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7 YEAR 13-May-22
<br /> GLC Portage Prairie V LLC
<br /> South Bend German Township
<br /> South Bend Portage Township Real Property Tax Abatement Schedule*
<br /> Tax Key Number Multiple
<br /> Current Assessed Value: 0
<br /> Estimated Project Cost: 15,318,200
<br /> Current Without 100% 95% 90% 85% 80% 75% 70%
<br /> Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
<br /> Assessed Value: AV&Tax Abatement
<br /> Current Assessed Value 100% 0 0 0 0 0 0 0 0 0
<br /> Base Assessed Value 80% 12,254,560 12,254,560 12,254.560 12,254,560 12,254,560 12,254,560 12,254,560 12,254,560
<br /> Less Abatement Deduction 0 (12,254,560) (11 641,832) (11,029,104) (10,416,376) (9,803,648) (9,190,920) (8,578,192)
<br /> Net Assessed Value 0 12,254,560 0 612,728 1,225,456 1,838,184 2,450,912 3,063,640 3,676,368
<br /> Property Taxes:
<br /> Assume constant tax rate of 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510% 5.3510%
<br /> Gross Tax(tax rate x net assessed value) 0 655,747 0 32,787 65,575 98,362 131,149 163,937 196,724
<br /> Less Circuit Breaker Credit 0 (288,111) 0 0 0 0 0 0 0
<br /> Net Tax 0 367,637 0 32,787 65,575 98,362 131,149 163,937 196,724
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 3.0000% 0 367,637 367,637 367,637 367,637 367,637 367,637 367,637 367,637
<br /> Debt Service 0.0000% 0 0 0 0 0 0 0 0 0
<br /> Circuit Braker Cap 0 367,637 367,637 367,637 367,637 367,637 367,637 367,637 367,637
<br /> New Combined Net
<br /> Existing Project Existing&New Tax Tax
<br /> Year Taxes Taxes Taxes Abated Paid
<br /> 1 0 367,637 367,637 367,637 0
<br /> 2 0 367,637 367,637 334,849 32,787
<br /> 3 0 367,637 367,637 302,062 65,575
<br /> 4 0 367,637 367,637 269,275 98,362
<br /> 5 0 367,637 367,637 236,487 131,149
<br /> 6 0 367,637 367,637 203,700 163,937
<br /> 7 0 367,637 367,637 170,913 196,724
<br /> Totals 0 2.573,458 2,573,458 1,884,923 688,535
<br /> *This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br /> will ultimate) be determined by the actual assessed valuation and the then current tax rates. h
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