. "Completion Date" means the date upon which a particular Project is completed, as certified by a Qualified Engineer in accordance with Section 408 hereof. "Costs of Issuance" means all items of expense payable or reimbursable directly or indirectly by the City and related to the authorization, sale and issuance of the Bonds, including, 10-70831.5 5 but not limited to, underwriting discounts, fees and expenses, placement agent fees and expenses, publication expenses, expenses of printing, reproducing, filing and recording documents, initial fees and charges of the Trustee and any Paying Agent, fees and expenses for legal, accounting and other professional services, rating fees, costs of securing any credit enhancement for the Bonds, costs of execution, transportation and safekeeping of the Bonds, and other costs, charges and fees incurred in connection with the foregoing. "Costs of Issuance Fund" means the fund by that name created and established in Section 501 of this Indenture. "Debt Service" means, with respect to all or any particular amount of Bonds, the total as of any particular date of computation and for any particular period of the scheduled amount of interest and amortization of principal payable on such Bonds, excluding amounts scheduled during such period which relate to principal which has been retired before the beginning of such period. With respect to the Series 2005 Bonds, "Debt Service" shall include the increase in Accreted Value during such period of computation and the pro rata portion of principal allocable to such period of computation, assuming that the principal of the Series 2005 Bonds matures on a level basis over the life of the Series 2005 Bonds, but excluding amounts which relate to Series 2005 Bonds which have been retired before the beginning of such period. "Debt Service Reserve Fund" means the fund by that name created and established in Section 501 of this Indenture. "District" means the Highway 71 East Square Redevelopment District No. I created by the City under the authority of Amendment 78 and the Act pursuant to Ordinance No. 4608 adopted on August 17, 2004, as amended by Ordinance No. 4662 adopted on December 28, 2004. "Event of Default" means any event of default specified in Section 801 hereof. "Fiscal Year" means the 12 -month period used, at any time, by the City for accounting purposes, which may be the calendar year. "Fund" means a fund established by Article V of this Indenture. "Government Securities" means (i) bonds, notes, certificates of indebtedness, treasury bills or other securities constituting direct obligations of, or obligations on which the full and timely payment of principal and interest is fully and unconditionally guaranteed by, the United States of America (including any such securities issued or held in book -entry form on the books of the Department of Treasury of the United States of America), and (ii) evidences of direct ownership or proportionate or individual interest in future interest or principal payments on specified direct obligations of, or obligations on which the full and timely payment of principal and interest is fully and unconditionally guaranteed by, the United States of America, which obligations are held by a bank or trust company organized and existing under the laws of the United States of America or any state thereof in the capacity of custodian in form and substance satisfactory to the Trustee. 10-70831.5 6 0 • "Holder" or "Bondholder" or "owner of the Bonds" means the registered owner of any Bond. "Indenture" means this Trust Indenture dated as of April 15, 2005, between the City and the Trustee, pursuant to which the Bonds are issued, and any amendments and supplements hereto. "Investment Securities" means, if and to the extent the same are at the time legal for investment of Funds and Accounts held under this Indenture: (a) Government Securities; (b) bonds, notes or other obligations of any state of the United States of America or any political subdivision of any state, which at the time of their purchase are rated in either of the two highest rating categories by a nationally recognized Rating Agency; (c) certificates of deposit or time or demand deposits constituting direct obligations of any bank, bank holding company, savings and loan association or trust company organized under the laws of the United States of America or any state thereof (including the Trustee or any of its affiliates), except that investments may be made only in certificates of deposit or time or demand deposits which are: (1) insured by the Federal Deposit Insurance Corporation, or any other similar United States Government deposit insurance program then in existence; or (2) continuously and fully secured by Government Securities, which have a market value, exclusive of accrued interest, at all times at least equal to the principal amount of such certificates of deposit or time or demand deposits; (d) short term discount obligations of the Federal National Mortgage Association and the Government National Mortgage Association; and (e) money market mutual funds (1) that invest in Government Securities or that are registered with the U.S. Securities and Exchange Commission (SEC), meeting the requirements of Rule 2a-7 under the Investment Company Act of 1940, and (2) that are rated in either of the two highest categories by a nationally recognized Rating Agency. "Mayor" means the person holding the office and performing the duties of the Mayor of the City. "Original Purchaser" means the first purchaser(s) of a series of Bonds from the City. "Outstanding" means, as of any date of computation, Bonds theretofore or thereupon being delivered under this Indenture, except: 10-70831.5 7 0 • (a) Bonds cancelled at or prior to such date or delivered to or acquired by the Trustee at or prior to such date for cancellation; (b) Bonds deemed to be paid in accordance with Article VII of this Indenture; and (c) Bonds in lieu of or in exchange or substitution for which other Bonds shall have been authenticated and delivered pursuant to this Indenture. "Paying Agent" means any bank or trust company named by the City as the place at which the principal of and premium, if any, and interest on the Bonds are payable. "Person" means any natural person, firm, association, corporation, limited liability company, partnership, joint stock company, joint venture, trust, unincorporated organization or firm, or a government or any agency or political subdivision thereof or other public body. "Project" means the acquisition, construction, reconstruction, improving, extension or equipping of City infrastructure improvements to be financed with the proceeds of a series of Bonds. "2005 Project" means the acquisition of certain real property and the demolition of existing structures thereon, which property is located within the District and consists of the former Mountain Inn property and surrounding parcels, together with the construction of certain sidewalk and crosswalk improvements within the District. "Project Costs" shall have the meaning set forth in the Act, and shall include, with respect to a Project, all costs of planning, designing, purchasing, acquiring, constructing, reconstructing, improving, enlarging, extending, repairing, financing and placing a Project in operation, including the demolition of existing structures, and the costs of obtaining governmental approvals, certificates, permits and licenses with respect thereto, heretofore or hereafter paid or incurred by or on behalf of the City and which shall include, but shall not be limited to: (a) interest accruing in whole or in part on a series of Bonds prior to the receipt of sufficient Tax Increment receipts to pay such interest as it becomes due; (b) preliminary investigation and development costs, engineering fees, contractors' fees, labor costs, the cost of materials, equipment, utility services and supplies, costs of obtaining permits, licenses and approvals, costs of real property, insurance premiums, legal and financing fees and costs, administrative and general costs, and all other costs properly allocable to the acquisition, construction, reconstruction, improving, extending and equipping of a Project and placing the same in operation; (c) all costs relating to injury and damage claims arising out of the acquisition, construction or equipping of a Project; 10-70831.5 8 CI • (d) all other costs incurred in connection with, and properly allocable to, the acquisition, construction, reconstruction, improving, extending and equipping of a Project; and (e) amounts to pay or reimburse the City, any City fund or any other entity for expenses incident and properly allocable to such planning, designing, purchasing, acquiring, constructing, reconstructing, improving, enlarging, extending, repairing, financing and placing in operation of a Project. "Project Fund" means the fund by that name created and established in Section 501 of this Indenture. "Qualified Engineer" means either (i) the City's Building Services Director and Project Manager or (ii) an independent consulting engineer or firm of independent consulting engineers not in the regular employ of the City. "Rating Agency" means Moody's Investors Service, Standard & Poor's, a division of The McGraw-Hill Companies, Inc., or Fitch, Inc., and their respective successors and assigns. If any such corporation ceases to act as a securities rating agency, the City may appoint any nationally recognized securities rating agency as a replacement. "Rebate Fund" means the fund by that name created and established in Section 501 of this Indenture. "Redemption Fund" means the fund by that name established in Section 501 of this Indenture. "2005 Redevelopment Agreement" means that certain Redevelopment Agreement dated April _, 2005, between the City and , in connection with the 2005 Project. "Requisition" means a written requisition of the City in substantially the form set forth in Exhibit B hereto, consecutively numbered, signed by an Authorized Representative, including, without limitation, the following with respect to each payment requested: (i) the name of the person or party to whom payment is to be made and the purpose of the payment, (ii) the amount to be paid thereunder; (iii) that such amount has not been previously paid by the City and is justly due and owing to the person(s) named therein as a proper payment or reimbursement of a Project Cost; and (iv) that no Event of Default exists under the Indenture and that, to the knowledge of the Authorized Representative, no event has occurred and continues which with notice or lapse of time or both would constitute an Event of Default under the Indenture. 10-70831.5 9 0 "Reserve Requirement" means, with respect to each series of Bonds issued hereunder, at any particular time, an amount equal to 10% of the total Outstanding principal amount of such series of Bonds. "Revenue Fund" means the fund by that name created and established in Section 501 of this Indenture. "Series 2005 Bonds" means the City's Tax Increment Interest Accretion Bonds (Highway 71 East Square Redevelopment District No.I Project), Series 2005, issued under and secured by this Indenture in aggregate principal amount not to exceed S "State" means the State of Arkansas. "Supplemental Indenture" means any indenture supplemental to or amendatory of this Indenture, adopted by the City in accordance with Article X hereof. "Tax Increment" shall have the meaning set forth in the Act, as determined by multiplying the incremental value of the real property within the District by the maximum applicable ad valorem rate permitted pursuant to the Act. "Tax Regulatory Agreement" means with respect to any series of Bonds, that Tax Regulatory Agreement of the City relating to maintenance of the excludability of interest on such Bonds from gross income for federal income tax purposes, delivered in connection with the issuance of such series of Bonds. "Trustee" means the banking corporation or association designated as Trustee in the Indenture, and its successor or successors as such Trustee. The original Trustee is "Trust Estate" means the property described in the granting clauses of this Indenture. Section 102. Use of Words. Words of the masculine gender shall be deemed and construed to include correlative words of the feminine and neuter genders. Unless the context shall otherwise indicate, the words "Bond", "owner", "holder" and "person" shall include the plural, as well as the singular, number. ARTICLE II THE BONDS Section 201. Security for the Bonds. (a) The Bonds are special and limited obligations of the City payable as to principal, premium, if any, and interest solely out of the Trust Estate. The Trust Estate is hereby pledged, appropriated and assigned to the payment of the principal of, premium, if any, and interest on the Bonds, all in accordance with their terms and the provisions of this Indenture. The Bonds do not constitute an indebtedness for which the faith and credit of the State of Arkansas or the City is pledged within the meaning of any Constitutional or statutory limitation. The Bonds shall never constitute an obligation of or a charge against the general credit or general taxing powers of the City. 10-70831.5 10 0 • (b) The pledge, charge, lien, trusts and assignments made herein with respect to the Trust Estate shall be valid and binding, and shall be deemed continuously perfected from the time of issuance of the Series 2005 Bonds, and the Trust Estate shall thereupon be immediately subject to the pledge, charge, lien, trust and assignment created hereby upon receipt thereof by or for the City or by the Trustee or the Paying Agent hereunder, without any physical delivery, segregation thereof or further act, and such pledge, charge, lien, trust and assignment shall be valid and binding as against all parties having claims of any kind in tort, contract or otherwise against the City, irrespective of whether such parties have notice thereof. (c) Except for the specific security provided separately for each series of Bonds issued hereunder and described in clause 2 of the granting clauses of this Indenture, the Bonds shall be equally and ratably payable and secured hereunder without priority by reason of date of adoption of this Indenture or any Supplemental Indenture authorizing their issuance or by reason of their series, number, date, date of issue, execution, authentication or sale, or otherwise. (d) So long as any Bonds are Outstanding under the provisions of this Indenture, all receipts derived from the Tax Increment shall be deemed to be necessary to accomplish the purposes of the City and shall be subject to the covenants and agreements set forth in this Indenture, and no such revenues or receipts shall ever be used or deposited otherwise except as herein expressly permitted. (e) The City covenants that while any of the Bonds are Outstanding it will use due diligence in causing the collection of the Tax Increment. Section 202. Authorized Amount. There is hereby authorized the issuance of bonds of the City to be designated "City of Fayetteville, Arkansas Tax Increment Interest Accretion Bonds (Highway 71 East Square Redevelopment District No. I Project), Series 2005" in the aggregate principal amount of Dollars (S ) (the "Series 2005 Bonds"). No Bonds may be issued under the provisions of this Indenture except in accordance with this Article II. Section 203. Details of Bonds. The Series 2005 Bonds (i) shall be dated as of April _, 2005 [DATE OF DELIVERY], (ii) shall accrete interest at the rate of % per annum from and including their dated date, such interest to be compounded semiannually on each February 1 and August 1, commencing August 1, 2005, as shown on Exhibit C hereto, and fully payable at maturity or upon earlier redemption of the Series 2005 Bonds, (iii) shall be issued in denominations of $5,000 each and in integral multiples of $5,000 in excess thereof, (iv) shall be numbered from R05-1 upwards in order of issuance according to the records of the Trustee, and (v) shall mature, unless sooner redeemed in the manner in this Indenture set forth, on August 1, 2029. Section 204. Form. The Series 2005 Bonds shall be initially issued as fully registered bonds, without coupons, in the form of one typewritten bond certificate to be delivered to The Depository Trust Company. The Series 2005 Bonds and the Trustee's certificate of authentication to be endorsed thereon shall be in substantially the form set forth in Exhibit A hereto, with appropriate variations, insertions and omissions as permitted or required by this 10-70831.5 1 1 0 Indenture. There shall be included with or printed on the Series 2005 Bonds the approving opinion of Bond Counsel. Section 205. Payment. The Series 2005 Bonds shall be payable, with respect to principal, premium, if any, and interest in any coin or currency of the United States of America which at the time of payment is legal tender for the payment of public and private debts. The principal of and premium, if any, and accreted interest on the Series 2005 Bonds shall be payable upon surrender thereof at the principal corporate trust office of the Trustee. For purposes of this Indenture, interest on the Series 2005 Bonds shall be deemed to accrue and accrete on the basis of a 360 -day year of twelve 30 -day months. Section 206. Execution. The Bonds shall be executed on behalf of the City by the manual or facsimile signatures of its Mayor and City Clerk and shall have impressed or imprinted thereon the seal of the City. A facsimile signature shall have the same force and effect as if manually signed. In case any officer whose manual signature or a facsimile of whose signature shall appear on the Bonds shall cease to be such officer before the delivery of such Bonds, such signature or such facsimile shall nevertheless be valid and sufficient for all purposes, the same as if such official had remained in office until delivery. Section 207. Authentication. Only such Bonds as shall have endorsed thereon a certificate of authentication substantially in the form set forth in Exhibit A attached hereto duly executed by the Trustee shall be entitled to any right or benefit under this Indenture. No Bond shall be valid and obligatory for any purpose unless and until such certificate of authentication shall have been duly executed by the Trustee, and such certificate of the Trustee upon any such Bond shall be conclusive evidence that such Bond has been authenticated and delivered under this Indenture. The Trustee's certificate of authentication on any Bond shall be deemed to have been executed if signed by an authorized officer of the Trustee, but it shall not be necessary that the same officer sign the certificate of authentication on all of the Bonds issued hereunder. Section 208. Delivery of the Bonds. The City shall execute and deliver to the Trustee and the Trustee shall authenticate the Bonds of any series and deliver said Bonds to the Original Purchaser(s) as may be directed in this Section 208, in Section 212 hereof or in any Supplemental Indenture. (1) Prior to the delivery or original issuance by the Trustee of any authenticated Bonds of any series, there shall be delivered to the Trustee: (a) An original executed counterpart of this Indenture or, in the case of Additional Bonds, a Supplemental Indenture by and between the City and the Trustee setting forth the details concerning such Additional Bonds; (b) Original executed counterparts of the Tax Regulatory Agreement and Continuing Disclosure Agreement applicable to such series of Bonds; (c) An original executed Bond Purchase Agreement between the City and the Original Purchaser(s) of each series of Bonds; 10-70831.5 12 0 (d) With respect to the Series 2005 Bonds, an original executed counterpart of the 2005 Redevelopment Agreement; (e) A Certificate directing the Trustee to authenticate the Bonds and containing instructions as to the delivery of the Bonds upon payment to the Trustee, for the account of the City, of a sum specified in such Certificate; (f) A copy, duly certified by the City Clerk, of the proceedings of the City authorizing the issuance of the Bonds; (g) A written opinion of Bond Counsel approving the legality of the Bonds; (h) In the case of any series of Additional Bonds, a Certificate signed by the Mayor of the City certifying that (i) the City is not then in default in the performance of any of the covenants, conditions, agreements or provisions contained in this Indenture, and (ii) the City is current as to all required deposits at that time in all the Funds and Accounts described in Article V of this Indenture or hereafter created by Supplemental Indentures, or if the City is in default or is not so current, certifying in the case of (i) or (ii) as to that fact and that, upon the application of the proceeds of the sale of such Additional Bonds as provided in the Supplemental Indenture authorizing the issuance thereof, the City will not be in default or will be current thereafter; (i) In the case of any series of Additional Bonds, the Accountant's certificate described in Section 212 hereof and a written opinion of Bond Counsel to the effect that the exemption from federal income tax of the interest on the Series 2005 Bonds and any Additional Bonds theretofore issued will not be adversely affected by the issuance of the Additional Bonds being issued; and (j) Such further documents and certificates as may be required by the Original Purchaser(s) of such series of Bonds. (2) Upon the delivery of the Series 2005 Bonds to the Original Purchaser thereof, the Trustee shall apply the proceeds (i.e., $, as follows: (a) $ , an amount equal to the Reserve Requirement with respect to the Series 2005 Bonds, shall be deposited in the Series 2005 Account of the Debt Service Reserve Fund; (b) An amount equal to $ shall be deposited in the Costs of Issuance Fund for payment of Costs of Issuance as directed by a Certificate of the City; and (c) The balance of said proceeds, in the amount of $ , shall be deposited in the Series 2005 Account of the Project Fund and disbursed as directed by the City pursuant to Section 502 hereof. Section 209. Mutilated, Destroyed or Lost Bonds. In case any Bond issued hereunder shall become mutilated or be destroyed or lost, the City shall, if not then prohibited by law, cause to be executed and the Trustee may authenticate and deliver a new Bond of like series, date, 10-70831.5 13 • 0 number, maturity and tenor in exchange and substitution for and upon cancellation of such mutilated Bond, or in lieu of and in substitution for such Bond destroyed or lost, upon the Holder's paying the reasonable expenses and charges of the City and the Trustee in connection therewith, and, in the case of a Bond destroyed or lost, filing by the Holder with the Trustee evidence satisfactory to the Trustee that such Bonds were destroyed or lost, and of the Holder's ownership thereof, and furnishing the City and Trustee with indemnity satisfactory to them. The Trustee is hereby authorized to authenticate any such new Bond. In the event any such Bonds shall have matured, instead of issuing a new Bond, the City may pay the same without the surrender thereof. Upon the issuance of a new Bond under this Section 209, the City may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. Section 210. Registration and Transfer of Bonds. The City hereby constitutes and appoints the Trustee as Bond registrar of the City, and as Bond registrar the Trustee shall keep books for the registration and for the transfer of the Bonds as provided in this Indenture at the principal corporate trust office of the Trustee. The person in whose name any Bond shall be registered shall be deemed and regarded as the absolute owner thereof for all purposes and payment of or on account of the principal of, premium and interest on any such Bond shall be made only to or upon the order of the registered owner thereof, or the owner's legal representative, and neither the City, the Trustee nor the Bond registrar shall be affected by any notice to the contrary, but such registration may be changed as herein provided. All such payments shall be valid and effectual to satisfy and discharge the liability upon such Bond to the extent of the sum or sums so paid. Subject to the limitations set forth below, Bonds may be transferred on the books of registration kept by the Trustee by the registered owner in person or by the owner's duly authorized attorney, upon surrender thereof, together with a written instrument of transfer duly executed by the registered owner or the owner's duly authorized attorney. Upon surrender for transfer of any Bond at the principal corporate office of the Trustee, the City shall execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees a new Bond or Bonds of the same series and in the same aggregate principal amount and of any authorized denomination or denominations. Bonds may be exchanged at the principal corporate trust office of the Trustee for an equal aggregate principal amount of Bonds of any other authorized denomination or denominations of the same series with corresponding maturities. The City shall execute and the Trustee shall authenticate and deliver Bonds which the Bondholder making the exchange is entitled to receive, bearing numbers not contemporaneously then outstanding. The execution by the City of any Bond of any denomination shall constitute full and due authorization of such denomination and the Trustee shall thereby be authorized to authenticate and deliver such Bond. Such transfers of registration or exchanges of Bonds shall be without charge to the Holders of such Bonds, but any taxes or other governmental charges required to be paid with respect to the same shall be paid by the Holder of the Bond requesting such transfer or exchange as a condition precedent to the exercise of such privilege. 