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8 YEAR
<br />2-Feb-10
<br />Olive Cleveland
<br />South Bend German Township
<br />Real Property Tax Abatement Schedule'
<br /> Tax Key Number 25-1011-018601
<br /> Current Assessed Value: 6,791,800
<br /> Estimated Project Cost: 2,500,000 10.00%
<br /> 100% 88 % 75% 63% 50% 38% 25% 13%
<br /> Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br /> Current Without
<br />Assessed Value: AV & Tax Abatement Pav 2011 Pav 2012 Pav 2013 Pav 2014 Pav 2015 Pav 2016 Pav 2017 Pav 2018
<br />Current Assessed Value 100% 6,791,800 6,791,800 1,449,446 2,450,298 3,401,150 4,352,002 5,337,188 6,321,624 6,791,800 6,791,800
<br />Base Assessed Value 85% 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000 2,125,000
<br />Less Abatement Deduction 0 (2 125 000) (1 870 000) (1 593 750) (1,338,750) (1 062 500) (807,500) (531,250) (276,250)
<br />Net Assessed Value 6,791,800 8,916,800 1,449,446 2,705,298 3,932,400 5,138,252 6,399,688 7,639,124 8,385,550 8,640,550
<br />Prooertv Taxes:
<br />Assume constant tax rate of 4.4232% 4.4232% 4.4232% 4.4232% 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 />300,415 394,408 64,112 119,661 173,938 227,275 283,071 337,894 370,910 382,189
<br />(62356) (81866) 0 0 0 0 0 (31,805) (61,051) (71,042)
<br />238,059 312,542 64,112 119,661 173,938 227,275 283,071 306,088 309,859 311,147
<br />3.0000% 203,754 267,504 267,504 267,504 267,504 267,504 267,504 267,504 267,504 267,504
<br />0.5051% 34,305 45,038 7,321 13,664 19,862 25,953 32,324 38,584 42,355 43,643
<br />238,059 312,542 274,825 281,168 287,366 293,457 299,828 306,088 309,859 311,147
<br />New Combined Total Old New Net
<br />Existing Project Existing 8 New Tax Abatement Abatement Tax
<br />Year Taxes Taxes Taxes Abated Tax Abated Tax Abated Paid
<br />Pay 2011 238,059 74,483 312,542 248,430 171,735 76,695 64,112
<br />Pay 2012 238,059 74,483 312,542 192,881 129,677 63,204 119,661
<br />Pay 2013 238,059 74,483 312,542 138,604 87,619 50,985 173,938
<br />Pay 2014 238,059 74,483 312,542 85,267 45,561 39,706 227,275
<br />Pay 2015 238,059 74,483 312,542 29,471 7,347 22,124 283,071
<br />Pay 2016 238,059 74,483 312,542 6,453 2,375 4,078 306,088
<br />Pay 2017 238,059 74,483 312,542 2,683 0 2,683 309,859
<br />Pay 2018 238,059 74,483 312,542 1,395 0 1,395 311,147
<br />Totals 1,904,470 595,865 2,500,335 705,185 444,314 260,871 1,795,150
<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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