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6-Year Abatement April 2,2024
<br /> Steel Warehouse Company, LLC
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Industrial
<br /> Estimated Project Cost: $ 3,500,000 Addition
<br /> Property Address: 2722 Tucker Drive
<br /> Tax Key Number: 71-08-15-151-002.000-026&71-08-15-151-003.000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
<br /> Assessed Value(AV)
<br /> Land $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000 $ 100,000
<br /> Structure(Current AV+60%Project Cost) 684,000 2,784,000 2,784,000 2,784,000 2,784,000 2,784,000 2,784,000 2,784,000
<br /> Gross Assessed Value 784,000 2,884,000 2,884,000 2,884,000 2,884,000 2,884,000 2,884,000 2,884,000
<br /> Abatement 100% 90% 80% 70% 60% 50%
<br /> Abatement Deduction - (2,100,000) (1,890,000) (1,680,000) (1,470,000) (1,260,000) (1,050,000)
<br /> Net Assessed Value 784,000 2,884,000 784,000 994,000 1,204,000 1,414,000 1,624,000 1,834,000
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 41,982 154,432 41,982 53,227 64,472 75,717 86,962 98,207
<br /> Local Tax Credit(12.3682%of GT-DS) (4,820) (17,731) (4,820) (6,111) (7,402) (8,693) (9,984) (11,275)
<br /> Circuit Breaker Credit (10,631) (39,107) - - - - - -
<br /> Taxes Due $ 26,531 $ 97,595 $ 37,162 $ 47,116 $ 57,070 $ 67,024 $ 76,978 $ 86,932
<br /> 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 23,520 86,520 86,520 86,520 86,520 86,520 86,520 86,520
<br /> Debt Service(0.3840%of Net AV) 3,011 11,075 3,011 3,817 4,623 5,430 6,236 7,043
<br /> Max Tax Under the Cap 26,531 97,595 89,531 90,337 91,143 91,950 92,756 93,563
<br /> Current Taxes New Combined Net Taxes -•
<br /> Year Abatement Due Projected Tax Current& Taxes Abated Paid CD
<br /> New Taxes n a
<br /> 1 100% $ 26,531 $ 71,064 $ 97,595 $ (60,433) $ 37,162 N 03 ro --
<br /> 2 90% 26,531 71,064 97,595 (50,479) 47,116 A-co
<br /> 3 80% 26,531 71,064 97,595 (40,525) 57,070 (n 0 p 0
<br /> 4 70% 26,531 71,064 97,595 (30,571) 67,024 0
<br /> 5 60% 26,531 '''-‘71,064 97,595 (U,B17) 76,978 - 7-
<br /> 6 50% 26,531 71,064 97,595 (10,663) 86,932 ?y o
<br /> Total: 159,183 426,384 585,567 (213,288) 372,280 7 C
<br /> C 0
<br /> *This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. _} '. 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 Z o
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