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Tax Abatement Schedule prepared for: 3o-May-o7
<br />KEY SB, LLC (The Hinman Company )
<br />WITHOUT WAIVER
<br />South Bend Portage Township 9 Year Real Property Abatement Schedule*
<br />Total estimated Project Cost: $5,474,680
<br />Base Assessed Value: $4,653,478
<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 $4,653,478 $239,766 $52,007 $187,759 100% $187,759 $0
<br />2 4,653,478 239,766 52,007 187,759 88% 165,228 22,531
<br />3 4,653,478 239,766 52,007 187,759 77% 144,574 43,185
<br />4 4,653,478 239,766 52,007 187,759 66% 123,921 63,838
<br />5 4,653,478 239,766 52,007 187,759 55% 103,267 84,492
<br />6 4,653,478 239,766 52,007 187,759 44% 82,614 105,145
<br />7 4,653,478 239,766 52,007 187,759 33% 61,960 125,799
<br />8 4,653,478 239,766 52,007 187,759 22% 41,307 146,452
<br />9 4,653,478 239,766 52,007 187,759 11% 20,653 167,106
<br />$1,689,831 $931,283 $758,548
<br />Total Taxes Due During Abatement: $1,689,831
<br />Total Taxes Abated During Abatement: 931,283
<br />Total Taxes Paid During Abatement: 758,548
<br />* -This schedule is for estimation purposes only and a ssumes constant tax rates.
<br />The true tax values will ultimately be determi ned by the actual
<br />assessed valuation and the then current tax rates.
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