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5 YEAR
<br />Stanz Foodservice
<br />South Bend Portage Township Personal Property Tax Abatement Schedule*
<br />17-Jul-08
<br /> Tax Key Number 8=566-53524
<br /> Current Assessed Vaiue: { ~ 5211;970
<br /> Estimated Project Cost: ~ '~ 850,000
<br /> 40% 56% 42% 32°l0 24%
<br /> Current 100% 80% 60% 40% 20°!°
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Vaiue 100% 520,970 520,970 520,970 520,970 520,970 520,970
<br />Sase Assessed Value 340,000 476,000 357,000 272,000 204,000
<br />Less Abatement Deduction (340,00 (380,800) (214,200) (108,800} (40,800)
<br />Net Assessed Value 520,970 520,970 616,170 663,770 684,170 684,170
<br />Prooerty Taxes: '
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />22,410 22,410 26,505 28,552 29,430 29,430
<br />(3,927) 0 0 0 0 0
<br />18,482 22,410 26,505 28,552 29,430 29,430
<br />3.0000% 15,629 25,829 25,829 25,829 25,829 25,829
<br />0.5477% 2,853 2,853 3,375 3,635 3,747 3,747
<br />18,482 28,682 29,204 29,465 29,576 29,576
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 18,482 12,062 30,545 8,135 22,410
<br />2 18,482 12,807 31,290 4,785 26,505
<br />3 18,482 12,155 30,638 2,086 28,552
<br />4 18,482 11,690 30,172 743 29,430
<br />5 18,482 11,317 29,800 370 29,430
<br />Totals 92,412 60,032 152,444 .16,119 136,325
<br />*This schedule is for estimation purposes only and assumes constant tax rates. The true tax values
<br />will ultimately be determined by the actual assessed valuation and the then current tax rates.
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