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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
<br /> Taxes Payable Year
<br /> 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031
<br /> Unabated assessed value(1) $297,172,303 $358,606,093 $358,606,093 $358,606,093 $358,606,093 $358,606,093 $358,606,093 $358,606,093 $358,606,093 $358,606,093
<br /> Abated assessed value(2) 1,237,813 1,905,717 2,403,742 2,967,565 3,368,260 6,936,890 10,394,530 12,511,570 13,101,300 13,101,300
<br /> Total net assessed value 298,410,116 360,511,810 361,009,835 361,573,658 361,974,353 365,542,983 369,000,623 371,117,663 371,707,393 371,707,393
<br /> Less:Allowance for appeals(3) (9,870,000) (9,870,000) (9,870,000) (9,870,000) (9,870,000) (9,870,000) (9,870,000) (9,870,000) (9,870,000)
<br /> Less:Allowance for adjustments(4) (53,185,000) (53,185,000) (53,185,000) (53,185,000) (53,185,000) (53,185,000) (53,185,000) (53,185,000) (53,185,000)
<br /> Less:Base assessed value(1) (133,634,145) (137,223,376) (137,223,376) (137,223,376) (137,223,376) (137,223,376) (137,223,376) (137,223,376) (137,223,376) (137,223,376)
<br /> Incremental assessed value 164,775,971 160,233,434 160,731,459 161,295,282 161,695,977 165,264,607 168,722,247 170,839,287 171,429,017 171,429,017
<br /> Times:Net tax rate(5) 55.4187 $5.4187 55.4187 $5.4187 $5.4187 55.4187 $5.4187 05.4187 $5.4187 $5.4187
<br /> Estimated tax increment 8,928,720 8,682,570 8,709,560 8,740,110 8,761,820 8,955,190 9,142,550 9,257,270 9,289,220 9,289,220
<br /> Less Estimated Circuit Breaker Tax Credit(6) (4,337,260) (5,216,030) (5,216,030) (5,216,030) (5,216,030) (5,239,590) (5,331,310) (5,387,520) (5,416,830) (5,416,830)
<br /> Estimated net tax increment $4,591,460 $3,466,540 $3,493,530 $3,524,080 $3,545,790 $3,715,600 $3,811,240 $3,869,750 $3,872,390 $3,872,390
<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.Assumes 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
<br /> 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.Homestead residential property
<br /> 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 are limited to 3.0%of gross assessed value.Accounts
<br /> 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 /> 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 /> (Continued on the next page.)
<br /> (Subject to the attached letter dated December 2,2022)
<br /> (Preliminary-Subject to Change)
<br /> (For Internal Use Only)
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