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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 />2,100,000
<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 840,000 1,176,000 882,000 672,000 504,000
<br />Less Abatement Deduction (840,000) (940,800) (529,200) (268,800) (100,800)
<br />Net Assessed Value 9,616,132 9,616,132 9,851,332 9,968,932 10,019,332 10,019,332
<br />Progerty 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 Gircuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />413,638 413,638 423,755 428,814 430,982 430,982
<br />(72,486) (47,286) (46,035) (59,270) (67,462) (72,502)
<br />341,152 366,352 377,720 369,544 363,520 358,480
<br />3.0000% 288,484 313,684 323,764 314,944 308,644 303,604
<br />0.5477% 52,668 52,668 53,956 54,600 54,876 54,876
<br />341,152 366,352 377,720 369,544 363,520 358,480
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 341,152 29,801 370,952 4,601 366,352
<br />2 341,152 41,721 382,872 5,153 377,720
<br />3 341,152 31,291 372,442 2,898 369,544
<br />4 341,152 23,841 364,992 1,472 363,520
<br />5 341,152 17,880 359,032 552 358,480
<br />Totals 1, 705,758 144,533 1,850,291 14,676 1,835,615
<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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