10-70831.5 14 The Trustee shall not be required to transfer or exchange any Bond after the mailing of notice calling such Bond for redemption has been made, and prior to such redemption. Section 211. Cancellation. All Bonds surrendered for payment, redemption, transfer or exchange, if surrendered to the Trustee, shall be promptly cancelled by it, and, if surrendered to any person other than the Trustee, shall be delivered to the Trustee and, if not already cancelled, shall be promptly cancelled by it. The City may at any time deliver to the Trustee for cancellation any Bonds previously authenticated and delivered hereunder, which the City may have acquired in any manner whatsoever, and all Bonds so delivered shall be promptly cancelled by the Trustee. All cancelled Bonds held by the Trustee shall be disposed of as directed by the City. Whenever in this Indenture provision is made for the cancellation by the Trustee and the delivery to the City of any Bonds, the Trustee may, upon the written request of the City, in lieu of such cancellation and delivery, destroy such Bonds in the presence of any officer of the City (but only if the City shall so require), and deliver a certificate of such destruction to the City. Section 212. Additional Bonds. The City may issue from time to time one or more series of Additional Bonds for the purpose of (i) financing Project Costs in connection with a Project, (ii) refunding the Series 2005 Bonds or any series of Additional Bonds, in whole or in part, or (iii) any combination thereof. Additional Bonds shall be secured equally and ratably with the Series 2005 Bonds and any other series of Additional Bonds theretofore issued and then Outstanding, except insofar as any terms or conditions of redemption or purchase established under this Indenture may afford additional benefit or security for the Bonds of any particular series and except for the security afforded by any municipal bond insurance obtained with respect to a particular series of Bonds. Before any Additional Bonds are authenticated, there shall be delivered to the Trustee the items required for the issuance of Bonds by Section 208 hereof, plus an Accountant's certificate stating that, based upon necessary investigation, the Tax Increment receipts transferred to the Trustee for deposit to the Revenue Fund during the most recent twelve (12) months were not less than (i) 150% of the average Annual Debt Service on all then Outstanding Bonds, plus the Additional Bonds then proposed to be issued, and (ii) the amount, if any, needed to make required deposits to the Debt Service Reserve Fund. Notwithstanding anything herein to the contrary, no Additional Bonds shall be issued unless there is no default at the time of issuance under this Indenture. Section 213. Superior Obligations Prohibited. Except to the extent permitted in Section 212 hereof for the issuance of Additional Bonds, from and after the issuance of any of the Bonds and for so long as any of the Bonds are Outstanding, the City shall not create or permit the creation of any indebtedness, or issue any bonds, notes, warrants, certificates or other obligations or evidences of indebtedness payable in any manner from the Tax Increment receipts or otherwise from the Trust Estate which (i) will in any way be superior to or rank on a parity with the Bonds, or (ii) will in any way be secured by a lien and charge on the Tax Increment receipts or on the moneys deposited in or to be deposited in the Revenue Fund, prior to or equal with the lien, pledge and charge created herein for the security of the Bonds, or (iii) will be payable prior to or equal with the payments to be made from the Tax Increment receipts and the Revenue Fund into the Bond Fund, Debt Service Reserve Fund and Redemption Fund or from said Bond Fund, Debt Service Reserve Fund and Redemption Fund for the payment of principal of and interest on the Bonds. 10-70831.5 15 Section 214. [RESERVED]. Section 215. Temporary Bonds. Until Bonds in definitive form are ready for delivery, the City may execute, and upon the request of the City, the Trustee shall authenticate and deliver, subject to the provisions, limitations and conditions set forth herein, one or more Bonds in temporary form, whether printed, typewritten, lithographed or otherwise produced, substantially in the form of the definitive Bonds, with appropriate omissions, variations and insertions, and in authorized denominations. Until exchanged for Bonds in definitive form, such Bonds in temporary form shall be entitled to the lien and benefit of this Indenture. Upon the presentation and surrender of any Bond or Bonds in temporary form, the City shall, without unreasonable delay, prepare, execute and deliver to the Trustee and the Trustee shall authenticate and deliver, in exchange therefor, a Bond or Bonds in definitive form. Such exchange shall be made by the Trustee without making any charge therefor to the Holder of such Bond in temporary form. ARTICLE III REDEMPTION OF BONDS BEFORE MATURITY Section 301. Redemption. (a) The Series 2005 Bonds shall be subject to redemption prior to maturity on any date, in whole or in part (in authorized denominations of the Series 2005 Bonds), by lot in such manner as the Trustee shall determine, at a redemption price equal to 100% of the Accreted Value thereof as of the date of redemption, (i) from moneys in the Series 2005 Account of the Project Fund in excess of the amount needed to complete the 2005 Project, and (ii) from the first $120,000 of proceeds realized by the City upon any sale of any of the real property originally acquired with the proceeds of the Series 2005 Bonds, which moneys shall be transferred to the Series 2005 Account of the Redemption Fund pursuant to Section 502(d) hereof. (b) The Series 2005 Bonds shall be subject to redemption prior to maturity on each February 1, in whole or in part (in authorized denominations of such Series 2005 Bonds), by lot in such manner as the Trustee shall determine, at a redemption price equal to 100% of the Accreted Value thereof as of the date of redemption, to the extent of (i) Tax Increment receipts deposited in the Series 2005 Account of the Redemption Fund pursuant to Section 503 hereof, and (ii) investment earnings and permitted reductions in the balance of the Debt Service Reserve Fund deposited in the Series 2005 Account of the Redemption Fund pursuant to Section 508 hereof. (c) On and after February 1, 2010, the Series 2005 Bonds shall be subject to redemption prior to maturity at the option of the City, in whole or in part on any date (in authorized denominations of the Series 2005 Bonds), by lot in such manner as the Trustee shall determine, from funds from any source, at a redemption price equal to 100% of the Accreted Value thereof as of the date of redemption. (d) Upon any determination that the Tax Increment is to be calculated by including [all of][any portion of) the 25 mills described in Amendment 74 to the Constitution of the State of Arkansas within the "applicable ad valorem rate" (as defined in the Act), which determination is evidenced by (i) an opinion of the Arkansas Attorney General, (ii) a decision by an Arkansas 10-70831.5 16 court of competent jurisdiction, (iii) legislation enacted by the Arkansas General Assembly, or (iv) an amendment to the Constitution of the State of Arkansas, then the Series 2005 Bonds shall be subject to redemption prior to maturity at the option of the City, in whole on any date, from funds from any source, at a redemption price equal to 101% of the principal amount of the Outstanding Series 2005 Bonds plus the accreted interest thereon as of the date of redemption. [WHAT ABOUT A SITUATION WHERE ADDITIONAL MILLS ARE LEVIED?] Section 302. Notice. Notice of the call for any redemption, identifying the Bonds or portions thereof being called and the date on which they shall be presented for payment, shall be mailed by the Trustee by first class mail to the registered owner of each such Bond addressed to such registered owner at his registered address and placed in the mails not less than thirty (30) nor more than sixty (60) days prior to the date fixed for redemption; provided, however, that failure to give such notice by mailing, or any defect therein, shall not affect the validity of any proceeding for the redemption of any Bond with respect to which no such failure or defect has occurred. Any notice mailed as provided in this Section 302 shall be conclusively presumed to have been duly given, whether or not the registered owner receives the notice. Section 303. Selection of Bonds to be Redeemed. If less than all of the Bonds of like series, maturity, interest rate and otherwise identical payment terms shall be called for redemption, the particular Bonds or portions of Bonds to be redeemed shall be selected by lot by the Trustee in such manner as the Trustee in its discretion may deem fair and appropriate; provided, however, that the portion of any Bond of a denomination of larger than the minimum denomination may be redeemed in the principal amount of such minimum denomination or a multiple thereof, and that for purposes of selection and redemption, any such Bond of a denomination larger than the minimum denomination shall be considered to be that number of separate Bonds of such minimum denomination which is obtained by dividing the principal amount of such Bond by such minimum denomination. Section 304. Surrender of Bonds Upon Redemption. Notice having been given in the manner and under the conditions hereinabove provided, and moneys for payment of the redemption price being held by the Trustee as provided in this Indenture (i) the Bonds or portions of Bonds so called for redemption shall, on the date fixed for redemption designated in such notice, become due and payable at the redemption price provided for redemption of such Bonds, and interest on such Bonds or portions of Bonds so called for redemption shall cease to accrue, (ii) upon surrender of the Bonds or portions of Bonds so called for redemption in accordance with such notice, such Bonds or portions of Bonds shall be paid at the applicable redemption price, (iii) such Bonds or portions of Bonds shall cease to be entitled to any lien, benefit or security under this Indenture, and (iv) the owners of said Bonds or portions of Bonds shall have no rights in respect thereof except to receive payment of the redemption price thereof. Section 305. Redemption in Part. Any Bond which is to be redeemed only in part shall be surrendered to the Trustee (with, if the City or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the City and the Trustee duly executed by, the owner thereof or his attorney duly authorized in writing), and the appropriate officials of the City shall execute and the Trustee shall authenticate and deliver to the owner of such Bond, 10-70831.5 17 without service charge, a new Bond or Bonds of the same series, of any authorized denomination or denominations, having the same maturity and interest rate, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Bond so surrendered. Section 306. Payment of Redemption Price. For the redemption of any of the Series 2005 Bonds, the City shall cause to be deposited from the appropriate Account of the Redemption Fund to the corresponding Account in the Bond Fund an amount sufficient to pay the Accreted Value of such Series 2005 Bonds to be redeemed as of the date fixed for such redemption. The obligation of the City to cause any such deposit to be made hereunder shall be reduced by the amount of moneys in the applicable Account in the Bond Fund available on such redemption date for payment of the Accreted Value on the Series 2005 Bonds to be redeemed. Section 307. Redemption of Additional Bonds. Additional Bonds may be made subject to optional, extraordinary and mandatory sinking fund redemption, in whole or in part, in such manner, at such times and at such prices as may be provided in the Supplemental Indenture providing for their issuance. ARTICLE IV GENERAL COVENANTS AND REPRESENTATIONS Section 401. Payment of Principal, Premium, if any, and Interest. The City covenants that it will promptly pay or cause to be paid the principal of and premium, if any, and interest on every Bond issued under this Indenture at the place, on the dates and in the manner provided herein and in the Bonds according to the true intent and meaning thereof. Said principal, premium, if any, and interest are payable solely from the Trust Estate which is hereby specifically pledged to the payment thereof in the manner and to the extent herein specified, and nothing in the Bonds or this Indenture should be considered as assigning or pledging any funds or assets of the City other than the Trust Estate. Anything in this Indenture to the contrary notwithstanding, it is understood that whenever the City makes any covenants involving financial commitments it pledges no funds or assets other than the Trust Estate in the manner and to the extent herein specified, but nothing herein shall be construed as prohibiting the City from using any other funds or assets. The City covenants to use due diligence in causing the collection of the Tax Increment in the maximum amount permissible under the Act and Amendment 78. Section 402. Performance of Covenants. The City covenants that it will faithfully perform at all times any and all covenants, undertakings, stipulations and provisions contained in this Indenture, in any and every Bond executed, authenticated and delivered hereunder, and in all ordinances pertaining hereto. The City covenants that it is duly authorized under the Constitution and laws of the State of Arkansas, including particularly and without limitation Amendment 78 and the Act, to issue the Bonds authorized hereby and to execute this Indenture and to make the pledge of the Tax Increment and to make the covenants in the manner and to the extent herein set forth, that all action on its part for the issuance of the Bonds and the execution and delivery of this Indenture has been duly and effectively taken, and that the Bonds in the hands of the Holders and owners thereof are and will be valid and enforceable obligations of the City according to the import thereof. The City covenants that the District has been duly formed 10-70831.5 18 and is validly existing under the authority of Amendment 78 and the Act. The City further covenants that the District will continue to exist until at least the earlier of (i) August 1, 2029, or (ii) the date all of the Bonds issued hereunder have been paid in full. Notwithstanding the foregoing, the City understands and agrees that Section 9 of the Act (Arkansas Code Annotated Section 14-168-308) provides in part that no redevelopment district may be terminated so long as bonds with respect to the district remain outstanding. The City acknowledges that this provision of the Act was material to the decision of the Original Purchaser of the Series 2005 Bonds to make such investment. Section 403. Instruments of Further Assurance. At any and all times the City shall, so far as it may be authorized by law, pass, make, do, execute, acknowledge and deliver, all and every such further resolutions, ordinances, acts, deeds, conveyances, assignments, transfers and assurances as may be necessary or desirable for the better assuring, conveying, granting, pledging, assigning and confirming of all and singular the receipts from the Tax Increment and all other moneys hereby pledged or assigned, or intended so to be, or which the City may become bound to pledge or assign. Section 404. Recordation and Filing. To the extent necessary, the City covenants that it will cause this Indenture, such security agreements, financing statements, and all supplements thereto and other instruments as may be required from time to time to be kept, to be recorded and filed in such manner and in such places as may be required by law in order to fully preserve and protect the security of the owners of the Bonds and the rights of Trustee hereunder, and to perfect the security interest created by this Indenture. Section 405. Inspection of Books. The City shall keep proper books of record and account (separate from all other records and accounts) in which complete and correct entries shall be made of its transactions relating to the Project and the Funds and Accounts established by this Indenture. Section 406. Tax Covenants. The City shall not use or permit the use of any Bond proceeds or any other funds of the City, directly or indirectly, in any manner, and will not take or permit to be taken any other action or actions which would adversely effect the exclusion of interest on any Bond from gross income for federal income tax purposes. No part of the proceeds of the Bonds shall at any time be used, directly or indirectly, to acquire securities or obligations the acquisition of which would cause any of such Bonds to be an "arbitrage bond" as defined in Sections 148(a) and (b) of the Code. The City agrees that so long as any of the Bonds remain Outstanding, it will comply with the provisions of each applicable Tax Regulatory Agreement. Section 407. Trustee's and Paying Agent's Fees and Expenses. Subject to the provisions of Section 902 hereof, the City hereby agrees and covenants to make payments for the fees, expenses and charges of the Trustee and Paying Agent, if any, as authorized and provided by this Indenture. The City is to make payments on statements rendered by the Trustee and Paying Agent either (i) directly to the Trustee and Paying Agent or (ii) pursuant to Section 503(b) hereof. 