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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
<br />Combined
<br />Net Taxes
<br />Tl
<br />Year Abatement
<br />Due Projected Tax NewCurrTaxesent& Taxes Abated
<br />Paid Q
<br />1 100% $ 26,531 $ 71,064 $ 97,595 $ (60,433) $ 37,162 c0-D CO.
<br />2 90% 26,531 71,064 97,595 (50,479) 47,116 3-W =
<br />3 80% 26,531 71,064 97,595 (40,525) 57,070
<br />n 0C 0
<br />4 70% 26,531 71,064 97,595 (30,571) 67,024 0 (J.: CD
<br />5 60% 26,531 71,064 97,595 (20,617) 76,978 z _{
<br />6 50% 26,531 71,064 97,595 (10,663) 86,932 IIt p Uj
<br />Total: 159,183 426,384 585,567 (213,288) 372,280 a p -w• O
<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.
<br />F
<br />City of South Bend z CAD
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