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7 YEAR 18-Jul-08
<br />GTA Containers (Foxtrot Realtyl
<br />South Bend Portage Township Real Property Tax Abatement Schedule'
<br /> Tax Key Number ~ e-219-~2~1€
<br /> Current Assessed Value: 1;852,30b
<br /> Estimated Project Cost: 2,$i1Q,00U 10.00%
<br /> Current Without 100% 85% 71% 57% 43% 29% 14%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
<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 1,852,300
<br />Base Assessed Value 85%° 2,380,000 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) (1 689,800) (1,356 600) (1 023,400) (690 200) (333 200)
<br />Net Assessed Value 1,852,300 4,232,300 1,852,300 2,2o9,30D 2,542,500 2,875,700 3,208,900 3,542,100 3,899,100
<br />ProoertV Taxes:
<br />Assume constant tax rate of 4.3592% 4.3592% 4.3592% 4.3592% 4.3592% 4.3592% 4.3592% 4.3592% 4.3592%
<br />Gross Tax (tax rate x net assessed value) 80,745 184,494 80,745 96,308 110,833 125,358 139,882 154,407 169,970
<br />Less Circuit Breaker Credit (14,213) (32,474) 0 0 0 0 0 (6 473) (19 922)
<br />Net Tax 66,533 152,020 80,745 96,308 110,833 125,358 139,882 147,935 150,048
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000% 55,569 126,969 126,969 126,969 126,969 126,969 126,969 126,969 126,969
<br />Debt Service 0.5919% 10,964 25,051 10,964 13,077 15,049 17,021 18,993 20,966 23,079
<br />Circuit Braker Cap 66,533 152,020 137,933 140,046 142,018 143,990 145,962 147,935 150,048
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 66,533 85,487 152,020 71,275 80,745
<br />2 66,533 85,487 152,020 55,712 96,308
<br />3 66,533 65,487 152,020 41,187 110,833
<br />4 66,533 85,487 152,020 26,662 125,358
<br />5 66,533 85,487 152,020 12,138 139,882
<br />6 66533 85,487 152,020 4,085 147,935
<br />7 66,533 85,487 152,020 1,972 150,048
<br />Totals 465,729 598,411 1,064,140 213,032 851,108
<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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