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Tax Abatement Schedule prepared for: 2o-Jun-os
<br />TULIPTREE ASSOCIATES, LLC/PEI-GENESIS, INC.
<br />South Bend German Township 8 Year Real Property Abatement Schedule'
<br />Total estimated Project Cost: $7,250,000
<br />Base Assessed Value: $6,162,500
<br />(base assessed value is estimated at 85% of project cost)
<br />Assume constant tax rate of: 4.8740%
<br />Assume constant SRTC of: 21.6527%
<br /> Assessed Gross Less Net Percent Tax Tax
<br />Year Value Tax SRTC Tax Abated Abated Paid
<br />1 $6,162,500 $300,360 $65,036 $235,324 100% $235,324 $0
<br />2 6,162,500 300,360 65,036 235,324 88% 207,085 28,239
<br />3 6,162,500 300,360 65,036 235,324 75% 176,493 58,831
<br />4 6,162,500 300,360 65,036 235,324 63% 148,254 87,070
<br />5 6,162,500 300,360 65,036 235,324 50% 117,662 117,662
<br />6 6,162,500 300,360 65,036 235,324 38% 89,423 145,901
<br />7 6,162,500 300,360 65,036 235,324 25% 58,831 176,493
<br />8 6,162,500 300,360 65,036 235,324 13% 30,592 204,732
<br /> $1,882,592 $1,063,664 $818,928
<br /> Total Taxes Due During Abate ment: $1,882,592
<br /> Total Taxes Abated During Abatement: 1,063,664
<br /> Total Taxes Paid During Abatement: 818,928
<br />-This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
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<br />~ 2pp6
<br />JAN 2 -
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