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Projected Tax Increment Report
<br />City of Elk River, Minnesota
<br />Tax Increment Financing (Economic Development) District No. 26
<br />Shoot Steel, INC
<br />Draft TIF Plan Exhibits
<br />Annual
<br />Period
<br />Ending
<br />1
<br />Total
<br />Estimated
<br />Market Value (1)
<br />2
<br />Total
<br />Net Tax
<br />Capacity (2)
<br />3
<br />Less:
<br />Original
<br />Net Tax
<br />Capacity(3)
<br />4
<br />Retained
<br />Captured
<br />Net Tax
<br />Capacity
<br />5
<br />Times:
<br />Tax
<br />Capacity
<br />Rate (4)
<br />6
<br />Annual
<br />Gross Tax
<br />Increment
<br />7
<br />Less:
<br />State Aud.
<br />Deduction
<br />0.360%
<br />8
<br />Subtotal
<br />Net Tax
<br />Increment
<br />9
<br />Less:
<br />Admin.
<br />Retainage
<br />10.00%
<br />10
<br />Annual
<br />Net
<br />Revenue
<br />11
<br />P.V.
<br />Annual
<br />Net Rev. To
<br />02/01/21
<br />4.00%
<br />12/31 /20
<br />378,100
<br />6,812
<br />6,812
<br />0
<br />130.571%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31 /21
<br />378,100
<br />6,812
<br />6,812
<br />0
<br />130.571%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31/22
<br />1,349,100
<br />26,232
<br />6,812
<br />19,420
<br />130.571%
<br />25,357
<br />91
<br />25,266
<br />2,527
<br />22,739
<br />21,300
<br />12/31 /23
<br />1,389,573
<br />27,041
<br />6,812
<br />20,229
<br />130.571%
<br />26,415
<br />95
<br />26,320
<br />2,632
<br />23,688
<br />21,336
<br />12/31/24
<br />1,431,260
<br />27,875
<br />6,812
<br />21,063
<br />130.571%
<br />27,502
<br />99
<br />27,403
<br />2,740
<br />24,663
<br />21,359
<br />12/31/25
<br />1,474,198
<br />28,734
<br />6,812
<br />21,922
<br />130.571%
<br />28,624
<br />103
<br />28,521
<br />2,852
<br />25,669
<br />21,376
<br />12/31/26
<br />1,518,424
<br />29,618
<br />6,812
<br />22,806
<br />130.571%
<br />29,779
<br />107
<br />29,672
<br />2,967
<br />26,705
<br />21,383
<br />12/31/27
<br />1,563,977
<br />30,530
<br />6,812
<br />23,718
<br />130.571%
<br />30,968
<br />ill
<br />30,857
<br />3,086
<br />27,771
<br />21,381
<br />12/31/28
<br />1,610,896
<br />31,468
<br />6,812
<br />24,656
<br />130.571%
<br />32,194
<br />116
<br />32,078
<br />3,208
<br />28,870
<br />21,373
<br />12/31/29
<br />1,659,223
<br />32,434
<br />6,812
<br />25,622
<br />130.571%
<br />33,456
<br />120
<br />33,336
<br />3,334
<br />30,002
<br />21,356
<br />12/31 /30
<br />1,709,000
<br />33,430
<br />6,812
<br />26,618
<br />130.571%
<br />34,755
<br />125
<br />34,630
<br />3,463
<br />31,167
<br />21,332
<br />$269,050 1 $967 $268,083 $26,809 1 $241,274 1 $192,196
<br />(1) value based on estimate provided by City for the anticipated construction of newbusinesses and possible existing business expansions
<br />(2) tax capacity based on commercial -industrial class rate of 1.50% for first $150,000 of value and 2% for value above $150,000
<br />(3) original net tax capacity mall be based on existing land and building values and commercial -industrial class rate for payable 2021
<br />(4) combined local tax capacity rate of City of Elk River, ISD 728 and Sherburne County for payable 2020
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