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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-GERMAN TOWNSHIP TAXING DISTRICT(CONTD)
<br /> Taxes Payable Year
<br /> 2032 2033 2034 2035 2036 2037 2038 2039-2045
<br /> (7) (8) (9) (10) (11)
<br /> Unabated assessed value(1) $247,692,056 $244,832,396 $243,508,396 $243,508,396 $243,508,396 $216,863,819 $5,396,100 $5,013,900
<br /> Abated assessed value(2) 79,237,850 79,237,850 79237,850 79,237,850 79,237,850 59,146,390 9,220,800 0
<br /> Total net assessed value 326,929,906 324,070,246 322,746,246 322,746,246 322,746,246 276,010,209 14,616,900 5,013,900
<br /> Less:Allowance for appeals(3) (10,380,000) (10,380,000) (10,380,000) (10,380,000) (10,380,000) (7,130,000) 0 0
<br /> Less:Allowance for adjustments(4) (210,000) 0 0 0 0 0 0 0
<br /> Less:Base assessed value(1) (14,310,168) (14,096,330) (14,096,330) (14,096,330) (14,096,330) (14,096,330) (900,084) (900,084)
<br /> Incremental assessed value 302,029,738 299,593,916 298,269,916 298,269,916 298,269,916 254,783,879 13,716,816 4,113,816
<br /> Times:Net tax rate(5) $5.4323 $5.4323 $5.4323 $5.4323 $5.4323 $5.4323 $5.4323 $5.4323
<br /> Estimated tax increment 16,407,160 16,274,840 16,202,920 16,202,920 16,202,920 13,840,620 745,140 223,470
<br /> Less:Estimated Circuit Breaker Tax Credit(6) (6,128,580) (6,079,170) (6,052,900) (6,052,900) (6,052,900) (5,179,930) (194,250) (2,990)
<br /> Estimated net tax increment $10,278,580 $10,195,670 $10,150,020 $10,150,020 $10,150,020 $8,660,690 $550,890 $220,480
<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
<br /> post-1995 residential parcel's base value is 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$5.8326,less the South Bend Community School Corporation referendum rates of$0.3334
<br /> 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
<br /> residential property taxes are limited to 1.0%of gross assessed value.Rental residential property taxes are limited to 2.0%of gross assessed value,and commercial property
<br /> taxes are limited to 3.0%of gross assessed value.Accounts for the pay 2022 LIT Property Tax Replacement Credit of 8.2562%and the pay 2022 Homestead LIT Property
<br /> Replacement Credit of 4.4831%.
<br /> (7)A portion of the River West Area expires on November 1,2032. Assumes a$2,859,660 decrease in unabated net assessed value and a$213,838 decrease in base assessed
<br /> value following 2032.
<br /> (8)A portion of the River West Area expires on December 19,2033. Assumes a$1,324,000 decrease in unabated net assessed value following 2033.
<br /> (9)A portion of the River West Area expires on August 25,2036. Assumes a$26,644,577 decrease in unabated net assessed value and a$20,091,460 decrease in abated assessed
<br /> value following 2036.
<br /> (10)A portion of the River West Area expires on February 1,2037. Assumes a$211,467,719 decrease in unabated net assessed value,a$49,925,590 decrease in abated assessed
<br /> value,and a$13,196,246 decrease in base assessed value following 2037.
<br /> (11)A portion of the River West Area expires on June 25,2038. Assumes a$382,200 decrease in unabated net assessed value and a$9,220,800 decrease in abated assessed value
<br /> following 2038.
<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 /> (Subject to the attached letter dated December 2,2022)
<br /> (Preliminary-Subject to Change)
<br /> (For Internal Use Only)
<br /> 12
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