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EXHIBIT II
<br />
<br /> [ Assumptions Report J
<br />
<br /> City of Elk River, Minnesota
<br />Tax Increment Financing (Redevelopment) District No. 19
<br />(U.S. Highway 16g and County Highway 12 Project)
<br />
<br />Type of Tax Increment Financing District
<br />Maximum Duration of TIF District
<br />
<br />Certification Request Date
<br />Decertification Date
<br />
<br />Redevelopment
<br />25 years from 1st increment
<br />
<br /> 08~01/98
<br /> 12/01/24 (25 Years of Increment)
<br />
<br />Base Estimated Market Value
<br />
<br />Times: First $150,000
<br /> Excess
<br />
<br />Original Net Tax Capacity
<br />
<br />2.45%
<br />3.50%
<br />
<br />1998/1999
<br />
<br />$2,229,200
<br />
<br /> 3,675
<br /> 72,772
<br />
<br />$76,447
<br />
<br />(5 PID
<br />
<br />Base Estimated Market Value
<br />Increase in Estimated Market Value (a)
<br />
<br />Total Estimated Market Value
<br />
<br />Times: First $150,000
<br /> Excess
<br />
<br />Total Net Tax Capacity
<br />
<br />2.45%
<br />3.50%
<br />
<br /> Assessment/Collection Year
<br />
<br />1999~2000 2000/2001 2001/2002 2002/2003
<br />
<br />$2,229,200 $2,229,200 $2,229,200 $2,229,200
<br />8,000,000 16,000,000 26,000,000 36,000,000
<br />
<br />$10,229,200 $18,229,200 $28,229,200 $38,229,200
<br />3,675 3,675 3,675 3,675
<br />352,772 632,772 982,772 1,332,772
<br />
<br />$356,447 $636,447 $986,447 $1,336,447
<br />
<br />Base Inflation Factor
<br />Local Tax Capacity Rate
<br />Fiscal Disparities Contribution From TIF District
<br />Administrative Retainage Percent (maximum = 10%)
<br />Pooling Percent
<br />City Tax Rate (Only if Local-Effort TIF)
<br />
<br />NA
<br />111.504%
<br />0.0000%
<br />5.00%
<br />0.00%
<br /> NA
<br />
<br />(Pay 98)
<br />
<br />Bonds
<br />Bonds Dated 09/01/98
<br />First Interest Date 02/01/99
<br />Underwriters Discount 1.50%
<br />
<br />Note (Pay-As-You-Go)
<br />Note Dated 09101/98
<br />Note Rate 7.50%
<br />
<br />(Blended)
<br />
<br />Will Annual Local Contribution Be Made (Yes or No)?
<br />I.S.D #728 Equalized Tax Capacity Rate
<br />I.SD #728 Sales Ratio
<br />City Sales Ratio & Taxable Net Tax Capacity
<br />Present Value Date & Rate
<br />
<br /> Yes
<br /> NA
<br /> NA
<br /> NA
<br />0~01~8
<br />
<br />(Annually)
<br />
<br /> NA
<br />7.50%
<br />
<br />(Blended)
<br />
<br />(a) Assumes new commercial development of $8,000,000 in 1998 (50% complete),
<br /> and an additional $8,000,000 in 1999 (total new commercial EMV = $16,000,000).
<br /> Also assumes new industrial development of $10,000,000 in each of the years 2000 and 2001.
<br /> (total new industrial EMV = $20,000,000 = 400,000 sq. ff. @ $50/sq. ft.).
<br />
<br />Prepared by: Spdngsted Incorporated (printed on 6/30/98 at 3:00 PM) Tifinca
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