|
9-Year Abatement June 5,2023
<br /> GLC Portage Prairie, LLC
<br /> South Bend German Township
<br /> Commerical Development Real Property Tax Abatement Schedule
<br /> Type of Property: Industrial
<br /> Estimated Project Cost: $12,000,000 Addition
<br /> Property Address: 5448 Dylan Drive,South Bend,IN 46628
<br /> Tax Key Number: 71-03-17-301-011,000-009
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9
<br /> Assessed Value(AV)
<br /> Land $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900 $ 446,900
<br /> Structure(Current AV+80%Project Cost; 7,544,000 17,144,000 17,144,000 17,144,000 17,144,000 17,144,000 17,144,000 17,144,000 17,144,000 17,144,000 17,144,000
<br /> Gross Assessed Value 7,990,900 17,590,900 17,590,900 17,590,900 17,590,900 17,590,900 17,590,900 17,590,900 17,590,900 17,590,900 17,590,900
<br /> Abatement 100% 90% 80% 70% 60% 50% 40% 30% 20%
<br /> Abatement Deduction - (9,600,000) (8,640,000) (7,680,000) (6,720,000) (5,760,000) (4,800,000) (3,840,000) (2,880,000) (1,920,000)
<br /> Net Assessed Value 7,990,900 17,590,900 7,990,900 8,950,900 9,910,900 10,870,900 11,830,900 12,790,900 13,750,900 14,710,900 15,670,900
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2560%
<br /> Gross Tax(Tax Rate x Net AV) 420,002 924,578 420,002 470,459 520,917 571,375 621,832 672,290 722,747 773,205 823,663
<br /> Local Tax Credit(8.7112%of GT-DS) (33,805) (74,417) (33,805) (37,866) (41,927) (45,988) (50,050) (54,111) (58,172) (62,233) (66,294)
<br /> Circuit Breaker Credit (114,530) (252,123) - - - - - (39,327) (81,886) (124,445) (167,004)
<br /> Taxes Due $ 271,667 $ 598,038 $ 386,197 $ 432,593 $ 478,990 $ 525,386 $ 571,782 $ 578,852 $ 582,689 $ 586,526 $ 590,364
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 239,727 527,727 527,727 527,727 527,727 527,727 527,727 527,727 527,727 527,727 527,727
<br /> Debt Service(0.3997%of Net AV) 31,940 70,311 31,940 35,777 39,614 43,451 47,288 51,125 54,962 58,799 62,637
<br /> Max Tax Under the Cap 271,667 598,038 559,667 563,504 567,341 571,178 575,015 578,852 582,689 586,526 590,364
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current 8 Taxes Abated
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 271,667 $ 326,371 $ 598,038 $ (211,841) $ 386,197
<br /> 2 90% 271,667 326,371 598,038 (165,445) 432,593
<br /> 3 80% 271,667 326,371 598,038 (119,048) 478,990
<br /> 4 70% 271,667 326,371 598,038 (72,652) 525,386
<br /> 5 60% 271,667 326,371 598,038 (26,255) 571,782
<br /> 6 50% 271,667 326,371 598,038 (19,186) 578,852
<br /> 7 40% 271,667 326,371598,038 (15,348) 582,689
<br /> 8 30% 271,667 326,371 ' 598,038 (11,511) 586,526
<br /> 9 20% 271,667 326,371 598,038 (7,674) 590,364
<br /> Total: 2,445,000 2,937,341 5,382,340 (648,961) 4,733,380
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. , Oil 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
<br />
|