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9 YEAR
<br />13- Aug -08
<br />Innovation Park
<br />South Bend Clay Township
<br />Real Property Tax Abatement Schedule'
<br />Tax Key Number
<br />New
<br />Combined
<br />17- 1017 -0406
<br />Net
<br />Existing
<br />Project
<br />Existing 8 New
<br />Tax
<br />Tax
<br />Year
<br />Taxe
<br />Current Assessed Value:
<br />Taxes
<br />Abated
<br />210,000
<br />1
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,807,774
<br />9,003
<br />2
<br />7,450
<br />1,809,327
<br />Estimated Project Cost:
<br />1,545,404
<br />271,373
<br />60,000,000
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,304,897
<br />511,880
<br />4
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,064,391
<br />Current
<br />Without
<br />100%
<br />88%
<br />77%
<br />66%
<br />'55%
<br />44%
<br />33%
<br />22%
<br />11%
<br />Assessed Values
<br />1,233,399
<br />AV 8 Tax
<br />Abatement
<br />Year
<br />Year2
<br />Year
<br />Year
<br />Year
<br />Year
<br />Year
<br />Year
<br />Year
<br />Current Assessed Value
<br />100%
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />210,000
<br />Base Assessed Value
<br />85%
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />51,000,000
<br />Less Abatement Deduction
<br />0
<br />(51,000,000)
<br />(44,880,000)
<br />(39,270,000)
<br />(33,660,000)
<br />(28,050,000)
<br />(22,440,000)
<br />(16,830,000)
<br />(11,220,000)
<br />(5,610,000)
<br />Net Assessed Value
<br />210,000
<br />51,210,000
<br />210,000
<br />6,330,000
<br />11,940,000
<br />17,550,000
<br />23,160,000
<br />28,770,000
<br />34,380,000
<br />39,990,000
<br />45,600,000
<br />Property Taxes
<br />Assume constant tax rate of
<br />4.2871%
<br />4.2871%
<br />42871%
<br />4.2871%
<br />42871%
<br />4.2871%
<br />4,2871%
<br />4.2871%
<br />41871%
<br />4.2871%
<br />42871%
<br />Gross Tax (tax rate x net assessed value)
<br />9.003
<br />2,195 424
<br />9,003
<br />271,373
<br />511,880
<br />752,386
<br />992,892
<br />1,233,399
<br />1,473,905
<br />1,714,411
<br />1,954,918
<br />Less Circuit Breaker Credit
<br />(1,553)
<br />(378.647)
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />(168,866)
<br />Net Tax
<br />7,450
<br />1,816,777
<br />9,003
<br />271,373
<br />511,880
<br />752,386
<br />992,892
<br />1,233,399
<br />1,473,905
<br />1,714,411
<br />1,786,051
<br />Circuit Breaker Cap
<br />Circuit Breaker
<br />3.0000%
<br />6,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />1,536,300
<br />Debt Service
<br />0.5477%
<br />1,150
<br />280.477
<br />1,150
<br />34,669
<br />65,395
<br />96,121
<br />126,847
<br />157,573
<br />188,299
<br />219,025
<br />249,751
<br />Circuit Braker Cap
<br />7,450
<br />1,816,777
<br />1,537,450
<br />1,570,969
<br />1,601,695
<br />1,632,421
<br />1,663,147
<br />1,693,873
<br />1,724,599
<br />1,755,325
<br />1,786,051
<br />New
<br />Combined
<br />Net
<br />Existing
<br />Project
<br />Existing 8 New
<br />Tax
<br />Tax
<br />Year
<br />Taxe
<br />Taxes
<br />Taxes
<br />Abated
<br />Paid
<br />1
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,807,774
<br />9,003
<br />2
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,545,404
<br />271,373
<br />3
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,304,897
<br />511,880
<br />4
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,064,391
<br />752,386
<br />5
<br />7,450
<br />1,809,327
<br />1,816,777
<br />823,885
<br />992,892
<br />6
<br />7,450
<br />1,809,327
<br />1,816,777
<br />583,379
<br />1,233,399
<br />7
<br />7,450
<br />1,809,327
<br />1,816,777
<br />342,872
<br />1,473,905
<br />8
<br />7,450
<br />1,809,327
<br />1,816,777
<br />102,366
<br />1,714,411
<br />9
<br />7,450
<br />1,809,327
<br />1,816,777
<br />30,726
<br />1,786,051
<br />Totals
<br />67,052
<br />16.283,943
<br />16,350,995
<br />7,605.694
<br />8,745,301
<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
<br />and the then current
<br />tax rates.
<br />
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