<br />EXHIBIT 1 TO SCHEDULE 2
<br />PRESENT VALUE ANALYSIS
<br />---.-.-'----E'stimate'(j'---.-'-'-. 8.00%
<br />Tax Semi-Annual
<br />Date Increment Balance
<br />
<br />~~~~-~~.~------'"'.~~_.,~--~"
<br />
<br />06/01/97
<br />12/01/97
<br />06/01/98
<br />12/01/98
<br />06/01/99
<br />12/01/99
<br />06/01/00
<br />12/01/00
<br />06/01/01
<br />12/01/01
<br />06/01/02
<br />12/01/02
<br />06/01/03
<br />12/01/03
<br />06/01/04
<br />12/01/04
<br />06/01/05
<br />12/01/05
<br />06/01/06
<br />12/01/06
<br />06/01/07
<br />12/01/07
<br />06/01/08
<br />12/01/08
<br />06/01/09
<br />12/01/09
<br />06/01/10
<br />12/01/10
<br />06/01/11
<br />12/01/11
<br />06/01/12
<br />12/01/12
<br />06/01/13
<br />12/01/13
<br />06/01/14
<br />12/01/14
<br />06/01/15
<br />12/01/15
<br />06/01/16
<br />12/01/16
<br />06/01/17
<br />12/01/17
<br />06/01/18
<br />12/01/18
<br />06/01/19
<br />12/01/19
<br />06/01/20
<br />12/01/20
<br />06/01/21
<br />12/01/21
<br />06/01/22
<br />12/01/22
<br />06/01/23
<br />12/01/23
<br />
<br />o
<br />o
<br />o
<br />o
<br />o
<br />o
<br />82,073
<br />82,073
<br />160,815
<br />160,815
<br />263,728
<br />263,728
<br />263,728
<br />263,728
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327 ,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />327,533
<br />
<br />o
<br />o
<br />o
<br />o
<br />o
<br />o
<br />58,377
<br />56,132
<br />105,756
<br />101,688
<br />160,349
<br />154,181
<br />148,251
<br />142,549
<br />170,228
<br />163,681
<br />157,385
<br />151,332
<br />145,511
<br />139,915
<br />134,533
<br />129,359
<br />124,384
<br />119,600
<br />115,000
<br />110,577
<br />106,324
<br />102,234
<br />98,302
<br />94,521
<br />90,886
<br />87,390
<br />84,029
<br />80,797
<br />77,690
<br />74,702
<br />71,829
<br />69,066
<br />66,41 0
<br />63,855
<br />61,399
<br />59,038
<br />56,767
<br />54,584
<br />52,484
<br />50,466
<br />48,525
<br />46,658
<br />44,864
<br />43,138
<br />41,479
<br />39,884
<br />38,350
<br />36,875
<br />
<br />14,641,994
<br />
<br />4,431,333
<br />
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