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7 YEAR
<br />13-May-22
<br />GLC Portane Prairie V LLC
<br />South Bend German Township
<br />South Bend Portage Township Real Property Tax Abatement Schedule"
<br />Tax Key Number
<br />Multiple
<br />Current Assessed Value:
<br />0
<br />Estimated Project Cost:
<br />15,318.200
<br />Current
<br />Without
<br />100%
<br />95%
<br />90%
<br />85%
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Assessed Value:
<br />AV & Tax
<br />Abatement
<br />Current Assessed Value
<br />100%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Base Assessed Value
<br />80%
<br />12,254,560
<br />12,254,560
<br />12,254,560
<br />12,254,560
<br />12,254,560
<br />Less Abatement Deduction
<br />0
<br />(12.264,57
<br />(11,641,832)
<br />01,029,104)
<br />(10.416.376)
<br />Net Assessed Value
<br />0
<br />12,254,560
<br />612,728
<br />1,225,456
<br />1,838,184
<br />Pronerly Taxes
<br />Assume constant tax rate of
<br />5.3510%
<br />5.3510%
<br />5.3510%
<br />5.3510%
<br />5.3510%
<br />5.3510%
<br />Gross Tax (tax rate x net assessed value)
<br />0
<br />655,747
<br />0
<br />32,787
<br />65,575
<br />98,362
<br />Less Circuit Breaker Credit
<br />0
<br />`288.111 I
<br />0
<br />0
<br />0
<br />0
<br />Net Tax
<br />0
<br />57,637
<br />0
<br />32.787
<br />65.575
<br />98,362
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />3.0000%
<br />0
<br />367,637
<br />367.637
<br />367.637
<br />367,637
<br />367,637
<br />Debt Service
<br />0.0000%
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Circuit Braker Cap
<br />0
<br />367.637
<br />357.637
<br />367,637
<br />367.637
<br />367.637
<br />New
<br />Combined
<br />Net
<br />Existing
<br />Project
<br />Existing & New
<br />Tax
<br />Tax
<br />Year
<br />Taxes
<br />Taxes
<br />Taxes
<br />Abated
<br />Paid
<br />1
<br />0
<br />367,637
<br />367,637
<br />367,637
<br />0
<br />2
<br />0
<br />367,637
<br />367,637
<br />334,849
<br />32,787
<br />3
<br />0
<br />367,637
<br />367.637
<br />302,062
<br />65,575
<br />4
<br />0
<br />367,637
<br />367.637
<br />269.275
<br />98,362
<br />5
<br />0
<br />367,637
<br />367.637
<br />236,487
<br />131,149
<br />6
<br />0
<br />367,637
<br />367.637
<br />203.700
<br />163.937
<br />7
<br />0
<br />367,637
<br />367,637
<br />170,913
<br />196,724
<br />Totals
<br />0
<br />2.573.458
<br />2,573,458
<br />1,884,923
<br />688,535
<br />"This schedule is for estimation purposes
<br />only and assumes constant tax rates. The
<br />true tax values
<br />will uIbmateiv be determined by
<br />the actual assessed valuation and
<br />the then current tax rates.
<br />80%
<br />Year 5
<br />0
<br />12,254,560
<br />(9,803.648)
<br />2.450,912
<br />5.3510%
<br />131.149
<br />a
<br />131,149
<br />367,637
<br />0
<br />367.637
<br />75%
<br />Year 6
<br />0
<br />12,254,560
<br />(9,190,920)
<br />3,063,640
<br />5.3510%
<br />163.937
<br />0
<br />163.937
<br />367.637
<br />0
<br />367,637
<br />70%
<br />Year 7
<br />0
<br />12.254,560
<br />(8,578,192)
<br />3,676,368
<br />5 3510%
<br />196,724
<br />0
<br />19G.724
<br />367.637
<br />0
<br />367,637
<br />
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