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5 YEAR
<br />Fortis Plastics, LLC
<br />South Bend Portage Township
<br />Real Property Tax Abatement Schedule"
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />71-03-33-401-006.000-026
<br />1,400,000
<br />1,277,000
<br />16-Dec-08
<br /> Current Without 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000 1,400,000
<br />Base Assessed Value 85% 1,085,450 1,085,450 1,085,450 1,085,450 1,085,450 1,085,450
<br />Less Abatement Deduction 0 1,085,450 868,360 651,270 434,180 217,090
<br />Net Assessed Value 1,400,000 2,485,450 1,400,000 1,617,090 1,834,180 2,051,270 2,268,360
<br />Prooerty Taxes:
<br />Assume constant tax rate of 4.3015% 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 />60,221 106,912 60,221 69,559 78,897 88,235 97,574
<br />(10,553) (18,735) 0 0 0 (2,437) (10,586)
<br />49,668 88,176 60,221 69,559 78,897 85,798 86,987
<br />3.0000% 42,000 74,564 74,564 74,564 74,564 74,564 74,564
<br />0.5477% 7,668 13,613 7,668 8,857 10,046 11,235 12,424
<br />49,668 88,176 82,231 83,420 84,609 85,798 86,987
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 49,668 38,509 88,176 27,955 60,221
<br />2 49,668 38,509 88,176 18,617 69,559
<br />3 49,668 38,509 88,176 9,279 78,897
<br />4 49,668 38,509 88,176 2,378 85,798
<br />5 49,668 38,509 88,176 1,189 86,987
<br />Totals 248,339 192,543 440,882 59,419 381,463
<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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