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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 ultimately be determined by the actual assessed valuation and the then current tax rates.
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