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SOUTH BEND REDEVELOPMENT COMMISSION
<br /> Supporting Information-River West
<br /> River West Development Area
<br /> ESTIMATED ANNUAL EXISTINGTAX INCREMENT-
<br /> SOUTH BEND-GERMAN TOWNSHIP TAXING DISTRICT
<br /> Taxes Payable Year
<br /> 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
<br /> (7) (6) (9) (10)
<br /> Unabated assessed value(1) 0270,536,045 $299,403,846 $299,403,848 $299,403,846 $282,727,356 $282,727,356 $274,311,556 $274,311,556 $247,697,156 $247,692,056
<br /> Abated assessed value(2) 12,178,374 12,713,923 16,476536 32,368,506 48,077,072 54,136,387 58,944,612 72,351502 78,377,640 78,443,810
<br /> Total net assessed value 282,714,419 312,117,769 315,882,382 331,772,352 330,804,428 336,863,743 333,256,168 346,663,058 326,074,796 326,135,866
<br /> Less:Allowance for appeals(3) (14,520,000) (14,520,000) (14,520,000) (14,480,000) (14,480,000) (14,480,000) (14,480,000) (10,380,000) (10,380,000)
<br /> Less:Allowance for adjustments(4) (880,000) (880,000) (880,000) (210,000) (210,000) (210,000) (210,000) (210,000) (210,000)
<br /> Less:Base assessed value(1) (15,174,718) (16,032,392) (16,032,392) (16,032,392) (14,310,168) (14,310,168) (14,310,168) (14,310,168) (14,310,168) (14,310,168)
<br /> Incremental assessed value 267,539,701 280,685,377 284,449,990 300,339,960 301,804,260 307,863,575 304,256,000 317,662,890 301,174,628 301,235,698
<br /> Times.Net tax rate(5) $5.4323 $5.4323 55.4323 $54323 $5.4323 $5.4323 55.4323 $54323 $5.4323 55.4323
<br /> Estimated tax increment 14,533,560 15,247,670 15,452,180 16,315,370 16,394,910 16,724,070 16,528,100 17,256,400 16,360,710 16,364,030
<br /> Less:Estimated Circuit Breaker Tax Credit(6) (5,017,470) (5,344,360) (5,428,860) (5,630,360) (5,817,160) (5,964,660) (5,891,600) (6,335,830) (6,100,490) (6,100,380)
<br /> Estimated net tax increment $9,516,090 $9,903,310 $10,023,320 $10,685,010 $10,577,750 $10,759,410 $10,636,500 $10,920,570 $10,260,220 $10,263,850
<br /> (1) Per the St.Joseph County Auditor's Office.
<br /> (2) Per the St.Joseph County Auditor's office.Represents the estimated taxable assessed value for all 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 parcels base value is
<br /> adjusted to equal its net assessed value,resulting in zero captured assessed value.
<br /> (5) Represents the certified pay 2022 tax rate for the South Bend-German taxing district of 55.6326,less the South Bend Community School Corporation referendum rates of$0.3334 and 50.0669.
<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 hmited to 3.0%of gross assessed value.Accounts for the pay 2022 UT Property Tax
<br /> Replacement Credit of 8.2582%and the pay 2022 Homestead UT Property Replacement Credit of 4.4831%.
<br /> (7) A portion of the River West Area expires on July 7,2025.Assumes a 516,676,490 decrease in net assessed value and a$1,722,224 decrease in base assessed value following 2025.
<br /> (8) A portion of the River West Area expires on November 21,2027.Assumes a$8,415,800 decrease in unabated net assessed value following 2027.
<br /> (9) A portion of the River West Area expires on February 19,2029.Assumes a$26,614,400 decrease in unabated net assessed value following 2029.
<br /> (10)A portion of the River West Area expires on October 20,2030.Assumes a$5,100 decrease in unabated net 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 /> (Preliminary-Subject to Change)
<br /> (For Internal Use Only)
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