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SOUTH BEND REDEVELOPMENT COMMISSION
<br /> Supporting Information-River East
<br /> River East 1 Economic Development Area
<br /> ESTIMATED ANNUAL EXISTING TAX INCREMENT-
<br /> SOUTH BEND-PORTAGE TOWNSHIP TAXING DISTRICT(CONTD)
<br /> Taxes Payable Year
<br /> 2032 2033 2034 2035 2036 2037 2038 2039 2040-2044
<br /> (7) (8) (9) (10) (11) (12)
<br /> Unabated assessed value(1) $358,606,093 $301,564,867 $70,362,573 $70,201,173 $70,201,173 $53,626,586 $51,884,841 $51,884.841 $12,783,227
<br /> Abated assessed value(2) 21,757,510 4,222,200 0 0 0 0 0 0 0
<br /> Total net assessed value 380,363,603 305,787,067 70,362,573 70,201,173 70,201,173 53,626,586 51,884,841 51,884,841 12,783,227
<br /> Less:Allowance for appeals(3) (9,870,000) (7,460,000) (940,000) (940,000) (940,000) (940,000) (940,000) (940,000) (40,000)
<br /> Less:Allowance for adjustments(4) (53,185,000) (53,185,000) (5,260,000) (5,260,000) (5,260,000) (3,090,000) (2,960,000) (2,960,000) (540,000)
<br /> Less:Base assessed value(1) (137,223,376) (116,192,593) (42,090,786) (42,031,305) (42,031,305) (41,775,551) (41,542,323) (41,542,323) (12,579,976)
<br /> Incremental assessed value 180,085,227 128,949,474 22,071,787 21,969,868 21,969,868 7,821,035 6,442,518 6,442,518 0
<br /> Times:Net tax rate(5) $5.4187 $5.4187 55.4187 $5.4187 $5.4187 $5.4187 55.4187 55.4187 $5.4187
<br /> Estimated tax increment 9,758,280 6,987,390 1,196,000 1,190,480 1,190,480 423,800 349,100 349,100 0
<br /> Less:Estimated Circuit Breaker Tax Credit(6) (5,434,080) (4,368,610) (681,670) (678,710) (678,710) (384,590) (333,310) (333,310) 0
<br /> Estimated net tax increment $4,324,200 $2,618,780 $514,330 $511,770 $511,770 $39,210 $15,790 $15,790 $0
<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 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
<br /> 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-Portage taxing district of$5.8190,less the South Bend Community School Corporation referendum rates of$0.3334 and$0.0669.
<br /> (6) Based on information provided by 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.
<br /> Homestead 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 taxes
<br /> 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 Replacement Credit of 4.4831%.
<br /> (7) A portion of the River East 1 Area expires on August 15,2032. Assumes a$57,041,226 decrease in unabated net assessed value,a$17,535,310 decrease in abated assessed value,and a
<br /> $21,030,783 decrease in base assessed value following 2032.
<br /> (8) A portion of the River East 1 Area expires on November 17,2033. Assumes a$231,202,294 decrease in unabated net assessed value,a$4,222,200 decrease in abated assessed value,and a
<br /> $74,101,807 decrease in base assessed value following 2033.
<br /> (9) A portion of the River East 1 Area expires on November 5,2034. Assumes a$161,400 decrease in unabated net assessed value and a$59,481 decrease in base assessed value following 2035.
<br /> (10) A portion of the River East 1 Area expires on July 21,2036 and October 25,2036. Assumes a$16,574,587 decrease in unabated net assessed value and a$255,754 decrease in base assessed
<br /> value following 2036.
<br /> (11) A portion of the River East 1 Area expires on June 19,2037.Assumes a$1,741,745 decrease in unabated net assessed value and a$233,228 decrease in base assessed value following 2037.
<br /> (12) A portion of the River East 1 Area expires on August 28,2039. Assumes a$39,101,614 decrease in unabated net assessed value and a$28,962,347 decrease in base assessed value following 2039.
<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 /> 18
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