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5 YEAR 19-Jan-22
<br />JEM Farms South Bend, LLC
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number TBD
<br />Current Assessed Value:0
<br />Estimated Project Cost:118,000,000
<br />100%100%100%100%100%
<br />Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current
<br />Assessed Value:AV & Tax
<br />Current Assessed Value 100%0 0 0 0 0 0
<br />Base Assessed Value 47,200,000 66,080,000 49,560,000 37,760,000 28,320,000
<br />Less Abatement Deduction (47,200,000)(66,080,000)(49,560,000)(37,760,000)(28,320,000)
<br />Net Assessed Value 0 0 0 0 0 0
<br />Property Taxes:
<br />Assume constant tax rate of 5.3909%5.3909%5.3909%5.3909%5.3909%5.3909%
<br />Gross Tax (tax rate x net assessed value)0 0 0 0 0 0
<br />Less Circuit Breaker Credit 0 0 0 0 0 0
<br />Net Tax 0 0 0 0 0 0
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000%0 1,416,000 1,982,400 1,486,800 1,132,800 849,600
<br />Debt Service 0.0000%0 0 0 0 0 0
<br />Circuit Braker Cap 0 1,416,000 1,982,400 1,486,800 1,132,800 849,600
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Year 1 0 1,416,000 1,416,000 1,416,000 0
<br />Year 2 0 1,982,400 1,982,400 1,982,400 0
<br />Year 3 0 1,486,800 1,486,800 1,486,800 0
<br />Year 4 0 1,132,800 1,132,800 1,132,800 0
<br />Year 5 0 849,600 849,600 849,600 0
<br />Totals 0 6,867,600 6,867,600 6,867,600 0
<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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