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5 YEAR
<br />TREADSTONE, LLC.
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />18- 2193 - 725701
<br />0
<br />200,000
<br />2- Mar -09
<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 />0
<br />0
<br />0
<br />0
<br />40%
<br />56%
<br />42%
<br />32%
<br />24 %
<br />0
<br />Current
<br />100%
<br />80%
<br />60%
<br />40%
<br />20%
<br />Assessed Value:
<br />AV & Tax
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Current Assessed Value
<br />100% 0
<br />0
<br />0
<br />0
<br />0
<br />0
<br />Base Assessed Value
<br />2,250
<br />80,000
<br />112,000
<br />84,000
<br />64,000
<br />48,000
<br />Less Abatement Deduction
<br />(80,000)
<br />(89,600)
<br />(50,400)
<br />(25,600)
<br />(9,600)
<br />Net Assessed Value
<br />0
<br />0
<br />22,400
<br />33,600
<br />38,400
<br />38,400
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />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 />0
<br />0
<br />0
<br />0
<br />964
<br />0
<br />1,445
<br />0
<br />1,652
<br />0
<br />1,652
<br />0
<br />0
<br />0
<br />964
<br />1,445
<br />1,652
<br />1,652
<br />3.0000% 0
<br />2,400
<br />2,400
<br />2,400
<br />2,400
<br />2,400
<br />0.5477% 0
<br />0
<br />123
<br />184
<br />210
<br />210
<br />0
<br />2,400
<br />2,523
<br />2,584
<br />2,610
<br />2,610
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1
<br />0
<br />2,838
<br />2,838
<br />2,838
<br />0
<br />2
<br />0
<br />3,013
<br />3,013
<br />2,050
<br />964
<br />3
<br />0
<br />2,860
<br />2,860
<br />1,415
<br />1,445
<br />4
<br />0
<br />2,751
<br />2,751
<br />1,099
<br />1,652
<br />5
<br />0
<br />2,663
<br />2,663
<br />413
<br />2,250
<br />Totals
<br />0
<br />14,125
<br />14,125
<br />7,815
<br />6,311
<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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