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9 YEAR 19-Jan-22
<br />JEM Farms South Bend, LLC
<br />South Bend Portage Township
<br />Real Property Tax Abatement Schedule*
<br />Tax Key Number Multiple
<br />Current Assessed Value:0
<br />Estimated Project Cost:60,000,000
<br />Current Without 100%100%100%100%100%90%80%70%60%
<br />Assessed Value:AV & Tax Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
<br />Current Assessed Value 100%0 0 0 0 0 0 0 0 0 0 0
<br />Base Assessed Value 80%48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000 48,000,000
<br />Less Abatement Deduction 0 (48,000,000)(48,000,000)(48,000,000)(48,000,000)(48,000,000)(43,200,000)(38,400,000)(33,600,000)(28,800,000)
<br />Net Assessed Value 0 48,000,000 0 0 0 0 0 4,800,000 9,600,000 14,400,000 19,200,000
<br />Property Taxes:
<br />Assume constant tax rate of 5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%
<br />Gross Tax (tax rate x net assessed value)0 2,587,609 0 0 0 0 0 258,761 517,522 776,283 1,035,043
<br />Less Circuit Breaker Credit 0 (1,147,609)0 0 0 0 0 0 0 0 0
<br />Net Tax 0 1,440,000 0 0 0 0 0 258,761 517,522 776,283 1,035,043
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000%0 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000
<br />Debt Service 0.0000%0 0 0 0 0 0 0 0 0 0 0
<br />Circuit Braker Cap 0 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000 1,440,000
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 0 1,440,000 1,440,000 1,440,000 0
<br />2 0 1,440,000 1,440,000 1,440,000 0
<br />3 0 1,440,000 1,440,000 1,440,000 0
<br />4 0 1,440,000 1,440,000 1,440,000 0
<br />5 0 1,440,000 1,440,000 1,440,000 0
<br />6 0 1,440,000 1,440,000 1,181,239 258,761
<br />7 0 1,440,000 1,440,000 922,478 517,522
<br />8 0 1,440,000 1,440,000 663,717 776,283
<br />9 0 1,440,000 1,440,000 404,957 1,035,043
<br />Totals 0 12,960,000 12,960,000 10,372,391 2,587,609
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br /> will ultimately be determined by the actual assessed valuation and the then current tax rates.
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