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5 YEAR
<br />STEEL WAREHOUSE COMPANY, LLC
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule'`
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />018-2110-4065 & 18-2110-4067
<br />9,616,132
<br />3,000,000
<br />14-Sep-09
<br /> 40% 56% 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 9,616,132 9,616,132 9,616,132 9,616,132 9,616,132 9,616,132
<br />Base Assessed Value 1,200,000 1,680,000 1,260,000 960,000 720,000
<br />Less Abatement Deduction (1,200,000) (1,344,000) (756,000) (384,000) (144,000)
<br />Net Assessed Value 9,616,132 9,616,132 9,952,132 10,120,132 10,192,132 10,192,132
<br />Property-Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />413,638 413,638 428,091 435,317 438,415 438,415
<br />(72,486) (36,486) (34,699) (53,606) (65,308) (72,508)_
<br />341,152 377,152 393,392 381,712 373,106 365,906
<br />3.0000% 288,484 324,484 338,884 326,284 317,284 310,084
<br />0.5477% 52,668 52,668 54,508 55,428 55,822 55,822
<br />341,152 377,152 393,392 381,712 373,106 365,906
<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 />Totals 1,705,758 206,476 1,912,234 20,966 1,891,268
<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.
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