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Exhibit III SPRINGSTED Page 17 Projected Tax Increment ReportCity of Elk River, MinnesotaTax Increment Financing (Redevelopment) District The Truck Shop Redevelopment Project Draft TIF Plan ExhibitsLess: Retained Times: Less: Annual Less: P.V.Annual Total Total Original Captured Tax Annual State Aud. Revenue Admin. Annual AnnualPeriod Estimated Net Tax Net Tax Net Tax Capacity Gross Tax Deduction Net of Retainage Net Net Rev. ToEnding Market Value (1)Capacity (2)Capacity(3)Capacity Rate (4)Increment 0.360% OSA Deduction 10.00% Revenue 02/01/18(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) 4.00%12/31/17 1,352,500 20,874 20,874 0 137.819% 0 0 0 0 0 012/31/18 1,352,500 20,874 20,874 0 137.819% 0 0 0 0 0 012/31/19 1,352,500 20,874 20,874 0 137.819% 0 0 0 0 0 012/31/20 2,057,379 40,398 20,874 19,524 137.819% 26,908 97 26,811 2,681 24,130 * 22,02012/31/21 2,119,100 41,632 20,874 20,759 137.819% 28,609 103 28,506 2,851 25,655 22,51112/31/22 2,182,673 42,903 20,874 22,030 137.819% 30,361 109 30,252 3,025 27,227 22,97112/31/23 2,248,153 44,213 20,874 23,340 137.819% 32,166 116 32,050 3,205 28,845 23,40112/31/24 2,315,598 45,562 20,874 24,688 137.819% 34,025 122 33,903 3,390 30,513 23,80212/31/25 2,385,066 46,951 20,874 26,078 137.819% 35,940 129 35,811 3,581 32,230 24,17412/31/26 2,456,618 48,382 20,874 27,509 137.819% 37,912 136 37,776 3,778 33,998 24,51912/31/27 2,530,316 49,856 20,874 28,983 137.819% 39,944 144 39,800 3,980 35,820 24,84012/31/28 2,606,226 51,375 20,874 30,501 137.819% 42,036 151 41,885 4,189 37,696 25,13512/31/29 2,684,413 52,938 20,874 32,065 137.819% 44,191 159 44,032 4,403 39,629 25,40812/31/30 2,764,945 54,549 20,874 33,675 137.819% 46,411 167 46,244 4,624 41,620 25,65812/31/31 2,847,893 56,208 20,874 35,334 137.819% 48,697 175 48,522 4,852 43,670 25,88612/31/32 2,933,330 57,917 20,874 37,043 137.819% 51,052 184 50,868 5,087 45,781 26,09412/31/33 3,021,330 59,677 20,874 38,803 137.819% 53,478 193 53,285 5,329 47,956 26,28212/31/34 3,111,970 61,489 20,874 40,616 137.819% 55,976 202 55,774 5,577 50,197 26,45212/31/35 3,205,329 63,357 20,874 42,483 137.819% 58,550 211 58,339 5,834 52,505 26,60512/31/36 3,301,489 65,280 20,874 44,406 137.819% 61,200 220 60,980 6,098 54,882 26,73912/31/37 3,400,533 67,261 20,874 46,387 137.819% 63,930 230 63,700 6,370 57,330 26,85812/31/38 3,502,549 69,301 20,874 48,427 137.819% 66,742 240 66,502 6,650 59,852 26,96112/31/39 3,607,626 71,403 20,874 50,529 137.819% 69,639 251 69,388 6,939 62,449 27,04912/31/40 3,715,855 73,567 20,874 52,694 137.819% 72,622 261 72,361 7,236 65,125 27,12312/31/41 3,827,330 75,797 20,874 54,923 137.819% 75,694 272 75,422 7,542 67,880 27,18312/31/42 3,942,150 78,093 20,874 57,220 137.819% 78,859 284 78,575 7,858 70,717 27,23012/31/43 4,060,415 80,458 20,874 59,585 137.819% 82,119 296 81,823 8,182 73,641 27,26512/31/44 4,182,227 82,895 20,874 62,021 137.819% 85,477 308 85,169 8,517 76,652 27,28812/31/45 4,307,694 85,404 20,874 64,530 137.819% 88,935 320 88,615 8,862 79,753 27,300$1,411,473 $5,080 $1,406,393 $140,640 $1,265,753 $666,754* election to delay receipt of first increment to 2020(1) value based on estimate provided by County for proposed new 7,216 sf shop facility and potential future redevelopment(2) tax capacity based on commercial-industrial class rate of 1.5% for value up to $150,000 and 2% for value above $150,000(3) original net tax capacity will be based on existing land and building value as attributable to this project and classified to commercial-industrial(4) combined local tax capacity rate of City, County and School District for payable 2017
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