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9-Year Abatement January 8.2025
<br /> Greenleaf Holdco LLC
<br /> Filed in Clerk's Office
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule
<br /> JAN U 8 ZJ1'5
<br /> Type of Property: Greenhouse
<br /> Estimated Project Cost: $12,000,000 Addition
<br /> Bianca Tirado
<br /> Property Address: 3820W.CalvertStreet City Clerk, South Bend, IN
<br /> Tax Key Number: 71-08-16-400-004.000-026;71-08-16-400-008.000-026
<br /> Without
<br /> un t Abatement Year 1 Year 2 Year 3 Year 4 Year year Year 7 Y ar Year
<br /> Assessed Value(AV)
<br /> Land $ 230.500 $ 230,500 $ 230,500 $ 230,500 $ 230,500 $ 230,500 $ 230,500 $ 230,500 $ 134,400 $ 134,400 $ 134,400
<br /> Structure(Current AV+80%Project Cost 5,179,500 14,779,500 14,779,500 14,779,500 14,779,500 14,779,500 14,779,500 14,779,500 14,779,500 14,779,500 14,779,500
<br /> Gross Assessed Value 5,410,000 15,010,000 15,010,000 15,010,000 15,010,000 15,010,000 15,010,000 15,010,000 14,913,900 14,913,900 14,913,900
<br /> Abatement 100% 100% 100% 100% 100% 90% 80% 70% 60%
<br /> Abatement Deduction - (9,600,000) (9,600,000) (9,600,000) (9,600,000) (9,600,000) (8,640,000) (7,680,000) (6,720,000) (5,760,000)
<br /> Net Assessed Value 5,410,000 15,010,000 5,410,000 5,410,000 5,410,000 5,410,000 5,410,000 6,370,000 7,233,900 8,193,900 9,153,900
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 289,695 803,755 289,695 289,695 289,695 289,695 289,695 341,101 387,361 438,767 490,173
<br /> Local Tax Credit(12.3682%of GT-DS) (33,261) (92,281) (33,261) (33,261) (33,261) (33,261) (33,261) (39,163) (44,474) (50,376) (56,278)
<br /> Circuit Breaker Credit (74,321) (204,497) (2,264) (2,264) (2,264) (2,264) (2,264) (2,264) - - -
<br /> Taxes Due $ 182.113 $ 506,977 $ 254,170 $ 254,170 $ 254,170 $ 254,170 $ 254,170 $ 299,674 $ 342,887 $ 388,391 $ 433,895
<br /> Circuit Breaker Cap 161,339 449,339 449,339 449,339 449,339 449,339 449,339 449,339 447,417 447,417 447,417
<br /> Debt Service(0.3840%of f Net AV) 20,774 57,638 20,774 20,774 20,774 20,774 20,774 24,461 27,778 31,465 35,151
<br /> Max Tax Under the Cap 182,113 506,977 470,113 470,113 470,113 470,113 470,113 473,800 4 75.195 478,882 482,568
<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% $ 182,113 $ 324,864 $ 506,977 $ (252,807) $ 254,170
<br /> 2 100% 182,113 324,864 506,977 (252,807) 254,170
<br /> 3 100% 182,113 324,864 506,977 (252,807) 254,170
<br /> 4 100% 182,113 324,864 506,977 (252,807) 254,170
<br /> 5 100% 182,113 324,864 506,977 (252,807) 254,170
<br /> 6 90% 182,113 324,864 506,977 (207,303) 299,674
<br /> 7 80% 182.113 324,864 506,977 (164,090) 342,887
<br /> 8 70% 182.113 324,864 506.977 (118,586) 388,391
<br /> 9 601/4 182 113 324.864 506 977 (73.082) 433.895
<br /> Total: 1,639,021 2,923,776 4,562,797 (1,827,100) 2,735,697
<br /> •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. Iii, 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
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