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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 - CLAY TOWNSHIP TAXING DISTRICT <br />Taxes Payable Year <br />2022 2023-2033 <br />Total net assessed value (1) 1,050,200 1,073,100 <br />Less: Base assessed value (1) 0 0 <br />Incremental assessed value 1,050,200 1,073,100 <br />Times: Net tax rate (2) 5.4483 5.4483 <br />Estimated tax increment 57,220 58,470 <br />Less: Estimated Circuit Breaker Tax Credit (3) 20,990) 20,990) <br />Estimated net tax increment 36,230 37,480 <br />1) Per the St. Joseph County Auditor's Office. <br />2) Represents the certified pay 2022 tax rate for the South Bend - Clay taxing district of $5.8486, less <br />the South Bend Community School Corporation referendum rates of $0.3334 and $0.0669. <br />3) Based on information provided by the St. Joseph County Auditor's office. Homestead residential <br />property taxes are limited to 1.0% of gross assessed value. Rental residential property taxes <br />are limited to 2.0% of 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 Replacement Credit of <br />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. The portion of the <br />River East 1 Area in the South Bend - Clay taxing district expires on November 17, 2033. <br />Assumes the incremental assessed value expires following 2033. <br />Subject to the attached letter dated December 2, 2022) <br />Preliminary - Subject to Change) <br />For Internal Use Only) <br />19