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6 YEAR
<br />GTA Containers
<br />11-Jul-08
<br />South Bend Portage Township Real Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />"1$=~i9~7257
<br />;1,852,300:3
<br />.:2,800,t70a
<br /> Current Without 100% 85% 66% 50% 34°10 17%
<br />Assessed Value: AV 8 Tax Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
<br />Current Assessed Value 100% 1,852,300 1,852,300 1,852,300 1,852,300 1,852,300 1,852,300 1,852,300 1,852,300
<br />Base Assessed Value r.~„';R85°h ~_„~„ 2,380,000 2,380,000 2,380,000 2,380,000 2,380,000 2,380,000 2,380,000
<br />Less Abatement Deduction 0 (2,380,000) (2,023,000) (1,570,800) (1,190,000) (809 200) (404 600)
<br />Net Assessed Value 1,852,300 4,232,300 1,852,300 2,209,300 2,661,500 3,042,300 3,423,100 3,827,700
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />Gross Tax (tax rate x net assessed value) 79,677 182,052 79,677 95,033 114,484 130,865 147,245 164,649
<br />Less Circuit Breaker Credit (13,963) (31,903) 0 0 0 0 (1 527) (16 715)
<br />Net Tax 65,714 150,149 79,677 95,033 114,484 130,865 145,717 147,933
<br />
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000% 55,569 126,969 126,969 126,969 126,969 126,969 126,969 126,969
<br />Debt Service 0.5477% 10,145 23,180 10,145 12,100 14,577 16,663 18,748 20,964
<br />Circuit Braker Cap 65,714 150,149 137,114 139,069 141,546 143,632 145,717 147,933
<br /> New Combined Net
<br /> Existing Project Existing 8 New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 65,714 84,435 150,149 70,473 79,677
<br />2 65,714 84,435 150,149 55,116 95,033
<br />3 65,714 84,435 150,149 35,665 114,484
<br />4 65,714 84,435 150,149 19,285 130,865
<br />5 65,714 84,435 150,149. 4,432 145,717
<br />6 65,714 84,435 150,149 2,216 147,933
<br />Totals 394,284 506,612 900,896 187,187 713,709
<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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