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5 YEAR
<br />Innovation Park
<br />South Bend Clay Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />17- 1017 -0406
<br />0
<br />500,000
<br />12- Aug -08
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />0 0 2,401 3,601 4,116 4,116
<br />0 0 0 0 0 0
<br />0 0 2,401 3,601 4,116 4,116
<br />3.0000% 0 6,000 6,000 6,000 6,000 6,000
<br />0.5477% 0 0 307 460 526 526
<br />0 6,000 6,307 6,460 6,526 6,526
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />0
<br />40%
<br />56%
<br />42%
<br />32%
<br />24%
<br />0
<br />Current
<br />100%
<br />80%
<br />60%
<br />40%
<br />20%
<br />Assessed Value:
<br />AV & Tax
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Current Assessed Value
<br />100% 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Base Assessed Value
<br />5,628
<br />200,000
<br />280,000
<br />210,000
<br />160,000
<br />120,000
<br />Less Abatement Deduction
<br />(200,000)
<br />(224,000)
<br />(126,000)
<br />(64,000)
<br />(24,000)
<br />Net Assessed Value
<br />0
<br />0
<br />56,000
<br />84,000
<br />96,000
<br />96,000
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.2871%
<br />4.2871%
<br />4.2871%
<br />4.2871%
<br />4.2871%
<br />4.2871%
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />Debt Service
<br />Circuit Braker Cap
<br />0 0 2,401 3,601 4,116 4,116
<br />0 0 0 0 0 0
<br />0 0 2,401 3,601 4,116 4,116
<br />3.0000% 0 6,000 6,000 6,000 6,000 6,000
<br />0.5477% 0 0 307 460 526 526
<br />0 6,000 6,307 6,460 6,526 6,526
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />0
<br />7,095
<br />7,095
<br />7,095
<br />0
<br />2
<br />0
<br />7,534
<br />7,534
<br />5,133
<br />2,401
<br />3
<br />0
<br />7,150
<br />7,150
<br />3,549
<br />3,601
<br />4
<br />0
<br />6,876
<br />6,876
<br />2,744
<br />4,133
<br />5
<br />0
<br />6,657
<br />6,657
<br />1,029
<br />5,628
<br />Totals
<br />0
<br />35,313
<br />35,313
<br />19,550
<br />15,763
<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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