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City of Pequot Lakes
<br />Tax Increment Financing District 2 -2
<br />Hotel Development
<br />TIF PROJECTIONS
<br />Valuations & Projected Increases
<br />Market
<br />Tax Estimated
<br />Value
<br />Capacity TIF
<br />Original Values 12,350
<br />185 -
<br />Development 5,000,000
<br />99,065 82,553
<br />Additional Phases
<br />TOTALS
<br />5,012,350 99,250 82,553
<br />Assumed inflation rate: 2.00%
<br />Projected Gross Tax Increment
<br />Tax Rate Assumptions
<br />2023
<br />TIF
<br />0.36% TOTAL
<br />Retained
<br />Projected
<br />Gross
<br />Payable
<br />Original
<br />Projected
<br />Net Captured
<br />Less Fiscal Net Captured
<br />TIF Tax
<br />Tax
<br />Year Tax
<br />Capacity
<br />Tax Capacity"
<br />Tax Capacity
<br />Disparities Tax Capacity
<br />Rate
<br />Increment
<br />2024
<br />185
<br />185
<br />9,640
<br />-
<br />86,762
<br />2025
<br />185
<br />185
<br />-
<br />- -
<br />83.332%
<br />-
<br />2026
<br />185
<br />99,250
<br />99,065
<br />- 99,065
<br />83.332%
<br />82,553
<br />2027
<br />185
<br />101,235
<br />101,050
<br />- 101,050
<br />83.332%
<br />84,207
<br />2028
<br />185
<br />103,260
<br />103,074
<br />- 103,074
<br />83.332%
<br />85,894
<br />2029
<br />185
<br />105,325
<br />105,140
<br />- 105,140
<br />83.332%
<br />87,615
<br />2030
<br />185
<br />107,431
<br />107,246
<br />- 107,246
<br />83.332%
<br />89,370
<br />2031
<br />185
<br />109,580
<br />109,395
<br />- 109,395
<br />83.332%
<br />91,161
<br />2032
<br />185
<br />111,772
<br />111,586
<br />- 111,586
<br />83.332%
<br />92,987
<br />2033
<br />185
<br />114,007
<br />113,822
<br />- 113,822
<br />83.332%
<br />94,850
<br />2034
<br />185
<br />116,287
<br />116,102
<br />- 116.102
<br />83.332%
<br />96,750
<br />Tax Rate Assumptions
<br />Adjustments
<br />2023
<br />TIF
<br />0.36% TOTAL
<br />Tax Rate
<br />Rate
<br />City
<br />50.089%
<br />50.089%
<br />County
<br />24.067%
<br />24.067%
<br />School
<br />7.971%
<br />7.971%
<br />Other
<br />1.205%
<br />1.205%
<br />State
<br />33.003%
<br />0.000%
<br />9,451
<br />116.335%
<br />83.332%
<br />Adjustments
<br />Projected Net
<br />10.00%
<br />0.36% TOTAL
<br />Admin.
<br />State Auditor NET
<br />Retainage
<br />Fee REVENUES
<br />8,226
<br />297
<br />74,030
<br />8,390
<br />303
<br />75,513
<br />8,558
<br />309
<br />77,026
<br />8,730
<br />315
<br />78,570
<br />8,905
<br />322
<br />80,144
<br />9,083
<br />328
<br />81,749
<br />9,265
<br />335
<br />83,387
<br />9,451
<br />341
<br />85,058
<br />9,640
<br />348
<br />86,762
<br />805,387 80,249 2,899 722,239
<br />Net PresentVaiue 9 Years @ 5.0% interest 539,745
<br />David Drown Associates Exhibit 3
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