10-70831.5 19 Section 408. Completion of Project; Certification of Completion Date. The City hereby covenants to use its best efforts to complete each Project being financed with proceeds of the Bonds with all reasonable dispatch and to use its best efforts to cause each Project to be completed as soon as may be practicable, but in any case within a period not to exceed three years after the issuance of the applicable series of Bonds, delays caused by force majeure only excepted, but if for any reason a Project is not completed within said period, there shall be no diminution or postponement of payments required hereunder to be made by the City. Promptly after each such Completion Date, the City shall submit to the Trustee the certificate of a Qualified Engineer which shall specify the Completion Date and shall state that the Project being financed with a particular series of Bond proceeds has been completed and the Project Costs have been paid, except for any Project Costs which have been incurred but are not then due and payable, or the liability for the payment of which is being contested or disputed by the City, and for the payment of which the Trustee is directed to retain specified amounts of moneys in the applicable Account of the Project Fund. Notwithstanding the foregoing, such certificate may state that it is given without prejudice to any rights against third parties which exist at the date thereof or which may subsequently come into being. Section 409. Encumbrances. The City covenants that it will not create or suffer to be created any lien or charge upon the Trust Estate, except in accordance with the provisions of this Indenture. Section 410. Continuing Disclosure. The City hereby covenants and agrees that it will comply with and carry out all of the provisions of each Continuing Disclosure Agreement. Notwithstanding any other provision of this Indenture to the contrary, failure of the City or the Trustee to comply with the provisions of a Continuing Disclosure Agreement shall not be considered an Event of Default hereunder; however, the Trustee may (and at the request of the Original Purchaser of a series of Bonds or the owners of at least 25% in aggregate Outstanding principal amount of such series of Bonds, shall) or any Beneficial Owner may take such actions as may be necessary and appropriate, including seeking mandate or specific performance by court order, to cause the City or the Trustee, as the case may be, to comply with its obligations under this Section 410. For purposes of this Section 410 only, "Beneficial Owner" shall mean any Person which (a) has the power, directly or indirectly, to vote or consent with respect to, or to dispose of ownership of, any Bonds (including Persons holding Bonds through nominees, depositories or other intermediaries) or (b) is treated as the owner of Bonds for federal income tax purposes. ARTICLE V FUNDS AND DEPOSITS Section 501. Creation of Funds and Accounts. (a) There are hereby created and established the following Funds and Accounts: (i) Project Fund, and a Series 2005 Account therein; 10-70831.5 20 (ii) Revenue Fund (which shall be the fund mandated by Section 14- 168-305(e) of the Act and created in Section 5 of Ordinance No. 4608 of the City); (iii) Bond Fund, and a Series 2005 Account therein; (iv) Redemption Fund, and a Series 2005 Account therein; (v) Debt Service Reserve Fund, and a Series 2005 Account therein; (vi) Cost of Issuance Fund; and (vii) Rebate Fund, and a Series 2005 Account therein. (b) All Funds and Accounts shall be held by the Trustee, which shall hold and maintain said Funds and Accounts in trust, for the use and benefit of the Bondholders and the City, but subject to the permitted applications expressed herein. Section 502. Project Fund. (a) The Trustee shall deposit a portion of the proceeds of the Series 2005 Bonds to the credit of the Series 2005 Account of the Project Fund in accordance with the written directions of the City given as provided in Section 208 of this Indenture. In addition, upon the sale of any portion of the real property originally acquired with the proceeds of the Series 2005 Bonds, the first $120,000 of sale proceeds realized by the City from such sale shall be deposited to the Series 2005 Account of the Redemption Funds pursuant to Section 506(a) hereof. Any remaining sale proceeds shall be deposited to the Series 2005 Account of the Project Fund to be used for the purpose of constructing the sidewalk and crosswalk improvement components of the 2005 Project. (b) Moneys credited to the Project Fund shall be expended only as set forth in this Section 502. (c) Amounts in the Project Fund shall be expended and applied for the payment or reimbursement of Project Costs; provided, however, expenditures related to the sidewalk and crosswalk construction components of the 2005 Project shall be made only from the property sale proceeds described in subsection (a) above. Disbursements shall be made from the Project Fund on the basis of consecutively numbered Requisitions in the form attached hereto as Exhibit B signed by an Authorized Representative. Requisitions may be submitted to the Trustee by certified mail, first class mail or facsimile transmission. If the Trustee deems that a Requisition submitted by the City is sufficient pursuant to this Section 502, the amount requested thereunder shall be disbursed in payment of the Project Costs set forth therein, or in reimbursement of such Project Costs, within two (2) business days of the date of receipt of such Requisition by the Trustee. Each Requisition shall specify: (i) the name of the person or party to whom payment is to be made and the purpose of the payment; (ii) the amount to be paid thereunder; 10-70831.5 21 (iii) that such amount has not been previously paid by the City and is justly due and owing to the person(s) named therein as a proper payment or reimbursement of a Project Cost; and (iv) that no Event of Default exists under the Indenture and that, to the knowledge of the Authorized Representative, no event has occurred and continues which with notice or lapse of time or both would constitute an Event of Default under the Indenture. (d) The Trustee shall keep full and complete records concerning and reflecting all disbursements from the Project Fund and shall file an accounting of said disbursements if and when requested by the City. The Trustee shall only make payments from the Project Fund pursuant to and in accordance with Requisitions. In making payments from the Project Fund, the Trustee may rely on any Requisitions delivered to it pursuant to this Section 502, and the Trustee shall be relieved of all liability relating to payments made in accordance with such Requisitions and any supporting certificate or certificates requested by the Trustee without physical inspection of the Project. Within ninety (90) days following completion of the portion of the Project being financed with a particular series of Bonds, the City shall deliver to the Trustee its Certificate stating that the applicable portion of the Project is complete and the Trustee shall transfer the remaining moneys in the Project Fund relating to such series of Bonds (save and except moneys needed to satisfy unpaid Project Costs) to the appropriate Account of the Redemption Fund for application to the retirement of Bonds by redemption or purchase, as provided by Section 301(a) and (b) and Section 506 hereof. With respect to the 2005 Project, the delivery of the Trustee's Certificate and fund transfer obligation shall be performed separately with respect to the completion of (i) the acquisition and demolition component of the 2005 Project and (ii) the sidewalk and crosswalk construction component of the 2005 Project. (e) Upon the occurrence and continuance of an Event of Default or the occurrence and continuance of an event which with notice or lapse of time or both would constitute an Event of Default, amounts on deposit in the Project Fund shall not be disbursed but shall instead be applied to the payment of Debt Service or the redemption of the Bonds. Section 503. Revenue Fund. (a) The Revenue Fund created and established as set forth in Section 501(a)(ii) hereof is hereby assigned to the Trustee for the benefit of the Bondholders as permitted by the Act. There shall be deposited to the credit of the Revenue Fund, as and when received, all receipts derived from the Tax Increment. (b) Upon receipt, but in no event later than the last day of each month in which Tax Increment receipts are deposited in the Revenue Fund, there shall be transferred from the Revenue Fund, in the following order, the amounts set forth below: FIRST: For deposit to the appropriate Accounts of the Debt Service Reserve Fund, an amount sufficient to cure any deficiency therein; 10-70831.5 22 SECOND: For deposit to the appropriate Accounts of the Rebate Fund, an amount sufficient to satisfy the City's obligations under Section 507 hereof, THIRD: For payment to the Trustee and Paying Agent, the amount, if any, necessary to pay or reimburse the Trustee and Paying Agent for fees and expenses related to the Bonds; and FOURTH: All remaining moneys will be transferred to the Redemption Fund and shall be applied to call Bonds for redemption prior to maturity as provided in Section 301(a) and (b) and Section 506 hereof; provided, however, that such transfers shall be made to the various Accounts of the Redemption Fund in proportion to the Outstanding principal amounts of the related series of Bonds and in such amounts as will cause the redemption of Bonds in minimum authorized denominations. (c) In the event there shall be insufficient moneys in the Revenue Fund in a particular month to make the required transfers described above, then any deficiencies shall be added to the required deposits during the next month. Section 504. Bond Fund. (a) There shall be deposited to the credit of the appropriate Accounts in the Bond Fund all moneys required to be transferred thereto pursuant to Sections 505 and 506 of this Indenture and all other moneys received for said Fund. (b) Moneys credited to the Bond Fund shall be expended only as set forth in this Section 504. (c) On each redemption date for any of the Series 2005 Bonds Outstanding, the Trustee shall transfer out of moneys credited to Series 2005 Account of the Bond Fund the amount required for the payment of the Accreted Amount of the Series 2005 Bonds being redeemed on such date unless the payment of such amount shall be otherwise provided for, and such amount shall be applied to such payments. (d) All payments made pursuant to this Section 504 shall be made in immediately available funds. Section 505. Cost of Issuance Fund. There shall be deposited to the credit of the Cost of Issuance Fund all moneys received for said Fund pursuant to Section 208 hereof. The Trustee shall pay those Costs of Issuance as directed by the City pursuant to a Certificate delivered on a Closing Date. After all Costs of Issuance have been paid (and in any event not later than June 1, 2005 with respect to the Series 2005 Bonds), any remaining moneys in the Cost of Issuance Fund shall be transferred to the Series 2005 Account of the Bond Fund. Section 506. Redemption Fund. (a) There shall be deposited to the credit of Accounts within the Redemption Fund all moneys required to be transferred thereto pursuant to Section 502, 503 and 508 of this Indenture. In addition, the first $120,000 of proceeds realized by the City upon the sale of all or any portion of the real property originally acquired with the proceeds of the Series 2005 Bonds shall be transferred to the Series 2005 Account of the Redemption Fund. 10-70831.5 23 (b) Moneys credited to the Redemption Fund shall be expended only as set forth in this Section 506. (c) Moneys in Accounts within the Redemption Fund shall be transferred to corresponding Accounts within the Bond Fund at such times as may be necessary to effectuate, on the first available date, redemptions of Bonds required by Section 301(a) and (b) of this Indenture in minimum authorized principal amounts. (d) The amounts accumulated in Accounts within the Redemption Fund, if so directed by the City by means of a Certificate delivered to the Trustee, shall be applied by the Trustee to the purchase of Bonds of the corresponding series which would otherwise be redeemed pursuant to Section 301(a) and (b) and this Section 506 but for the provisions of this subsection (d), at prices directed by the City not exceeding the applicable redemption prices of the Bonds which would be redeemed but for the operation of this sentence. Section 507. Rebate Fund. (a) The Trustee shall establish and maintain, separate and apart from any other Funds and Accounts established and maintained hereunder, a Fund to be designated as the Rebate Fund, and a separate Account within the Rebate Fund with respect to each series of Bonds issued hereunder, which Fund and Accounts are not pledged to the payment of any Bonds. Subject to the transfer provisions provided in subsection (c) below, all moneys at any time deposited in the Rebate Fund shall be held by the Trustee in trust, to the extent required to satisfy the Rebate Amount (as defined in each Tax Regulatory Agreement), for payment to the United States of America, and neither the City nor the owner of any Bond shall have any rights in or claim to such money. All amounts deposited into or on deposit in the Rebate Fund shall be governed by this Section 507, by Section 406, and by each Tax Regulatory Agreement (which are incorporated herein by reference). (b) As provided in Section 503(b) hereof, there shall be deposited into the appropriate Account of the Rebate Fund the amount of all income or gain on moneys deposited in any of the Funds and Accounts established by this Indenture which is required to be rebated to the United States and is designated for deposit therein, as calculated by the City to be owing to the United States pursuant to each Tax Regulatory Agreement, which shall be delivered by the City concurrently with the issuance of a series of Bonds. (c) The Trustee, upon receipt of written instructions from the Mayor or the Finance and Internal Services Director of the City, shall pay to the United States out of amounts in the Rebate Fund such amounts as are required pursuant to each Tax Regulatory Agreement. (d) Any moneys remaining in an Account within the Rebate Fund after payment to the United States, within sixty (60) days after the date on which the last Bond of the corresponding series is redeemed, of one hundred percent (100%) of the Rebate Amount as described in Section 148(1)(2) of the Code, shall be transferred to the Revenue Fund. 10-70831.5 24 (e) The Trustee, as instructed by Certificate of the City, shall invest all amounts held in the Rebate Fund in Investment Securities, subject to the restrictions set forth in the applicable Tax Regulatory Agreements. Money shall not be transferred from the Rebate Fund except as provided in subsection (c). (f) Notwithstanding any other provision of this Indenture, the obligation to remit the Rebate Amount to the United States and to comply with all other requirements of this Section 507, Section 406 and each Tax Regulatory Agreement shall survive the defeasance or payment in full of the Bonds. Section 508. Debt Service Reserve Fund. As provided in Section 208 hereof, upon the issuance of each series of Bonds there shall be deposited into the appropriate Account within the Debt Service Reserve Fund, from the proceeds of such series of Bonds, an amount sufficient to cause the amounts on deposit therein to be equal to the Reserve Requirement with respect to such series of Bonds. Each Account within the Debt Service Reserve Fund shall be maintained in an amount equal to the applicable Reserve Requirement. Moneys in Accounts in the Debt Service Reserve Fund shall be used solely to pay the Accreted Value of the applicable series of Bonds for which there are no available funds in the Bond Fund to make such payments, as the same become due at maturity. If the amount in an Account within the Debt Service Reserve Fund is reduced below the applicable Reserve Requirement, it shall be reimbursed in the amount of any such deficiency as provided in Section 503. Notwithstanding the above provisions of this Section 508, the amount on deposit in Accounts within the Debt Service Reserve Fund may be used, together with other available funds, to provide for the payment at maturity or to redeem prior to maturity all, but not less than all, of the corresponding series of Bonds. If an excess shall exist at any time in an Account within the Debt Service Reserve Fund over and above the applicable Reserve Requirement, such excess shall be transferred to the corresponding Account of the Redemption Fund. The Trustee shall consider any excess that will result following redemption in part pursuant to Section 301(a), (b) or (c), and shall transfer such excess to the appropriate Account of the Redemption Fund so as to maximize the principal amount of Bonds called for redemption. Section 509. Cessation of Fund Deposits. When the moneys in the applicable Accounts of the Bond Fund, the Debt Service Reserve Fund and the Redemption Fund shall be and remain sufficient to pay in full the principal and interest or Accreted Value on all Bonds of the corresponding series then Outstanding in accordance with Article VII of this Indenture, together with the required fees and expenses to be paid or reimbursed to the Trustee and any Paying Agent, the City shall have no further obligation to make further payments into said Accounts. Section 510. Separate Accounts Authorized. A Supplemental Indenture authorizing the issuance of Additional Bonds may provide for the creation of separate Accounts within the Bond Fund, Debt Service Reserve Fund, Redemption Fund, Project Fund, Costs of Issuance Fund and Rebate Fund for such series of Bonds and such other Accounts as the City may direct. If any Supplemental Indenture authorizing the issuance of Additional Bonds provides for the establishment of separate Accounts for a series of Bonds, then such Supplemental Indenture shall require that the Tax Increment receipts received by the City and deposited in the Revenue 10-70831.5 25 S Fund shall be divided for deposit into Accounts within the Bond Fund and/or Redemption Fund for each series of Bonds proportionately with the Outstanding principal amount of each series of Bonds, to the end that the Bonds of each series shall be equally and ratable secured by the Tax Increment receipts. Any Supplemental Indenture authorizing the issuance of Additional Bonds may provide that any proceeds of such series of Bonds and investment earnings thereon remaining after some specified date, or after the construction of all facilities to be financed with the proceeds of such series of Bonds, shall be applied to the redemption of such series of Bonds. ARTICLE VI INVESTMENTS Section 601. Investment of Moneys. At the direction of the City or absent such direction, the Trustee shall invest moneys in Funds or Accounts held by the Trustee in Investment Securities with maturity or redemption dates consistent with the times at which said moneys will be required for the purposes provided in this Indenture; provided, however, the stated maturity dates of Investment Securities of Debt Service Reserve Fund moneys shall not exceed years from the date of investment therein. Moneys in separate Funds or Accounts may be commingled for the purpose of investment. Investments in any Fund or Account shall be evaluated at least annually by the Trustee, and in any event within thirty (30) days prior to the end of each Fiscal Year. The Trustee shall report such determination of value to the City. For the purpose of determining the amount in any Fund or Account, the City and the Trustee shall value all Investment Securities credited to such Fund or Account at the price at which such Investment Securities are redeemable by the Holders or owners thereof at their option if so redeemable, or, if not so redeemable, at the lesser of (i) the cost of such Investment Securities minus the amortization of any premium or plus the amortization of any discount thereon and (ii) the market value of such Investment Securities, provided that Investment Securities credited to the Debt Service Reserve Fund, if not so redeemable, shall be valued at the cost thereof minus the amortization of any premium or plus the amortization of any discount thereon. The Trustee shall sell or present for redemption any Investment Securities as necessary in order to provide money for the purpose of making any payment required hereunder, and the Trustee shall not be liable for any loss resulting from any such sale. Section 602. Investment Earnings. Subject to the provisions of each Tax Regulatory Agreement and Article V hereof, Investment Securities purchased with moneys held in or attributable to any Fund or Account held by the Trustee under the provisions of this Indenture shall be deemed at all times to be a part of such Fund or Account and the income or interest earned, profits realized or losses suffered by a Fund or Account due to the investment thereof shall be retained in, credited or charged, as the case may be, to such Fund or Account unless otherwise provided pursuant to this Indenture. 10-70831.5 26 Section 603. Responsibility of Trustee. The Trustee shall not be responsible or liable for any loss suffered in connection with any investment of moneys made by it at the direction of the City. ARTICLE VII DISCHARGE OF LIEN Section 701. Discharge of Lien. If the City shall pay or cause to be paid to the owners of the Bonds the principal, premium, if any, and interest to become due thereon at the times and in the manner stipulated therein, and if the City shall keep, perform and observe all and singular the covenants and promises in the Bonds and in this Indenture expressed as to be kept, performed and observed by it on its part, then these presents and the estate and rights hereby granted shall cease, determine and be void, and thereupon the Trustee shall cancel and discharge the lien of this Indenture, and execute and deliver to the City such instruments in writing as shall be requisite to satisfy the lien hereof, and reconvey to the City the estate hereby conveyed, and assign and deliver to the City any property at the time subject to the lien of this Indenture which may then be in its possession, except moneys or Government Securities held by it for the payment of the principal of and premium, if any, and interest on the Bonds. Section 702. Bonds Deemed Paid. Any Bond shall be deemed to be paid within the meaning of this Article VII when payment of the principal of and premium, if any, and interest on such Bond (whether at maturity or upon redemption as provided in this Indenture, or otherwise), either (i) shall have been made or caused to be made in accordance with the terms thereof, or (ii) shall have been provided for by irrevocably depositing with the Trustee, in trust and irrevocably set aside exclusively for such payment, (1) moneys sufficient to make such payment or (2) Government Securities (provided that such deposit will not affect the tax-exempt status of the interest on any of the Bonds or cause any of the Bonds to be classified as "arbitrage bonds" within the meaning of Section 148(a) of the Code, as reflected in an opinion of Bond Counsel delivered to the Trustee), maturing as to principal and interest in such amount and at such times as will provide sufficient moneys to make such payment, and all necessary and proper fees, compensation and expenses of the Trustee and any Paying Agent pertaining to the Bonds with respect to which such deposit is made shall have been paid or the payment thereof provided for to the satisfaction of the Trustee and any said Paying Agent. Section 703. Non -Presentment of Bonds. In the event any Bonds shall not be presented for payment when the principal thereof becomes due, either at maturity or otherwise, or at the date fixed for redemption thereof, if there shall have been deposited with the Trustee for that purpose, or left in trust if previously so deposited, funds sufficient to pay the principal thereof, and premium, if any, together with all interest unpaid and due thereon, to the due date thereof, for the benefit of the Holder thereof, all liability of the City to the Holder thereof for the payment of the principal thereof, premium if any, and interest thereon, shall forthwith cease, determine and be completely discharged, and thereupon it shall be the duty of the Trustee to hold such fund or funds, without liability for interest thereon, for the benefit of the Holder of such Bonds, who shall thereafter be restricted exclusively to such fund or funds, for any claim of whatever nature on his part under this Indenture or on, or with respect to, the Bonds. 