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8-Year Abatement March 21,2023
<br /> Tower at Washington Square LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Mixed Use
<br /> Estimated Project Cost: $11,900,000 Rehabilitation
<br /> Property Address: 213 W Washington Street-Residential Portion
<br /> Tax Key Number: 71-08-12-110-024,000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br /> Assessed Value(AV)
<br /> Land $ 11,300 $ 11,300 $ 11,300 $ 11,300 $ 11,300 $ 11,300 $ 11,300 $ 11,300 $ 11,300 $ 11,300
<br /> Structure(Current AV+80%Project Cost) 735,800 10,255,800 10,255,800 10,255,800 10,255,800 10,255,800 10,255,800 10,255,800 10,255,800 10,255,800
<br /> Gross Assessed Value 747,100 10,267,100 10,267,100 10,267,100 10,267,100 10,267,100 10,267,100 10,267,100 10,267,100 10,267,100
<br /> Abatement 100% 95% 90% 85% 80% 75% 70% 65%
<br /> Abatement Deduction - (9,520,000) (9,044,000) (8,568,000) (8,092,000) (7,616,000) (7,140,000) (6,664,000) (6,188,000)
<br /> Net Assessed Value 747,100 10,267,100 747,100 1,223,100 1,699,100 2,175,100 2,651,100 3,127,100 3,603,100 4,079,100
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 39,519 543,099 39,519 64,698 89,877 115,056 140,235 165,414 190,593 215,772
<br /> Local Tax Credit(8.7112%of GT-DS) (3,182) (43,736) (3,182) (5,210) (7,238) (9,265) (11,293) (13,321) (15,348) (17,376)
<br /> Circuit Breaker Credit (18,409) (252,984) - - - - - - - -
<br /> Taxes Due $ 17,928 $ 246,380 $ 36,337 $ 59,488 $ 82,640 $ 105,791 $ 128,942 $ 152,093 $ 175,245 $ 198,396
<br /> 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 14,942 205,342 205,342 205,342 205,342 205,342 205,342 205,342 205,342 205,342
<br /> Debt Service(0.3997%of Net AV) 2,986 41,038 2,986 4,889 6,791 8,694 10,596 12,499 14,402 16,304
<br /> Max Tax Under the Cap 17,928 246,380 208,328 210,231 212,133 214,036 215,938 217,841 219,744 221,646
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current& Taxes Abated
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 17,928 $ 228,451 $ 246,380 $ (210,043) $ 36,337
<br /> 2 95% 17,928 228,451 246,380 (186,891) 59,488
<br /> 3 90% 17,928 228,451 246,380 (163,740) 82,640_
<br /> 4 85% 17,928 228,451 246,380 (140,589) 105,791
<br /> 5 80% 17,928 228,451 246,380 (117,437) 128,942
<br /> 6 75% 17,928 _ 228,451 246,380 (94,286) 152,093
<br /> 7 70% 17,928 228,451 246,380 (71,135) 175,245
<br /> 8 65% 17,928 228,451 246,380 (47,984) 198,396
<br /> Total: 143,425 1,827,612 1,971,037 (1,032,105) 938,932
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. ,- mq _; 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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