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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-PORTAGE TOWNSHIP TAXING DISTRICT(CONT'D)
<br /> Taxes Payable Year
<br /> 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042-2045
<br /> Cr) (8) (9)
<br /> Unabated assessed value(1) $494,189,088 $494,189,088 $494,189,088 $494,189,088 $494,189,088 $261,128,152 $84,567,529 $84,567,529 $19,034,158 $19,034,158
<br /> Abated assessed value(2) 41,088,976 41,088,976 41088,976 41,088,976 41,088,976 1,139,780 1,139,780 1,139,780 336,180 336,180
<br /> Total net assessed value 535,278,064 535,278,064 535,278,064 535,278,064 535,278,064 262,267,932 85,707,309 85,707,309 19,370,338 19,370,338
<br /> Less Allowance for appeals(3) (16,510,000) (16,510,000) (16,510,000) (16,510,000) (16,510,000) (8,990,000) (1,400,000) (1,400,000) (270,000) (270,000)
<br /> Less:Allowance for adjustments(4) (13,160,000) (13,160,000) (13,160,000) (13,160,000) (13,160,000) (12,790,000) (2,370,000) (2,370,000) (900,000) (900,000)
<br /> Less:Base assessed value(1) (225,900,704) (225,900,704) (225,900,704) (225,900,704) (225,900,704) (124,683,335) (46,787,503) (46,787,503) (14,662,335) (14,662,335)
<br /> Incremental assessed value 279,707,360 279,707,360 279,707,360 279,707,360 279,707,360 115,804,597 35,149,806 35,149,806 3,538,003 3,538,003
<br /> Times:Net tax rate(5) 65.4187 65.4187 65.4187 65.4187 95.4187 95.4187 $5.4187 95.4187 95.4187 65.4187
<br /> Estimated tax increment 15,156,500 15,156,500 15,156,500 15,156,500 15,156,500 6,275,100 1,904,660 1,904,660 191,710 191,710
<br /> Less:Estimated Circuit Breaker Tax Credit(6) (6,063,400) (6,063,400) (6,063,400) (6,063,400) (6,063,400) (2,806,550) (816,680) (816,680) (103,770) (103,770)
<br /> Estimated net tax increment $9,093,100 $9.093,100 S9 093.100 $9,093,100 . 59.093.100 $3,468,550 ...111212.L191. 51.087,980 $87,940 $87r940
<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 residential parcel's 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-Portage taxing district of$5.8190,less the South Bend Community School Corporation referendum rates 01 60.3334 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 residential property taxes are limited to 1.0%of
<br /> gross assessed value.Rental residential property taxes are limited to 2.0%of gross assessed value,and carrenercial property taxes are limited to 3.0%of gross assessed value.Accounts far the pay 2022 LIT Property Tax
<br /> Replacement Credit of 8.2562%and the pay 2022 Homestead LIT Property Replacement Credit of 4.4831%.
<br /> (7) A portion of the River West Area expires on February 1,2037 and July 20,2037. Assumes a$233,060,936 decrease in unabated net assessed value,a$39,949,196 decrease in abated assessed value,and a$101,217,369
<br /> decrease in base assessed value following 2037.
<br /> (8) A portion of the River West Area expires on June 25,2038.Assumes a$176,560,623 decrease in unabated net assessed value and a$77,895,832 decrease in base assessed value following 2038.
<br /> (9) A portion of the River West Area expires on April 9,2040.Assumes a$65,533,371 decrease in unabated net assessed value,a$803,600 decrease in abated assessed value,and a$32,125,168 decrease in base assessed
<br /> value following 2040.
<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 /> 10
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