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5 YEAR
<br />11-Jan-10
<br />ENDEAVOR MACHINED PRODUCTS, INC.
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br /> Tax Key Number 71-08-12-454-003.000-026
<br /> Current Assessed Value: 0
<br /> Estimated Project Cost: 437,500
<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% 0 0 0 0 0 0
<br />Base Assessed Value 175,000 245,000 183,750 140,000 105,000
<br />Less Abatement Deduction (175 000) (196,000) (110,250) (56,000) (21,000)
<br />Net Assessed Value 0 0 49,000 73,500 84,000 84,000
<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) 0 0 2,108 3,162 3,613 3,613
<br />Less Circuit Breaker Credit 0 0 0 0 0 (3)
<br />Net Tax 0 0 2,108 3,162 3,613 3,610
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000% 0 5,250 7,350 5,513 4,200 3,150
<br />Debt Service 0.5477% 0 0 268 403 460 460
<br />Circuit Braker Cap 0 5,250 7,618 5,915 4,660 3,610
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 0 6,208 6,208 6,208 0
<br />2 0 8,692 8,692 6,584 2,108
<br />3 0 6,519 6,519 3,357 3,162
<br />4 0 4,967 4,967 1,354 3,613
<br />5 0 3,725 3,725 115 3,610
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<br />Totals 0 30,111 30,111 17,618 12,493
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<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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