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5 YEAR
<br />Stanz Foodservice
<br />South Bend Portage Township Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />17- Jul -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 />22,410 22,410 26,505 28,552 29,430 29,430
<br />(3,927) 0 0 0 0 0
<br />18,482 22,410 26,505 28,552 29,430 29,430
<br />3.0000% 15,629 25,829 25,829 25,829 25,829 25,829
<br />0.5477% 2,853 2,853 3,375 3,635 3,747 3,747
<br />18,482 28,682 29,204 29,465 29,576 29,576
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />18,482
<br />40%
<br />56%
<br />42%
<br />32%
<br />24%
<br />18,482
<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% 520,970
<br />520,970
<br />520,970
<br />520,970
<br />520,970
<br />520,970
<br />Base Assessed Value
<br />29,430
<br />340,000
<br />476,000
<br />357,000
<br />272,000
<br />204,000
<br />Less Abatement Deduction
<br />(340,000)
<br />(380,800)
<br />(214,200)
<br />(108,800)
<br />(40,800)
<br />Net Assessed Value
<br />520,970
<br />520,970
<br />616,170
<br />663,770
<br />684,170
<br />684,170
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<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 />22,410 22,410 26,505 28,552 29,430 29,430
<br />(3,927) 0 0 0 0 0
<br />18,482 22,410 26,505 28,552 29,430 29,430
<br />3.0000% 15,629 25,829 25,829 25,829 25,829 25,829
<br />0.5477% 2,853 2,853 3,375 3,635 3,747 3,747
<br />18,482 28,682 29,204 29,465 29,576 29,576
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />18,482
<br />12,062
<br />30,545
<br />8,135
<br />22,410
<br />2
<br />18,482
<br />12,807
<br />31,290
<br />4,785
<br />26,505
<br />3
<br />18,482
<br />12,155
<br />30,638
<br />2,086
<br />28,552
<br />4
<br />18,482
<br />11,690
<br />30,172
<br />743
<br />29,430
<br />5
<br />18,482
<br />11,317
<br />29,800
<br />370
<br />29,430
<br />Totals
<br />92,412
<br />60,032
<br />152,444
<br />16,119
<br />136,325
<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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