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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: $ 2,100,000 Rehabilitation
<br /> Property Address: 213 W Washington Street-Non-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 2,415,800 2,415,800 2,415,800 2,415,800 2,415,800 2,415,800 2,415,800 2,415,800 2,415,800
<br /> Gross Assessed Value 747,100 2,427,100 2,427,100 2,427,100 2,427,100 2,427,100 2,427,100 2,427,100 2,427,100 2,427,100
<br /> Abatement 100% 95% 90% 85% 80% 75% 70% 65%
<br /> Abatement Deduction - (1,680,000) (1,596,000) (1,512,000) (1,428,000) (1,344,000) (1,260,000) (1,176,000) (1,092,000)
<br /> Net Assessed Value 747,100 2,427,100 747,100 831,100 915,100 999,100 1,083,100 1,167,100 1,251,100 1,335,100
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate xNet AV) 39,519 128,386 39,519 43,963 48,406 52,849 57,293 61,736 66,179 70,623
<br /> Local Tax Credit(8.7112%of GT-DS) (3,182) (10,339) (3,182) (3,540) (3,898) (4,256) (4,614) (4.972) (5,329) (5,687)
<br /> Circuit Breaker Credit (10,938) (35,533) - - - - - - - -
<br /> Taxes Due $ 25,399 $ 82,514 $ 36,337 $ 40,422 $ 44,508 $ 48,593 $ 52,679 $ 56,765 $ 60,850 $ 64,936
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 22,413 72,813 72,813 72,813 72,813 72,813 72,813 72,813 72,813 72,813
<br /> Debt Service(0.3997%of Net AV) 2,986 9,701 2,986 3,322 3,658 3,993 4,329 4,665 5,001 5,336
<br /> Max Tax Under the Cap 25,399 82,514 75,799 76,135 76,471 76,806 77,142 77,478 77,814 78,149
<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% $ 25,399 $ 57,115 $ 82,514 $ (46,177) $ 36,337
<br /> 2 95% 25,399 57,115 82,514 (42,092) 40,422
<br /> 3 90% 25,399 57,115 82,514 (38,006) 44,508
<br /> 4 85% 25,399 57,115 82,514 (33,921) 48,593
<br /> 5 80% 25,399 57,115 82,514 (29,835) 52,679
<br /> 6 75% 25,399 57,115 82,514 (25,750) 56,765
<br /> 7 70% 25,399 57,115 82.514 (21,664) 60,850
<br /> 8 65% 25,399 57,115 82,514 (17,579) 64,936
<br /> Total: 203,193 456,920 660.113 (255,023) 405,090
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. EMak f, 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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