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Exhibit III <br />Assumptions Report <br />City of Ramsey, Minnesota <br />Tax Increment Financing (Redevelopment District No. 14 <br />The COR Project <br />Scenario 2 — Without FD <br />Type of Tax increment Financing District Redevelopment <br />Maximum Duration of TIF District 25 years from 1st increment <br />Projected Certification Request Date 06-30-11 <br />Decertification Date <br />Base Estimated Market Value <br />Original Net Tax Capacity <br />Base Estimated Market Value <br />Increase in Estimated Market Value <br />Total Estimated Market Value <br />Total Net Tax Capacity <br />City of Ramsey <br />Anoka County <br />ISD #11 <br />Other <br />Local Tax Capacity Rate <br />Fiscal Disparities Contribution from TIF District <br />Administrative Retainage Percent (maximum =10%) <br />Pooling Percent <br />Bonds <br />Bonds Dated <br />Bond Issue @ 0% (NIC) <br />Eligible Project Costs <br />06/30/11 <br />$0 <br />$0 <br />Present Value Date & Rate <br />Notes <br />Assumption include no future changes to the property t <br />The assumption include the use of a 2% annual market <br />12/31/37 (26 Years of Increment) <br />2010/2011 <br />$68,067,900 <br />$1,128,643 <br />2011/2012 <br />$69,430,297 <br />15,385,318 <br />84,815,614 <br />$1,491,958 <br />37.811% <br />35.189% <br />19.939% <br />6.627% <br />99.566% <br />41.9115% <br />10.00% <br />0.00% <br />Assessment/Collection Year <br />2012/2013 <br />$70,792,693 <br />30,770,635 <br />101,563,328 <br />$1,658,437 <br />Note (Pay -As -You -Go) <br />Note Dated <br />Note Rate <br />Note Amount <br />06/30/11 <br />2013/2014 <br />$72,762,851 <br />48,023,192 <br />120,786,043 <br />$1,980,437 <br />2009/2010 <br />06/30/11 <br />6.00% <br />$60,703,400 <br />6.00% <br />ax system, class rates and tax rate. <br />value inflator starting in taxes payable 2018. <br />City of Ramsey <br />Modification to the Tax Increment Financing Plan for Tax Increment Financing District No. 14 <br />2014/2015 <br />$74,733,009 <br />65,275,748 <br />140,008,757 <br />$2,184,035 <br />