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6 YEAR
<br />Innovation Park
<br />South Bend Clay Township
<br />Real Property Tax Abatement Schedule*
<br />13- Aug -08
<br />Gross Tax (tax rate x net assessed value)
<br />Tax Key Number
<br />2,195,424
<br />9,003
<br />17- 1017 -0406
<br />752,386
<br />1,102,213
<br />1,452,041
<br />1,823,732
<br />Less Circuit Breaker Credit
<br />(1,553)
<br />Current Assessed Value:
<br />0
<br />210,000
<br />0
<br />0
<br />0
<br />(54,441)
<br />Net Tax
<br />7,450
<br />Estimated Project Cost:
<br />9,003
<br />336,966
<br />60,000,000
<br />1,102,213
<br />1,452,041
<br />1,769,292
<br />Circuit Breaker Cap
<br />1,479,811
<br />336,966
<br />3
<br />Current
<br />Without
<br />100%
<br />85%
<br />66%
<br />50%
<br />34%
<br />17%
<br />Assessed Value:
<br />1,536,300
<br />AV & Tax
<br />Abatement
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Year 6
<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 />Base Assessed Value
<br />85%
<br />1,721,806
<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 />(43,350,000)
<br />(33,660,000)
<br />(25,500,000)
<br />(17,340,000)
<br />(8,670,000)
<br />Net Assessed Value
<br />210,000
<br />51,210,000
<br />210,000
<br />7,860,000
<br />17,550,000
<br />25,710,000
<br />33,870,000
<br />42,540,000
<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 />4.2871%
<br />4.2871%
<br />Gross Tax (tax rate x net assessed value)
<br />9,003
<br />2,195,424
<br />9,003
<br />336,966
<br />752,386
<br />1,102,213
<br />1,452,041
<br />1,823,732
<br />Less Circuit Breaker Credit
<br />(1,553)
<br />(378,647)
<br />0
<br />0
<br />0
<br />0
<br />0
<br />(54,441)
<br />Net Tax
<br />7,450
<br />1,816,777
<br />9,003
<br />336,966
<br />752,386
<br />1,102,213
<br />1,452,041
<br />1,769,292
<br />Circuit Breaker Cap
<br />1,479,811
<br />336,966
<br />3
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,064,391
<br />752,386
<br />Circuit Breaker 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 />Debt Service 0.5477%
<br />1,150
<br />280,477
<br />1,150
<br />43,049
<br />96,121
<br />140,814
<br />185,506
<br />232,992
<br />Circuit Braker Cap
<br />7,450
<br />1,816,777
<br />1,537,450
<br />1,579,349
<br />1,632,421
<br />1,677,114
<br />1,721,806
<br />1,769,292
<br />Totals 44,701 10,855,962 10,900,663 5,478,762 5,421,901
<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.
<br />New
<br />Combined
<br />Net
<br />Existing
<br />Project
<br />Existing & New
<br />Tax
<br />Tax
<br />Year
<br />Taxes
<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 />1,479,811
<br />336,966
<br />3
<br />7,450
<br />1,809,327
<br />1,816,777
<br />1,064,391
<br />752,386
<br />4
<br />7,450
<br />1,809,327
<br />1,816,777
<br />714,564
<br />1,102,213
<br />5
<br />7,450
<br />1,809,327
<br />1,816,777
<br />364,736
<br />1,452,041
<br />6
<br />7,450
<br />1,809,327
<br />1,816,777
<br />47,486
<br />1,769,292
<br />Totals 44,701 10,855,962 10,900,663 5,478,762 5,421,901
<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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