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5 YEAR
<br />McCormick & Company, Inc.
<br />South Bend German Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number 025-421-3817
<br />Current Assessed Value: 7,668,104
<br />Estimated Project Cost: 1,362,173
<br />11-Jan-11
<br /> 40% 60% 55% 45% 37%
<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 Pay 2014 Pav 2015
<br />Current Assessed Value 100% 7,668,104 7,668,104 7,668,104 7,668,104 7,668,104 7,668,104
<br />Base Assessed Value 544,869 817,304 749,195 612,978 504,004
<br />Less Abatement Deduction (544,869) (653,843) (449,517) (245,191) (100,801)
<br />Net Assessed Value 7,668,104 7,668,104 7,831,565 7,967,782 8,035,891 8,071,307
<br />Prooerty Taxes:
<br />Assume constant tax rate of 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 />339,176 339,176 346,406 352,431 355,444 357,010
<br />(70,402) (54,056) (52,287) (59,667) (66,423) (71,079)
<br />268,774 285,120 294,119 292,763 289,021 285,931
<br />3.0000% 230,043 246,389 254,562 252,519 248,432 245,163
<br />0.5051% 38,731 38,731 39,556 40,244 40,588 40,767
<br />268,774 285,120 294,119 292,763 289,021 285,931
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 268,774 19,098 287,872 2,752 285,120
<br />Pay 2012 268,774 28,647 297,421 3,302 294,119
<br />Pay 2013 268,774 26,260 295,034 2,270 292,763
<br />Pay 2014 268,774 21,485 290,259 1,238 289,021
<br />Pay 2015 268,774 17,666 286,440 509 285,931
<br />Totals 1,343,870 113,157 1,457,026 10,073 1,446,954
<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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