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Exhibit II <br /> <br /> <br />Assumptions Report <br />City of Elk River, Minnesota <br />Tax Increment Financing (Economic Development) District No. 29 <br />Heritage Millwork Inc Proposed Industrial Project <br />Draft TIF Plan Exhibits based on Phase 1 and 2 (150k SF) $11.2M <br />Type of Tax Increment Financing District Economic Development <br />Maximum Duration of TIF District 8 years from 1st increment <br />Projected Certification Request Date 06/30/24 <br />Decertification Date 12/31/34 (9 Years of Increment) <br />2023/2024 <br />Base Estimated Market Value $110,095 <br />Original Net Tax Capacity $1,651 <br />Assessment/Collection Year <br />2024/2025 2025/2026 2026/2027 2027/2028 <br />Base Estimated Market Value $110,095 $110,095 $110,095 $110,095 <br />Estimated Increase in Value - New Construction 0 4,014,905 8,263,655 11,514,867 <br />Total Estimated Market Value 110,095 4,125,000 8,373,750 11,624,963 <br />Total Net Tax Capacity $1,651 $81,750 $166,725 $231,749 <br />City of Elk River 37.817% <br />Sherburne County 36.597% <br />ISD #728 23.924% <br />Other (HRA)2.006% <br />Local Tax Capacity Rate 100.344%Pay 2024 <br />Fiscal Disparities Contribution From TIF District NA <br />Administrative Retainage Percent (maximum = 10%)5.00% <br />Pooling Percent 0.00% <br />Interfund Loan at 3.5%Interfund Loan at 5% <br />Loan Dated 06/30/24 Note Dated 06/30/24 <br />Loan Rate 3.50%Note Rate 5.00% <br />Loan Amount $1,372,140 Note Amount $1,372,140 <br />Present Value Date & Rate 06/30/24 3.50% PV Amount $1,527,614 <br />Notes <br />Projections assume no future changes to classification rates and current tax rates remain constant <br />Projections are based on pay 2024 tax rates <br />Projections assume Phase 1 commences in 2024 and completed in 2025 <br />Projections assume Phase 2 commences in 2026 and completed in 2026 <br />Projections assume 3% market value inflation <br />Page 390 of 464