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Tax Abatement Schedule prepared for: 17-Auq-o7
<br />Olive Cleveland Partners, LLC
<br />South Bend German Township 7 Year Real Property Abatement Schedule*
<br /> Total estimated Project Cost: $3,250,000
<br /> Base Assessed Value: $2,762,500
<br />(bas e assessed value is estimated at 85% of project cost)
<br /> Assume constant tax rate of: 5.1376%
<br /> Assume constant SRTC of: 21.7293%
<br /> Assessed Gross Less Net Percent Tax Tax
<br />Year Value Tax SRTC Tax Abated Abated Paid
<br />1 $2,762,500 $141,926 $30,840 $111,086 100% $111,086 $0
<br />2 2,762,500 141,926 30,840 111,086 85% 94,423 16,663
<br />3 2,762,500 141,926 30,840 111,086 71 % 78,871 32,215
<br />4 2,762,500 141,926 30,840 111,086 57% 63,319 47,767
<br />5 2,762,500 141,926 30,840 111,086 43% 47,767 63,319
<br />6 2,762,500 141,926 30,840 111,086 29% 32,215 78,871
<br />7 2,762,500 141,926 30,840 111,086 14% 15,552 95,534
<br /> $777,602 $443,233 $334;369
<br /> Total Taxes Due During Abatement: $777,602
<br /> Total Taxes Abated During Abatement: 443,233
<br /> Total Taxes Paid During Abatement: 334,369
<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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