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3 YEAR
<br />Gateway Plaza Real Estate, LLC
<br />South Bend German Township
<br />Real Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />25-1010-0409.01
<br />13,000
<br />1,480,180 100.00%
<br />29-Oct-08
<br /> Current Without 100% 66% 33%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3
<br />Current Assessed Value 100% 13,000 13,000 13,000 13,000 13,000
<br />Base Assessed Value 85% 1,258,153 1,258,153 1,258,153 1,258,153
<br />Less Abatement Deduction 0 (1,258,153) (830,381) (415,190)
<br />Net Assessed Value 13,000 1,271,153 13,000 440,772 855,963
<br />Property Taxes:
<br />Assume constant tax rate of 4.2815% 4.2815% 4.2815% 4.2815% 4.2815%
<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 />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 />3.0000% 390 38,135 38,135 38,135 38,135
<br />0.5477% 71 6,962 71 2,414 4,688
<br />461 45,097 38,206 40,549 42,823
<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.
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