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Tax Abatement Schedule prepared for: 3o-May-o~
<br />KEY SB, LLC (The Hinman Company)
<br />WITH WAIVER
<br />South Bend Porfage Township 9 Year Real Property Abatement Schedule*
<br />Total estimated Project Cost: $5,951,680
<br />Base Assessed Value: $5,058,928
<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 $5,058,928 $260,656 $56,538 $204,118 100% $204,118 $0
<br />2 5,058,928 260,656 56,538 204,118 88% 179,624 24,494
<br />3 5,058,928 260,656 56,538 204,118 77% 157,171 46,947
<br />4 5,058,928. 260,656 56,538 204,118 66% 134,718 69,400
<br />5 ~ 5,058,928 260,656 56,538 204,118 55% 112,265 91,853
<br />6 5,058,928 260,656 56,538 204,118 44% 89,812 114,306
<br />7 5,058,928 260,656 56,538 204,118 33% 67,359 136,759
<br />8 5,058,928 260,656 56,538 204,118 22% 44,906 159,212
<br />9 5,058,928 260,656 56,538 204,118 11% 22,453 181,665
<br /> $1,837,062 $1,012,426 $824,636
<br /> Total Taxes Due During Abatement: $1,837,062
<br /> Total Taxes Abated During Abatement: 1,012,426
<br /> Total Taxes Paid During Ab atement: 824,636
<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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