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5 YEAR
<br />Value Production, Inc.
<br />South Bend German Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />25-1010-040012
<br />689,001
<br />1,500,000
<br />40% 60%
<br />100% 80%
<br />Year1 Year2
<br />3-May-10
<br />55% 45% 37%
<br />60% 40% 20%
<br />Year3 Year4 Years
<br /> Current
<br />Assessed Value: AV & Tax Pay 2011 Pay 2012 Pav 2013 Pay 2014 Pav 2015
<br />Current Assessed Value 100% 689,001 689,001 689,001 689,001 689,001 689,001
<br />Base Assessed Value 600,000 900,000 825,000 675,000 555,000
<br />Less Abatement Deduction (600,000) (720,000) (495,000) (270,000) (111,000)
<br />Net Assessed Value 689,001 689,001 869,001 1,019,001 1,094,001 1,133,001
<br />Prooertv Taxes:
<br />Assume constant tax rate of 4.4232% 4.4232% 4.4232% 4.4232% 4.4232% 4.4232%
<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 />30,476 30,476 38,438 45,072 48,390 50,115
<br />(6,326) 0 0 0 (1,944) (7,072)
<br />24,150 30,476 38,438 45,072 46,446 43,043
<br />3.0000% 20,670 38,670 47,670 45,420 40,920 37,320
<br />0.5051% 3,480 3,480 4,389 5,147 5,526 5,723
<br />24,150 42,150 52,059 50,567 46,446 43,043
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 24,150 21,031 45,181 14,705 30,476
<br />Pay 2012 24,150 31,546 55,696 17,258 38,438
<br />Pay 2013 24,150 28,917 53,067 7,995 45,072
<br />Pay 2014 24,150 23,659 47,809 1,364 46,446
<br />Pay 2015 24,150 19,453 43,603 561 43,043
<br />Totals 120,751 124,606 245,356 41,882 203,474
<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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