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EXHIBIT II
<br /> Assumptions Report
<br /> City of Elk River, Minnesota
<br /> Tax Increment Financing (Redevelopment) District No. 19
<br /> (U.S. Highway 169 and County Highway 12 Project)
<br /> Type of Tax Increment Financing District Redevelopment
<br /> Maximum Duration of TIF District 25 years from 1st increment
<br /> Certification Request Date 08/01/98
<br /> Decertification Date 12/01/24 (25 Years of Increment)
<br /> 1998/1999
<br /> Base Estimated Market Value $2,229,200 (10 PID#'s)
<br /> Times: First $150,000 2.45% 3,675
<br /> Excess 3.50% 72,772
<br /> Original Net Tax Capacity $76,447
<br /> Assessment/Collection Year
<br /> 1999/2000 2000/2001 2001/2002 2002/2003
<br /> Base Estimated Market Value $2,229,200 $2,229,200 $2,229,200 $2,229,200
<br /> Increase in Estimated Market Value(a) 8,000,000 16,000,000 26,000,000 36,000,000
<br /> Total Estimated Market Value $10,229,200 $18,229,200 $28,229,200 $38,229,200
<br /> S Times: First $150,000 2.45% 3,675 3,675 3,675 3,675
<br /> Excess 3.50% 352,772 632,772 982,772 1,332,772
<br /> Total Net Tax Capacity $356,447 $636,447 $986,447 $1,336,447
<br /> Base Inflation Factor NA
<br /> Local Tax Capacity Rate 111.504% (Pay 98)
<br /> Fiscal Disparities Contribution From TIF District 0.0000%
<br /> Administrative Retainage Percent(maximum = 10%) 5.00%
<br /> Pooling Percent 0.00%
<br /> City Tax Rate(Only if Local-Effort TIF) NA
<br /> Bonds Note(Pay-As-You-Go)
<br /> Bonds Dated 09/01/98 Note Dated 09/01/98
<br /> First Interest Date 02/01/99 Note Rate 7.50% (Blended)
<br /> Underwriters Discount 1.50%
<br /> LGA/HACA Loss'
<br /> Will Annual Local Contribution Be Made(Yes or No)? Yes (Annually)
<br /> I.S.D#728 Equalized Tax Capacity Rate NA
<br /> I.S.D#728 Sales Ratio NA
<br /> City Sales Ratio&Taxable Net Tax Capacity NA NA
<br /> Present Value Date&Rate 08/01/98 7.50% (Blended)
<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$6,000,000 in each of the years 2000 and 2001.
<br /> (total new industrial EMV=$20,000,000=400,000 sq. ft. @$50/sq. ft.).
<br /> Prepared by: Springsted Incorporated (printed on 6/11/98 at 2:10 PM) Tifinca.xls
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