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8 YEAR
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />10-Jan-11
<br />McCormick 8~ Company, Inc.
<br />South Bend German Township
<br />Real Property Tax Abatement Schedule*
<br />25-1010-040301
<br />1,423,500
<br />5,894,984 10.00%
<br /> Current Without 100% 68% 75% 63% 50% 38% 25% 13%
<br />Assessed Value: AV 8, Tax Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br />Current Assessed Value 100% 1,423,500 1,423,500 1,423,500 1,423,500 1,423,500 1,423,500 1,423,500 1,423,500 1,423,500 1,423,500
<br />Base Assessed Value 100% 5,894,984 5,010,736 5,010,736 S,Ot0,736 5,010,736 5,010,736 5,010,736 5,010,736 5,010,736
<br />Less Abatement Deduction 0 (5,010,736) (4,409,448) (3,758,052) (3,156,764) (2,505,368) (1,904,080} (1,252,684) (651,396)
<br />Net Assessed Value 1,423,500 7,318,484 1,423,500 2,024,788 2,676,184 3,277,472 3,928,868 4,530,157 5,181,552 5,782,841
<br />ProoeM 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 />62,964 323,711 62,964 89,560 118,373 144,969 173,782 200,378 229,190 255,787
<br />(13 069) (67,191) 0 0 0 0 0 0 0 (7,023)
<br />49,895 256,520 62,964 89,560 118,373 144,969 173,782 200,378 229,190 248,764
<br />3.0000% 42,705 219,555 219,555 219,555 219,555 219,555 219,555 219,555 219,555 219,555
<br />0.5051% 7,190 36,966 7,190 10,227 13,517 16,555 19,845 22,882 26,172 29,209
<br />49,895 256,520 226,745 229,782 233,072 236,109 239,399 242,436 245,727 248,764
<br /> New Combined Net
<br /> Existing Project Existing 8 New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 49,895 206,625 256,520 193,556 62,964
<br />2 49,895 206,625 256,520 166,960 89,560
<br />3 49,895 206,625 256,520 138,147 118,373
<br />4 49,895 206,625 256,520 111,551 144,969
<br />5 49,895 206,625 256,520 82,738 173,782
<br />6 49,895 206,625 256,520 56,142 200,378
<br />7 49,895 206,625 256,520 27,330 229,190
<br />8 49,895 206,625 256,520 7,757 248,764
<br />Totals 399,161 1,653,001 2,052,161 784,181 1,267,980
<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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