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SOUTH BEND REDEVELOPMENT COMMISSION
<br /> Supporting Information-River West
<br /> River West Development Area
<br /> ESTIMATED ANNUAL EXISTING TAX INCREMENT-
<br /> SOUTH BEND-PORTAGE TOWNSHIP TAXING DISTRICT
<br /> Taxes Payable Year
<br /> 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032
<br /> (7) (8)
<br /> Unabated assessed value(1) $434,065621 $498,946,369 $498,946,369 5498,946.369 $486946369 $498,946,369 5196946369 $498,946,389 $498,269,040 $494,188988 $494,189,088
<br /> Abated assessed value(2) 7,753,754 11,850.981 14,754,141 19,385,487 21,744,415 39783,600 36,719,007 36176,515 40,180,141 41,088,976 41,088,976
<br /> Total net assessed value 441,818,775 510,797,350 513,700,510 518,331,856 520.690,784 529738,969 535,665,376 537,122,884 538,449,181 535,278,064 535,278,064
<br /> Less:Allowance for appeals(3) (17,050,000) (17,050,000) (17,050,000) (17.050,000) (17,050,000) (17,050,000) (17,050,000) (17,010,000) (16,510,000) (16,510,000)
<br /> Less:Allowance for adjustments(4) (13,180,000) (13,180,000) (13,180,000) (13,180,000) (13,180,000) (13,180,000) (13,180,000) (13,160,000) (13,160,000) (13,160,000)
<br /> Less:Base assessed value(1) (214,356,887) (226,107,223) (226,107,223) (226,107,223) (226,062,923) (226,062,923) (226,062,923) (226,062,923) (225,929,694) (225,900,704) (225,900,704)
<br /> Incremental assessed value 227,461688 254,460,127 257,363,287 261,994,633 264,387,861 273,447,046 279,372,453 280,829,961 282,349,487 279,707,360 279,707,360
<br /> Times:Net tax rate(5) $5.4187 $5.4187 05.4187 55.4187 55.4187 05.4187 05.4187 $5.4187 55.4187 $5.4187 $5.4187
<br /> Estimated tax increment 12,325.480 13,788.430 13,945,740 14,196.700 14,326,930 14,817,280 15,138,360 15,217,330 15,299,670 15,156,500 15,156,500
<br /> Less:Estimated Circuit Breaker Tax Credit(6) (4,656,480) (5,297,370) (5,360,720) (5,499,120) (5,593,580) (5,867,840) (5,962,990) (6,021,740) (6,083,890) (6,063,400) (6,063,400)
<br /> Estimated net tax increment $7,669,000 $8,491,060 $8,585,020 $8,697,580 $8,733,350_ $8,949,440 $9,175,370 $9,195,590 $9.215,780 $9,093,100 $9,093.100
<br /> (1)Per the St.Joseph County Auditor's Office.
<br /> (2)Per the St.Joseph County Auditor's office.Represents the estimated abatement assessed value for al real property parcels receiving a property tax abatement.
<br /> (3)Represents an allowance for pending appeals currently outstanding for the pay 2023 assessment.Includes an allowance for a 20%reduction in the gross assessed value.
<br /> (4)Assumes a base value adjustment for post-July 1,1995 residential parcels in the allocation area,based on data provided by the St.Joseph County Auditor's office.Assumes each post-1995 residential parcel's base value is
<br /> adjusted to equal its net assessed value,resoling in zero captured assessed value.
<br /> (5)Represents the certified pay 2022 tax rate for the South Bend-Portage taxing district of$5.8190,less the South Bend Community School Corporation referendum rates of 50.3334 and$0.0669.
<br /> (6)Per the St.Joseph County Auditor's office,adjusted to account for the estimated impact of abatement expirations and the expiration of certain parts of the Area.Homestead residential property taxes are Imited to 1.0%of
<br /> gross assessed value.Rental residential property taxes are imited to 2.0%of gross assessed value,and commercial property taxes are limited to 3.0%of gross assessed value.Accounts for the pay 2022 LIT Property Tax
<br /> Replacement Credit of 8.2562%and the pay 2022 Homestead LIT Property Replacement Credit of 4.4831%.
<br /> (7)A portion of the River West Area expires on February 19,2029.Assumes a$677,329 decrease in unabated net assessed value and a$133,228 decrease in base assessed value following 2029.
<br /> (8)A portion of the River West Area expires on October 20,2030.Assumes a$4,079,952 decrease in unabated net assessed value and a$28,990 decrease in base assessed value following 2030.
<br /> Note:This schedule does not assume any future growth In net assessed value beyond that which is generated through the expiration of real property tax abatements.
<br /> (Continued on the next page.)
<br /> (Subject to the attached letter dated December 2.2022)
<br /> (Preininary-Subject to Change)
<br /> (For Internal Use Only)
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