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5 YEAR
<br />14-Sep-09
<br />STEEL WAREHOUSE COMPANY, LLC
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />4065 & 18 2110-4067
<br />Assessed Value:
<br />Current Assessed Value
<br />Base Assessed Value
<br />Less Abatement Deduction
<br />Net Assessed Value
<br />Property Taxes:
<br />Assume constant tax rate of
<br />Tax Key Number 018-2110- -
<br />Current Assessed Value: 9,616,132
<br />Estimated Project Cost: 3,000,000
<br /> 40% 56%
<br /> Current 100% 80%
<br /> AV & Tax Year 1 Year 2
<br />100% 9,616,132 9,616,132 9,616,132
<br /> 1,200,000 1,680,000
<br /> (1 200 000) (1,344,000)
<br /> 9,616,132 9,616,132 9,952,132
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000%
<br />Debt Service 0.5477%
<br />Circuit Braker Cap
<br />4.3015%
<br />413,638
<br />288,484
<br />52,668
<br />341,152
<br />4.3015%
<br />413,638
<br />36,486
<br />377,152
<br />324,484
<br />52,668
<br />377.152
<br />4.3015%
<br />428,091
<br />(34,699
<br />393,392
<br />338,884
<br />54,508
<br />326,284
<br />55,428
<br />317,284
<br /> New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 341,152 42,572 383,724 6,572 377,152
<br />2 341,152 59,601 400,753 7,361 393,392
<br />3 341,152 44,701 385,853 4,141 381,712
<br />4 341,152 34,058 375,209 2,103 373,106
<br />5 341,152 25,543 366,695 789 365,906
<br />
<br />Totals 1,705,758 206,476 1,912,234 20,966 1,891,268
<br />
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
<br />310,084
<br />55,822
<br />365.906
<br />42%
<br />60%
<br />Year 3
<br />9,616,132
<br />1,260,000
<br />(756,000)
<br />10,120,132
<br />4.3015%
<br />435,317
<br />(53,606)
<br />381,712
<br />32%
<br />40%
<br />Year4
<br />9,616,132
<br />960,000
<br />(384,000)
<br />0,192,132
<br />4.3015%
<br />438,415
<br />(65,308)
<br />373,106
<br />24%
<br />20%
<br />Years
<br />9,616,132
<br />720,000
<br />(144,000)
<br />10,192,132
<br />4.3015%
<br />438,415
<br />(72,508)
<br />365,906
<br />
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