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Tax Abatement Schedule prepared for:
<br />GTA Containers
<br />11-Jul-08
<br />South Bend Portage Township 6 Year Real Property Abatement Schedule*
<br />Total estimated Project Cost: $2,800,000
<br />Base Assessed Value: $2,380,000 Existing AV 1,852,300
<br />(base assessed value is estimated at 85% of project cost)
<br />Assume constant tax rate of: 4.9205%
<br />Assume constant SRTC of: 19.4243%
<br />Total Taxes
<br /> Assessed Gross Less Net Percent Tax Tax Existing Old & New
<br />Year Value Tax SRTC Tax Abated Abated Paid Tax Paid
<br />1 $2,380,000 $117,108 $22,747 $94,361 100% $94,361 $0 73,439 73,439
<br />2 2,380,000 117,108 22,747 94,361 85% 80,207 14,154 73,439 87,593
<br />3 2,380,000 117,108 22,747 94,361 66% 62,278 32,083 73,439 105,522
<br />4 2,380,000 117,108 22,747 94,361 50% 47,181 47,180 73,439 120,619
<br />5 2,380,000 117,108 22,747 94,361 34% 32,083 62,278 73,439 135,717
<br />6 2,380,000 117,108 22,747 94,361 17% 16,041 78,320 73,439 151,759
<br /> $566,166 $332,151 $234,015 $440,632 $674,647
<br /> Total Taxes Due During Abatement: $566,166
<br /> Total Taxes Abated During Abatement: 332,151
<br /> Total Taxes Paid During Abatement: 234,015
<br />* -This schedule is for estimation purposes only and assumes constant tax rates.
<br />The true tax values will ultimately be determined by the actual
<br />assessed valuation and the then current tax rates.
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