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Exhibit IIISPRINGSTED Page 16 Projected Tax Increment ReportCity of Elk River, MinnesotaTax Increment Financing (Housing) District No. 25Jackson Hills 40 Unit Housing DevelopmentUpdated Draft TIF Plan Exhibits based on $3.31M EMV (40 units)Less: Retained Times: Less: Annual Less:Annual Total Total Original Captured Tax Annual State Aud. Revenue Admin. AnnualPeriod Estimated Net Tax Net Tax Net Tax Capacity Gross Tax Deduction Net of Retainage NetEnding Market Value (1)Capacity (2)Capacity (3)Capacity Rate (4)Increment 0.360% OSA Deduction 10.00% Revenue(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)12/31/18 61,100 764 764 0 135.773% 0 0 0 0 012/31/19 61,100 764 764 0 135.773% 0 0 0 0 012/31/20 61,100 764 764 0 135.773% 0 0 0 0 012/31/21 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,446 *12/31/22 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/23 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/24 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/25 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/26 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/27 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/28 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/29 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/30 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/31 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/32 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/33 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/34 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,44612/31/35 3,310,000 41,375 764 40,611 135.773% 55,139 199 54,940 5,494 49,446$827,085 $2,985 $824,100 $82,410 $741,690(1) value based on stimate provided by County Assessor for proposed 40-unit apartment housing project(2) tax capacity based on residential rental class rate of 1.25% (3) original net tax capacity will be based on portion of existing land value as attributable to this project (1 parcel) and classified as residential rental(4) combined local tax capacity rate of City, County and School District for payable 2018* election to delay receipt of first increment until 2021 when project expected to generate 100% increment available
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