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<br />Projected Tax Abatement Report
<br />City of Elk River, Minnesota
<br />Proposed Tax Abatement Assistance
<br />Beaudry Oil Harvest Reaper Expansiosn
<br />Draft Abatement Revenues: 25,000 new building construction
<br />Less:100.00%50.00%
<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 02/01/24
<br />(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)4.50%
<br />12/31/23
<br />12/31/24 0 0 0 0 121.136%0 0 0 0 0 0
<br />12/31/25 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 17,528
<br />12/31/26 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 16,773
<br />12/31/27 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 16,051
<br />12/31/28 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 15,360
<br />12/31/29 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 14,698
<br />12/31/30 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 14,065
<br />12/31/31 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 13,460
<br />12/31/32 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 12,880
<br />12/31/33 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 12,325
<br />12/31/34 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 6,298 0 18,862 11,795
<br />12/31/35 1,566,000 30,634 2,058 28,576 121.136%34,616 12,564 0 0 12,564 7,518
<br />12/31/36 1,566,000 30,634 2,058 28,576 121.136%34,616 0 0 0 0 0
<br />12/31/37 1,566,000 30,634 2,058 28,576 121.136%34,616 0 0 0 0 0
<br />12/31/38 1,566,000 30,634 2,058 28,576 121.136%34,616 0 0 0 0 0
<br />12/31/39 1,566,000 30,634 2,058 28,576 121.136%34,616 0 0 0 0 0
<br />$519,240 $138,204 $62,982 $0 $201,186 $152,453
<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 0% 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 2022
<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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