10-70831.5 27 • ARTICLE VIII DEFAULT PROVISIONS AND REMEDIES OF TRUSTEE AND BONDHOLDERS Section 801. Events of Default. Each of the following events shall constitute and is referred to in this Indenture as an "Event of Default": (a) Default in the due and punctual payment of any interest on any Bond; (b) Default in the due and punctual payment of the principal of or premium, if any, on any Bond, whether at the stated maturity thereof, or upon proceedings for redemption thereof, or upon the maturity thereof by declaration; (c) Default in the payment of any other amount required to be paid under this Indenture or the performance or observance of any other of the covenants, agreements or conditions contained in this Indenture, or in the Bonds issued hereunder, and continuance thereof for a period of sixty (60) days after written notice specifying such failure and requesting that it be remedied shall have been given to the City by the Trustee, which may give such notice in its discretion and shall give such notice at the written request of Bondholders of not less than 51% in aggregate principal amount of all Bonds then Outstanding, unless the Trustee, or the Trustee and Holders of an aggregate principal amount of Bonds not less than the aggregate principal amount of Bonds the Holders of which requested such notice, as the case may be, shall agree in writing to an extension of such period prior to its expiration; provided, however, if the failure stated in the notice cannot be corrected within the applicable period, the Trustee will not unreasonably withhold its consent to an extension of such time if corrective action is instituted by the City within such period and is being diligently pursued; (d) The filing of a petition in bankruptcy by or against the City under the United States Bankruptcy Code or the commencement of a proceeding by or against the City under any other law concerning insolvency, reorganization or bankruptcy; and (e) If the State has limited or altered the rights of the City pursuant to the Act, as in force on the date of this Indenture, to fulfill the terms of any agreements made with the Trustee or the Bondholders or in any way impaired the rights and remedies of the Trustee or the Bondholders while any Bonds are Outstanding. The term "default" as used in clauses (a), (b) and (c) above shall mean default by the City in the performance or observance of any of the covenants, agreements or conditions on its part contained in this Indenture or in the Bonds Outstanding hereunder, exclusive of any period of grace required to constitute a default an "Event of Default" as hereinabove provided. Section 802. Acceleration. Upon the occurrence of an Event of Default, the Trustee may, and upon the written request of the Holders of not less than 51% in aggregate principal amount of Bonds Outstanding hereunder shall, by notice in writing delivered to the City, declare the principal of all Bonds then Outstanding, together with the interest accrued thereon, 10-70831.5 28 0 immediately due and payable, and such principal and interest shall thereupon become and be immediately due and payable. Section 803. Other Remedies; Rights of Bondholders. Upon the occurrence of an Event of Default, the Trustee may, as an alternative, pursue any available remedy by suit at law or in equity, including, without limitation, mandamus to enforce the payment of the principal of and premium, if any, and interest on the Bonds then Outstanding hereunder. If an Event of Default shall have occurred, and if it shall have been requested so to do by the Holders of not less than 51% in aggregate principal amount of Bonds Outstanding hereunder and if it shall have been indemnified as provided in Section 901(1) hereof, the Trustee shall be obligated to exercise such one or more of the rights and powers conferred upon it by this Section 803 as the Trustee, being advised by counsel, shall deem most expedient in the interests of the Bondholders. No remedy by the terms of this Indenture conferred upon or reserved to the Trustee (or to the Bondholders) is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedy given hereunder or now or hereafter existing at law or in equity or by statute. No delay or omission to exercise any right or power accruing upon any default or Event of Default shall impair any such right or power or shall be construed to be a waiver of any such default or Event of Default or acquiescence therein; and every such right and power may be exercised from time to time and as often as may be deemed expedient. No waiver of any default or Event of Default hereunder, whether by the Trustee or by the Bondholders, shall extend to or shall affect any subsequent default or Event of Default or shall impair any rights or remedies consequent thereon. Section 804. Right of Bondholders to Direct Proceedings. Anything in this Indenture to the contrary notwithstanding, the Holders of not less than 51% in aggregate principal amount of Bonds Outstanding hereunder shall have the right, at any time, by an instrument or instruments in writing executed and delivered to the Trustee, to direct the method and place of conducting all proceedings to be taken in connection with the enforcement of the terms and conditions of this Indenture, or for the appointment of a receiver or any other proceeding hereunder; provided that such direction shall not be otherwise than in accordance with the provisions of law and of this Indenture. Section 805. Appointment of Receiver. Upon the occurrence of an Event of Default, and upon the filing of a suit or other commencement of judicial proceedings to enforce the rights of the Trustee and of the Bondholders under this Indenture, the Trustee shall be entitled to the appointment of a receiver or receivers of the Trust Estate and of the tolls, rents, revenues, issues, earnings, income, products and profits thereof, including, without limitation, the Tax Increment receipts, pending such proceedings with such powers as the court making such appointment shall confer. Section 806. Waiver. In case of an Event of Default on its part, as aforesaid, to the extent that such rights may then lawfully be waived, neither the City nor anyone claiming 10-70831.5 29 through the City or under the City shall or will set up, claim or seek to take advantage of any appraisement, valuation, stay, extension or redemption laws now or thereafter in force, in order to prevent or hinder the enforcement of this Indenture, but the City, for itself and all who may claim through or under it, hereby waives, to the extent that it lawfully may do so, the benefit of all such laws and all right of appraisement and redemption to which it may be entitled under the laws of the State. Section 807. Application of Moneys. Available moneys remaining after discharge of costs, charges and liens prior to this Indenture shall be applied by the Trustee as follows: (a) Unless the principal of all the Bonds shall have become or shall have been declared due and payable, all such moneys shall be applied: First: To the payment to the Persons entitled thereto of all installments of interest then due, in the order of the maturity of the installments of such interest, and, if the amount available shall not be sufficient to pay in full any particular installment, then to the payment ratably, according to the amounts due on such installment, to the Persons entitled thereto, without any discrimination or privilege; Second: To the payment to the Persons entitled thereto of the unpaid principal of any of the Bonds which shall have become due (other than Bonds called for redemption for the payment of which moneys are held pursuant to the provisions of this Indenture), in the order of their due dates, with interest on such Bonds from the respective dates upon which they become due, and, if the amount available shall not be sufficient to pay in full Bonds due on any particular date, together with such interest, then to the payment ratably, according to the amount of principal due on such date, to the Persons entitled thereto without any discrimination or privilege of any Bond over any other Bond and without preference or priority of principal over interest or of interest over principal; and Third: To the payment of the interest on and the principal of the Bonds, and to the redemption of Bonds, all in accordance with the provisions of Article V of this Indenture. (b) If the principal of all the Bonds shall have become due or shall have been declared due and payable, all such moneys shall be applied first to the payment of the interest then due and unpaid upon the Bonds, and then to the payment of the principal then due and unpaid upon the Bonds, in each case without preference or priority of any Bond over any other Bond, ratably, according to the amounts due respectively for principal and interest, to the Persons entitled thereto. (c) If the principal of all the Bonds shall have been declared due and payable, and if such declaration shall thereafter have been rescinded and annulled under the provisions of this Article VIII then, subject to the provisions of paragraph (b) of this Section 807, in the event that the principal of all the Bonds shall later become due or be 10-70831.5 30 declared due and payable, the moneys shall be applied in accordance with the provisions of paragraph (a) of this Section 807. Whenever moneys are to be applied by the Trustee pursuant to the provisions of this Section 807, such moneys shall be applied by it at such times, and from time to time, as it shall determine, having due regard to the amount of such moneys available for application and the likelihood of additional moneys becoming available for such application in the future. Whenever the Trustee shall apply such funds, it shall fix the date (which shall be an interest payment date unless it shall deem another date more suitable) upon which such application is to be made and upon such date interest on the amounts of principal to be paid on such dates shall cease to accrue. The Trustee shall give such notice as it may deem appropriate of the deposit with it of any such moneys and of the fixing of any such date and shall not be required to make payment to the Holder of any Bond until such Bond shall be presented to the Trustee for appropriate endorsement or for cancellation if fully paid. Section 808. Remedies Vested in Trustee. All rights of action (including the right to file proof of claim) under this Indenture or under any of the Bonds may be enforced by the Trustee without the possession of any of the Bonds or the production thereof in any trial or other proceeding relating thereto, and any such suit or proceeding instituted by the Trustee shall be brought in its name as Trustee, without the necessity of joining as plaintiffs or defendants any Bondholders hereby secured, and any recovery of judgment shall be for the equal benefit of the Holders of all Outstanding Bonds. Section 809. Rights and Remedies of Bondholders. No Bondholder shall have any right to institute any suit, action or proceeding in equity or at law for the enforcement of this Indenture or for the execution of any trust hereof or for the appointment of a receiver or any other remedy hereunder, unless a default has occurred of which the Trustee has been notified as provided in subsection (g) of Section 901, or of which by said subsection it is deemed to have notice, nor unless such default shall have become an Event of Default and the Holders of not less than 51% in aggregate principal amount of Bonds Outstanding hereunder shall have made written request to the Trustee and shall have offered it reasonable opportunity either to proceed to exercise the powers hereinbefore granted or to institute such action, suit or proceeding in its own name, nor unless also they have offered to the Trustee indemnity as provided in subsection (1) of Section 901, nor unless the Trustee shall thereafter fail or refuse to exercise the powers hereinbefore granted, or to institute such action, suit or proceeding in its own name; and such notification, request and offer of indemnity are hereby declared in every such case, at the option of the Trustee, to be conditions precedent to the execution of the powers and trusts of this Indenture, and to any action or cause of action for the enforcement of this Indenture or for the appointment of a receiver or for any other remedy hereunder; it being understood and intended that no one or more Holders of the Bonds shall have any right in any manner whatsoever to affect, disturb or prejudice the lien of this Indenture by action of the Holder or Holders or to enforce any right hereunder except in the manner herein provided, and that all proceedings at law or in equity shall be instituted, held and maintained in the manner herein provided for the equal benefit of the Holders of all Bonds Outstanding hereunder. Nothing in this Indenture contained shall, however, affect or impair the right of any Bondholders to enforce the payment of the principal of and premium, if any, and interest on any Bonds at and after the maturity thereof, or the obligation of the City to pay the principal of and premium, if any, and interest on each of the 10-70831.5 31 Bonds issued hereunder to the respective Holders thereof at the time and place in said Bonds expressed. Section 810. Termination of Proceedings. In case the Trustee shall have proceeded to enforce any right under this Indenture by the appointment of a receiver or otherwise, and such proceedings shall have been discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee, then and in every such case the City and the Trustee shall be restored to their former positions and rights hereunder with respect to the property herein conveyed, and all rights, remedies and powers of the Trustee shall continue as if no such proceedings had been taken, except to the extent the Trustee is legally bound by such adverse determination. Section 811. Waivers of Events of Default. The Trustee may, and upon the written request of the Holders of not less than 51% in principal amount of all Bonds Outstanding hereunder shall, waive any Event of Default hereunder and its consequences and rescind any declaration of maturity of principal; provided, however, there shall not be waived any Event of Default described in clause (a) or (b) of the first paragraph of Section 801 hereof, unless prior to such waiver or rescission all arrears of principal (due otherwise than by declaration) and interest, and all expenses of the Trustee and Paying Agent, shall have been paid or provided for. In case of any such waiver or rescission the City, the Trustee and the Bondholders shall be restored to their former positions and rights hereunder respectively, but no such waiver or rescission shall extend to any subsequent or other default, or impair any right subsequent thereon. ARTICLE IX TRUSTEE AND PAYING AGENTS Section 901. Acceptance of Trusts. The Trustee hereby accepts the trusts imposed upon it by this Indenture and agrees to perform said trusts, but only upon and subject to the following expressed terms and conditions: (a) The Trustee may execute any of the trusts or powers hereof and perform any duties required of it by or through attorneys, agents, receivers or employees, and shall be entitled to advice of counsel concerning all matters of trusts hereof and its duties hereunder, and may in all cases pay reasonable compensation to all such attorneys, agents, receivers and employees as may reasonably be employed in connection with the trusts hereof. Reimbursement of such compensation paid by the Trustee is subject to the provisions of Section 902 hereof. The Trustee may act upon the opinion or advice of any attorney, surveyor, engineer or accountant selected by it in the exercise of reasonable care, or, if selected or retained by the City prior to the occurrence of a default of which the Trustee has been notified as provided in subsection (g) of this Section 901, or of which by said subsection the Trustee is deemed to have notice, approved by the Trustee in the exercise of such care. The Trustee shall not be responsible for any loss or damage resulting from an action or nonaction in accordance with any such opinion or advice. (b) The Trustee shall not be responsible for any recital herein, or in the Bonds (except in respect to the certificate of authentication of the Trustee endorsed on such 10-70831.5 32 Bonds), or for the validity of the execution by the City of this Indenture or of any Supplemental Indentures or instruments of further assurance, or for the sufficiency of the security for the Bonds issued hereunder or intended to be secured hereby, or for the value of the title of the property herein conveyed or otherwise as to the maintenance of the security hereof; except that in the event the Trustee enters into possession of a part or all of the property herein conveyed pursuant to any provision of this Indenture, it shall use due diligence in preserving such property; and the Trustee shall not be bound to ascertain or inquire as to the performance or observance of any covenants, conditions and agreements aforesaid as to the condition of the property herein conveyed. (c) The Trustee may become the owner of Bonds secured hereby with the same rights which it would have if not Trustee. (d) The Trustee shall be protected in acting upon any notice, request, consent, certificate, order, affidavit, letter, telegram or other paper or document believed by it, in the exercise of reasonable care, to be genuine and correct and to have been signed or sent by the proper person or persons. Any action taken by the Trustee pursuant to this Indenture upon the request or authority or consent of the owner of any Bond secured hereby, shall be conclusive and binding upon all future owners of the same Bond and upon Bonds issued in exchange therefor or in place thereof. (e) As to the existence or nonexistence of any fact or as to the sufficiency or validity of any instrument, paper or proceeding, the Trustee shall be entitled to rely upon a Certificate of the City signed by its Mayor and attested by the City Clerk as sufficient evidence of the facts therein contained and, prior to the occurrence of a default of which it has been notified as provided in subsection (g) of this Section 901, or of which by that subsection it is deemed to have notice, shall also be at liberty to accept a similar certificate to the effect that any particular dealing, transaction, or action is necessary or expedient, but may at its discretion, at the reasonable expense of the City, in every case secure such further evidence as it may think necessary or advisable but shall in no case be bound to secure the same. The Trustee may accept a certificate of the City Clerk under the City's seal to the effect that a resolution or ordinance in the form therein set forth has been adopted by the City as conclusive evidence that such resolution or ordinance has been duly adopted, and is in full force and effect. (f) The permissive right of the Trustee to do things enumerated in this Indenture shall not be construed as a duty of the Trustee, and the Trustee shall be answerable only for its own gross negligence or willful misconduct. (g) The Trustee shall not be required to take notice or be deemed to have notice of any default hereunder (except for defaults under clause (a) or (b) of the first paragraph of Section 801 hereof as to which the Trustee shall be deemed to have notice) unless the Trustee shall be specifically notified in writing of such default by the City or by the Holders of at least 10% in aggregate principal amount of Bonds Outstanding hereunder, and all notices or other instruments required by this Indenture to be delivered to the Trustee must, in order to be effective, be delivered to the principal corporate trust 10-70831.5 33 0 office of the Trustee, and in the absence of such notice so delivered, the Trustee may conclusively assume there is no such default except as aforesaid. (h) [Reserved]. (i) At any and all reasonable times the Trustee, and its duly authorized agents, attorneys, experts, engineers, accountants and representatives, shall have the right fully to inspect any and all of the property herein conveyed, including all books, papers and records of the City pertaining to the Tax Increment receipts and the Bonds, and to take such memoranda from and in regard thereto as may be desired. 0) The Trustee shall not be required to give any bond or surety in respect of the execution of the said trusts and powers or otherwise in respect of the premises. (k) Notwithstanding anything elsewhere in this Indenture contained, the Trustee shall have the right, but shall not be required, to demand, in respect of the authentication of any Bonds, the withdrawal of any cash, the release of any property, or any action whatsoever within the purview of this Indenture, any showings, certificates, opinions, appraisals or other information, or corporate action or evidence thereof, in addition to that by the terms hereof required as a condition of such action by the Trustee, deemed desirable for the purpose of establishing the right of the City to the authentication of any Bonds, the withdrawal of any cash, the release of any property, or the taking of any other action by the Trustee. (1) Before taking such action hereunder, the Trustee may require that it be furnished an indemnity bond satisfactory to it for the reimbursement to it of all expenses to which it may be put and to protect it against all liability, except liability which is adjudicated to have resulted from the gross negligence or willful misconduct of the Trustee, by reason of any action so taken by the Trustee. Section 902. Fees, Charges and Expenses of Trustee and Paying Agents; Trustee's Prior Lien. (a) Subject to subsection (b) of this Section 902, the City shall, from moneys lawfully available therefor, pay to the Trustee and any Paying Agent reasonable compensation for all services performed hereunder and also all reasonable expenses, charges and other disbursements and those of their attorneys, agents and employees incurred in and about the administration and execution of the trusts hereby created and the performance of the powers and duties hereunder and, to the extent permitted by law and from moneys lawfully available therefor, shall indemnify and save the Trustee harmless against any liabilities which it may incur in the exercise and performance of its powers and duties hereunder. With respect to the Series 2005 Bonds, the Trustee's initial authentication fee shall be $ and the annual administration fee of the Trustee shall be up to, but not exceeding, $ . If the City shall fail to make any payment required by this subsection (a), the Trustee may make such payment from any moneys in its possession under the provisions of this Indenture and shall be entitled to a preference therefor over any of the Bonds Outstanding hereunder. The City shall not be required to indemnify the Trustee against any liabilities which the Trustee may incur as a result of negligent or wrongful acts or omissions of the Trustee. 