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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 40K SF expansion only $3.0M 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 0 0 0 0 100.344%0 0 0 0 0 0 0
<br />12/31/25 0 0 0 0 100.344%0 0 0 0 0 0 0
<br />12/31/26 0 0 0 0 100.344%0 0 0 0 0 0 0
<br />12/31/27 0 0 0 0 100.344%0 0 0 0 0 0 0
<br />12/31/28 3,000,000 59,250 0 59,250 100.344% 59,454 214 59,240 2,962 56,278 48,373 45,405
<br />12/31/29 3,060,000 60,450 0 60,450 100.344% 60,658 218 60,440 3,022 57,418 47,684 44,119
<br />12/31/30 3,121,200 61,674 0 61,674 100.344% 61,886 223 61,663 3,083 58,580 47,004 42,868
<br />12/31/31 3,183,624 62,922 0 62,922 100.344% 63,139 227 62,912 3,146 59,766 46,334 41,654
<br />12/31/32 3,247,296 64,196 0 64,196 100.344% 64,417 232 64,185 3,209 60,976 45,673 40,473
<br />12/31/33 3,312,242 65,495 0 65,495 100.344% 65,720 237 65,483 3,274 62,209 45,021 39,325
<br />12/31/34 3,378,487 66,820 0 66,820 100.344% 67,050 241 66,809 3,340 63,469 44,379 38,211
<br />$442,324 $1,592 $440,732 $22,036 $418,696 $324,468 $292,055
<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 $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 46 of 64
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