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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 />Annual
<br />Period
<br />Ending
<br />1
<br />Total
<br />Market
<br />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 />6
<br />Times:
<br />Tax
<br />Capacity
<br />Rate (4)
<br />7
<br />Annual
<br />Gross Tax
<br />Increment
<br />8
<br />Less:
<br />State Aud.
<br />Deduction
<br />0.360%
<br />9
<br />Subtotal
<br />Net Tax
<br />Increment
<br />10
<br />Less:
<br />Admin.
<br />Retainage
<br />10.00%
<br />11
<br />Annual
<br />Net
<br />Revenue
<br />12
<br />P.V.
<br />Annual
<br />Net Rev. To
<br />08/01/22
<br />4.00%
<br />Estimated
<br />Total Taxes
<br />Property
<br />and SD MVR
<br />12/31/22
<br />233,700
<br />2,921
<br />2,921
<br />0
<br />124.436%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31/23
<br />233,700
<br />2,921
<br />2,921
<br />0
<br />124.436%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />4,350
<br />12/31/24
<br />3,780,000
<br />47,250
<br />2,921
<br />44,329
<br />124.436%
<br />55,161
<br />199
<br />54,962
<br />5,496
<br />49,466
<br />44,993
<br />70,362
<br />12/31/25
<br />6,363,000
<br />79,538
<br />2,921
<br />76,616
<br />124.436%
<br />95,338
<br />343
<br />94,995
<br />9,500
<br />85,495
<br />74,773
<br />118,443
<br />12/31/26
<br />6,426,630
<br />80,333
<br />2,921
<br />77,412
<br />124.436%
<br />96,328
<br />347
<br />95,981
<br />9,598
<br />86,383
<br />72,644
<br />119,627
<br />12/31/27
<br />6,490,896
<br />81,136
<br />2,921
<br />78,215
<br />124.436%
<br />97,328
<br />350
<br />96,978
<br />9,698
<br />87,280
<br />70,575
<br />120,823
<br />12/31/28
<br />6,555,805
<br />81,948
<br />2,921
<br />79,026
<br />124.436%
<br />98,337
<br />354
<br />97,983
<br />9,798
<br />88,185
<br />68,564
<br />122,032
<br />12/31/29
<br />6,621,363
<br />82,767
<br />2,921
<br />79,846
<br />124.436%
<br />99,357
<br />358
<br />98,999
<br />9,900
<br />89,099
<br />66,610
<br />123,252
<br />12/31/30
<br />6,687,577
<br />83,595
<br />2,921
<br />80,673
<br />124.436%
<br />100,387
<br />361
<br />100,026
<br />10,003
<br />90,023
<br />64,713
<br />124,485
<br />12/31/31
<br />6,754,453
<br />84,431
<br />2,921
<br />81,509
<br />124.436%
<br />101,427
<br />365
<br />101,062
<br />10,106
<br />90,956
<br />62,869
<br />125,729
<br />12/31/32
<br />6,821,997
<br />85,275
<br />2,921
<br />82,354
<br />124.436%
<br />102,478
<br />369
<br />102,109
<br />10,211
<br />91,898
<br />61,077
<br />126,987
<br />12/31/33
<br />6,890,217
<br />86,128
<br />2,921
<br />83,206
<br />124.436%
<br />103,539
<br />373
<br />103,166
<br />10,317
<br />92,849
<br />59,335
<br />128,257
<br />12/31/34
<br />6,959,119
<br />86,989
<br />2,921
<br />84,068
<br />124.436%
<br />104,611
<br />377
<br />104,234
<br />10,423
<br />93,811
<br />57,644
<br />129,539
<br />12/31/35
<br />7,028,711
<br />87,859
<br />2,921
<br />84,938
<br />124.436%
<br />105,693
<br />380
<br />105,313
<br />10,531
<br />94,782
<br />56,001
<br />130,835
<br />12/31/36
<br />7,098,998
<br />88,737
<br />2,921
<br />85,816
<br />124.436%
<br />106,786
<br />384
<br />106,402
<br />10,640
<br />95,762
<br />54,404
<br />132,143
<br />12/31/37
<br />7,169,988
<br />89,625
<br />2,921
<br />86,704
<br />124.436%
<br />107,890
<br />388
<br />107,502
<br />10,750
<br />96,752
<br />52,852
<br />133,464
<br />12/31/38
<br />7,241,688
<br />90,521
<br />2,921
<br />87,600
<br />124.436%
<br />109,006
<br />392
<br />108,614
<br />10,861
<br />97,753
<br />51,345
<br />134,799
<br />12/31/39
<br />7,314,104
<br />91,426
<br />2,921
<br />88,505
<br />124.436%
<br />110,132
<br />396
<br />109,736
<br />10,974
<br />98,762
<br />49,880
<br />136,147
<br />$1,593,798
<br />$5,736
<br />$1,588,062
<br />$158,8061
<br />$1,429,256
<br />$968,279
<br />$1,981,273
<br />" election to delay receipt of first
<br />increment until
<br />2026 (up to 4 years from approval date)
<br />(1) Total estimated market value based on information provided
<br />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
<br />on residential rental market rate
<br />class rate of 1.25%
<br />(3) Original net tax capacity based
<br />on existing land & building value
<br />(4) Total local combined
<br />tax rate available for taxes payable 2021
<br />rates
<br />Baker Tilly Municipal Advisors, LLC Page 15
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