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10-Year Abatement March 8,2023
<br /> Coast Southwest, Inc.
<br /> South Bend Warren Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Industrial
<br /> Estimated Project Cost: $ 7,503,000 New Construction
<br /> Property Address: 7468 Vorden Parkway,South Bend,IN 46628
<br /> Tax Key Number: 71-02-24-400-018.000-037
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10
<br /> Assessed Value(AV)
<br /> Land $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700 $ 27,700
<br /> Structure(AV=80%Project Cost) - 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400 6,002,400
<br /> Gross Assessed Value 27,700 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100 6,030,100
<br /> Abatement 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%
<br /> Abatement Deduction - (6,002,400) (5,402,160) (4,801,920) (4,201,680) (3,601,440) (3,001,200) (2,400,960) (1,800,720) (1,200,480) (600,240)
<br /> Net Assessed Value 27,700 6,030,100 27,700 627,940 1,228,180 1,828,420 2,428,660 3,028,900 3,629,140 4,229,380 4,829,620 5,429,860
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2756%
<br /> Gross Tax(Tax Rate x Net AV) 1,461 318,124 1,461 33,128 64,794 96,460 128,126 159,793 191,459 223,125 254,791 286,458
<br /> Local Tax Credit(8.0000%of GT-DS) (108) (23,522) (108) (2,449) (4,791) (7,132) (9,474) (11,815) (14,156) (16,498) (18,839) (21,180)
<br /> Circuit Breaker Credit (412) (89,597) - - - - - - - (8,820) (35,745) (62,671)
<br /> Taxes Due $ 942 $ 205,005 $ 1,353 $ 30,678 $ 60,003 $ 89,328 $ 118,653 $ 147,978 $ 177,303 $ 197,808 $ 200,207 $ 202,606
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 831 180,903 180,903 180,903 180,903 180,903 180,903 180,903 180,903 180,903 180,903 180,903
<br /> Debt Service(0.3997%of Net AV) 111 24,102 111 2,510 4,909 7,308 9,707 12,107 14,506 16,905 19,304 21,703
<br /> Max Tax Under the Cap 942 205,005 181,014 183,413 185,812 188,211 190,610 193,010 195,409 197,808 200,207 202,606
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 942 $ 204,064 $ 205,005 $ (203,652) $ 1,353_
<br /> 2 90% 942 204,064 205,005 (174,327) 30,678
<br /> 3 80% 942 204,064 205,005 (145,002) 60,003
<br /> 4 70% 942 204,064 205,005 (115,677) 89,328
<br /> 5 60% 942 204,064 205,005 (86,352) 118,653
<br /> 6 50% 942 204,064 205,005 (57,028) 147,978
<br /> 7 40% 942 204,064 205,005 (27,703) 177,303
<br /> 8 30% 942 204,064 205,005 (7,197) 197,808
<br /> 9 20% 942 204,064 205,005 (4,798) 200,207
<br /> _ 10 10% 942 204,064 205,005 (2,399) 202,606
<br /> Total: 9,417 2,040,636 2,050,053 (824,136) 1,225,917
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. tj�'iik Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. City of South Bend
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