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7-Year Abatement February 19,2025
<br /> Blueprint, LLC / HRP Construction Inc.
<br /> South Bend Warren Township
<br /> Commerical Development Real Property Tax Abatement Schedule*
<br /> Type of Property: Industrial
<br /> Estimated Project Cost: $ 6,400,000 New Construction
<br /> Property Address: 25471 Cleveland Road
<br /> Tax Key Number: TBD
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
<br /> Assessed Value(AV)
<br /> Land $ 71,800 $ 71,800 $ 71,800 $ 71,800 $ 71,800 $ 71,800 $ 71,800 $ 71,800 $ 71,800
<br /> Structure(AV=60%Project Cost) 109,700 3,840,000 3,840,000 3,840,000 3,840,000 3,840,000 3,840,000 3,840,000 3,840,000
<br /> Gross Assessed Value 181,500 3,911,800 3,911,800 3,911,800 3,911,800 3,911,800 3,911,800 3,911,800 3,911,800
<br /> Abatement 100% 90% 80% 70% 60% 50% 50%
<br /> Abatement Deduction - (3,730,300) (3,357,270) (2,984,240) (2,611,210) (2,238,180) (1,865,150) (1,865,150)
<br /> Net Assessed Value 181,500 3,911,800 181,500 554,530 927,560 1,300,590 1,673,620 2,046,650 2,046,650
<br /> Property Taxes
<br /> Assume constant tax rate of 5.3430%
<br /> Gross Tax(Tax Rate x Net AV) 9,698 209,007 9,698 29,629 49,560 69,491 89,422 109,353 109,353
<br /> Local Tax Credit(12.3682%of GT-DS) (1,113) (23,993) (1,113) (3,401) (5,689) (7,977) (10,265) (12,553) (12,553)
<br /> Circuit Breaker Credit (2,442) (52,640) - - - - - - -
<br /> Taxes Due $ 6,142 $ 132,375 $ 8,584 $ 26,227 $ 43,870 $ 61,513 $ 79,157 $ 96,800 $ 96,800
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 5,445 117,354 117,354 117,354 117,354 117,354 117,354 117,354 117,354
<br /> Debt Service(0.3840%of Net AV) 697 15,021 697 2,129 3,562 4,994 6,427 7,859 7,859
<br /> Max Tax Under the Cap 6,142 132,375 118,051 119,483 120,916 122,348 123,781 125,213 125,213
<br /> Combined
<br /> Year Abatement Current Taxes New Current& Taxes Abated Net Taxes
<br /> Due Projected Tax New Taxes Paid
<br /> 1 100% $ 6,142 $ 126,233 $ 132,375 $ (123,791) $ 8,584
<br /> 2 90% 6,142 126,233 132,375 (106,148) 26,227
<br /> 3 80% 6,142 126,233 132,375 (88,505) 43,870
<br /> 4 70% 6,142 126,233 132,375 (70,862) 61,513
<br /> 5 60% 6,142 126,233 132,375 (53,219) 79,157
<br /> 6 50% 6,142 126,233 132,375 (35,576) 96,800
<br /> 7 50% 6,142 126,233 132,375 (35,576) 96,800
<br /> Total: 42,994 883,633 926,627 (513,676) 412,951
<br /> pa;.
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2023 Payable 2024. 2 Iiik Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. y City of South Bend
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