STADIUM FINANCING PROJECT UPDATE

As indicated in the May 20, 1999 letter report (pages 2 and 3) the Miller Park ballpark continues to be on time, within budget and with strong community participation.

As of April 30, 1999 the Foundation's $20,000,000 Stadium financing commitment has been paid in full. A substantial portion of the $20,000,000 commitment was funded using appreciated stock, which resulted in excise tax savings of over $106,000.

The $20,000,000 charitable investment was recorded as a grant award in 1998. Accordingly, there is no receivable recorded in the balance sheet of the Foundation. The proceeds of any repayment will be recorded as gains in the year received.

Included on page 4 is the repayment schedule for the $20,000,000 Series C note that has been assigned to the Foundation for repayment of the note. The total repayment amount is $50,637,290 including the $20,000,000 principal and $ 30,637,290 of earned interest.

During the negotiation sessions of the original commitment , there was an informal suggestion that any repayment associated with the $20,000,000 Foundation charitable investment would be recycled by the Bradley Foundation as charitable grants benefiting organizations in the five counties providing the sales tax revenue for repayment of the debt. There has been no Board action regarding this commitment.

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