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10 YEAR
<br />9-Oct-09
<br />PRAIRIE APARTMENTS HOUSING PARTNERS II, LP
<br />South Bend Portage Township
<br />Real Property Tax Abatement Schedule'
<br />Assessed Value:
<br />Current Assessed Value
<br />Base Assessed Value
<br />Les6 Abatement Deduction
<br />Net Assessed Value
<br />Prooertv Taxes:
<br />Assume constant tax rate of
<br />Gross Tax (tax rate x nel assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Broker Cap
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />Current Without 100% 95% 80% 65% 50% 40% 30% 20% 10% 5%
<br />AV & Tax Abatement Year 1 Year 2 Year Year 4 Year 5 Year 6 ~ Year 7 Year 8 Year 9 Year 1
<br />100% 1s,ooo 1s,oao 1s,ooo 1s,ooo 1s,ooo 1s,ooo 1s,ooo 1s,ooo 1s,ooo 1s,ooo 1s,ooo 1s,ooo
<br />85% 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000 6,800,000
<br /> 0 (6 800 000) (6 460 000) (5 440 000) (4 420 000) (3,400,000) (2,720,000) (2 040,000) (1,360,000) (680,000) (340,000)
<br />16,000 6,816,000 16,000 356,000 1,376,000. 2,396,000 3,416,000 4,096,000 4,776,000 5,456,000 6,136,000 6,476,000
<br />4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />688 293,190 688 15,313 59,189 103,064 146,939 176,189 205,440 234,690 263,940 278,565
<br />(121) (51 379) 0 0 0 0 0 0 0 (327) (25,853) (38,616)
<br />568 241,811 688 15,313 59,189 103,064 146,939 176,189 205,440 234,363 238,087 239,949
<br />3.0000% 480 204,480 204,480 204,480 204,480 204,480 204,480 204,480 204,480 204,480 204,480 204,480
<br />0.5477% 88 37,331 88 1,950 7,536 13,123 18,709 22,434 26,158 29,883 33,607 35,469
<br />568 241,811 204,568 206,430 212,016 217,603 223,189 226,914 230,638 234,363 238,087 239,949
<br />018-8153-5514.05
<br />16,000
<br />8,000,000
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Vear Taxes Taxe Taxe Abat
<br />1 568 241,244 241,811 241,123 688
<br />2 568 241,244 241,811 226,498 15,313
<br />3 568 241,244 241,811 182,623 59,189
<br />4 568 241,244 241,811 138,747 103,064
<br />5 568 241,244 241,811 94,872 146,939
<br />6 568 241,244 241,811 65,622 176,189
<br />7 568 241,244 241,811 36,372 205,440
<br />8 568 241,244 241,811 7,449 234,363
<br />9 568 241,244 241,811 3,724 238,087
<br />10 568 241,244 241,811 3,724 238,087
<br />Totals 5,676 2,412,436 2,418,112 1,000,754 1,417,359
<br />'This schedule is for estimation purposes only and assumes constant lax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
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