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Exhibit III Baker Tilly Municipal Advisors, LLC Page 15 Projected Tax Increment ReportCity of Elk River, MinnesotaTax Increment Financing (Housing) District No. 28Jackson Hills Phase 2 HousingDraft TIF Plan Exhibits: Based on 44 Units Valued at $6.3M Less: Retained Times: Less: Less: P.V. EstimatedAnnual Total Total Original Captured Tax Annual State Aud. Subtotal Admin. Annual Annual Total TaxesPeriod Market Net Tax Net Tax Net Tax Capacity Gross Tax Deduction Net Tax Retainage Net Net Rev. To Property Ending Value (1)Capacity (2)Capacity (3)Capacity Rate (4)Increment 0.360% Increment 10.00% Revenue 08/01/22 and SD MVR(1) (2) (3) (4) (6) (7) (8) (9) (10) (11) (12) 4.00%12/31/22233,7002,9212,9210124.436%0000 0 0 012/31/23233,7002,9212,9210124.436%0000 0 04,35012/31/24 3,780,000 47,250 2,921 44,329 124.436% 55,161 199 54,962 5,496 49,466 44,993 70,36212/31/25 6,363,000 79,538 2,921 76,616 124.436% 95,338 343 94,995 9,500 85,495 74,773 118,44312/31/26 6,426,630 80,333 2,921 77,412 124.436% 96,328 347 95,981 9,598 86,383 * 72,644 119,62712/31/27 6,490,896 81,136 2,921 78,215 124.436% 97,328 350 96,978 9,698 87,280 70,575 120,82312/31/28 6,555,805 81,948 2,921 79,026 124.436% 98,337 354 97,983 9,798 88,185 68,564 122,03212/31/29 6,621,363 82,767 2,921 79,846 124.436% 99,357 358 98,999 9,900 89,099 66,610 123,25212/31/30 6,687,577 83,595 2,921 80,673 124.436% 100,387 361 100,026 10,003 90,023 64,713 124,48512/31/31 6,754,453 84,431 2,921 81,509 124.436% 101,427 365 101,062 10,106 90,956 62,869 125,72912/31/32 6,821,997 85,275 2,921 82,354 124.436% 102,478 369 102,109 10,211 91,898 61,077 126,98712/31/33 6,890,217 86,128 2,921 83,206 124.436% 103,539 373 103,166 10,317 92,849 59,335 128,25712/31/34 6,959,119 86,989 2,921 84,068 124.436% 104,611 377 104,234 10,423 93,811 57,644 129,53912/31/35 7,028,711 87,859 2,921 84,938 124.436% 105,693 380 105,313 10,531 94,782 56,001 130,83512/31/36 7,098,998 88,737 2,921 85,816 124.436% 106,786 384 106,402 10,640 95,762 54,404 132,14312/31/37 7,169,988 89,625 2,921 86,704 124.436% 107,890 388 107,502 10,750 96,752 52,852 133,46412/31/38 7,241,688 90,521 2,921 87,600 124.436% 109,006 392 108,614 10,861 97,753 51,345 134,79912/31/39 7,314,104 91,426 2,921 88,505 124.436% 110,132 396 109,736 10,974 98,762 49,880 136,147$1,593,798 $5,736 $1,588,062 $158,806 $1,429,256 $968,279 $1,981,273* election to delay receipt of first increment until 2026 (up to 4 years from approval date)(1) Total estimated market value based on information provided by County Assessor ($143,182/unit) very preliminary and subject to further review. Includes 1% annual market value inflator(2) Total net tax capacity based on residential rental market rate class rate of 1.25%(3) Original net tax capacity based on existing land & building value(4) Total local combined tax rate available for taxes payable 2021 rates
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