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5 YEAR
<br /> 30-Jul-IS
<br /> Fed Ex
<br /> South Bend German Township
<br /> Personal Property Tax Abatement Schedule*
<br /> Tax Key Number 025-1010-016902
<br /> Current Assessed Value: 0
<br /> Estimated Project Cost: 15,000,000
<br /> 40% 60% 55% 45% 37%
<br /> 100% 80% 60% 40% 20%
<br /> Year1 Year2 Year3 Year4 Years
<br /> Current
<br /> Assessed Value: AV&Tax Pay 2016 Pay 2017 Pay 2018 Pay 2019 Pay 2020
<br /> Current Assessed Value 100% 0 0 0 0 0 0
<br /> Base Assessed Value 6,000,000 9,000,000 8,250,000 6,750,000 5,550,000
<br /> Less Abatement Deduction (6,000,000) (7,200,000) (4,950,000) (2,700,000) 1
<br /> Net Assessed Value ) ( ,410,000)
<br /> 0 0 1,800,000 3,300,000 4,050,000 4,440,000
<br /> Property Taxes:
<br /> Assume constant tax rate of 5.4628% 5.4628% 5.4628% 5.4628% 5.4628% 5.4628%
<br /> Gross Tax(tax rate x net assessed value) 0 0 98,330 180,271 221,242 242,547
<br /> Less Circuit Breaker Credit 0 0 0 0 0 (48,532)
<br /> Net Tax 0 0 98,330 180,271 221,242 194,014
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 3.0000% 0 180,000 270,000 247,500 202,500 166,500
<br /> Debt Service 0.6197% 0 0 11,154 20,450 25,098 27,514
<br /> Circuit Braker Cap 0 180,000 281,154 267,950 227,598 194,014 '
<br /> New Combined Net
<br /> Existing Project Existing&New Tax Tax
<br /> Year Taxes Taxes Taxes Abated Paid
<br /> Pay 2016 0 217,182 217,182 217,182 0
<br /> Pay 2017 0 325,772 325,772 227,443 98,330
<br /> Pay 2018 0 298,625 298,625 118,354 180,271
<br /> Pay2019 0 244,329 244,329 23,088 221,242
<br /> Pay 2020 0 200,893 200,893 6,879 194,014
<br /> Totals 0 1,286,801 1,286,801 592,944 693,857
<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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