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<br />Projected Tax Abatement Report
<br />City of Elk River, Minnesota
<br />Proposed Tax Abatement Assistance
<br />Sportech Business Expansion
<br />Draft Abatement Revenues: 91,050 new building construction
<br />Less:45.88%46.08%
<br />Non-Retained Times:Estimated Maximum Maximum Maximum P.V.
<br />Annual Total Total Abated Captured Tax Annual Tax Tax Tax Estimated Annual
<br />Period Market Net Tax Net Tax Net Tax Capacity Property Abatement Abatement Abatement Project Abate To
<br />Ending Value (1)Capacity (2)Capacity (3)Capacity Rate (4)Taxes City *County *School *Abatement 02/01/21
<br />(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)2.25%
<br />12/31/21
<br />12/31/22 0 0 0 0 128.860%0 0 0 0 0 0
<br />12/31/23 8,209,800 163,446 106,946 56,500 128.860%72,806 25,920 26,035 0 51,955 48,962
<br />12/31/24 8,294,550 165,141 106,946 58,195 128.860%74,990 26,698 26,816 0 53,514 49,321
<br />12/31/25 8,381,843 166,887 106,946 59,941 128.860%77,240 27,499 27,621 0 55,119 49,683
<br />12/31/26 8,471,754 168,685 106,946 61,739 128.860%79,557 28,323 28,449 0 56,773 50,047
<br />12/31/27 8,564,362 170,537 106,946 63,591 128.860%81,944 29,173 29,303 0 58,476 50,414
<br />12/31/28 8,659,749 172,445 106,946 65,499 128.860%84,402 30,048 30,182 0 60,230 50,784
<br />12/31/29 8,757,998 174,410 106,946 67,464 128.860%86,934 30,950 31,087 0 62,037 51,157
<br />12/31/30 8,859,194 176,434 106,946 69,488 128.860%89,542 31,878 32,020 0 63,898 51,532
<br />12/31/31 8,963,425 178,519 106,946 71,573 128.860%92,228 32,835 32,980 0 65,815 51,910
<br />12/31/32 9,070,784 180,666 106,946 73,720 128.860%94,995 33,820 33,970 0 67,789 52,291
<br />12/31/33 9,181,364 182,877 106,946 75,931 128.860%97,845 34,834 34,989 0 69,823 52,674
<br />12/31/34 9,295,261 185,155 106,946 78,209 128.860%100,780 35,879 36,039 0 71,918 53,061
<br />12/31/35 9,412,575 187,501 106,946 80,555 128.860%103,804 36,956 0 0 36,956 26,666
<br />12/31/36 9,533,408 189,918 106,946 82,972 128.860%106,918 38,064 0 0 38,064 26,861
<br />12/31/37 9,657,866 192,407 192,407 0 128.860%0 0 0 0 0 0
<br />$1,243,985 $442,878 $369,489 $0 $812,367 $665,363
<br />(1) Total estimated market value based on preliminary value estimate following review by County Assessor
<br /> very preliminary and subject to further review. Includes 3% annual market value inflator
<br />(2) Total net tax capacity based on commercial-industrial class rate of 1.5% first $150,000 value and 2% value above $150,000
<br />(3) Original net tax capacity based on existing land value
<br />(4) Total local tax capacity rate for taxes payable 2020
<br />* subject to individual Board approvals. Maximum 20 year term requires denial of participation from other taxing entity (or 90 days passing from original request)
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