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8-Year Abatement January 16.2025
<br /> GLC Sheridan, LLC
<br /> South Bend Portage Township
<br /> Commence!Development Real Property Tax Abatement Schedule'
<br /> Type of Property: Industrial
<br /> Estimated Project Cost: $ 8,880,000 Rehabilitation
<br /> Property Address: 445 N.Sheridan St
<br /> Tax Key Number: 71-08-04-376-017.000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br /> Assessed Value(AV)
<br /> Land $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47,200 $ 47.200 $ 47,200
<br /> Structure(AV=60%Project Cost) 306,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100 5,634,100
<br /> Gross Assessed Value 353,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300 5,681,300
<br /> Abatement 100% 90% 80% 70% 60% 50% 40% 30%
<br /> Abatement Deduction - (5,328,000) (4,795,200) (4,262,400) (3,729,600) (3,196,800) (2,664,000) (2,131,200) (1,598,400)
<br /> Net Assessed Value 353,300 5,681,300 353,300 886,100 1,418,900 1,951,700 2,484,500 3,017,300 3,550,100 4,082,900
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3548%
<br /> Gross Tax(Tax Rate x Net AV) 18,919 304,222 18,919 47,449 75,979 104,510 133,040 161,570 190,101 218,631
<br /> Local Tax Credit(12.3682%of GT-DS) (2,172) (34,929) (2,172) (5,448) (8,723) (11,999) (15,275) (18,550) (21,826) (25,102)
<br /> Circuit Breaker Credit (4,791) (77,039) - - - - - - - (7,412)
<br /> Taxes Due $ 11,956 $ 192,255 $ 16,746 $ 42,001 $ 67,256 $ 92,511 $ 117,765 $ 143,020 $ 168,275 $ 186,117
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 10,599 170,439 170,439 170,439 170,439 170,439 170,439 170,439 170,439 170,439
<br /> Debt Service(0.3840%of Net AV) 1,357 21,816 1,357 3,403 5,449 7,495 9,540 11,586 13,632 15,678
<br /> Max Tax Under the Cap 11,956 192,255 171,796 173,842 175,888 177,934 179,979 182,025 184,071 186,117
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 11,956 $ 180,300 $ 192,255 $ (175,509) $ 16,746
<br /> 2 90% 11,956 180,300 192,255 (150,254) 42,001
<br /> 3 80% 11,956 180,300 192,255 _ (124,999) 67,256
<br /> 4 70% 11,956 180,300 192,255 (99,745) 92,511
<br /> 5 60% 11,956 180,300 192,255 (74,490) 117,765
<br /> 6 50% 11.956 180,300 192,255 (49,235) 143,020
<br /> 7 40% 11,956 180,300 192,255 (23,980) 168,275
<br /> 8 30% 11,956 180,300 192,255 (6.138) 186,117
<br /> Total: 95,645 1,442,396 1,538,042 (704,350) 833,692
<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
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