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<br />EXHIBIT E <br /> <br />Cash Flow Projections and Other Financial Data Relating <br />to Tax Increment Financing District No. 11 <br />City of Ramsey, Minnesota <br />Tax Increment District No. 11 <br /> <br />Certification Request Date 01/01/07' <br />Decertification Date 12/01/34 (26 Years ofIncrement) <br />Present Value Date 01/01/07 <br />Present Value Rate 8.25% <br />Type ofTIF District; Housing <br />Type of Debt: Loan (Pay-as-you-gO) <br />Fiscal Disparities Election; !\:A <br />Fiscal Disparities Rate: 0.0000%, <br />Local Tax Capacity Rate: 95.684% 2006/07 <br />City Retainage; (I) 20.00% <br />PoolinglSharing; 0.00% <br />Percentage of Tax Capacity Retained: 100.00% <br />Market Value IntIator: 100.00% <br />Base Value Information 2006/2007 2006/2007 <br /> 2006/2007 CLASS RATE CLASS RATE 2006/2007 <br />Class PID# EMV 1st Tier 2nd Tier NTC <br />REN 28-32-2542-00 J 4 330.000 1.25% 1.25% 4,125 <br />REN xxx 0 1.25% 1.25% 0 <br />Total 330,000 4,125 <br /> 2008/2009 2009/20 I 0 20 1 0/20 II 2011/2012 <br />Base EMV $330,000 $330,000 $330,000 $330,000 <br />Increase in EMV <br />Project 1 20,300,000 20,300,000 20,300,000 20,300,000 <br />Project 2 0 0 0 0 <br />Project 3 0 0 0 0 <br />Project 4 0 0 0 0 <br />Total Estimated Market Value $20,630,000 $20,630,000 $20,630,000 $20,630,000 <br />NTC <br />Project 1 REN 253,750 253,750 253,750 253,750 <br />Project 2 REN 0 0 0 0 <br />Project 3 REN 0 0 0 0 <br />Project 4 REN 0 0 0 0 <br />Total Net Tax Capacity $253,750 $253,750 $253,750 $253,750 <br /> <br />( I) Maximum of 10% applied to administrative costs. <br /> <br />Prepared by; Northland Securities. Inc. - 11/22/2006 11 :34 AM TIF 111706 for Print _ Assumptions <br /> <br />1954494v3 E-l <br /> <br />-182- <br />