I-1 - Preliminary Official Statement Series 2021A Refunding

ECONOMIC AND FINANCIAL INFORMATION1 Valuations2 2020 for FY 2020 for FY 2021/2022 2021/2022 100% Actual % Breakdown Taxable Value % Breakdown (As of January 1, 2020) Value of Valuation (With Rollback) of Valuation Residential $ 355,693,772 88.91% $ 184,546,400 87.75% Agricultural Land & Building 849,700 0.21 714,003 0.34 Commercial 19,986,201 5.00 16,069,224 7.64 Multi-Residential 4,562,612 1.14 3,026,401 1.44 Railroads 390,773 0.10 351,696 0.17 Utilities (with Gas & Electric) 18,592,277 4.65 5,598,680 2.66 Gross Valuation $ 400,075,335 100.00% $ 210,306,404 100.00% Less Military Exemption ( 148,160) ( 148,160) 3 Total Valuation $ 399,927,175 $ 210,158,244 Add Captured Tax Increment Value $ 56,278,390 $ 56,278,390 Net Valuation $ 456,205,565 $ 266,436,634 Valuation Trends Valuation Trends over the past five years have been as follows: 100% Taxable Captured Total Assessment Fiscal Year Actual Valuation Tax Increment Taxable 4 5 Year Tax Levies Value (With Rollback) Value Value 2020 2021/2022 $456,205,565 $210,158,244 $56,278,390 $266,436,634 2019 2020/2021 407,898,843 180,189,372 54,103,665 234,293,037 2018 2019/2020 352,209,017 165,147,489 44,053,214 209,200,703 2017 2018/2019 312,187,873 143,093,497 40,843,532 183,937,029 2016 2017/2018 254,585,107 120,190,545 31,598,598 151,789,143 1 Property valuations, tax rates and tax levies and collections are provided by the Iowa Department of Management unless otherwise noted. 2 January 1, 2020 valuations for taxes payable July 1, 2021 to June 30, 2022. Valuations are estimates and are expected to be certified on or about July 1, 2021. 3 The Taxable Value after rollback and less military exemption is used to compute all tax rates with the exception of debt service and excludes captured tax increment value. The Net Taxable Value is used to compute the tax rate for debt service. 4 100% Actual Valuations, before rollback, are after military exemption and captured tax increment value adjustments. 5 Taxable Valuations, with rollback, are after the military exemption and before captured tax increment value adjustments. A-9