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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:
<br />100.00 %
<br />50.00
<br />Non-
<br />Retained
<br />Times:
<br />Estimated
<br />Maximum
<br />Maximum
<br />Maximum
<br />P.V.
<br />Annual Total Total Abated
<br />Captured
<br />Tax
<br />Annual
<br />Tax
<br />Tax
<br />Tax
<br />Estimated
<br />Annual
<br />Period Market Net Tax Net Tax
<br />Net Tax
<br />Capacity
<br />Property
<br />Abatement
<br />Abatement
<br />Abatement
<br />Project
<br />Abate To
<br />Ending Value Capacity (2) Capacity (3)
<br />Capacity
<br />Rate
<br />Taxes
<br />City"
<br />County "
<br />School "
<br />Abatement
<br />02/01/24
<br />1 2 3 4
<br />5
<br />6
<br />7
<br />8
<br />9
<br />10
<br />11
<br />4.50%
<br />12/31 /23
<br />12/31/24 0 0 0
<br />0
<br />121.136%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31/25 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />17,528
<br />12/31/26 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />16,773
<br />12/31/27 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />16,051
<br />12/31/28 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />15,360
<br />12/31/29 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />14,698
<br />12/31 /30 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />14,065
<br />12/31 /31 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />13,460
<br />12/31/32 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />12,880
<br />12/31/33 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />12,325
<br />12/31/34 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />6,298
<br />0
<br />18,862
<br />11,795
<br />12/31/35 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />12,564
<br />0
<br />0
<br />12,564
<br />7,518
<br />12/31 /36 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31 /37 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31/38 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />0
<br />0
<br />0
<br />0
<br />0
<br />12/31/39 1,566,000 30,634 2,058
<br />28,576
<br />121.136%
<br />34,616
<br />0
<br />0
<br />0
<br />0
<br />0
<br />$519,240
<br />$138,204
<br />$62,982
<br />$0
<br />$201,186
<br />$152,453
<br />Total estimated market value based on preliminary value
<br />estimate following review
<br />by County
<br />Assessor
<br />very preliminary and subject to further review. Includes 0% annual market
<br />value inflator
<br />(2) Total net tax capacity based on commercial -industrial class
<br />rate of 1.5% first
<br />$150,000 value and 2% value above
<br />$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
<br />(or 90 days passing
<br />from original request)
<br />
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