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Tax Abatement Schedule prepared for: i-Aug-os <br />SOUTH BEND CHOCOLATE COMPANY <br />South Bend Portage Township 5 Year Real Property Abatement Schedule* <br />Total estimated Project Cost: $750,000 <br />Base Assessed Value: $637,500 <br />(base assessed value is estimated at 85% of project cost) <br />Assume constant tax rate of: 5.1524% <br />Assume constant SRTC of: 21.6906% <br /> Assessed Gross Less Net Percent Tax Tax <br />Year Value Tax SRTC Tax Abated Abated Paid <br />1 637,500 32,847 7,125 25,722 100% 25,722 0 <br />2 637,500 32,847 7,125 25,722 80% 20,578 5,144 <br />3 637,500 32,847 7,125 25,722 60% 15,433 10,289 <br />4 637,500 32,847 7,125 25,722 40% 10,289 15,433 <br />5 637,500 32,847 7,125 25,722 20% 5,144 20,578 <br /> 128,610 77,166 51,444 <br /> Total Taxes Due During Abatement: 128,610 <br /> Total Taxes Abated During Abatement: 77,166 <br /> Total Taxes Paid During Abatement: 51,444 <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. <br />Find ierk'~ ®~fice <br />JUL 3 1 2006 <br />JD~td VQ ~RDE <br />cn °cND, IN. <br />C(71r CLE<<r:, <br />