10-70831.5 34 (b) The City shall pay to the Trustee compensation for its services as described in Section 902(a), provided that such compensation, together with all expenses, charges and other disbursements of the Trustee and its attorneys, agents and employees and all reimbursements to the Trustee for all costs and other disbursements as described in Section 901(a) hereof shall not exceed $ annually (not including the initial authentication fee) without the prior written approval of the City, which approval shall not be unreasonably withheld. If the Trustee wishes to consult with or retain counsel for any purpose hereunder whose anticipated fees, together with all other compensation, disbursements and reimbursements of the Trustee and its attorneys, agents and employees to be paid by the City hereunder, shall exceed $ annually, then such counsel shall have to be acceptable to the City and such fees shall have to be approved by the City as described above. Section 903. Additional Duties of Trustee. (a) In addition to the other duties of the Trustee described in this Indenture, it shall be the duty of the Trustee, on or before the tenth day of each month after the month in which the Series 2005 Bonds are delivered, to file with the City a statement setting forth in respect of the preceding calendar month: (i) the amount withdrawn or transferred by it and the amount deposited with it on account of each Fund and Account held by it under the provisions of this Indenture; (ii) the amount on deposit with it at the end of such month to the credit of each such Fund and Account; (iii) a brief description (cost and market value) of all obligations held by it as an investment of moneys in each such Fund and Account; (iv) the amount applied to the purchase or redemption of Bonds under the provisions of this Indenture and a description of the Bonds or portions of Bonds so purchased or redeemed; and (v) any other information that the City may reasonably request, including, but not limited to, submittal of monthly statements of activity relating to the Bonds. Such information shall also be provided at the direction of the City to one additional designated entity. All records and files pertaining to each such Fund and Account in the custody of the Trustee hereunder shall be open at all reasonable times to the inspection of the City and its agents and representatives, and the City may make copies thereof. (b) The Trustee additionally shall be responsible for the preparation and timely distribution of any and all forms and reports required by law to all Bondholders, the State and the Internal Revenue Service in connection with the payment to the Bondholders of interest on the Bonds. Section 904. Notice to Bondholders of Default. If a default occurs of which the Trustee is pursuant to the provisions of Section 901(g) deemed to have or is given notice, the Trustee shall promptly make demand upon the City and give notice to each owner of Bonds then Outstanding. 10-70831.5 35 • • Section 905. Intervention by Trustee. In any judicial proceeding to which the City is a party and which in the opinion of the Trustee and its counsel has a substantial bearing on the interests of Holders of Bonds issued hereunder, the Trustee may intervene on behalf of Bondholders and shall do so if requested in writing by the Holders of at least 51% of the aggregate principal amount of Bonds Outstanding hereunder. The rights and obligations of the Trustee under this Section 905 are subject to the approval of the court having jurisdiction in the premises. Section 906. Merger or Consolidation of Trustee. Any bank or trust company to which the Trustee may be merged, or with which it may be consolidated, or to which it may sell or transfer its trust business and assets as a whole or substantially as a whole, or any bank or trust company resulting from any such sale, merger, consolidation or transfer to which it is a party, ipso facto, shall be and become successor trustee hereunder and vested with all of the title to the whole property or Trust Estate and all the trusts, powers, discretions, immunities, privileges and all other matters as was its predecessor, without the execution or filing of any instrument or any further act, deed, or conveyance on the part of any of the parties hereto, anything herein to the contrary notwithstanding; provided, however, that such successor trustee shall have capital and surplus of at least $40 million. Section 907. Resignation by Trustee. The Trustee and any successor trustee may at any time resign from the trusts hereby created by giving written notice to the City and the Bondholders, and such resignation shall take effect upon the appointment of a successor trustee by the Bondholders or by the City. Such notice may be served personally or sent by registered mail (to the City) or first class mail (to the Bondholders). Section 908. Removal of Trustee. The Trustee may be removed at any time by an instrument or concurrent instruments in writing delivered to the Trustee and to the City, and signed by the Holders of not less than 51% in aggregate principal amount of Bonds Outstanding hereunder. Section 909. Appointment of Successor Trustee. In case the Trustee hereunder shall resign or be removed, or be dissolved, or shall be in course of dissolution or liquidation, or otherwise become incapable of acting hereunder, or in case it shall be taken under the control of any public officer or officers, or of a receiver appointed by the court, a successor may be appointed by the Holders of not less than 51% in aggregate principal amount of Bonds Outstanding hereunder, by an instrument or concurrent instruments in writing signed by such Holders, or by their attorneys in fact, duly authorized; provided, nevertheless, that in case of such vacancy the City by an instrument executed and signed by its Mayor and attested by its City Recorder/Treasurer under its seal, shall appoint a temporary trustee to fill such vacancy until a successor trustee shall be appointed by the Bondholders in the manner above provided. Any such temporary trustee appointed by the City shall immediately and without further act be superseded by the trustee appointed by such Bondholders. Every such temporary trustee and every such successor trustee shall be a trust company or bank in good standing, having capital and surplus of not less than $40 million. Section 910. Concerning Any Successor Trustee. Every successor or temporary trustee appointed hereunder shall execute, acknowledge and deliver to its predecessor and also to 10-70831.5 36 the City an instrument in writing accepting such appointment hereunder, and thereupon such successor or temporary trustee, without any further act or conveyance, shall become fully vested with all the estates, properties, rights, powers, trusts, duties and obligations of its predecessor; but such predecessor shall, nevertheless, on the written request of the City or of its successor trustee, execute and deliver an instrument transferring to such successor all the estate, properties, rights, powers and trusts of such predecessor hereunder; and every predecessor trustee shall deliver all securities, moneys and any other property held by it as trustee hereunder to its successor. Should any instrument in writing from the City be required by any successor trustee for more fully and certainly vesting in such successor the estates, rights, powers and duties hereby vested or intended to be vested in the predecessor trustee, any and all such instruments in writing shall, on request, be executed, acknowledged, and delivered by the City. Section 911. Reliance Upon Instruments. The resolutions, opinions, certificates and other instruments provided for in this Indenture may be accepted and relied upon by the Trustee as conclusive evidence of the facts and conclusions stated therein and shall be full warrant, protection and authority to the Trustee for its actions taken hereunder. Section 912. Appointment of Co -Trustee. The City and the Trustee shall have power to appoint, and upon the request of the Trustee the City shall for such purpose join with the Trustee in the execution of all instruments necessary or proper to appoint, another corporation or one or more Persons approved by the Trustee, either to act as co -trustee or co -trustees jointly with the Trustee of all or any of the property subject to the lien hereof, with such powers as may be provided in the instrument of appointment and to vest in such corporation or Person or Persons as such co -trustee any property, title, right or power deemed necessary or desirable. In the event that the City shall not have joined in such appointment within fifteen (15) days after the receipt by it of a request so to do, the Trustee alone shall have the power to make such appointment. Should any deed, conveyance or instrument in writing from the City be required by the co -trustee so appointed for more fully and certainly vesting in and confirming to such co - trustee such properties, rights, powers, trusts, duties and obligations, any and all such deeds, conveyances and instruments in writing shall, on request, be executed, acknowledged and delivered by the City. Every such co -trustee shall, to the extent permitted by law, be appointed subject to the following provisions and conditions, namely: (1) The Bonds shall be authenticated and delivered, and all powers, duties, obligations and rights conferred upon the Trustee in respect of the custody of all money and securities pledged or deposited hereunder, shall be exercised solely by the Trustee; and (2) The Trustee, at any time by an instrument in writing, may remove any such separate Trustee or co -trustee. Every instrument, other than this Indenture, appointing any such co -trustee shall refer to this Indenture and the conditions of this Article IX expressed, and upon the acceptance in writing by such co -trustee, the co -trustee shall be vested with the estate or property specified in such instrument, jointly with the Trustee (except insofar as local law makes it necessary for any separate trustee to act alone), subject to all the trusts, conditions and provisions of this Indenture. Any such co -trustee may at any time, by an instrument in writing, constitute the Trustee as the 10-70831.5 37 0 co -trustee's agent or attorney -in -fact with full power and authority, to the extent authorized by law, to do all acts and things and exercise all discretion authorized or permitted by the co -trustee, for and on behalf of the co -trustee and in the co -trustee's name. In case any co -trustee shall die, become incapable of acting, resign or be removed, all the estate, properties, rights, powers, trusts, duties and obligations of said co -trustee shall vest in and be exercised by the Trustee until the appointment of a new trustee or a successor to such co -trustee. Section 913. Designation and Succession of Paying Agents. The Trustee and any other banks or trust companies designated as Paying Agent or Paying Agents in any Supplemental Indenture or in an instrument appointing a successor Trustee shall be the Paying Agent or Paying Agents for the Bonds. Any bank or trust company with which or into which any Paying Agent may be merged or consolidated, or to which the assets and business of such Paying Agent may be sold, shall be deemed the successor of such Paying Agent for the purposes of this Indenture. If the position of Paying Agent shall become vacant for any reason, the City shall, within thirty (30) days thereafter, appoint such bank or trust company as shall be specified by the City as such Paying Agent to fill such vacancy; provided, however, that, if the City shall fail to appoint such Paying Agent within said period, the Trustee shall make such appointment. The Paying Agents shall enjoy the same protective provisions in the performance of its duties hereunder as are specified in Section 901 hereof with respect to the Trustee insofar as such provisions may be applicable. ARTICLE X SUPPLEMENTAL INDENTURES Section 1001. Supplemental Indentures Not Requiring Consent of Bondholders. The City and the Trustee may, from time to time and at any time, without the consent of or notice to the Bondholders, enter into Supplemental Indentures as follows: (a) to cure any formal defect, omission, inconsistency or ambiguity in this Indenture; (b) to grant to or confer or impose upon the Trustee for the benefit of the Bondholders any additional rights, remedies, powers, authority, security, liabilities or duties which may lawfully be granted, conferred or imposed and which are not contrary to or inconsistent with this Indenture as theretofore in effect, provided that no such additional liabilities or duties shall be imposed upon the Trustee without its consent; (c) to add to the covenants and agreements of, and limitations and restrictions upon, the City in this Indenture other covenants, agreements, limitations and restrictions to be observed by the City which are not contrary to or inconsistent with this Indenture as theretofore in effect; 10-70831.5 38 0 0 (d) to confirm, as further assurance, any pledge under, and the subjection to any claim, lien or pledge created or to be created by, this Indenture, of the Trust Estate or of any other moneys, securities or funds; (e) to comply with the requirements of the Trust Indenture Act of 1939, as from time to time amended; (0 to authorize the issuance and sale of one or more series of Additional Bonds; (g) to make such additions, deletions or modifications as may be necessary to assure compliance with Section 148(f) of the Code relating to required rebate to the United States or otherwise as may be necessary to assure exemption from federal income taxation of interest on the Bonds; or (h) to modify, alter, amend or supplement this Indenture in any other respect which is not materially adverse to the Bondholders and which does not involve a change described in clause (a), (b), (c), (d), (e) or (0 of Section 1002 hereof and which, in the judgment of the Trustee, is not to the prejudice of the Trustee. Section 1002. Supplemental Indentures Requiring Consent of Bondholders. Subject to the terms and provisions contained in this Section 1002, and not otherwise, the Holders of not less than 2/3 in aggregate principal amount of the Bonds then Outstanding shall have the right, from time to time, anything contained in this Indenture to the contrary notwithstanding, to consent to and approve the execution by the City and the Trustee of such indenture or indentures supplemental hereto as shall be deemed necessary and desirable by the City for the purpose of modifying, altering, amending, adding to, or rescinding, in any particular, any of the terms or provisions contained in this Indenture or in any Supplemental Indenture; provided, however, that nothing herein contained shall permit or be construed as permitting (a) an extension of the maturity (or mandatory redemption date) of the principal of or the interest on any Bond issued hereunder, or (b) a reduction in the principal amount of or redemption premium or rate of interest on any Bond issued hereunder, or (c) the creation of any lien on the Trust Estate or any part thereof, except as hereinbefore expressly permitted, or (d) a privilege or priority of any Bond or Bonds over any other Bond or Bonds, or (e) a reduction in the aggregate principal amount of the Bonds required for consent to such Supplemental Indenture, or (f) depriving the Holder of any Bond then Outstanding of the lien hereby created on the Trust Estate. Nothing herein contained, however, shall be construed as making necessary the approval of Bondholders of the execution of any Supplemental Indenture as provided in Section 1001 of this Article X. If, at any time the City shall request the Trustee to enter into any Supplemental Indenture for any of the purposes of this Section, the Trustee shall, at the expense of the City, cause notice of the proposed execution of such Supplemental Indenture to be mailed by first class mail to each registered owner of the Bonds. Such notice shall briefly set forth the nature of the proposed Supplemental Indenture and shall state that copies thereof are on file at the principal office of the Trustee for inspection by Bondholders. The Trustee shall not, however, be subject to any liability to any Bondholder by reason of its failure to mail such notice, and any such failure shall not affect the validity of such Supplemental Indenture when consented to and approved as 10-70831.5 39 provided in this Section 1002. If the Holders of not less than 2/3 in aggregate principal amount of the Bonds Outstanding at the time of the execution of any such Supplemental Indenture shall have consented to and approved the execution thereof as herein provided, no Holder of any Bond shall have any right to object to any of the terms and provisions contained therein, or the operation thereof, or in any manner to question the propriety of the execution thereof, or to enjoin or restrain the Trustee or the City from executing the same or from taking any action pursuant to the provisions thereof. Section 1003. Effect of Supplemental Indentures. Upon the execution of any Supplemental Indenture entered into pursuant to Section 1001 or 1002 hereof, this Indenture shall be deemed to be modified and amended in accordance therewith. ARTICLE XI MISCELLANEOUS Section 1101. Consents, etc. of Bondholders. Any request, direction, objection or other instrument required by this Indenture to be signed and executed by the Bondholders may be in any number of concurrent writings of similar tenor and may be signed or executed by such Bondholders in person or by agent appointed in writing. Proof of the execution of any such request, direction, objection or other instrument or of the writing appointing any such agent and of the ownership of Bonds, if made in the following manner, shall be sufficient for any of the purposes of this Indenture, and shall be conclusive in favor of the Trustee with regard to any action taken by it under such request or other instrument, namely: (a) The fact and date of the execution by any Person of any such writing may be proved by the certificate of any officer in any jurisdiction who by law has power to take acknowledgments within such jurisdiction that the Person signing such writing acknowledged before such officer the execution thereof, or by an affidavit of any witness to such execution. (b) The fact of ownership of Bonds and the amount or amounts, numbers, and other identification of such Bonds, and the date of holding the same shall be proved by the registration books of the City maintained by the Trustee, as Bond registrar. Section 1102. Notices. Except as otherwise provided in this Indenture, all notices, certificates or other communications shall be sufficiently given and shall be deemed given when mailed by registered or certified mail, postage prepaid, to the City or the Trustee. Notices, certificates or other communications shall be sent to the following addresses: City: City of Fayetteville 113 West Mountain Fayetteville, Arkansas 72701 Attention: Mayor 10-70831.5 40 I Trustee: , Arkansas Attention: Either of the foregoing may, by notice given hereunder, designate any further or different addresses to which subsequent notices, certificates or other communications shall be sent. Section 1103. Limitation of Rights. With the exception of rights herein expressly conferred, nothing expressed or mentioned in or to be implied from this Indenture, or the Bonds issued hereunder, is intended or shall be construed to give to any person or company other than the parties hereto, and the Holders of the Bonds secured by this Indenture any legal or equitable rights, remedy, or claim under or in respect to this Indenture or any covenants, conditions, and provisions hereof being intended to be and being for the sole exclusive benefit of the parties hereto and the Holders of the Bonds hereby secured as herein provided. Section 1104. Severability. If any provisions of this Indenture shall be held or deemed to be or shall, in fact, be inoperative or unenforceable as applied in any particular case in any jurisdiction or jurisdictions or in all jurisdictions or in all cases because it conflicts with any provisions or any constitution or statute or rule of public policy, or for any other reason, such circumstances shall not have the effect of rendering the provision in question inoperative or unenforceable in any other case or circumstance, or of rendering any other provision or provisions herein contained invalid, inoperative or unenforceable to any extent whatever. The invalidity of any one or more phrases, sentences, clauses or paragraphs in this Indenture contained shall not affect the remaining portions of this Indenture or any part thereof. Section 1105. Applicable Provisions of Law. This Indenture shall be considered to have been executed in the State of Arkansas and it is the intention of the parties that the substantive law of the State of Arkansas govern as to all questions of interpretation, validity and effect. Section 1106. Counterparts. This Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but one and the same instrument. Section 1107. Successors and Assigns. All the covenants, stipulations, provisions, agreements, rights, remedies and claims of the parties hereto in this Indenture contained shall bind and inure to the benefit of their successors and assigns. Section 1108. Captions. The captions or headings in this Indenture are for convenience only and in no way define, limit or describe the scope or intent of any provisions or sections of this Indenture. Section 1109. Photocopies and Reproductions. A photocopy or other reproduction of this Indenture may be filed as a financing statement pursuant to the Uniform Commercial Code, although the signatures of the City and the Trustee in such reproduction are not original manual signatures. 