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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 />Prelim TIF Revenues based on Phase 1 (110K SF) $8.2M new taxable value with 2% annual inflator
<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 70,052 67,674
<br />12/31/27 8,332,500 165,900 1,651 164,249 100.344% 164,814 593 164,221 8,211 156,010 138,789 132,163
<br />12/31/28 8,499,150 169,233 1,651 167,582 100.344% 168,158 605 167,553 8,378 159,175 136,816 128,423
<br />12/31/29 8,669,133 172,633 1,651 170,981 100.344% 171,569 618 170,951 8,548 162,403 134,870 124,788
<br />12/31/30 8,842,516 176,100 1,651 174,449 100.344% 175,049 630 174,419 8,721 165,698 132,953 121,257
<br />12/31/31 9,019,366 179,637 1,651 177,986 100.344% 178,598 643 177,955 8,898 169,057 131,061 117,824
<br />12/31/32 9,199,753 183,245 1,651 181,594 100.344% 182,218 656 181,562 9,078 172,484 129,196 114,488
<br />12/31/33 9,383,748 186,925 1,651 185,274 100.344% 185,911 669 185,242 9,262 175,980 127,357 111,246
<br />12/31/34 9,571,423 190,678 1,651 189,027 100.344% 189,677 683 188,994 9,450 179,544 125,543 108,094
<br />1,496,368 $5,386 $1,490,982 $74,550 $1,416,432 $1,126,637 $1,025,957
<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 2% annual market value inflator.City developer upfront payment $0 $272,140 $347,140
<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 45 of 64Page 406 of 464
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