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Cffice <br />18 [023 CCJANbakertilly <br />December 2, 2022 DAWN M.JONES <br />MUNICIPAL ADVISORS <br />CITY CLERK,SOUTH BEND,IN <br />Baker Tilly Municipal Advisors,LLC <br />City of South Bend Redevelopment Commission 8365 Keystone Crossing,Ste 300 <br />227 W. Jefferson Blvd. Indianapolis,IN 46240 <br />Suite 1400 S.United States of America <br />South Bend, Indiana 46601 T:+1 (317)465 1500 <br />F:+1 (317)465 1550 <br />Re: Public Improvement Project and Beacon District Project bakertilly.com <br />Dear Members of the Commission: <br />Per your request, we have prepared the attached financing illustration in connection with the financings <br />supporting each the Public Improvement Projects and the Beacon District Project. This preliminary analysis <br />has been prepared to assist both City and Redevelopment Commission officials in the discussion and <br />consideration of future projects. The attached schedules (listed below) present unaudited and limited <br />information. The use of these schedules should be restricted to this purpose, for internal use only, as the <br />information is subject to future revision and final report. <br />Page(s) <br />3 Illustrative Project Costs and Funding <br />4 Illustrative Amortization of$34,720,000 Principal Amount of <br />Tax-Exempt Lease Rental Revenue Bonds, Series A(Public Improvement Projects) <br />5 Illustrative Amortization of$28,895,000 Principal Amount of <br />Taxable Lease Rental Revenue Bonds, Series B (Beacon District Project) <br />6 Comparison of Estimated Annual Existing Tax Increment and Total Illustrative Obligations <br />Supporting Information—River West <br />7 Summary of Outstanding River West Obligations <br />8 Estimated Annual Tax Increment <br />9- 10 Estimated Annual Existing Tax Increment <br />South Bend— Portage Township Taxing District <br />11 - 12 Estimated Annual Existing Tax Increment <br />South Bend—German Township Taxing District <br />13 Estimated Annual Existing Tax Increment <br />South Bend—Warren Township Taxing District <br />14 Large Taxpayers in the River West Allocation Area <br />15 Historical Tax Increment Collections <br />Supporting Information—River East <br />16 Estimated Annual Tax Increment <br />17- 18 Estimated Annual Existing Tax Increment <br />South Bend—Portage Township Taxing District <br />19 Estimated Annual Existing Tax Increment <br />South Bend—Clay Township Taxing District <br />20 Estimated Annual 2022 Expansion New Development Tax Increment <br />South Bend—Portage Township Taxing District <br />21 Large Taxpayers in the River East Allocation Area <br />22 Historical Tax Increment Collections <br />In the preparation of these schedules, certain assumptions were made as noted regarding certain future <br />events. As is the case with such assumptions regarding future events and transactions, some or all may not <br />occur as expected and the resulting differences could be material. We have not examined the underlying <br />assumptions nor have we audited or reviewed the historical data. Consequently, we express no opinion <br />thereon nor do we have a responsibility to prepare subsequent reports.