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<br /> 0 YEAR
<br /> 17-Nov-15
<br /> RDistrict One, LLC
<br /> South Bend Portage Township
<br /> Real Property Tax Abatement Schedule`
<br /> Tax Key Number 018-3043-165409;018-3043-165402
<br /> Current Assessed Value: 845,400
<br /> Estimated Project Cost: 14,500,000
<br /> Current Without 100% 95% 80% 65% 50% 40% 30% 20% 10% 5%
<br /> Assessed Value' AV&TaK Abatement Year 1. Yeer2 Year 3 Year4 Year 5 YearS Year Year5 Year5 Year 5.
<br /> Current Assessed Value 100% 845,400 845,400 845,400 845,400 845,400 845,400 845,400 845,400 845,400 845,400 845,400 845,400
<br /> Base Assessed Value 55% 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000 7,975,000
<br /> Less Abatement Deduction 0 (7,975,000) (7,576,250) (6,380,000) (5,183,750) (3,987,500) (3,190,000) (2,392,500) (1,595,000) (797,500) (398,750)
<br /> Net Assessed Value 845,400 8,820,400 845,400 1,244,150 2,440,400 3,836,650 4.832.900 5,630,400 6,427,900 7,225,400 8.022,900 8,421,650
<br /> Properly Taxes'
<br /> Assume constant tax rate of 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968% 5.4968%
<br /> Gross Tax(tax rate x net assessed value) 46,470 484,841 46.470 68,389 134,144 199,900 265,655 309,493 353,330 397,167 441,004 462,922
<br /> Less Circuit Breaker Credit (15,869) (165,589) 0 0 0 0 0 (9,989) (48,884) (87,779) (126,674) (146,122)
<br /> Net Tax 30601 319271 _ 46470 68389 134144 199900 265655 299503 304445 309387 __ 314329 318800
<br /> Circuit Breaker Cap
<br /> Circuit Breaker 3.0000% 25,362 284,612 264,612 264,612 264,612 264,612 264,612 264,612 264,612 264,612 264,612 264,612
<br /> Debt Service 0.6197% 5,239 54,659 5,239 7,710 15,123 22,536 29,949 34,891 39,833 44,775 49,717 52,188
<br /> Circuit Braker Cap 30,601 31%271 269851 272.322 27%735 287,148 294,561 299,503 304445 309387 314.329 316800
<br /> New Combined Net
<br /> Existing Project Existing 8 New Tax Tax
<br /> Year Taxes Tim Taxes Abated Paid
<br /> 1 30,601 288,671 319,271 272,801 46,470
<br /> 2 30,601 288,671 319,271 250,883 68,389
<br /> 3 30,601 288,671 319,271 185,127 134,144
<br /> 4 30,601 288,671 319,271 119,372 199,900
<br /> 5 30,601 288671 319,271 53,616 265,655
<br /> 6 30,601 288,671 319,271 19,768 299,503
<br /> 7 38601 288,671 319,271 14,826 304,445
<br /> 8 30,601 288,871 319,271 9,884 309,387
<br /> 9 30,601 288,671 319,271 4,942 314,329
<br /> 10 30,601 288,671 319,271 2,471 316,800
<br /> Totals 306,009 2,886,706 3,192,714 933,691 2259,024
<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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