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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 />Prelim TIF Revenues based on Phase 1 and 2 (150k SF) $11.2M 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 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 4,125,000 81,750 0 81,750 100.344% 82,031 295 81,736 4,087 77,649 71,496 69,069
<br />12/31/27 8,332,500 165,900 0 165,900 100.344% 166,471 599 165,872 8,294 157,578 140,184 133,491
<br />12/31/28 11,499,150 229,233 0 229,233 100.344% 230,022 828 229,194 11,460 217,734 187,150 175,668
<br />12/31/29 11,729,133 233,833 0 233,833 100.344% 234,637 845 233,792 11,690 222,102 184,448 170,659
<br />12/31/30 11,963,716 238,524 0 238,524 100.344% 239,345 862 238,483 11,924 226,559 181,787 165,794
<br />12/31/31 12,202,990 243,310 0 243,310 100.344% 244,147 879 243,268 12,163 231,105 179,164 161,068
<br />12/31/32 12,447,050 248,191 0 248,191 100.344% 249,045 897 248,148 12,407 235,741 176,578 156,475
<br />12/31/33 12,695,991 253,170 0 253,170 100.344% 254,041 915 253,126 12,656 240,470 174,029 152,013
<br />12/31/34 12,949,911 258,248 0 258,248 100.344% 259,137 933 258,204 12,910 245,294 171,517 147,679
<br />$1,958,876 $7,053 $1,951,823 $97,591 $1,854,232 $1,466,353 $1,331,916
<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 47 of 64
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