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5 YEAR
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />Fortis Plastics, LLC
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />0
<br />0 0
<br />0 10,690
<br />0 16,035
<br />0 18,326
<br />0 18,326
<br />0
<br />0 0 10,690 16,035 18,326 18,326
<br /> 40% 56% 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Vaiue: 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 887,560 1,242,584 931,938 710,048 532,536
<br />Less Abatement Deduction (887 560) (994 067) (559,163) (284,019) (106,507)
<br />Net Assessed Value 0 0 248,517 372,775 426,029 426,029
<br />Property Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 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-Dec-08
<br />71-03-401-006.000-026
<br />0
<br />2,218,900
<br />0 26,627 26,627 26,627 26,627 26,627
<br />0 0 1,361 2,042 2,333 2,333
<br />26,627
<br />3.0000%
<br />0.5477%
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 0 31,488 31,488 31,488 0
<br />2 0 33,432 33,432 22,742 10,690
<br />3 0 31,731 31,731 15,696 16,035
<br />4 0 30,516 30,516 12,190 18,326
<br />5 0 29,543 29,543 4,581 24,962
<br />Totals 0 156,711 156,711 86,698 70,013
<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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