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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 /> 40% 56% 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 0 0 0 0 0 0
<br />Base Assessed Value 200,000 280,000 210,000 160,000 120,000
<br />Less Abatement Deduction (200,000) (224,000) (126,000) (64,000) (24,000)
<br />Net Assessed Value _
<br />0 0 56,000 84,000 96,000 96,000
<br />Progerfir Taxes:
<br />Assume constant tax rate of 4.2871 % 4.2871 % 4.2871 % 4.2871 % 4.2871 % 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 0 7,095 7,095 7,095 0
<br />2 0 7,534 7,534 5,133 2,401
<br />3 0 7,150 7,150 3,549 3,601
<br />4 0 6,876 6,876 2,744 4,133
<br />5 0 6,657 6,657 1,029 5,628
<br />Totals 0 35,313 35,313 19,550 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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