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