I-1 - Preliminary Official Statement Series 2021A Refunding

OTHER OBLIGATIONS From time to time the City, pursuant to Section 403.9 of the Code of Iowa and the Issuer’s urban renewal plans, has entered into Development Agreements, Rebate Agreements, and the like, which contain payment obligations from the Issuer to an external party. The Issuer’s payment requirements under these contracts are not structured as general liabilities of the Issuer, but rather are exclusively secured by and payable from a pledge of the City’s incremental property tax revenues (TIF) to be derived from the taxable properties (or some subset thereof) contained within an urban renewal area of the Issuer pursuant to Section 403.19 of the Code of Iowa. The City’s payment obligations under these contracts are routinely contingent upon development or redevelopment performance requirements of the external party and are typically made subject to annual appropriation rights by the City Council. TIF Payments under these contracts are typically due and owing semi-annually on December 1 and June 1 of each fiscal year of the City. The City has two of these Development Agreements in place, each with an aggregate remaining maximum payment liability less than $100,000. The aggregated (and estimated) remaining payment liability of the City under these smaller contracts is approximately $146,197, and the last of the payments thereunder is scheduled to be paid by 2023. In addition, the City’s more significant Development Agreements, each with an estimated remaining payment liability of $100,000 or more, and each subject to annual appropriation by the City, are listed in the following table: Third Party Agreement Name Agreement Date Maximum Amount Outstanding Last Payment Date Big Country 07/24/2013 $234,250 2021 Park Place Development 12/21/2016 $12,000,000 2036 80/380, LLC 08/01/2017 $500,000 2029 Fareway Stores, Inc. 01/16/2018 $485,000 2033 Indirect Debt1 2020/2021 2020/2021 Taxable Percentage Underlying Taxable Value Applicable Outstanding Share Issuer Value (1) in City2 in City Debt of Debt Johnson County $ 9,164,400,353 $210,158,244 2.29% $ 9,945,0003 $ 227,741 Clear Creek Amana CSD 1,189,184,761 210,158,244 17.67 85,095,000 15,036,287 Kirkwood CC (MEA X) 27,535,407,537 210,158,244 0.76 79,810,0004 606,556 Total Underlying Debt: $ 15,870,587 Direct Debt Bonds secured primarily by taxes $ 16,750,000 Bonds secured primarily by annual appropriations 4,010,000 Total Direct Debt $ 20,760,000 Add taxpayers’ share of indirect debt 15,870,584 Direct and Indirect Debt $ 36,630,584 1 Only those taxing jurisdictions with general obligation debt outstanding are included. Debt figures do not include non-general obligation debt, short- term general obligation debt, or general obligation tax/aid anticipation certificates of indebtedness. General obligation debt figures are as of February 2, 2021 and were obtained from the State of Iowa’s Treasurer’s office at www.treasurer.state.ia.us/finance, unless otherwise noted. (1) Taxable Value includes military as well as gas and electric utility adjustments but excludes any tax increment adjustment. 2 Taxable Value includes military as well as gas and electric utility adjustments but excludes any tax increment adjustment. 3 As of June 30, 2019 4 Excludes job training certificates in the amount of $30,005,000, General Fund Lease Certificates in the amount of $40,035,000, and $650,584 other capital loan notes since the bonds are payable from revenues to be derived from the new jobs credit program and lease payments, respectively. A-15