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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: 9,642,334
<br />Estimated Project Cost: 1,000,000
<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% 9,642,334 9,642,334 9,642,334 9,642,334 9,642,334 9,642,334
<br />Base Assessed Value 400,000 560,000 420,000 320,000 240,000
<br />Less Abatement Deduction (400,000) (448,000
<br />(252 000)
<br />(128 000)
<br />(48 000)
<br />Net Assessed Value 9,642,334 9,642,334 9,754,334 9,810,334 9,834,334 9,834,334
<br />Property 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 />430,029 430,029 435,024 437,521 438,592 438,592
<br />(92,055) (80,055) (79,685) (86 099) (90 048) (92 448)
<br />337,973 349,973 355,339 351,422 348 543 346 143
<br />3.0000% 289,270 301,270 306,070 301,870 298,870 296,470
<br />0.5051% 48,703 48,703 49,269 49,552 49,673 49 673
<br />337,973 349,973 355,339 351,422 348 543 346 143
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 337,973 14,020 351,994 2,020 349,973
<br />Pay 2012 337,973 19,629 357,602 2,263 355,339
<br />Pay 2013 337,973 14,721 352,695 1,273 351,422
<br />Pay 2014 337,973 11,216 349,190 647 348,543
<br />Pay 2015 337,973 8,412 346,386 242 346,143
<br />Totals 1,689,867 67,999 1,757,866 6 445 1 751 421
<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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