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Exhibit 111
<br /> Projected Tax Increment Report
<br /> City of Elk River,Minnesota
<br /> Tax Increment Financing(Housing)District No.28
<br /> Jackson Hills Phase 2 Housing
<br /> Draft TIF Plan Exhibits:Based on 44 Units Valued at$6.3M
<br /> Less: Retained Times: Less: Less: P.V. Estimated
<br /> Annual Total Total Original Captured Tax Annual State Aud. Subtotal Admin. Annual Annual Total Taxes
<br /> Period Market Net Tax Net Tax Net Tax Capacity Gross Tax Deduction Net Tax Retainage Net Net Rev.To Property
<br /> Ending Value(1) Capacity(2) Capacity(3) Capacity Rate(4) Increment 0.360% Increment 10.00% Revenue 08/01/22 and SD MVR
<br /> 1 2 3 4 6 7 8 9 10 11 12 4.00%
<br /> 12/31/22 233,700 2,921 2,921 0 124.436% 0 0 0 0 0 0 0
<br /> 12/31/23 233,700 2,921 2,921 0 124.436% 0 0 0 0 0 0 4,350
<br /> 12/31/24 3,780,000 47,250 2,921 44,329 124.436% 55,161 199 54,962 5,496 49,466 44,993 70,362
<br /> 12/31/25 6,363,000 79,538 2,921 76,616 124.436% 95,338 343 94,995 9,500 85,495 74,773 118,443
<br /> 12/31/26 6,426,630 80,333 2,921 77,412 124.436% 96,328 347 95,981 9,598 86,383 72,644 119,627
<br /> 12/31/27 6,490,896 81,136 2,921 78,215 124.436% 97,328 350 96,978 9,698 87,280 70,575 120,823
<br /> 12/31/28 6,555,805 81,948 2,921 79,026 124.436% 98,337 354 97,983 9,798 88,185 68,564 122,032
<br /> 12/31/29 6,621,363 82,767 2,921 79,846 124.436% 99,357 358 98,999 9,900 89,099 66,610 123,252
<br /> 12/31/30 6,687,577 83,595 2,921 80,673 124.436% 100,387 361 100,026 10,003 90,023 64,713 124,485
<br /> 12/31/31 6,754,453 84,431 2,921 81,509 124.436% 101,427 365 101,062 10,106 90,956 62,869 125,729
<br /> 12/31/32 6,821,997 85,275 2,921 82,354 124.436% 102,478 369 102,109 10,211 91,898 61,077 126,987
<br /> 12/31/33 6,890,217 86,128 2,921 83,206 124.436% 103,539 373 103,166 10,317 92,849 59,335 128,257
<br /> 12/31/34 6,959,119 86,989 2,921 84,068 124.436% 104,611 377 104,234 10,423 93,811 57,644 129,539
<br /> 12/31/35 7,028,711 87,859 2,921 84,938 124.436% 105,693 380 105,313 10,531 94,782 56,001 130,835
<br /> 12/31/36 7,098,998 88,737 2,921 85,816 124.436% 106,786 384 106,402 10,640 95,762 54,404 132,143
<br /> 12/31/37 7,169,988 89,625 2,921 86,704 124.436% 107,890 388 107,502 10,750 96,752 52,852 133,464
<br /> 12/31/38 7,241,688 90,521 2,921 87,600 124.436% 109,006 392 108,614 10,861 97,753 51,345 134,799
<br /> 12/31/39 7,314,104 91,426 2,921 88,505 124.436% 110,132 396 109,736 10,974 98,762 49,880 136,147
<br /> $1,593,798 $5,736 $1,588,062 $158,8061 $1,429,256 $968,279 $1,981,273
<br /> *election to delay receipt of first increment until 2026(up to 4 years from approval date)
<br /> (1) Total estimated market value based on information provided by County Assessor($143,182/unit)
<br /> very preliminary and subject to further review.includes 1%annual market value inflator
<br /> (2) Total net tax capacity based on residential rental market rate class rate of 1.25%
<br /> (3)Original net tax capacity based on existing land&building value
<br /> (4) Total local combined tax rate available for taxes payable 2021 rates
<br /> Baker Tilly Municipal Advisors, LLC Page 15
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