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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: 3,000,000
<br />9-Sep-10
<br /> 40% 56% 42% 32% 24%
<br /> 100% 80% 60% 40% 20%
<br /> Year 1 Year 2 Year 3 Year 4 Year 5
<br /> Current
<br />Assessed Value: AV & Tax Pav 2011 Pav 2012 Pav 2013 Pav 2014 Pav 2015
<br />Current Assessed Value 100% 1,134,980 1,134,980 1,134,980 1,134,980 1,134,980 1,134,980
<br />Base Assessed Value 1,200,000 1,680,000 1,260,000 960,000 720,000
<br />Less Abatement Deduction (1,200,000) (1,344,000) (756,000) (384 000) (144 000)
<br />Net Assessed Value 1,134,980 1,134,980 1,470,980 1,638,980 1,710,980 1,710,980
<br />Prooertv Taxes:
<br />Assume constant tax rate of 4.4598% 4.4598% 4.4598% 4.4598% 4.4598% 4.4598%
<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 />50,618 50,618 65,603 73,095 76,306 76,306
<br />(10,836) 0 0 • 0 (4 815) (12 015)
<br />39,782 50,618 65,603 73,095 71,492 64 292
<br />3.0000% 34,049 70,049 84,449 71,849 62,849 55,649
<br />0.5051% 5,733 5,733 7,430 8,278 8,642 8,642
<br />39,782 75,782 91,879 80,128 71,492 64,292
<br /> New Combined Net
<br /> Existing Project Existing 8 New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 39,782 42,061 81,843 31,226 50,618
<br />Pay 2012 39,782 58,886 98,668 33,065 65,603
<br />Pay 2013 39,782 44,164 83,946 10,851 73,095
<br />Pay 2014 39,782 33,649 73,431 1,940 71,492
<br />Pay 2015 39,782 25,237 65,019 727 64,292
<br />Totals 198,911 203,997 402,908 77,809 325 099
<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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