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City of Pequot Lakes <br />Tax Increment Financing District 2 -2 <br />Hotel Development <br />MARKET VALUE ANALYSIS <br />Increased Market Value of Site 5,000,000 <br />Less Present Value of TIF Revenues 636,471 <br />4,363,529 <br />Reasonably expected increase w /out TIF* 1,292 <br />Net Value Increase 4,362,237 <br />Present Value Calculation <br />Calculation Date <br />Present Value Factor <br />12/31/23 <br />4.00% <br />Gross Tax Present <br /># Year Increment Value <br />0 <br />2024 <br />- <br />1 <br />2025 <br />- <br />- <br />2 <br />2026 <br />82,553 <br />76,325 <br />3 <br />2027 <br />84,207 <br />74,860 <br />4 <br />2028 <br />85,894 <br />73,423 <br />5 <br />2029 <br />87,615 <br />72,013 <br />6 <br />2030 <br />89,370 <br />70,631 <br />7 <br />2031 <br />91,161 <br />69,275 <br />8 <br />2032 <br />92,987 <br />67,945 <br />9 <br />2033 <br />94,850 <br />66,640 <br />10 <br />2034 <br />96,750 <br />65,361 <br />805,387 <br />636,471 <br />* Without the use of TIF, market value increases would be expected to be limited <br />to infaltion only. No development is expected without the use of TIF. Inflation <br />is estimated at 1 % per year for 9 years. <br />David Drown Associates Exhibit 5 <br />