10-70831.5 41 0 Section 1110. Bonds Owned by the City. In determining whether Bondholders of the requisite aggregate principal amount of the Bonds have concurred in any direction, consent or waiver under this Indenture, Bonds which are owned by the City shall be disregarded and deemed not to be Outstanding for the purpose of any such determination, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, consent or waiver, only Bonds which the Trustee knows are so owned shall be so disregarded. Bonds so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee's right so to act with respect to such Bonds and that the pledgee is not the City. In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to the Trustee. [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 10-70831.5 42 IN WITNESS WHEREOF, the City has caused these presents to be signed in its name and behalf by its Mayor and its corporate seal to be hereunto affixed and attested by its City Clerk, and, to evidence its acceptance of the trust hereby created, the Trustee has caused these presents to be signed in its behalf by its duly authorized officers and its corporate seal to be hereto affixed. CITY OF FAYETTEVILLE, ARKANSAS By: Mayor ATTEST: City Clerk (SEAL) as Trustee Title: ATTEST: By:_ Title: (SEAL) 10-70831.5 43 r ACKNOWLEDGMENT STATE OF ARKANSAS ) ) ss. COUNTY OF WASHINGTON ) Before me a Notary Public, duly commissioned, qualified and acting within and for the State and county aforesaid, appeared in person the within named Dan Coody and Sondra Smith, Mayor and City Clerk, respectively, of the City of Fayetteville, Arkansas, to me personally known, who stated that they were duly authorized in their respective capacities to execute the foregoing instrument for and in the name of the City, and further stated and acknowledged that they had signed, executed and delivered the foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this _ day of April, 2005. Notary Public My Commission expires: (SEAL) [ACKNOWLEDGEMENT TO TRUST INDENTURE] 10-70871.5 44 C ACKNOWLEDGMENT STATE OF ARKANSAS ss. COUNTY OF Before me a Notary Public, duly commissioned, qualified and acting within and for the State and county aforesaid, appeared in person the within named and the and the , respectively, of , to me personally known, who stated that they were duly authorized in their respective capacities to execute the foregoing instrument for and in the name of the [Bank], and further stated and acknowledged that they had signed, executed and delivered the foregoing instrument for the consideration, uses and purposes therein mentioned and set forth. IN TESTIMONY WHEREOF, I have hereunto set my hand and official seal this _ day of April, 2005. My Commission expires: (SEAL) Notary Public [ACKNOWLEDGEMENT TO TRUST INDENTURE] 10-70831.5 45 0 EXHIBIT A TO TRUST INDENTURE Form of Series 2005 Bond Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation ("DTC"), to the City or its agent for registration of transfer, exchange or payment, and any certificate issued is registered in the name of Cede & Co. or in such other name as is requested by the authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof Cede & Co., has an interest herein. REGISTERED REGISTERED No. R05- $ UNITED STATES OF AMERICA STATE OF ARKANSAS CITY OF FAYETTEVILLE, ARKANSAS TAX INCREMENT INTEREST ACCRETION BOND (HIGHWAY 71 EAST SQUARE REDEVELOPMENT DISTRICT NO. 1 PROJECT) SERIES 2005 Interest Rate: % Maturity Date: August 1, 2029 Date of Bond: April _, 2005 Registered Owner: CEDE & CO. Principal Amount: DOLLARS KNOW ALL MEN BY THESE PRESENTS: That the City of Fayetteville, Arkansas, a municipality and political subdivision organized and existing by virtue of the laws of the State of Arkansas (the "City"), for value received, hereby promises to pay to the Registered Owner shown above, or registered assigns, on the Maturity Date shown above, but solely from the source and in the manner hereinafter set forth, the Principal Amount shown above and the interest accreted thereon. This bond will accrete interest from the date of its issuance through maturity or earlier redemption at the Interest Rate per annum shown above, such interest to compound semiannually on February 1 and August 1 of each year, commencing on August 1, 2005, as set forth in Exhibit C to the Indenture identified and defined below. The Accreted Value (as defined in the Indenture) of this bond and any applicable redemption premium is payable in lawful money of the United States of America upon the presentation and surrender hereof at the principal corporate trust office of Arkansas, or its successor or successors, as trustee (the "Trustee"). Notwithstanding the foregoing, so long as Cede & Co. or another nominee of The Depository Trust Company is the registered owner of this bond, payment of the Accreted Value hereof and any redemption premium shall be made by wire transfer of immediately available funds. 10-70831.5 A -I 0 This bond, designated "Tax Increment Interest Accretion Bond (Highway 71 East Square Redevelopment District No. I Project), Series 2005", is one of a series of bonds aggregating Dollars ($ ) (the "Series 2005 Bonds"). The Series 2005 Bonds are being issued for the purpose of financing the costs of acquiring certain real property within the District (as defined below) and demolishing existing structures thereon, and the construction of certain sidewalk and crosswalk improvements within the District (the "Project"), funding a debt service reserve, and paying the costs of issuance of the Series 2005 Bonds. The Series 2005 Bonds are issued under and are secured by and entitled to the protection of a Trust Indenture dated as of April 15, 2005 (the "Indenture"), by and between the City and the Trustee, which Indenture is available for inspection at the principal corporate trust office of the Trustee. Reference is hereby made to the Indenture and to all indentures supplemental thereto for the provisions, among others, with respect to the nature and extent of the security, the rights, duties and obligations of the City, the Trustee and the owners of the Series 2005 Bonds, and the terms upon which the Series 2005 Bonds are issued and secured. The Series 2005 Bonds are issued pursuant to and in full compliance with the Constitution and laws of the State of Arkansas, including particularly Amendment No. 78 to the Constitution of Arkansas, as implemented by Act 1197 of 2001, codified as Arkansas Code Annotated (2003 Supp.) §§14-168-301 et seq. (as from time to time amended, the "Act"), and Ordinance No. of the City adopted [March 15], 2005, which ordinance authorized the execution and delivery of the Indenture and the issuance of the Series 2005 Bonds. In accordance with the Act, the City has pledged all receipts from the ad valorem tax increment (as defined in the Act, the "Tax Increment") relating to its Highway 71 East Square Redevelopment District No. 1 in order to provide funds for the repayment of the Series 2005 Bonds. The pledge of the receipts of the Tax Increment presently secure payment of the Series 2005 Bonds only, but such Tax Increment receipts may additionally be pledged to secure the payment of Additional Bonds issued under the provisions of the Indenture. The Indenture provides that the City may hereafter issue Additional Bonds from time to time under certain terms and conditions contained in the Indenture and, if issued or incurred, such Additional Bonds will rank on a parity of security with the Series 2005 Bonds and be equally and ratably secured by and entitled to the protection of the Indenture. The Series 2005 Bonds are not general obligations of the City, but are special obligations secured by an irrevocable pledge of and lien on the Tax Increment receipts, as more particularly described in the Indenture. In no event shall the Series 2005 Bonds constitute an indebtedness of the City within the meaning of any constitutional or statutory limitation or a pledge of the faith and credit of the City. The holder of this Series 2005 Bond shall have no right to enforce the provisions of the Indenture or to institute action to enforce the covenants therein, or to take any action with respect to any event of default under the Indenture, or to institute, appear in or defend any suit or other proceeding with respect thereto, except as provided in the Indenture. In certain events, on the conditions, in the manner and with the effect set forth in the Indenture, the principal of all the Series 2005 Bonds and Additional Bonds, if any, issued under the Indenture and then outstanding 10-70831.5 A-2 may be declared and may become due and payable before the stated maturity thereof, together with accrued or accreted interest thereon. Modifications or alterations of the Indenture, or of any indenture supplemental thereto, may be made only to the extent and in the circumstances permitted by the Indenture. The Series 2005 Bonds shall be redeemed prior to maturity on any date, in whole or in part, by lot in such manner as the Trustee shall determine, at a redemption price equal to 100% of the Accreted Value thereof as of the date of redemption, (i) from moneys in the Series 2005 Account of the Project Fund in excess of the amount needed to complete the Project, and (ii) from the first $120,000 of proceeds realized by the City upon any sale of the real property originally acquired with the proceeds of the Series 2005 Bonds. The Series 2005 Bonds shall be redeemed prior to maturity on each February 1, in whole or in part (in minimum $5,000 denominations), by lot in such manner as the Trustee shall determine, at a redemption price equal to 100% of the Accreted Value thereof as of the date of redemption, to the extent of Tax Increment receipts and investment earnings and permitted reductions in the balance of the Debt Service Reserve Fund deposited in the Series 2005 Account of the Redemption Fund. On a monthly basis, following any required transfers of Tax Increment receipts to satisfy deficiencies in the Debt Service Reserve Fund or the Rebate Fund and to pay Trustee fees and expenses, the remaining balance of such Tax Increment receipts shall be transferred to the various accounts of the Redemption Fund in proportion to the outstanding principal amounts of the related series of Bonds. On and after February 1, 2010, the Series 2005 Bonds shall be subject to redemption prior to maturity at the option of the City, in whole or in part on any date (in minimum $5,000 denominations), by lot in such manner as the Trustee shall determine, from funds from any source, at a redemption price equal to 100% of the Accreted Value thereof as of the date of redemption. Upon any determination that the Tax Increment is to be calculated by including [all off [any portion off the 25 mills described in Amendment 74 to the Constitution of the State of Arkansas within the "applicable ad valorem rate" (as defined in the Act), which determination is evidenced by (i) an opinion of the Arkansas Attorney General, (ii) a decision by an Arkansas court of competent jurisdiction, (iii) legislation enacted by the Arkansas General Assembly, or (iv) an amendment to the Constitution of the State of Arkansas, then the Series 2005 Bonds shall be subject to redemption prior to maturity at the option of the City, in whole on any date, from funds from any source, at a redemption price equal to 101% of the principal amount of the Outstanding Series 2005 Bonds plus the accreted interest thereon as of the date of redemption. In selecting Series 2005 Bonds for redemption prior to maturity, in the case any outstanding Series 2005 Bond is in a denomination greater than $5,000, each $5,000 of face value of such Series 2005 Bond shall be treated as a separate Series 2005 Bond of the denomination of $5,000. In the event any of the Series 2005 Bonds or portions thereof are called for redemption, notice thereof shall be given by the Trustee by first class mail to the registered owner of each such Series 2005 Bond addressed to such registered owner at his registered address and placed in 10-70831.5 A-3 0 the mails not less than thirty (30) nor more than sixty (60) days prior to the date fixed for redemption; provided, however, that failure to give such notice by mailing, or any defect therein, shall not affect the validity of the proceedings for the redemption of any Series 2005 Bond with respect to which no such failure or defect has occurred. Each notice shall identify the Series 2005 Bonds or portions thereof being called, and the date on which they shall be presented for payment. After the date specified in such call notice, the Series 2005 Bond or Bonds so called for redemption will cease to bear interest provided funds sufficient for their redemption have been deposited with the Trustee, and, except for the purpose of payment, shall no longer be protected by the Indenture and shall not be deemed to be outstanding under the provisions of the Indenture. This Series 2005 Bond may be transferred on the books of registration kept by the Trustee by the registered owner or by his duly authorized attorney upon surrender hereof, together with a written instrument of transfer duly executed by the registered owner or his duly authorized attorney. The Series 2005 Bonds are issuable as registered bonds without coupons in denominations of $5,000 and integrals of $5,000 in excess thereof. Subject to the limitations and upon payment of the charges provided in the Indenture, Series 2005 Bonds may be exchanged for a like aggregate principal amount of Series 2005 Bonds of other authorized denominations. No recourse shall be had for the payment of the principal of or premium, if any, or interest on any of the Series 2005 Bonds or for any claim based thereon or upon any obligation, covenant or agreement contained in the Series 2005 Bonds or the Indenture against any past, present or future alderman, officer or employee of the City, or any successor, as such, either directly or through the City or any successor of the City, under any rule of law or equity, statute or constitution or by the enforcement of any assessment or penalty or otherwise, and all such liability of any such alderman, officer or employee as such is hereby expressly waived and released as a condition of and consideration for the issuance of any of the Series 2005 Bonds. This Series 2005 Bond is issued with the intent that the laws of the State of Arkansas will govern its construction. IT IS HEREBY CERTIFIED, RECITED AND DECLARED that all acts, conditions and things required to exist, happen and be performed precedent to and in the issuance of the Series 2005 Bonds do exist, have happened and have been performed in due time, form and manner as required by law; that the indebtedness represented by the Series 2005 Bonds, together with all obligations of the City, does not exceed any constitutional or statutory limitation; and that the revenues pledged to the payment of the principal of and premium, if any, and interest on the Series 2005 Bonds as the same become due and payable are expected to be sufficient in amount for that purpose. This Series 2005 Bond shall not be valid or become obligatory for any purpose or be entitled to any security or benefit under the Indenture until the Certificate of Authentication hereon shall have been signed by the Trustee. 10-70831.5 A-4 IN WITNESS WHEREOF, the City of Fayetteville, Arkansas has caused this Series 2005 Bond to be executed by its Mayor and City Clerk, thereunto duly authorized (by their manual or facsimile signatures), and its corporate seal to be affixed or imprinted hereon, all as of the date hereof shown above. CITY OF FAYETTEVILLE, ARKANSAS By: Mayor ATTEST: By: City Clerk (SEAL) (Form of Trustee's Certificate) TRUSTEE'S CERTIFICATE OF AUTHENTICATION This bond is one of the Series 2005 Bonds of the issue described in and issued under the provisions of the within mentioned Indenture. Attached hereto is the complete text of the opinion of Kutak Rock LLP, a signed original of which is on file with the undersigned, delivered and dated the date of the original delivery of and payment for the Series 2005 Bonds. as Trustee By: Authorized Signature 10-70831.5 A-5 I 0 (Form of Assignment) ASSIGNMENT FOR VALUE RECEIVED, , hereby sells, assigns, and transfers unto , the within bond and all rights thereunder, and hereby irrevocably constitutes and appoints as attorney to transfer the within bond on the books kept for registration thereof with full power of substitution in the premises. DATE: __________,20__ . Transferor GUARANTEED BY: NOTICE: Signature(s) must be guaranteed by an institution satisfactory to the Trustee or other transfer agent. 10-70831.5 A-6 EXHIBIT B TO TRUST INDENTURE FORM OF REQUISITION City of Fayetteville, Arkansas Tax Increment Interest Accretion Bonds, Series 2005 Date: Requisition No.: TO: , as Trustee Pursuant to the provisions of Section 502 of the Trust Indenture dated as of April 15, 2005 (the "Indenture"), by and between the City of Fayetteville, Arkansas (the "Issuer") and you, as trustee, you are authorized to make the following described payment directly to the Payee named below from the Project Fund: Name and Address of Payee: Amount of Payment: $ General Classification of the Expenditures: The undersigned hereby certifies that he is authorized to deliver this Requisition on behalf of the Issuer. The amount requested hereunder has not been the basis for any previous Requisition by the Issuer and is justly due and owing to the person(s) named herein as a proper payment or reimbursement of a Project Cost (as defined in the Indenture). 10-70831.5 B-1 S so No Event of Default exists under the Indenture and, to the knowledge of the undersigned, no event has occurred and continues which with notice or lapse of time or both would constitute an Event of Default under the Indenture. CITY OF FAYETTEVILLE, ARKANSAS By: Authorized Representative 10-70831.5 B-2 0 EXHIBIT C TO TRUST INDENTURE SERIES 2005 BOND ACCRETION SCHEDULE Accreted Value Accretion Date (per $5,000 minimum denomination) 10-70831.5 C -I O WASHINGTON COUNTY STATE OF ARKANSAS Washington County Courthouse 280 North College - Suite 250 Fayetteville, Arkansas 72701 LEE ANN KIZZAR COUNTY ASSESSOR January 29, 2005 Mr. Steve Davis City of Fayetteville 113 West Mountain Fayetteville AR 72701 Dear Mr. Davis, TELEPHONE 479/444-1500 Please accept this letter and its attachments as the assessor's certification required by ACA 14-168- 306(b)(5) for the approval of the Amended Highway 71 East Square Redevelopment District No. I Project Plan. The assessed value of all real property within the amended redevelopment district subject to ad valorem taxation, also known as the Base Value as defined in ACA 14-168-301 as of January 1, 2004, is: 31,446,555. The total of the local millage rates of Washington County, the Fayetteville School District, and the City of Fayetteville, also known as the Total Ad Valorem Rate as defined in ACA 14-168-301, is: 26.86. The portion of the total ad valorem rate that was, at January 1, 2001, pledged to the payment of debt service by the Fayetteville School District, certified to me by the Fayetteville School District, also known as the Debt Service Ad Valorem Rate as defined in ACA 14-168-301, is: 23.7. The total local ad valorem rate less the debt service ad valorem rate for property located in the Fayetteville School District, also known as the Applicable Ad Valorem Rate as defined in A.C.A. 14-168-301, is: 3.16. Attached are the certifications from the Fayetteville School District of the debt service ad valorem rate, a copy of the most recent millage ordinance detailing levied ad valorem millage rates for all taxing entities in Washington County, and a report from the assessor's database detailing the appraised and assessed value of each parcel in the redevelopment district along with totals for the entire district. Sincerely, Lee Ann Kizzar r �7 I CELEBRATING THE PAST WHILE EMBRACING THE FUTURE September 21, 2004 Ms. Lee Ann Kizzar County Assessor Washington County Courthouse 280 North College — Suite 360 Fayetteville, AR 72701 Dear Ms. Kizzar: Please be informed that the Fayetteville School Districts millage structure at January 1, 2001 was as follows: 19.3 mills General Maintenance & Operation 23.7 mills Debt Service 1.0 mill Capital Outlay 44.0 mills I have attached the school ballot from that election for your reference. Please call me if you have any questions. Thank you; Lisa Z. or ad 1000 WEST STONE STREET PO Box 849 FAYETTEVILLE, ARKANSAS 72702 (501) ONUAL SCHOOL ELECTION BALT DISTRICT NO, 1 INSTRUCTIONS TO VOTER 1. To vote you must blacken the Oval ( ) completely next to the candidate of your choice. 2. Use only the pencil provided. 3. After voting, deposit ballot in ballot box. School Board Director. - 3yr. Pos 2 o Howard Hamilton (Unopposed) School Board Director. - 3yr. Pos 6 o Pam Grondin (Unopposed) School Tax 44.0 Mills The total rate proposed abov,. Includes the uniform rate of 25.0 mills (the Statewide Uniform Rate-) to be collected on all taxable property in the State and remitted to the State Treasurer pursuant to Amendment No. 74 to the Arkansas Constitution to bo used solely for maintenance and operation of schools In the State. As provided In Amendment No. 74, the Statewide Uniform Rate replaces a portion of the existing rate of tax levied by this school District and available for maintenance and operation of the schools in this District. The total proposed school tax levy of 44.0 mills Includes 19.3 mills for general maintenance and operation, 1.0 mill for current expenditures/dedicated maintenance and operation expenditures dedicated specifically for the purposes of purchasing school buses, purchasing furniture and equipment, purchasing computer software and renovatino and renairin,-_I-• nn continuing levy pledged for the retirement of existing bonded indebtedness. The 23.7 debt service mills are allocated as follows; 3.0 mills is a continuing levy dedicated exclusively to the retirement of the District's Bonds dated November 1, 1997 and May 1, 1998, and 20.7 mills Is a continuing levy pledged for the retirement of all other existing bonded Indebtness. The surplus revenues produced by the 20.7 debt service mills may be used by the District for other school purposes. lithe proposed school tax levy Is approved by the electors, then the total school tax rate shall be 44.0 mills (this being the effect of such approval not withstanding the results of the litigation referred to below). If the proposed school tax levy is not approved by the electors, then the total school tax rate shall be a lower rate determined In accordance with pending litigation in the Circuit Court of Washington County, Arkansas (the -Court-) involving the rollback provisions of Amendment No. 59 to the Arkansas Constitution, In which the Court has ruled that the rollback provisions of Amendment No.59 have been triggered (the 'Rollback Millage Rate-). The total proposed tax levy of 44.0 mills represents an Increase In total mills equal to the difference between the proposed levy of the 44.0 mills and the lower Rollback Millage Rate. O FOR TAX O AGAINST TAX A Amended Hi6ay 71 East Square Redevelopment Diet No. 1 Parcel ID Tax District Type 765-01638-000 011 Cl 765-01639-000 011 Cl 765-01640-000 011 RI 765-01641-000 011 CV 765-01642-000 011 CM 765-01643-000 011 CI 765-01644-000 011 CI 765-01645-000 011 ET 765-01646-000 011 CI 765-01647-000 011 CI 765-01648-000 011 EX 765-01649-000 011 EX 765-01650-000 011 CI 765-01651-000 011 CI 765-01652-000 011 CV 765-01653-000 011 CM 765-01654-000 011 CI 765-01655-000 011 CI 765-01656-000 011 CI 765-01657-000 011 CI 765-01658-000 011 CI 765-01659-000 011 CI 765-01660-000 011 CI 765-01661-000 011 CI 765-01663-000 011 CM 765-01663-000 011 CM 765-01664-000 011 CI 765-01664-000 011 CI 765-01665-000 011 CI 765-01665-000 011 CI 765-01666-000 011 CI 765-01666-001 011 CB 765-01667-000 011 CV 765-01668-000 011 CM 765-01669-000 011 CI 765-01670-000 011 RI 765-01671-000 011 CI 765-01672-000 011 CV 765-01673-000 011 RI 765-01674-000 011 CR 765-01675-000 011 RI 765-01676-000 011 CI 765-01677-000 011 CV 765-01678-000 011 RI 765-01679-000 011 CV 765-01680-000 011 CI 765-01681-000 011 CV 765-01682-000 011 RI 765-01683-000 011 CI 765-01684-000 011 CI 765-01685-000 011 