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1. Principal payoff on space one $ 208,515.69 <br />2. Principal payoff on space two 370,399.16 <br />3. Principal payoff on spaces three, four, & five 1,925,722.00 <br />4. Accrued interest calculated as simple interest 1,739,301.70 <br />Total (due 4-1-2007) $4,243,938.55 <br />The future payments on $4,243,938.55 due 4-1-2017 plus simple interest at 3.137% <br />equals a combined total of $5,553,073.88. <br />The present value of $5,553,073.88, assuming the average value of money over the next <br />ten years at 5%, is equal to $3,635,819.24. (See Schedule B). <br />I would be pleased to discuss this item with whomever you designate at your <br />convenience. <br />Sincerely, <br />Ernest R. Clark <br />City Manager <br />EC/ga <br />Enclosures <br />cc: Jan Hotubee, US Army Corps of Engineers <br />