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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 /> 40% 56% 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax Year 1 Year 2 Year 3 Year 4 Year 5
<br />Current Assessed Value 100% 0 0 0 0 0 0
<br />Base Assessed Value 80,000 112,000 84,000 64,000 48,000
<br />Less Abatement Deduction (80,000) (89,600) (50,400) (25,600) (9,600)
<br />Net Assessed Value 0 0 22,400 33,600 38,400 38,400
<br />Property Taxes:
<br />Assume constant tax rate of 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 />0 0 964 1,445 1,652 1,652
<br />0 0 0 0 0 0
<br />0 0 964 1,445 1,652 1,652
<br />3.0000% 0 2,400 2,400 2,400 2,400 2,400
<br />0.5477% 0 0 123 184 210 210
<br />0 2,400 2,523 2,584 2,610 2,610
<br /> New Combined Net
<br /> Existing Project Existing ~ New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 0 2,838 2,838 2,838 0
<br />2 0 3,013 3,013 2,050 964
<br />3 0 2,860 2,860 1,415 1,445
<br />4 0 2,751 2,751 1,099 1,652
<br />5 0 2,663 2,663 413 2,250
<br />Totals 0 14,125 14,125 7,815 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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