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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