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6-Year Abatement April 7,2026
<br /> Wharf Partners LLC
<br /> South Bend Portage Township-Real Property Tax Abatement Schedule(Retail Establishment)
<br /> Type of Property: Retail Establishment
<br /> Estimated Project Cost: $ 15,000,000 New Construction
<br /> Property Address: 312-318 E.Colfax Avenue
<br /> Tax Key Number: 71-08-12-130-002.000-026;71-08-12-130-011.000-026
<br /> Project Compte
<br /> Before Project No Abatement With Abatement
<br /> Tax Year/Pay Year: 2027/Pay 2028 2028/Pay 2029 2028/Pay 2029 2029/Pay 2030 2030/Pay 2031 2031/Pay 2032 2032/Pay 2033 2033/Pay 2034
<br /> Assessed Value(AV)
<br /> Land $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000 $ 294,000
<br /> Structure(60%AV of Project Cost) 26,200 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000 9,000,000
<br /> Gross Assessed Value 320,200 9,294,000 9,294,000 9,294,000 9,294,000 9,294,000 9,294,000 9,294,000
<br /> Abatement 100% 100% 100% 100% 100% 100%
<br /> Abatement Deduction - - (8,973,800) (8,973,800) (8,973,800) (8,973,800) (8,973,800) (8,973,800)
<br /> Standard Homestead Deduction - - - - - - - -
<br /> Supplemental Homestead Deduction - - - - - - - -
<br /> Non-Homestead Standard Deduction - - - - - - - -
<br /> Net Assessed Value 320,200 9,294,000 320,200 320,200 320,200 320,200 320,200 320,200
<br /> Property Taxes
<br /> Assume constant tax rate of 5.0426%
<br /> Gross Tax(Tax Rate x Net AV) 16,146 468,659 16,146 16,146 16,146 16,146 16.146 16.146
<br /> Local Tax Credit (1,517) - - - - - - -
<br /> Circuit Breaker Credit (3,879) (156,613) - - - - - -
<br /> Supplemental Homestead Credit - - - - - - - -
<br /> Taxes Due $ 10,751 $ 312,046 $ 16,146 $ 16,146 $ 16,146 $ 16,146 $ 16,146 $ 16,146
<br /> 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 9,606 278,820 278,820 278,820 278,820 278,820 278,820 278,820
<br /> Debt Service(0.3575%of Net AV) 1,145 33,226 1,145 1,145 1,145 1,145 1,145 1,145
<br /> Max Tax Under the Cap 10,751 312,046 279,965 279.965 279.965 279.965 279,965 279,965
<br /> Estimated Pre- Projected Total Projected
<br /> Pay Year Abatement Project Tax Liability Additional Tax Tax Liability Taxes Abated Net Taxes Paid
<br /> Liability (Current+Add!)
<br /> 2029 100% $ 10,751 $ 301,295 $ 312,046 $ (295,900) $ 16,146
<br /> 2030 100% 10,751 301,295 312,046 (295,900) 16,146
<br /> 2031 100% 10,751 301,295 312,046 (295,900) 16,146
<br /> 2032 100% 10,751 301,295' 312,046 (295,900) 16,146
<br /> 2033 100% 10.751 _ 301.295 312.046 (295,900) 16,146
<br /> 2034 100% 10 751 s 301 295 312 046 (295,900) 16,146
<br /> Total 64,504 1,807,772 1,872,276 (1,775,398) 96,878
<br /> •This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. 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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