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10-Year Abatement July 5,2023
<br /> Five Corners LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Retail Establishment
<br /> Estimated Project Cost: $ 1,500,000 New Construction
<br /> Property Address: 1144 Corby Boulevard
<br /> Tax Key Number: 71-09-06-301-014.000-026
<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 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827 $ 9,827
<br /> Structure(AV=80%Project Cost) - 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000 1,200,000
<br /> Gross Assessed Value 9,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1,209,827 1209,827
<br /> Abatement 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%
<br /> Abatement Deduction - (1,200,000) (1,080,000) (960,000) (840,000) (720,000) (600,000) (480,000) (360,000) (240,000) (120,000)
<br /> Net Assessed Value 9,827 1,209,827 9,827 129,827 249,827 369,827 489,827 609,827 729,827 849,827 969,827 1,089,827
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 520 63,996 520 6,867 13,215 19,563 25,910 32,258 38,606 44,953 51,301 57,649
<br /> Local Tax Credit(8.7112%of GT-DS) (42) (5,154) (42) (553) (1,064) (1,575) (2,087) (2,598) (3,109) (3,620) (4,131) (4,642)
<br /> Circuit Breaker Credit (144) (17,712) - - - - - - - (1,642) (6,998) (12,355)
<br /> Taxes Due $ 334 $ 41,130 $ 478 $ 6,314 $ 12,151 $ 17,987 $ 23,824 $ 29,660 $ 35,497 $ 39,692 $ 40,171 $ 40,651
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295 36,295
<br /> Debt Service(0.3997%of Net AV) 39 4,836 39 519 999 1,478 1,958 2,437 2,917 3,397 3,876 4,356
<br /> Max Tax Under the Cap 334 41,130 36,334 36,614 37,293 37,773 38,253 38,732 39,212 39,692 40,171 40,651
<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% $ 334 $ 40,796 $ 41,130 $ (40,653) $ 478
<br /> 2 90% 334 40,796 41,130 (34,816) 6,314
<br /> 3 80% 334 40,796 41,130 (28,980) 12,151
<br /> 4 70% 334 40,796 41,130 (23,143) 17,987
<br /> 5 60% 334 40,796 41,130 (17,307) 23,824
<br /> 6 50% 334 40,796 41,130 (11,470) 29,660
<br /> 7 40% 334 40,796 41,130 (5,634) 35,497
<br /> 8 30% 334 40,796 41,130 (1,439) 39,692
<br /> 9 20% 334 40,796 41,130 (959) 40,171
<br /> 10 10% 334 40,796 41,130 (480) 40,651
<br /> Total: 3,341 407,964 411,305 (164,880) 246,425
<br /> •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. " 4f
<br /> � 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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