CI 765-01686-000 011 CV 765-01687-000 011 CV 765-01688-000 011 CI 765-01690-000 011 CV 765-01691-000 011 RI 765-01692-000 011 RI 765-01693-000 011 RI 765-01694-000 011 RI 765-01695-000 011 CI 765-01696-000 011 RI Total ADDraised 136,600 125,800 141,850 43,700 64,100 696,850 1,358,600 0 210,950 275,950 0 0 379,000 576,450 86,000 186,850 995,300 249,300 194,000 230,400 170,100 202,350 124,050 210,900 80,150 80,150 130,200 130,200 128,450 128,450 251,450 29,300 130,000 168,750 338,850 165,250 114,100 27,200 131,500 155,050 89,450 74,900 160,000 85,950 80,000 182,000 180,000 158,650 138,800 296,550 254,200 116,150 21,100 337,950 58,000 112,250 157,050 122,450 87,150 476,400 134,650 Total Assessed 26,488 20,020 22,719 6,435 9,724 125,070 182,559 0 35,905 49,207 0 0 71,258 98,927 16,819 25,926 148,334 42,743 32,895 30,778 30,602 32,340 16,701 38,988 10,687 10,687 10,802 10,802 19,734 19,734 27,199 5,860 25,080 24,138 52,124 27,367 18,690 4,400 18,682 27,311 10,090 7,794 11,440 14,459 10,450 30,007 29,700 24,151 25,333 27,957 49,477 7,951 1,444 44,200 6,163 17,760 27,317 14,813 13,900 69,155 15,044 1/29/2005 Parcel ID T istrict Type 765-01697-000 11 RI 765-01698-000 011 RI 765-01699-000 011 RI 765-01700-000 011 CR 765-01701-000 011 RI 765-01702-000 011 CR 765-01703-000 011 CM 765-01704-000 011 CR 765-01705-000 011 CI 765-01706-000 011 CI 765-01707-000 011 CI 765-01708-000 011 CM 765-01709-000 011 CI 765-01710-000 011 CT 765-01711-000 011 CV 765-01712-000 011 RI 765-01713-000 011 EX 765-01714-000 011 RI 765-01715-000 011 RI 765-01716-000 011 EX 765-01717-000 011 CR 765-01718-000 011 RI 765-01719-000 011 RI 765-01721-000 011 RI 765-01726-000 011 EX 765-01733-000 011 EX 765-01736-000 011 CI 765-01739-000 011 EX 765-01740-000 011 EX 765-01741-000 011 CI 765-01742-000 011 EX 765-01743-000 011 CI 765-01743-002 011 EX 765-01743-003 011 EX 765-01744-000 011 ET 765-01745-000 011 PS 765-01745-001 011 EX 765-01745-002 011 EX 765-01746-000 011 EX 765-01747-000 011 CR 765-01748-000 011 RI 765-01749-000 011 RI 765-01750-000 011 ET 765-01751-000 011 ET 765-01752-000 011 ET 765-01753-000 011 EX 765-01754-000 011 RI 765-01755-000 011 CI 765-01756-000 011 CR 765-01757-000 011 CR 765-01758-000 011 RI 765-01759-000 011 RI 765-01760-000 011 CI 765-01761-000 011 CR 765-01762-000 011 CI 765-01763-000 011 RI 765-01764-000 011 CI 765-01765-000 011 CI 765-01766-000 011 RI 765-01767-000 011 CR 765-01768-000 011 RI 765-01769-000 011 RV 765-01770-000 011 RI 765-01771-000 011 RI Total Appraised 65,850 57,050 86,650 102,400 76,950 287,950 90,150 239,500 207,750 458,650 634,200 71,800 270,550 69,000 50,400 78,800 0 92,550 163,750 0 134,600 56,250 199,550 169,450 0 0 805,300 0 0 504,900 0 1,356,950 0 0 0 0 0 0 0 213,300 155,950 87,700 0 0 0 0 133,500 146,000 351,850 95,600 128,400 87,150 93,350 197,600 179,650 116,100 153700 151800 259,400 269,800 107,700 20,000 90,650 74,650 Total Assessed 10,053 7,402 12,740 12,601 12,572 52,426 11,341 36,594 26,984 74,419 92,444 12,177 24,574 7,445 8,129 9,621 0 13,566 20,203 0 16,130 8,850 31,021 28,940 0 0 127,523 0 0 55,567 0 231,535 0 0 0 0 0 0 0 38,223 16,052 16,403 0 0 0 0 20,861 23,724 29,284 13,327 19,900 15,530 12,999 39,520 24,123 14,629 28,754 27,092 47,498 48,671 15,101 2,816 8,990 10.167 1/29/2005 Parcel ID Tr istrict Type • 765-01772-000 11 CR 765-01773-000 011 RI 765-01774-000 011 CI 765-01774-001 011 CM 765-01775-000 011 Cl 765-01776-000 011 RI 765-01777-000 011 CV 765-01777-001 011 RI 765-01778-000 011 CR 765-01779-000 011 CI 765-01780-000 011 EX 765-01781-000 011 CI 765-01782-000 011 CI 765-01783-000 011 CI 765-01784-000 011 CI 765-01785-000 011 CM 765-01786-000 011 CI 765-01787-000 011 RI 765-01788-000 011 CI 765-01789-000 011 CI 765-01790-000 011 RI 765-01791-000 011 RI 765-01792-000 011 CI 765-01793-000 011 RI 765-01794-000 011 ET 765-01795-000 011 ET 765-01796-000 011 CI 765-01797-000 011 CI 765-01798-000 011 CI 765-01799-000 011 CI 765-01800-000 011 ET 765-01801-000 011 ET 765-01802-000 011 CI 765-01803-000 011 CI 765-01804-000 011 CI 765-01806-000 011 CI 765-01807-000 011 PS 765-01808-000 011 CI 765-01809-000 011 PS 765-01810-000 011 CI 765-01811-000 011 CI 765-01812-000 011 CI 765-01813-000 011 CM 765-01814-000 011 CI 765-01815-000 011 CM 765-01816-000 011 CI 765-01817-000 011 ET 765-01820-000 011 CI 765-01821-000 011 CI 765-01827-000 011 CI 765-01828-000 011 CI 765-01829-000 011 CI 765-01830-000 011 CI 765-01831-000 011 CI 765-01832-000 011 CI 765-01832-001 011 CI 765-01833-000 011 CI 765-01834-000 011 Cl 765-01835-000 011 CV 765-01835-001 011 CB 765-01836-000 011 CI 765-01837-000 011 CV 765-01838-000 011 CI 765-01839-000 011 CI Total ADDraised 174,550 71,300 671,000 63,500 139,050 192,300 18,150 90,900 286,400 100,050 0 282,450 268,800 188,650 70,900 61,450 284,600 136,300 223,100 263,050 68,200 90,200 92,950 73,000 0 0 144,100 146,300 168,950 193,000 0 0 226,500 184,200 339,000 173,850 5,211, 350 168,350 144,750 1,077,000 1,296,200 290,300 47,850 380,200 55,600 409,400 0 6,400,000 6,190,100 171,100 199,850 141,800 580,000 240,300 169,100 100,100 163,700 405,400 396,900 1,953,100 4,000,000 64,850 455,400 982,300 Total Assessed 32,742 9,796 134,200 12,111 27,137 22,618 2,189 14,257 41,598 17,646 0 44,165 45,133 31,812 12,999 8,514 23,995 17,604 24,004 34,738 9,295 9,020 15,656 10,704 0 0 21,912 19,005 25,267 31,257 0 0 37,180 26,312 48,532 33,297 1,042,270 28,882 28,950 152,757 206,492 58,060 6,710 73,871 10,978 80,993 0 1,280,000 1,086591 32,990 38,338 26,712 67,696 44,573 31,746 18,633 22,537 64,106 75,533 299,207 770,000 11,231 84,885 122,694 1/29/2005 Parcel ID T istrict Type •, 765-01840-000 D11 CM 765-01841-000 011 CI 765-01842-000 011 EX 765-01843-000 011 Cl 765-01844-000 011 CI 765-01844-001 011 CI 765-01845-000 011 CI 765-01846-000 011 CI 765-01847-000 011 CI 765-01848-000 011 CI 765-01849-000 011 ET 765-01850-000 011 ET 765-01851-000 011 ET 765-01852-000 011 ET 765-01853-000 011 EX 765-01854-000 011 ET 765-01855-000 011 ET 765-01856-000 011 CI 765-01857-000 011 CI 765-01858-000 011 RI 765-01859-000 011 CI 765-01860-000 011 RI 765-01861-000 011 RI 765-01862-000 011 CM 765-01863-000 011 RI 765-01864-000 011 CM 765-01865-000 011 CI 765-01866-000 011 CI 765-01867-000 011 CI 765-01868-000 011 RI 765-01869-000 011 ET 765-01870-000 011 ET 765-01871-000 011 ET 765-01872-000 011 ET 765-01873-000 011 EX 765-01874-000 011 CI 765-01875-000 011 CI 765-01876-000 011 RI 765-01877-000 011 RI 765-01878-000 011 CI 765-01879-000 011 EX 765-01880-000 011 RI 765-01881-000 011 RI 765-01882-000 011 CR 765-01882-001 011 CI 765-01883-000 011 CR 765-01884-000 011 RI 765-01885-000 011 RV 765-01886-000 011 CI 765-01887-000 011 CI 765-01887-002 011 EX 765-01888-000 011 RI 765-01889-000 011 RI 765-01890-000 011 RI 765-01891-000 011 RI 765-01892-000 011 RI 765-01893-000 011 RI 765-01894-000 011 RI 765-01895-000 011 CM 765-01896-000 011 RI 765-01897-000 011 RI 765-01898-000 011 RI 765-01899-000 011 RI 765-01900-000 011 CV Total Appraised 89,000 68,150 0 85,250 67,100 67,000 275,950 722,150 702,950 2,500,000 0 0 0 0 0 0 0 412,450 161,850 187,750 118,200 73,100 64,400 76,550 171,850 66,550 482,350 290,200 123,500 154,700 0 0 0 0 0 46,050 41,650 78,550 437,050 106,850 0 112,000 163,450 276,150 445,900 231,000 75,350 500 75,700 88,050 0 54,950 62,650 47,050 86,500 107,000 100,500 86,000 135,200 100,950 137,550 137,350 79,750 58,400 Total Assessed 17,270 12,112 0 14,143 11,168 11,140 52,573 127,470 140,590 461,627 0 0 0 0 0 0 0 68,990 26,727 27,955 15,378 12,197 6,030 12,325 25,333 11,484 49,325 49,940 12,727 23,924 0 0 0 0 0 7,865 7,021 13,695 85,102 19,118 0 16,103 17,139 45,624 89,180 46,200 12,735 100 9,482 7,894 9,324 8,451 7,536 14,850 17,586 13,002 15,389 12,598 15,766 18,690 17,593 7,899 3,080 1/29/2005 V Parcel ID T istrict Type 765-01901-000 11 CI 765-01902-000 011 RI 765-01903-000 011 CI 765-01904-000 011 RI 765-01905-000 011 CR 765-01906-000 011 CR 765-01907-000 011 RI 765-01908-000 011 RI 765-01909-000 011 EX 765-01910-000 011 RI 765-01911-000 011 EX 765-01912-000 011 RI 765-01913-000 011 CI 765-01914-000 011 ET 765-01915-000 011 CI 765-01916-000 011 CI 765-01917-000 011 CI 765-01918-000 011 CI 765-01919-000 011 CI 765-01920-000 011 CI 765-01924-000 011 CI 765-01925-000 011 CI 765-01926-000 011 EX 765-01927-000 011 CI 765-01928-000 011 EX 765-01929-000 011 ET 765-01930-000 011 CI 765-01932-000 011 CI 765-01933-000 011 CI 765-01935-000 011 CI 765-01938-000 011 CI 765-01939-000 011 CI 765-01940-000 011 CI 765-01940-001 011 CI 765-01941-000 011 EX 765-01942-000 011 CI 765-01943-000 011 CI 765-01944-000 011 CI 765-01945-000 011 CI 765-01946-000 011 EX 765-01947-000 011 EX 765-01948-000 011 CI 765-01949-000 011 CI 765-01950-000 011 CI 765-01952-000 011 ET 765-01953-000 011 ET 765-01954-000 011 CI 765-01955-000 011 RV 765-01956-000 011 RI 765-01958-000 011 EX 765-01959-000 011 EX 765-01960-000 011 EX 765-01961-000 011 EX 765-01962-000 011 EX 765-01963-000 011 EX 765-01964-000 011 EX 765-01965-000 011 EX 765-01966-000 011 CI 765-01967-000 011 CI 765-01968-000 011 CV 765-01969-000 011 CV 765-01970-000 011 CV 765-01971-000 011 CV 765-01972-000 011 CI Total ADoraised 55,450 65,450 209,500 436,350 246900 228,650 174,150 125,650 0 55,350 0 52,750 112,650 0 95,400 362,450 435,500 1,975,950 244,900 238,800 236,850 481,400 0 717,700 0 0 389,750 527,600 432,400 4,380,500 167,550 334,850 668,400 230,800 0 341,350 470,250 109,650 175,450 0 0 332,700 239,150 260,950 0 0 151,150 22500 72,550 0 0 0 0 0 0 0 0 396,000 98,200 69,000 34,500 34,500 23,000 1,294,050 Total Assessed 6,907 9,162 28,929 55,159 27,478 22,765 31,856 17,576 0 7,136 0 10,550 12,627 0 17,578 37,752 60,380 377,706 34,120 45,485 47,370 79,671 0 129,031 0 0 77,950 59,068 72,758 849,736 30,488 62,062 119,577 45,485 0 68,266 90,167 14,715 23,695 0 0 61,576 44,959 52,190 0 0 26,609 3,168 12,913 0 0 0 0 0 0 0 0 79,200 10,496 13,365 6,688 6,688 4,455 130,545 1/29/2005 Parcel ID T istrict Type 765-01975-000 11 EX 765-01976-000 011 ET 765-01977-000 011 ET 765-01978-000 011 ET 765-01979-000 011 ET 765-01980-000 011 ET 765-01981-000 011 ET 765-01982-000 011 ET 765-01983-000 011 ET 765-01984-000 011 ET 765-01985-000 011 ET 765-01985-001 011 Cl 765-01986-000 011 EX 765-01987-000 011 EX 765-01988-000 011 EX 765-01989-000 011 EX 765-01990-000 011 EX 765-01991-000 011 CI 765-01992-000 011 ET 765-01993-000 011 ET 765-01994-000 011 CI 765-01995-000 011 CI 765-01996-000 011 EX 765-01997-000 011 EX 765-01998-000 011 EX 765-01999-000 011 CI 765-01999-001 011 CI 765-02000-000 011 CI 765-02001-000 011 CI 765-02002-000 011 RI 765-02003-000 011 CI 765-02004-000 011 CI 765-02005-000 011 CI 765-02006-000 011 RI 765-02007-000 011 CR 765-02008-000 011 RI 765-02010-000 011 CT 765-02020-000 011 RI 765-02021-000 011 EX 765-02022-000 011 RI 765-02023-000 011 RI 765-02024-000 011 RI 765-02025-000 011 RI 765-02026-000 011 EX 765-02027-000 011 RI 765-02028-000 011 RI 765-02029-000 011 RI 765-02030-000 011 EX 765-02031-000 011 RI 765-02032-000 011 RI 765-02033-000 011 EX 765-02034-000 011 RM 765-02035-000 011 RV 765-02036-000 011 EX 765-02037-000 011 EX 765-02038-000 011 EX 765-02039-000 011 EX 765-02040-000 011 EX 765-02041-000 011 EX 765-02041-000 011 EX 765-02042-000 011 EX 765-02043-000 011 CI 765-02044-000 011 RI 765-02045-000 011 RI Total Appraised 0 0 0 0 0 0 0 0 0 0 0 1,219,550 0 0 0 0 0 392,300 0 0 294,300 218,100 0 0 0 208,650 141,000 340,350 285,650 471,650 341,350 334,350 324,800 72500 185,600 67,700 146,050 98,700 0 49,400 79,850 65,550 80,500 0 46,550 46,600 96,650 0 82,150 44000 0 22,300 50,500 0 0 0 0 0 0 0 0 222,950 91,800 78,550 Total Assessed W 0 0 0 0 0 0 0 0 0 0 0 225,577 0 0 0 0 0 69,398 0 0 52,613 29,835 0 0 0 41,173 20,933 47,018 40,865 78,977 56,049 39,344 60,665 7,305 37,120 10,978 26,950 10,915 0 4,730 10,608 7,635 15,149 0 7,908 7,207 15,133 0 8,735 8,393 0 4,460 8,666 0 0 0 0 0 0 0 0 30,901 10,011 9515 1/29/2005 Parcel ID T istrict Type 765-02046-000 11 CI 765-02047-000 011 CR 765-02048-000 011 RI 765-02049-000 011 RI 765-02050-000 011 RI 765-02051-000 011 RI 765-02052-000 011 RI 765-02053-000 011 CI 765-02054-000 011 RI 765-02055-000 011 RI 765-02056-000 011 RI 765-02057-000 011 RI 765-02058-000 011 RI 765-02059-000 011 RI 765-02060-000 011 RI 765-02061-000 011 RI 765-02062-000 011 RI 765-02063-000 011 RI 765-02064-000 011 CI 765-02064-001 011 RI 765-02065-000 011 RI 765-02066-000 011 RI 765-02067-000 011 RI 765-02068-000 011 RI 765-02069-000 011 CI 765-02070-000 011 CR 765-02071-000 011 PS 765-02072-000 011 EX 765-02073-000 011 EX 765-02074-000 011 RI 765-02075-000 011 RV 765-02076-000 011 RI 765-02077-000 011 RI 765-02078-000 011 RI 765-02080-000 011 RI 765-02081-000 011 RI 765-02082-000 011 CI 765-02083-000 011 RI 765-02084-000 011 RI 765-02085-000 011 RI 765-02086-000 011 CV 765-02087-000 011 CV 765-02088-000 011 CI 765-02088-001 011 CI 765-02092-000 011 RV 765-02093-000 011 RV 765-02093-001 011 RI 765-02094-000 011 CI 765-02095-000 011 RV 765-02096-000 011 RI 765-02097-000 011 CV 765-02098-000 011 CV 765-02099-000 011 CV 765-02100-000 011 RI 765-02102-000 011 RV 765-02103-000 011 RV 765-02104-000 011 EX 765-02106-000 011 RI 765-02108-000 011 CI 765-02112-000 011 RI 765-02113-000 011 RV 765-02114-000 011 RV 765-02115-000 011 RM 765-02116-000 011 CI Total Appraised 160,650 216,050 111,700 68,600 66,250 86,150 77,350 299,400 79,450 75,350 65,650 50,850 65,950 52,200 54,000 76,100 104,900 68,100 183,050 86,150 112,900 111,300 58,100 56,050 160,350 359,500 1,750 0 0 50,900 22,500 66,250 132,800 61,650 35,650 47,950 153,200 51,800 35,850 57,050 26,500 43,700 160,250 34,950 100 500 61,100 79,250 17,500 51200 23,500 80,050 52,150 46,000 15,000 17,500 0 49,650 44,850 58,100 20,000 6,250 19,350 231,950 Total Assessed 25,464 34,939 17,606 7,401 7,052 10,925 8,827 42,056 7,624 6,100 7,317 6,635 8,041 6,364 6,635 7,362 13,033 9,462 26,933 7,744 11,182 9,560 5,952 5,630 26,169 52,773 350 0 0 5,808 2,860 10,427 16,352 7,765 6,303 7,222 24,915 7,444 5,477 8,065 3,795 5,754 21,607 4,791 20 100 6,901 13,607 2,464 9,812 4,312 14,674 9,559 7,951 2,059 2,402 0 7,072 6,787 7,579 2,231 1,250 3,069 41,599 1/29/2005 Parcel ID T istrict Type 765-02118-000 11 RV 765-02119-000 011 RI 765-02120-000 011 RI 765-02121-000 011 RI 765-02123-000 011 RV 765-02124-000 011 CI 765-02127-000 011 RV 765-02128-000 011 RI 765-02129-000 011 RV 765-02130-000 011 CI 765-02133-000 011 CV 765-02134-000 011 CI 765-02135-000 011 RI 765-02137-000 011 RI 765-02138-000 011 CM 765-02139-000 011 RI 765-02140-000 011 RI 765-02980-000 011 RI 765-02981-000 011 CI 765-02982-000 011 RI 765-02983-000 011 RM 765-02984-000 011 RI 765-02985-000 011 RI 765-02986-000 011 RI 765-02987-000 011 RI 765-02988-000 011 RI 765-02989-000 011 RI 765-02990-000 011 RM 765-02991-000 011 RI 765-04310-000 011 CI 765-04312-000 011 RI 765-04313-000 011 RI 765-04314-000 011 RI 765-04315-000 011 CI 765-04316-000 011 RI 765-04317-000 011 RI 765-04318-000 011 CI 765-04319-000 011 CI 765-04320-000 011 CI 765-04321-000 011 CI 765-04322-000 011 CM 765-04323-000 011 CM 765-04324-000 011 CM 765-04325-000 011 CM 765-04326-000 011 ET 765-04327-000 011 RV 765-04328-000 011 ET 765-04329-000 011 ET 765-04330-000 011 ET 765-04331-000 011 ET 765-04332-000 011 ET 765-04333-000 011 ET 765-04334-000 011 ET 765-04334-100 011 ET 765-04335-000 011 ET 765-04336-000 011 ET 765-04337-000 011 RI 765-04338-000 011 RV 765-04339-000 011 RI 765-04340-000 011 RI 765-04341-000 011 RI 765-04342-000 011 RI 765-04343-000 011 RI 765-04344-000 011 CI Total Appraised 10,000 68,250 54,000 67,950 26,250 98,900 31,250 66,850 33,750 324,750 34,250 131,300 112,800 66,100 18,550 110,750 83,600 44,050 73,250 43,450 10,500 22,250 36,250 37,500 33,850 72,950 26,250 10,300 23,600 98,250 165,500 157,400 61,100 173,900 167,650 149,050 240,250 113,200 499,050 342,150 97,850 40,350 52,200 58,300 0 23,400 0 0 0 0 0 0 0 0 0 0 152,350 20,650 99,700 93,650 133,500 186,100 70,200 53,750 Yotal Assessed 1,408 7,424 6,499 10,013 5,250 15,473 2,603 8,309 4,752 64,146 5,445 18,733 16,574 6,195 3,663 8,900 9,708 6,119 12,474 6,363 1,485 2,922 6,450 4,936 5,048 10,221 4,147 1,496 4,276 19,437 23,568 18,559 8,910 34,780 24,518 21,411 46,689 22,418 60,117 65,670 16,632 6,765 6,428 7,309 0 2,860 0 0 0 0 0 0 0 0 0 0 19,625 2,640 14,300 10,642 20,270 22,803 14,040 10,750 1/29/2005 Parcel ID T istrict Type • 765-04345-000 11 RI 765-04346-000 011 ET 765-04347-000 011 RI 765-04348-000 011 RI 765-04349-000 011 RI 765-04350-000 011 CI 765-04350-001 011 CI 765-04351-000 011 ET 765-04352-000 011 ET 765-04353-000 011 ET 765-04354-000 011 ET 765-04355-000 011 RI 765-04356-000 011 RI 765-04357-000 011 CR 765-04357-100 011 EX 765-04358-000 011 CI 765-04359-000 011 CI 765-04360-000 011 CI 765-04361-000 011 CI 765-04362-000 011 CI 765-04362-001 011 EX 765-04363-000 011 CM 765-04363-001 011 EX 765-04364-000 011 CI 765-04365-000 011 CI 765-04366-000 011 CI 765-04367-000 011 CI 765-04368-000 011 Cl 765-04369-000 011 CI 765-04370-000 011 CI 765-04371-000 011 CI 765-04372-000 011 CI 765-04373-000 011 CI 765-04374-000 011 CM 765-04375-000 011 CI 765-04376-000 011 CI 765-04376-000 011 CI 765-04378-000 011 VP 765-04378-001 011 CI 765-04379-000 011 CI 765-04380-000 011 ET 765-04381-000 011 ET 765-04382-000 011 ET 765-04384-000 011 ET 765-04385-000 011 ET 765-04388-000 011 ET 765-04389-000 011 ET 765-04390-000 011 ET 765-04391-000 011 CI 765-04392-000 011 RI 765-04393-000 011 RI 765-04394-000 011 RI 765-04395-000 011 RI 765-04396-000 011 RI 765-04397-000 011 CV 765-04398-000 011 CI 765-04399-000 011 CI 765-04400-000 011 CI 765-04401-000 011 CI 765-04402-000 011 Cl 765-04403-000 011 RI 765-04404-000 011 RI 765-04405-000 011 RI 765-04406-000 011 CR Total Aooraised 30,150 0 58,300 68,550 78,250 301,850 223,400 0 0 0 0 55,250 56,650 119,750 0 54,000 81,350 70,350 1072,400 393,700 0 168,900 0 1,225,100 265,350 85,550 110,200 97,650 242,500 257,850 134,500 152,400 247,550 106,450 830,250 255,000 255,000 0 280,300 510,150 0 0 0 0 0 0 0 0 341,500 58,400 57,650 114,450 83,800 97,550 54,000 926,000 547,650 167,600 304,650 210,850 78,100 41,400 85,550 84,500 Total Assessed W 4,114 0 10,410 10,054 11,682 50,736 39,556 0 0 0 0 7,465 7,679 14,915 0 10,800 14,377 12,033 185,001 64,625 0 5,420 0 177,117 42,400 11,703 9,626 11,005 39,039 26,183 18,805 20,878 22,542 16,145 105,770 37,336 37,336 0 43,618 57,537 0 0 0 0 0 0 0 0 68,300 8,525 9,648 14,297 10,534 15,021 91900 185,200 93,093 20,578 26,984 19,133 14,626 8,280 12,793 14,784 1/29/2005 Parcel ID T istrict Type 765-04407-000 11 RI 765-04408-000 011 RI 765-04409-000 011 CR 765-04410-000 011 RI 765-04411-000 011 RI 765-04412-000 011 RI 765-04413-000 011 RI 765-04414-000 011 RI 765-04415-000 011 RI 765-04416-000 011 RI 765-04417-000 011 RI 765-04418-000 011 RI 765-04419-000 011 RI 765-04421-000 011 RI 765-04424-000 011 RM 765-04427-000 011 RI 765-04428-000 011 RI 765-04430-000 011 RI 765-04431-000 011 CV 765-04432-000 011 RI 765-04433-000 011 CM 765-04434-000 011 CI 765-04435-000 011 EX 765-04436-000 011 EX 765-04437-000 011 EX 765-04438-000 011 RI 765-04439-000 011 EX 765-04440-000 011 EX 765-04441-000 011 EX 765-04442-000 011 CM 765-04443-000 011 CI 765-04444-000 011 EX 765-04445-000 011 EX 765-04446-000 011 EX 765-04447-000 011 EX 765-04448-000 011 EX 765-04449-000 011 CI 765-04450-000 011 CI 765-04451-000 011 EX 765-04452-000 011 CI 765-04453-000 011 EX 765-04454-000 011 EX 765-04455-000 011 EX 765-04456-000 011 EX 765-04457-000 011 EX 765-04458-000 011 EX 765-04459-000 011 EX 765-04461-000 011 EX 765-04462-000 011 EX 765-04463-000 011 EX 765-04464-000 011 EX 765-04465-000 011 EX 765-04466-000 011 EX 765-04467-000 011 EX 765-04513-000 011 RI 765-04514-000 011 RI 765-04515-000 011 RI 765-04516-000 011 RI 765-04517-000 011 CI 765-04518-000 011 CV 765-05441-000 011 CI 765-05441-001 011 EX 765-05442-000 011 RI 765-05442-001 011 RV Total Appraised 43,250 59,100 145,100 88,300 69,150 119,400 86,650 75,350 120,200 129,400 112,100 129,100 99,700 194,050 25,950 52,600 53,750 54,150 100,000 388,550 45,100 643,250 0 0 0 143,700 0 0 0 207,100 2,092,250 0 0 0 0 0 134,350 334,600 0 261,200 0 0 0 0 0 0 0 0 0 0 0 0 0 0 96,900 88,150 99,250 97,050 782,150 165,250 1,300,650 0 69,500 26,400 Total Assessed 8,650 9,109 18,620 10,455 11,087 23,880 9,298 15,070 14,012 16,881 16,228 13,490 9,596 28,820 5,190 5,639 6,364 6,964 14,300 39,674 9,020 104,621 0 0 0 22,583 0 0 0 41,420 274,283 0 0 0 0 0 26,345 64,162 0 44,602 0 0 0 0 0 0 0 0 0 0 0 0 0 0 14,144 15,279 17,003 14,359 136,798 12,584 159,654 0 13,288 4,543 1/29/2005 10 Parcel ID T istrict Type 765-05443-000 11 RV 765-05444-000 011 RI 765-05445-000 011 RI 765-05446-000 011 EX 765-05447-000 011 CV 765-05448-000 011 Cl 765-05448-001 011 EX 765-05449-000 011 Cl 765-05450-000 011 EX 765-05451-000 011 CR 765-05452-000 011 RM 765-05453-000 011 RI 765-05454-000 011 CR 765-05455-000 011 EX 765-05456-000 011 CV 765-05457-000 011 EX 765-05458-000 011 CI 765-05459-000 011 EX 765-05460-000 011 EX 765-05461-000 011 EX 765-05462-000 011 RI 765-05462-001 011 CR 765-05463-000 011 RV 765-05465-000 011 CI 765-05466-000 011 EX 765-05467-000 011 EX 765-05468-000 011 CI 765-05469-000 011 RI 765-05470-000 011 RI 765-05471-000 011 RI 765-05472-000 011 RI 765-05473-000 011 RI 765-05474-000 011 RI 765-05475-000 011 RI 765-05476-000 011 RI 765-05477-000 011 RI 765-05478-000 011 RI 765-05479-000 011 CI 765-05481-000 011 CM 765-05482-000 011 RI 765-05483-000 011 RI 765-05484-000 011 RI 765-05485-000 011 RI 765-05486-000 011 RI 765-05487-000 011 CI 765-05492-001 011 EX 765-05498-000 011 EX 765-05499-000 011 EX 765-05500-000 011 EX 765-05501-000 011 CI 765-05501-001 011 EX 765-05502-000 011 CV 765-05504-000 011 ET 765-05505-000 011 EX 765-05506-001 011 EX 765-05506-002 011 EX 765-05507-000 011 IV 765-05508-000 011 CI 765-05509-000 011 II 765-05510-000 011 CI 765-05511-000 011 CI 765-05520-000 011 CI 765-05520-000 011 CI 765-05521-000 011 CI Total Appraised 14,400 56,700 55,750 0 273,950 230,650 0 77,200 0 107,300 22,500 41,150 76,250 0 5,800 0 73,600 0 0 0 24,300 87,850 16,000 107,850 0 0 250,850 51,400 46,900 59,600 135,150 42,200 37,700 55,850 55,300 52,700 44,250 205,000 16,350 67,750 43,350 51,050 31,450 62,650 93,500 0 0 0 110,700 0 42,550 0 0 0 0 45,750 28,700 418,350 103,350 83,300 74,500 74,500 120,050 Total Assessed 2,475 10,780 10,582 0 23,298 46,130 0 12,864 0 18,336 3,900 7,689 8,965 0 825 0 12,758 0 0 0 4,179 16,643 3,200 17,827 0 0 46,884 9,285 7,570 10,982 20,678 5,020 6,678 8,561 7,993 9,744 7,036 31,163 2,563 10,854 8,173 8,723 5,786 12,497 15,928 0 0 0 0 14,542 0 4,455 0 0 0 0 8,852 4,994 80,553 16,541 16,613 11,561 11,561 19,524 1/29/2005 11 • Parcel ID T istrict Type 765-05521-001 11 EX 765-05522-000 011 IV 765-05523-000 011 II 765-05523-001 011 EX 765-05524-000 011 CI 765-05524-001 011 EX 765-05525-000 011 EX 765-05525-001 011 CV 765-05526-000 011 RI 765-05527-000 011 RI 765-05528-000 011 CI 765-05529-000 011 RI 765-05530-000 011 RI 765-05531-000 011 CI 765-05532-000 011 RI 765-05533-000 011 CI 765-05534-000 011 CV 765-05535-000 011 RI 765-05536-000 011 RV 765-05537-000 011 RV 765-05538-000 011 RI 765-05539-000 011 