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SYEAR Steel Warehouse Company LLC South Bend Portage Township Personal Property Tax Abatement Schedule* Tax Key Number Current Assessed Value: 0 Estimated Project Cost: 3,697,000 100% 95% --Year1 Year 2 Current Assessed Value: AV & Tax Current Assessed Value 100% 0 0 0 Base Assessed Value 1,478,800 2,218,200 Less Abatement Deduction (1,478,800) (2,107,290) Net Assessed Value 0 0 110,910 Property Taxes: Assume constant tax rate of 5.3909% 5.3909% 5.3909% Gross Tax (tax rate x net assessed value) 0 0 5,979 Less Circuit Breaker Credit 0 0 0 Net Tax 0 0 5,979 Circuit Breaker Cap Circuit Breaker 3.0000% 0 44,364 66,546 Debt Service 0.0000% 0 0 0 Circuit Breaker Cap 0 44,364 66,546 New Combined Existing Project Existing & New Year Taxes Taxes Year1 0 44,364 Year2 0 66,546 Year3 0 61,001 Year4 0 49,910 Year5 0 41,037 Totals 0 262,857 *This schedule is for estimation purposes only and assumes constant tax rates. The true tax values will ultimately be determin~d by the actual assessed valuation and the then current tax rates. Taxes 44,364 66,546 61,001 49,910 41,037 262,857 7-Sep-22 --90% 85% 80% ---Year3 Year4 Year5 0 0 0 2,033,350 1,663,650 1,367,890 (1,830,015) (1,414,103) (1,094,312) 203,335 249,548 273,578 5.3909% 5.3909% 5.3909% 10,961 13,453 14,748 0 0 0 10,961 13,453 14,748 61,001 49,910 41,037 0 0 0 61,001 49,910 41,037 Net Tax Tax Abated Paid 44,364 0 60,567 5,979 50,039 10,961 36,457 13,453 26,289 14,748 217,715 45,141
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