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SOUTH BEND REDEVELOPMENT COMMISSION <br /> Supporting Information - River East <br /> River East 1 Economic Development Area <br /> ESTIMATED ANNUAL 2022 EXPANSION NEW DEVELOPMENT TAX <br /> INCREMENT - SOUTH BEND - PORTAGE TOWNSHIP TAXING DISTRICT <br /> Taxes Payable Year <br /> 2026 <br /> Total estimated incremental assessed value (1) $40,837,665 <br /> Times: Net tax rate (2) $5.4187 <br /> Estimated tax increment 2,212,870 <br /> Less: Estimated Circuit Breaker Tax Credit (3) (1,207,600) <br /> Estimated net tax increment $1,005,270 <br /> (1) Represents the estimated tax increment from the Campus View and Irish <br /> Quarters developments based on proposed development square footage <br /> information provided by the City and assumed assessed values per <br /> square foot based upon comparable properties located within the state <br /> of Indiana. Accounts for the demolition of existing real estate <br /> improvements. The actual assessed value will be County Assessor upon <br /> completion, and the actual value may vary materially from the value <br /> assumed in this illustration. <br /> (2) Represents the certified pay 2022 tax rate for the South Bend - Portage <br /> taxing district of$5.8190, less the South Bend Community School <br /> Corporation referendum rates of$0.3334 and $0.0669. <br /> (3) Homestead residential property taxes are limited to 1.0% of gross <br /> assessed value. Rental residential property taxes are limited to 2.0% of <br /> gross assessed value, and commercial property taxes are limited to 3.0% <br /> of gross assessed value. Accounts for the pay 2022 LIT Property Tax <br /> Replacement Credit of 8.2562% and the pay 2022 Homestead LIT <br /> Property Replacement Credit of 4.4831%. <br /> Note: This schedule does not assume any future growth in net assessed <br /> value. Assumes the 25-year life of the 2022 Expansion Area begins <br /> with the issuance of the illustrative Bonds. <br /> (Subject to the attached letter dated December 2, 2022) <br /> (Preliminary - Subject to Change) <br /> (For Internal Use Only) <br /> 20 <br />