RV 765-05539-001 011 EX 765-05540-000 011 II 765-05541-000 011 CI 765-05541-001 011 EX 765-05572-010 011 CI 765-05573-000 011 ET 765-05574-000 011 ET 765-05575-000 011 ET 765-05576-000 011 ET 765-05577-000 011 ET 765-05578-000 011 RI 765-05579-000 011 ET 765-05580-000 011 ET 765-05581-000 011 ET 765-05582-000 011 ET 765-05583-000 011 ET 765-05584-000 011 RI 765-05585-000 011 ET 765-05586-000 011 ET 765-05587-000 011 ET 765-05588-000 011 ET 765-05589-000 011 ET 765-06024-000 011 RI 765-06025-000 011 CV 765-06026-000 011 RI 765-06027-000 011 CI 765-06028-000 011 RI 765-06029-000 011 RI 765-06030-000 011 RI 765-06031-000 011 RI 765-06032-000 011 RI 765-06033-000 011 RI 765-06034-000 011 RM 765-06035-000 011 RI 765-06036-000 011 CI 765-06037-000 011 EX 765-06038-000 011 EX 765-06039-000 011 RI 765-06040-000 011 CI 765-06380-000 011 RI 765-06381-000 011 RV 765-06382-000 011 RI Total Appraised 0 36,550 366,850 0 40,100 0 0 17,800 34,150 37,050 14,550 54,450 31,700 69,850 42,150 253,600 15,000 37,200 15,200 25,600 42,100 6,400 0 72,850 42,950 0 338,350 0 0 0 0 0 59,850 0 0 0 0 0 60,600 0 0 0 0 0 124,450 52,850 218,500 748,650 80,800 64,500 254,000 271,650 347,150 92,700 24,600 125,200 185,400 0 0 329,900 291,100 62,100 12,600 49,850 Total Assessed 0 4,378 73,370 0 5,764 0 0 2,640 6,314 6,875 2,910 9,938 5,660 13,970 6,291 45,912 2,233 6,897 2,618 2,860 7,493 1,100 0 13,274 5,205 0 58,344 0 0 0 0 0 9,416 0 0 0 0 0 91395 0 0 0 0 0 22,825 9,009 41,635 147,180 12,999 11,968 48,710 51,939 54,271 17,910 3,818 23,892 28,328 0 0 41,400 49,478 11,571 1,683 9,515 1/29/2005 12 • Parcel ID lrThstrict Type • 765-07060-000 11 CI 765-07061-000 011 RI 765-07062-000 011 RI 765-07063-000 011 RI 765-07064-000 011 RV 765-07065-000 011 RI 765-07066-000 011 RI 765-07067-000 011 RV 765-07068-000 011 RV 765-07069-000 011 RI 765-07070-000 011 RI 765-07087-000 011 CI 765-07088-000 011 CI 765-07089-000 011 RM 765-07090-000 011 RI 765-07091-000 011 RI 765-07092-000 011 RI 765-07093-000 011 RI 765-07094-000 011 RI 765-07095-000 011 RI 765-07096-000 011 RV 765-07097-000 011 RI 765-07098-000 011 RI 765-07099-000 011 RI 765-07100-000 011 RI 765-07123-000 011 RI 765-07124-000 011 RI 765-07125-000 011 CV 765-07126-000 011 EX 765-07128-000 011 RI 765-07129-000 011 RI 765-07130-000 011 RV 765-07131-000 011 RI 765-07969-000 011 RI 765-07972-000 011 RI 765-07973-000 011 CI 765-07975-000 011 CI 765-07976-000 011 CI 765-07978-000 011 CR 765-07979-000 011 CI 765-07980-000 011 CI 765-07984-000 011 RI 765-07987-000 011 CI 765-07988-000 011 EX 765-08077-000 011 CI 765-08078-000 011 PS 765-08082-000 011 CV 765-08083-000 011 CI 765-08084-000 011 CV 765-08088-000 011 CV 765-08089-000 011 EX 765-08239-000 011 RI 765-08240-000 011 RI 765-08241-000 011 RV 765-08242-000 011 RI 765-08243-000 011 RI 765-08245-000 011 EX 765-08247-000 011 EX 765-08248-000 011 CI 765-08249-000 011 RI 765-08249-001 011 CV 765-08250-000 011 RI 765-08539-000 011 RI 765-08540-000 011 RI Total ADoraised 69,850 20,650 86,900 33,150 15,000 45,150 33,700 10,500 10,500 40,900 32,750 267,550 116,550 14,250 36,400 66,450 50,400 41,000 57,450 29,500 100 41,800 37,450 49,500 57,700 72,450 50,500 10,500 0 13,250 59,000 18,750 56,500 107,250 110,350 187,850 308,200 100,350 205,000 246,350 163,250 111,250 1,007,700 0 2,059,200 30,400 92,450 525,300 77,050 16,900 0 54,850 60,100 8,750 64,000 82,900 0 0 189,500 106,300 18,900 55,000 691,000 635,000 Total Assessed W 11,826 2,898 12,396 5,577 1,760 5,218 5,302 1,232 1,232 6,886 5,005 43,987 22,156 1,749 4,950 9,195 6,835 4,460 9,639 3,861 20 6,842 5,657 6,992 8,036 6,100 8,492 1,650 0 2,650 7,770 2,200 7,030 18,260 17,241 37,445 55,873 20,070 38,865 47,539 31,635 19,360 196,118 0 411,840 6,080 10,824 92,398 9,020 1,130 0 9,174 8,565 1,375 8,633 11,568 0 0 37,900 13,388 2,970 5,941 80,600 78741 1/29/2005 13 Parcel ID T istrict Type 765-08541-000 11 RI 765-08542-000 011 RI 765-08543-000 011 RI 765-08544-000 011 RI 765-08545-000 011 RV 765-08546-000 011 RI 765-08547-000 011 RI 765-08548-000 011 RI 765-08549-000 011 RI 765-08550-000 011 RI 765-08551-000 011 RI 765-08552-000 011 RI 765-08553-000 011 RV 765-08554-000 011 RI 765-08555-000 011 RI 765-08556-000 011 RI 765-09759-000 011 EX 765-09760-000 011 EX 765-09761-000 011 EX 765-09762-000 011 EX 765-09763-000 011 CR 765-09764-000 011 RV 765-09765-000 011 RV 765-09766-000 011 PS 765-09767-000 011 EX 765-09768-000 011 EX 765-09769-000 011 EX 765-09770-000 011 EX 765-09914-000 011 CI 765-09915-000 011 CI 765-09917-000 011 CI 765-09918-000 011 ET 765-09919-000 011 EX 765-09920-000 011 CI 765-09921-000 011 RI 765-09922-000 011 RI 765-09923-000 011 RV 765-09924-000 011 RV 765-09925-000 011 EX 765-09926-000 011 EX 765-11664-000 011 RI 765-11723-000 011 EX 765-11724-000 011 EX 765-11724-001 011 EX 765-11731-000 011 EX 765-11731-001 011 CM 765-11731-010 011 EX 765-11917-000 011 RI 765-11918-000 011 RI 765-11919-000 011 CR 765-11920-000 011 RI 765-11921-000 011 RI 765-11922-000 011 RI 765-11923-000 011 RI 765-11924-000 011 RI 765-11925-000 011 RI 765-11926-000 011 RI 765-11927-000 011 RI 765-11928-000 011 RI 765-11929-000 011 RI 765-11930-000 011 RI 765-11931-000 011 RI 765-11932-000 011 RI 765-11933-000 011 RI Total Appraised 481,500 357,000 376,600 749,700 52,500 263,600 354,950 122,700 218,450 315,100 299,450 113,250 100,000 120,550 109,100 298,350 0 0 0 0 126,450 27,500 27,500 1,500 0 0 0 0 357,650 406,650 318,100 0 0 767,550 169,950 127,150 22,000 22,000 0 0 139,450 0 0 0 0 60,200 0 151,850 387,650 74,250 107,750 70,250 52,300 82,050 60,550 77,250 67,750 100,300 94,300 61,550 61,500 74,600 77,300 122,800 Total Assessed 60,091 44,459 54,926 93,626 3,432 28,432 37,040 14,443 32,604 36,124 36,261 11,101 5,577 13,542 12,037 34,172 0 0 0 0 25,290 3,300 3,300 300 0 0 0 0 54,726 59,000 51,022 0 0 99,843 30,308 24,588 3,300 3,300 0 0 14,041 0 0 0 0 10,353 0 20,455 77,530 12,935 19,763 9,650 8,505 16,410 10,362 11,579 11,364 16,491 17,951 12,310 10,141 13,101 11,410 20,108 1/29/2005 14 Parcel ID lrflistrict Type 765-11934-000 11 RI 765-11935-000 011 RI 765-11936-000 011 RI 765-12671-000 011 ET 765-12672-000 011 CI 765-12673-000 011 CI 765-12674-000 011 RI 765-12675-000 011 CM 765-12676-000 011 RI 765-12681-000 011 ET 765-12682-000 011 ET 765-12684-000 011 EX 765-12686-000 011 CI 765-12687-000 011 RV 765-12688-000 011 RI 765-12689-000 011 EX 765-12689-001 011 RV 765-12691-000 011 EX 765-12709-000 011 ET 765-12710-001 011 CI 765-12710-002 011 CI 765-12710-003 011 CI 765-12710-004 011 CI 765-12710-005 011 CI 765-12710-006 011 CI 765-12710-007 011 CI 765-12710-009 011 CI 765-12710-010 011 CI 765-12710-011 011 CI 765-12711-000 011 ET 765-12712-000 011 ET 765-12713-000 011 ET 765-12714-000 011 ET 765-12715-000 011 CI 765-12716-000 011 EX 765-12718-000 011 CV 765-12720-000 011 CV 765-12721-000 011 CV 765-12722-000 011 CM 765-12764-000 011 EX 765-12764-001 011 CI 765-12764-002 011 CI 765-12765-000 011 RV 765-12766-000 011 RV 765-12767-000 011 RV 765-12768-000 011 RV 765-12781-000 011 CR 765-12782-000 011 CI 765-12783-000 011 CM 765-12785-000 011 CI 765-12789-000 011 CV 765-12791-000 011 CM 765-12792-000 011 RI 765-12793-000 011 RI 765-12794-000 011 RV 765-12795-000 011 RV 765-12796-000 011 RV 765-12797-000 011 RI 765-12811-000 011 RI 765-12867-000 011 CV 765-12868-000 011 CI 765-12868-001 011 CI 765-12869-000 011 RI 765-12870-000 011 RI Total Appraised 81,550 90,850 86,150 0 133,600 266,600 71,350 27,500 98,350 0 0 0 493,100 23,000 128,350 0 1,000 0 0 320,142 194,534 146,175 170,293 199,308 68,680 26,076 65,008 22,648 11,386 0 0 0 0 1,724,950 0 12,800 19,200 14,700 26,000 0 307,800 436,250 14,400 14,400 16,000 16,000 49,900 74,150 17,150 467700 28,350 36,150 111,600 47,650 19,200 13,600 8,000 58,000 24,800 180,000 675,500 216,250 114,250 110,350 Total Assessed 14,973 10,774 13,924 0 26,068 50,850 12,455 5,500 18,150 0 0 0 94,373 3,575 14,286 0 200 0 0 50,912 30,943 23,243 27,080 31,702 10,929 4,145 10,340 3,603 1,815 0 0 0 0 247,592 0 1,188 1,782 1,364 2,552 0 25,454 80,680 2,288 2,288 2,574 2,574 8,723 11,268 2,013 88,717 4,455 5,786 21,043 8,148 3,300 2,145 1,375 8,050 4,290 18,036 83,484 27,196 15,909 14,863 1/29/2005 15 Parcel ID T�istrict Type 765-12871-000 —011 CI 765-12872-000 011 CI 765-12873-000 011 CI 765-12874-000 011 CI 765-12875-000 011 CM 765-12875-001 011 CB 765-12875-002 011 CB 765-12875-003 011 EX 765-12875-004 011 CB 765-12875-010 011 PS 765-12876-000 011 CV 765-12877-000 011 CI 765-12878-000 011 EX 765-12879-000 011 RI 765-12880-000 011 RI 765-12881-000 011 EX 765-12882-000 011 RI 765-12883-000 011 RI 765-12884-000 011 RV 765-12885-000 011 RI 765-12886-000 011 EX 765-12888-000 011 RI 765-12889-000 011 RI 765-12890-000 01l PS 765-12893-000 011 PS 765-12894-000 011 CI 765-12899-000 011 CV 765-12900-000 011 RI 765-12901-000 011 CV 765-12904-000 011 CI 765-12905-000 011 CI 765-12906-000 011 CM 765-12907-000 011 CI 765-12908-000 011 CI 765-12932-000 011 PS 765-12932-001 011 CI 765-12933-000 011 EX 765-12934-000 011 CI 765-12935-000 011 CV 765-12944-000 011 CI 765-12945-000 011 RI 765-12946-000 011 CR 765-12954-000 011 CI 765-12957-000 011 RI 765-12958-000 011 RI 765-12959-000 011 RI 765-12960-000 011 RI 765-12961-000 011 CI 765-12962-000 011 RI 765-13020-000 011 CI 765-13020-001 011 EX 765-17377-000 011 EX 765-20935-010 011 CI 765-20935-020 011 CI 765-22032-000 011 RI 765-22033-000 011 RI 765-22034-000 011 RI 765-22035-000 011 RI 765-22036-000 011 CI 765-22037-000 011 CI 765-22038-000 011 CI 765-22039-000 011 CI 765-22040-000 011 CI 765-22041-000 011 CI Total ADDraised 132,150 89,300 93,450 122,050 76,950 42,550 9,100 0 187,950 0 117,900 82,050 0 87,750 109,900 0 216,750 139,300 22,000 281,300 0 86,150 130,550 0 0 524,350 142,000 174,000 50,000 776,450 636,600 259,900 333,000 337,850 940,650 585,650 0 190,650 46,550 224,950 69,600 680,400 238,550 50,000 91,600 60,850 52,450 221,500 46,500 44,300 0 0 1,436, 854 371,646 420,119 359,032 384,607 465,242 315,192 145,374 859,361 293,367 252,856 304,296 Total Assessed 18,994 12,141 12,012 15,315 11,782 8,510 1,820 0 36,113 0 13599 9,209 0 12,799 18,090 0 33,176 15,094 3,520 46,404 0 11,197 23,109 0 0 49,464 8,237 20,778 2,959 74,474 102,828 37,166 42,843 37,199 188,130 74,143 0 29,172 8,536 33,173 7,645 109,340 45,934 6,035 14,421 5,750 7,136 44,300 6,793 5,749 0 0 273,665 70,528 78,887 64,170 72,188 93,048 49,280 24,640 141,680 49,280 43,120 60,819 1/29/2005 16 Parcel ID T istrict Type 765-22042-000 11 CI 765-22043-000 011 CI 765-22044-000 011 CI 765-22045-000 011 CI 765-22046-000 011 CI 765-22047-000 011 CI 765-22048-000 011 CI 765-22049-000 011 CI 765-22050-000 011 RI 765-22051-000 011 RI 765-22052-000 011 RI 765-22053-000 011 RI 765-22054-000 011 RI 765-22055-000 011 RI 765-22056-000 011 RI 765-22057-000 011 RI 765-22058-000 011 RI 765-22059-000 011 RI 765-22060-000 011 RI 765-22061-000 011 RI 765-22062-000 011 CI 765-22063-000 011 CI 765-22064-000 011 CI 765-22065-000 011 CI 765-22066-000 011 CI 765-22067-000 011 CI 765-22068-000 011 CI 765-22367-000 011 RI 765-22368-000 011 RI 765-22369-000 011 RI 765-22370-000 011 RI 765-22371-000 011 RI 765-22372-000 011 RI 765-22373-000 011 RI 765-22374-000 011 RI 765-22375-000 011 RI 765-22376-000 011 RI 765-22377-000 011 RI 765-22378-000 011 RI 765-22379-000 011 RI 765-22380-000 011 RI 765-22381-000 011 CI 765-22382-000 011 CI 765-22383-000 011 CI 765-22384-000 011 CI 765-22536-000 011 CI 765-22537-000 011 CI 765-22538-000 011 CI 765-22539-000 011 CI 765-22540-000 011 RI 765-22541-000 011 RI 765-22542-000 011 RI 765-22543-000 011 RI 765-22544-000 011 RI 765-22545-000 011 RI 765-22546-000 011 CI 765-22547-000 011 CI 765-22548-000 011 CI 765-22549-000 011 CI 765-22550-000 011 CI 765-22551-000 011 CI 765-22552-000 011 CI 765-22553-000 011 CI 765-22554-000 011 CI Total Aooraised 616,394 366,715 312,098 397,925 827,060 795,850 226,271 210,666 148,247 124,839 124,839 132,642 132,642 288,691 202,864 413,530 234,074 163,851 163,851 273,086 109,234 444,740 249,678 187,259 117,037 117,037 117,037 206,100 208,950 208,350 224,450 209,950 225,400 208,350 225,050 209,950 225,050 208,350 224,050 308,300 322,800 206,200 135,050 963,750 0 339,500 394,850 457,600 476,000 239,850 228,800 184,500 114,400 114,400 147,650 553,550 439,150 0 97,400 97,400 97,400 97,400 97,400 97,400 Total Assessed 123,200 73,293 62,381 79,552 165,319 159,093 45,221 42,119 29,645 24,959 23,825 26,521 26,521 57,695 40,557 82,676 46,783 32,747 32,747 52,112 21,824 88,902 49,907 37,433 23,397 23,397 23,397 40,370 40,370 38,535 44,000 40,370 44,000 40,370 42,000 40,370 44,000 38,535 44,000 60,500 59,850 41,240 27,010 192,750 0 67,900 78,970 91,520 95,200 47,970 45,760 36,900 22,880 22,880 29,530 110,710 87,830 0 9,009 9,009 9,009 91009 9,009 9,009 1/29/2005 17 Parcel ID T Thstrict Type 765-22555-000 11 CI 765-22556-000 011 CI 765-22557-000 011 CI 765-22558-000 011 CI 765-22559-000 011 CI 765-22560-000 011 CI 765-22561-000 011 CI 765-22562-000 011 CI 765-22563-000 011 CI 765-22564-000 011 CI 765-22565-000 011 CI 765-22566-000 011 CI 765-23362-000 011 RI 765-23363-000 011 RI 765-23364-000 011 RI 765-23365-000 011 RI 765-23366-000 011 RI 765-23367-000 011 RI 765-23368-000 011 CI 765-23413-000 011 RI 765-23414-000 011 RI 765-23415-000 011 RI 765-23416-000 011 RI 765-23417-000 011 RI 765-23418-000 011 RI 765-23419-000 011 CR Total ADDraised 97,400 97,400 97,400 97,400 97,400 97,400 97,400 97,400 0 274,147 273,053 0 234,000 214,600 225,900 306,600 337,250 321,650 0 85,450 65,100 76,900 134,950 81,700 303,700 0 191,120,753 191,120,753 Total Assessed 9,009 9,009 9,009 9,009 9,009 9,009 9,009 9,009 0 50204 49,995 0 46,800 42,920 45,180 61,320 67,450 64,330 0 17,090 13,020 15,380 26,990 16,340 60,740 0 31,446,555 31,446,555 1/29/2005 18 From: Clarice Pearman To: Conklin, Tim; Davis, Steve; Williams, Kit Subject: Ord. 4683 Attached is a copy of the ordinance passed by City Council, March 15, 2005 regarding the TIF project plan amendment. Thanks. Clarice CC: Deaton, Vicki AFFIDAVIT OF PUBLICATION I, , do solemnly swear that I am the Legal Clerk of the Arkansas Democrat-Gazette/Northwest Arkansas Times newspaper, printed and published in Lowell, Arkansas, and that from my own personal knowledge and reference to the files of said publication, that advertisement of: 4{QS23 was inserted in the regular editions on PO# ** Publication Charge: $ X00 1 9 Subscrib and sworn to before me this day of YMhi,. iOdJs?l� Notary. Public My Commission Expires: Sharlene D. Williams Notary Public State of Arkansas ** Please do not pay from Affidavit. MY Commission Expires An invoice will be sent. October 18, 2014 P.O. BOX 1607 • 212 N. EAST AVENUE • FAYETTEVILLE, ARKANSAS 72701 • 479-442-1700 • 479-442-5477 (FAX) a 0 RDiNG THE PROJECT PLAN EAST SQUARE REDEVELOP- IFR ONE. AND RNDING THE RAN IS E r&JMIUPLLr r t,oio,c — WWI WHEREAS, on July 27. 2004. the Fay�e1IIeCity Coot told a Public Hearing concernrg the creation and of the Highway 71 East Square Rede+doPrneM WHEREAS, on August 17, 2004, the C1y Cancel Passed Qduw of e 71 East Square RededgYT t OIs ict andeulMdxed prepeta ticn WHEREAS, the City with Input from the Proposed redevelopeta of a Twenty -TWO Mtn Dollar ordact to be constructed after removal of the blighted Mountain Inn has prepared a Proposed P WHEREAS, on November 30. 2004. the City told a pubic Hearing an this intlel Project Plan proposep for the Redevelopment District: and I WHEREAS, on Decanter 7, 2004, the Cily Md a Itinher pubic raw" an this Project Pfau and pasted Ordinance 4846 adopting the Project Plan: and WHEREAS, because at a minatechnical noticatbn d'acrepancy. the City determined the need ip ranotly all statuloay required offidals and republish notice of the public hearings for the RedevdopnorRt District: and WHEREAS, the City Card after 15 day puaNed notice new anchor pubic fearing on Decants 28. 2004 at which ei Interested peniea were ghat the opPartWy to egress tttai views on the pd posed adoption of the Pr jecl Plan for the Highway 71 East Square RodOVilia matt Dsulct Nuiba On¢ of Fayettev e, Adaina s: and WHEREAS, the City Covndi adopted me Project Ran on Decanter 28, 2004 by Ordinance No. 4883 anr , WHEREAS, the Arkartea Attomay General In January 2005 has optred met the 25 O t required by Amatdmat 74 to be sent to the Scats may not be used fa lax Inaanental firaairg: and R WHEREAS, removing the 25 has had the lax Incro enl reglires annerflr t of the Project Plan; an WHEREAS, the requhod Mai day statutory aotifoation of taxing entities and two puberatbr- notice of a Inl,t to the oraeamend nddlo January th Prc4ect Plan have ve be: pry to the public heeding for Amendment 4 1 WHEREAS, the Mondment to the Project Plan complies with all statutory requirements of A.C.A. §14, 168-308 end 307. P i NOW, THE BEFORE, BE RR 'ORDAINBO BY THE CITY COUNCIL OP THE CT' OF FART TEN", ARKANSAS: Section 1: That the City Cant of the Qty of Fayette.Oe. Arkansas hereby Pods clot the Amara eel protect Plan for the Highway 71 East Square Rededebpmenl Dbttct (attached as Exhibit A) Is ecorma lcaay feasib0. 'r Section 2: That the City Coondl of the City of Fayettevife. Arkansas baeby adopts the Amo ded Prej Ran for the Hghway 71 East Square RaleveloPnront Distrbl and diet T1ines it has itrnpYe0 with PASSED Wad APPROVED ins 15m day of Mach. 2005. APPROVED: SONDM SMITH, City CMA ^Note: A copy Cl Edidt A Amended Project Ran may be viewed in the Office of the Cle1wreaauer. Tj: 0 THANK YOU! Arkansas Democrat -Gazette, NW Ed. 212 N. East Avenue Fayetteville, AR 72701 479-442-1700 VISA PURCHASE CARD #************4345* EXPIRATION DATE : ***** DATE 03-28-2005 #002778 A TIME 13:23:04 SALE 200.88 APPROVED 074479 AVS: YES CLERK : MERCH ORDER# ITEM DESC X ***PLEASE IMPRINT CARD*** ------------ THANK YOU ------- ORDINANCE NO. 2004-68 rfl a c -D APPROPRIATION ORDINANCE: z a :2 o © 3t w r BE IT ENACTED BY THE QUORUM COURT " ca OF THE COUNTY OF WASHINGTON, g STATE OF ARKANSAS, AN ORDINANCE r ry TO BE ENTITLED: AN ORDINANCE LEVYING THE COUNTY, MUNICIPAL AND SCHOOL DISTRICT TAXES FOR THE YEAR 2004. WHEREAS, Article 7,Section 30, of the Constitution of the State of Arkansas requires the Justices of the Peace of each county to "sit with and assist the County Judge in levying the county taxes";'and, WHEREAS, A.C.A. 14-14-904 provides that "The Quorum Court, at its regular meeting in November of each year, shall levy the county, municipal, and school taxes for the current year." NOW, THEREFORE, BE IT ORDAINED BY THE QUORUM COURT OF WASHINGTON COUNTY, ARKANSAS: ARTICLE 1. The following taxes are hereby levied for the Year 2004 for Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) County General 4.75 mills (B) County Road 1.11 mills (C) County Library 1.0 mills* To be collected throughout the County except for property within the City Limits of Fayetteville. ARTICLE 2. The following taxes are hereby levied for the Year 2004 for the respective municipalities within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) Fayetteville 1.8 mills** (B) Springdale 5.6 mills (C) Elkins 5.0 mills (D) Greenland 2.9 mills (E) West Fork 5.0 mills iCANNED ORDINANCE NO. 2004-68 PAGE 2 (F) Winslow (G) Farmington (H) Tontitown (I) Elm Springs (J) Johnson (K) Prairie Grove (L) Lincoln (M) Goshen 3.0 mills 4.9 mills 2.0 mills 5.0 mills 4.8 mills 9.4 mills 6.5 mills 0.0 mills " 1.0 mill is a library millage and is to be collected only inside the City Limits of Fayetteville; .8 mill is for all other legal purposes. ARTICLE 3. The following taxes are hereby levied for the Year 2004 for the respective school districts within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY Debt M & 0 Total (A) Fayetteville, #1 19.2 mills 25.0 mills 44.2 mills (B) Farmington, #6 15.7 mills 25.0 mills 40.7 mills (C) Elkins, #10 15.2 mills 25.0 mills 40.2 mills (D) Winslow, #20 8.0 mills 25.0 mills 33.0 mills (E) Prairie Grove, #23 12.9 mills 25.0 mills 37.9 mills (F) Lincoln, #48 14.8 mills 25.0 mills 39.8 mills (G) Springdale, #50 14.5 mills 25.0 mills 39.5 mills (H) Greenland, #95 12.9 mills 25.0 mills 37.9 mills (I) West Fork, #141 14.0 mills 25.0 mills 39.0 mills (J) Benton County, #21 15.0 mills .25.0 mills 40.0 mills ARTICLE 4. The levy of taxes for 2004 is in accordance with State law. A S 'I- ist1 /1II/ ts(A • . . • . • , • Sponsor: Kurt Anderson Date of Passage: December 9, 2004 Votes For: 12 Votes Against: 0 Abstentions: 0 Absent: 1 DATE - ORDINANCE NO. 2004-68 7;. C) x orn o cn sp z rn CD APPROPRIATION ORDINANCE: o 6 w dD �Cn Ri BE IT ENACTED BY THE QUORUM COURT ca OF THE COUNTY OF WASHINGTON o rn STATE OF ARKANSAS, AN ORDINANCE TO BE ENTITLED:• a AN ORDINANCE LEVYING THE COUNTY, MUNICIPAL AND SCHOOL DISTRICT TAXES FOR THE YEAR 2004. WHEREAS, Article 7, Section 30, of the Constitution of the State of Arkansas requires the Justices of the Peace of each county to "sit with and assist the County Judge in levying the county taxes"; and, WHEREAS, A.C.A. 14-14-904 provides that "The Quorum Court, at its regular meeting in November of each year, shall levy the county, municipal, and school taxes for the current year." NOW, THEREFORE, BE IT ORDAINED BY THE QUORUM COURT OF WASHINGTON COUNTY, ARKANSAS: ARTICLE 1. The following taxes are hereby levied for the Year 2004 for Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY (A) County General 4.75 mills (B) County Road 1.11 mills (C) County Library 1.0 mills* To be collected throughout the County except for property within the City Limits of Fayetteville. ARTICLE 2. The following taxes are hereby levied for the Year 2004 for the respective municipalities within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY -. (A) Fayetteville 1.8 mills** (B) Springdale 5.6 mills (C) Elkins 5.0 mills (D) Greenland 2.9 mills (E) West Fork 5.0 mills )CANNED r ORDINANCE NO. 2004-68 PAGE 2 (F) Winslow 3.0 mills (G) Farmington 4.9 mills (H) Tontitown 2.0 mills (I) Elm Springs 5.0 mills (J) Johnson 4.8 mills (K) Prairie Grove 9.4 mills (L) Lincoln 6.5 mills (M) Goshen 0.0 mills ** 1.0 mill is a library millage and is to be collected only inside the City Limits of Fayetteville; .8 mill is for all other legal purposes. ARTICLE 3. The following taxes are hereby levied for the Year 2004 for the respective school districts within Washington County, Arkansas: REAL ESTATE/ PERSONAL PROPERTY Debt M & 0 Total (A) Fayetteville, #1 19.2 mills 25.0 mills 44.2 mills (B) Farmington, #6 15.7 mills 25.0 mills 40.7 mills (C) Elkins, #10 15.2 mills 25.0 mills 40.2 mills (D) Winslow, #20 8.0 mills 25.0 mills 33.0 mills (E) Prairie Grove, #23 12.9 mills 25.0 mills 37.9 mills (F) Lincoln, #48 14.8 mills 25.0 mills 39.8 mills (G) Springdale, #50 14.5 mills 25.0 mills 39.5 mills (H) Greenland, #95 12.9 mills 25.0 mills 37.9 mills (I) West Fork, #141 14.0 mills 25.0 mills 39.0 mills (J) Benton County, #21 15.0 mills 25.0 mills 40.0 mills ARTICLE 4. The levy of taxes for 2004 is in accordance with State law. JE H NTON, County Judge REN COMBS PRITCHARD, County Clerk Sponsor: Kurt Anderson Date of Passage: December 9, 2004 Votes For: 12 Votes Against: 0 Abstentions: 0 Absent: 1 1,7-b DATE SCANNED