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3 YEAR
<br />29-Oct-08
<br /> Gatewa Plaza Real Estate LLC
<br /> South Bend German Township
<br /> Real Property Tax Abatement Schedule*
<br /> Tax Key Number 25-1010-0409.01
<br /> Current Assessed Value: 13,000
<br /> Estimated Project Cost: 1,480,180 100.00%
<br /> Current Without 100% 66% 33%
<br />Assessed Value: AV & Tax Abatement Year 1
<br />000 Year 2
<br />000
<br />13 Year 3
<br />000
<br />13
<br />Current Assessed Value 100% 13,000 13,000 13,
<br />258,153
<br />153 1
<br />258
<br />1 ,
<br />1,258,153 ,
<br />1,258,153
<br />Base Assessed Value ,
<br />,
<br />,
<br />85%
<br />0 (1 258 153} (830 381) (415,190)
<br />Less Abatement Deduction 153 13,000
<br />271
<br />000 1
<br />13 440,772 855,963
<br />Net Assessed Value ,
<br />,
<br />,
<br />Property Taxes:
<br />Assume constant tax rate of
<br />Gross Tax (tax rate x net assessed value)
<br />Less Circuit Breaker Credit
<br />Net Tax
<br />4.2815% 4.2815% 4.2815% 4.2815% 4.2815%
<br />557 54,424 557 18,872 36,648
<br />95) (9.328) 0 0 0
<br />461 45,097 557 18,872 36,648
<br />Circuit Breaker Cap
<br />0000%
<br />3
<br />390
<br />38,135
<br />38,135
<br />38,135
<br />38,135
<br />Circuit Breaker
<br />Debt Service .
<br />0.5477% 71 6,962 71
<br />6 2,414
<br />549
<br />40 4,688
<br />823
<br />42
<br />Circuit Braker Cap 461 45,097 38,20 , ,
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br /> Year Taxes Taxes Taxes Abated Paid
<br /> 1 461 44,635 45,097 44,540 557
<br /> 2 461 44,635 45,097 26,225 18,872
<br /> 3 461 44,635 45,097 8,449 36,648
<br /> Totals 1,384 133,906 135,290 79,214 56,076
<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 />
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