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Exhibit III
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<br />Projected Tax Increment 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 />Less: Retained Times:Less:Less:P.V.P.V.
<br />Annual Total Total Original Captured Tax Annual State Aud. Subtotal City Annual Annual Annual
<br />Period Market Net Tax Net Tax Net Tax Capacity Gross Tax Deduction Net Tax Retainage Net Net Rev. To Net Rev. To
<br />Ending Value Capacity Capacity Capacity Rate Increment 0.360% Increment 5.00% Revenue 06/30/24 06/30/24
<br />(1)(2)(3)(4)(5)(6)(7)(8)(9)(10)(11)3.50% 5.00%
<br />12/31/24 110,095 1,651 1,651 0 100.344%0 0 0 0 0 0 0
<br />12/31/25 110,095 1,651 1,651 0 100.344%0 0 0 0 0 0 0
<br />12/31/26 4,125,000 81,750 1,651 80,099 100.344% 80,374 289 80,085 4,004 76,081 71,022 69,008
<br />12/31/27 8,373,750 166,725 1,651 165,074 100.344% 165,641 596 165,045 8,252 156,793 141,418 135,444
<br />12/31/28 11,624,963 231,749 1,651 230,098 100.344% 230,889 831 230,058 11,503 218,555 190,458 179,806
<br />12/31/29 11,973,711 238,724 1,651 237,073 100.344% 237,888 856 237,032 11,852 225,180 189,596 176,434
<br />12/31/30 12,332,923 245,908 1,651 244,257 100.344% 245,097 882 244,215 12,211 232,004 188,735 173,125
<br />12/31/31 12,702,910 253,308 1,651 251,657 100.344% 252,522 909 251,613 12,581 239,032 187,877 169,876
<br />12/31/32 13,083,998 260,930 1,651 259,279 100.344% 260,170 937 259,233 12,962 246,271 187,021 166,686
<br />12/31/33 13,476,518 268,780 1,651 267,129 100.344% 268,048 965 267,083 13,354 253,729 186,169 163,556
<br />12/31/34 13,880,813 276,866 1,651 275,215 100.344% 276,162 994 275,168 13,758 261,410 185,318 160,483
<br />$2,016,791 $7,259 $2,009,532 $100,477 $1,909,055 $1,527,614 $1,394,418
<br />(1) Total estimated market value based on information provided by City Land Purchase Price $1,372,140 $1,372,140 $1,372,140
<br /> Includes 3% annual market value inflator.City developer upfront payment $0 $0 $0
<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 for the property to be included in the development
<br />(4) Total local tax capacity rate for taxes payable 2024
<br />Page 391 of 464
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