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5 YEAR
<br />Steel Warehouse
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule'
<br />Tax Key Number 343;2844.03;2844.04;2844.06;2845.01;2845.02;2845.03
<br />Current Assessed Value: 1,134,980
<br />Estimated Project Cost: 2,400,000
<br />9-Sep-10
<br />40% 56%
<br />100% 80%
<br />Year1 Year2
<br />Assessed Value:
<br />Current Assessed Value
<br />Base Assessed Value
<br />Less Abatement Deduction
<br />Net Assessed Value
<br />Prooertv Taxes:
<br />Assume constant tax rate of
<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 />42% 32% 24%
<br />60% 40% 20%
<br />Year3 Year4 Years
<br />Current
<br />AV & Tax Pav 2011 Pav 2012 Pav 2013 Pay 2014 Pav 2015
<br />100% 1,134,980 1,134,980 1,134,980 1,134,980. 1,134,980 1,134,980
<br /> 960,000 1,344,000 ~ 1,008,000 768,000 576,000
<br /> (960,000) (1,075,200) (604,800) (307 200) (115 200)
<br />1,134,980 1,134,980 1,403,780 1,538,180 1,595,780 1,595,780
<br />4.4598% 4.4598% 4.4598% 4.4598% 4.4598% 4.4598%
<br />50,618 50,618 62,606 68,600 71,169 71,169
<br />(10,836) 0 0 0 (6 019) (11 779)
<br />39,782 50,618 62,606 68,600 65,150 59,390
<br />3.0000% . 34,049 62,849 74,369 64,289 57,089 51,329
<br />0.5051% 5,733 5,733 7,090 7,769 8,060 8,060
<br />39,782 68,582 81,460 72,059 65,150 59,390
<br /> New Combined Net
<br /> Existing Project Existing ~ New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 39,782 33,649 73,431 22,813 50,618
<br />Pay 2012 39,782 47,109 86,891 24,285 62,606
<br />Pay 2013 39,782 35,331 75,114 6,514 68,600
<br />Pay 2014 39,782 26,919 66,701 1,552 65,150
<br />Pay 2015 39,782 20,189 59,972 582 59,390
<br />Totals 198,911 163,197 362,108 55,746 306 363
<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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