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10-Year Abatement July 5,2023
<br /> Five Corners LLC
<br /> South Bend Portage Township
<br /> Residential Real Property Tax Abatement Schedule*
<br /> Type of Dwelling: Multi-Family Residence -108 units-
<br /> Estimated Project Cost: $23,000,000 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 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673 $ 150,673
<br /> Structure(AV=80%Project Cost) 216,200 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000 18,400,000
<br /> Gross Assessed Value 366,873 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673 18,550,673
<br /> Abatement 100% 90% 80% 70% 60% 50% 40% 30% 20% 10%
<br /> Abatement Deduction - (18,183,800) (16,365,420) (14,547,040) (12,728,660) (10,910,280) (9,091,900) (7,273,520) (5,455,140) (3,636,760) (1,818,380)
<br /> Net Assessed Value 366,873 18,550,673 366,873 2,185,253 4,003,633 5,822,013 7,640,393 9,458,773 11,277,153 13,095,533 14,913,913 16,732,293
<br /> Property Taxes
<br /> Assume constant tax rate of 5.2897%
<br /> Gross Tax(Tax Rate x Net AV) 19,407 981,275 19,407 115,593 211,780 307,967 404,154 500,341 596,528 692,714 788,901 885,088
<br /> Local Tax Credit(8.7112%of GT-DS) (1,563) (79,022) (1,563) (9,309) (17,055) (24,800) (32,546) (40,292) (48,038) (55,784) (63,530) (71,276)
<br /> Circuit Breaker Credit (5,371) (457,093) - - - - - (51,228) (132,401) (213,574) (294,747) (375,920)
<br /> Taxes Due $ 12,473 $ 445,161 $ 17,844 $ 106,285 $ 194,726 $ 283,167 $ 371,608 $ 408,820 $ 416,088 $ 423,356 $ 430,624 $ 437,892
<br /> 3% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2% 2%
<br /> Circuit Breaker Cap 11,006 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013 371,013
<br /> Debt Service(0.3997%of Net AV) 1,466 74,147 1,466 8,734 16,003 23,271 30,539 37,807 45,075 52,343 59,611 66,879
<br /> Max Tax Under the Cap 12,473 445,161 372,480 379,748 387,016 394,284 401,552 4013,820 416,088 423,356 430,624 437,892
<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% $ 12,473 $ 432,688 $ 445,161 $ (427,317) $ 17,844
<br /> 2 90% 12,473 432,688 445,161 (338,876) 106,285
<br /> 3 80% 12,473 432,688 445,161 (250,435) 194,726
<br /> 4 70% 12,473 432,688 445,161 (161,994) 283,167
<br /> 5 60% 12,473 432,688 445,161 (73,553) 371,608
<br /> 6 50% 12,473 432,688 445,161 (36,340) 408,820
<br /> 7 40% 12,473 432,688 445,161 (29,072) 416,088
<br /> 8 30% 12,473 432,688 445,161 (21,804) 423,356
<br /> 9 20% 12,473 432,688 445,161 (14,536) 430,624
<br /> 10 10% 12,473 432,688 445,161 (7,268) 437,892
<br /> Total: 124,726 4,326,879 4,451,605 (1,361,195) 3,090,410
<br /> s "'ts
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2022 Payable 2023. 6F it Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then-current tax rates. 4, • ?' City of South Bend
<br /> w4."
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