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6 YEAR
<br />Ontario Partners LP
<br />10-Jun-09
<br />South Bend German Township
<br />South Bend Portage Township Real Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />NA
<br />6,000
<br />5,000,000
<br /> Current Without 100% 85% 66% 50% 34% 17%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6
<br />Current Assessed Value 100% 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000.
<br />Base Assessed Value 85% 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000 4,250,000
<br />Less Abatement Deduction 0 (4 250 000) (3 612 500) (2 805 000) (2 125 000) (1,445,000) (722,500
<br />Net Assessed Value 6,000 4,256,000 6,000 643,500 1,451,000 2,131,000 2,811,000 3,533,500
<br />Property Taxes:
<br />Assume constant tax rate of
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />Gross Tax (tax rate x net assessed value) 257 182,221 257 27,551 62,125 91,239 120,353 151,287
<br />Less Circuit Breaker Credit (44) (31 231) 0 0 0 0 0 (4,254)
<br />Net Tax 213 150,990 257 27,551 62,125 91,239 120,353 147,033
<br />Circuit Breaker Cap
<br />Circuit Breaker 3.0000%
<br />180
<br />127,680
<br />127,680
<br />127,680
<br />127,680
<br />127,680
<br />127,680
<br />127,680
<br />Debt Service 0.5477% 33 23,310 33 3,524 7,947 11,671 15,396 19,353
<br />Circuit Braker Cap 213 150,990 127,713 131,204 135,627 139,351 143,076 147,033
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 213 150,777 150,990 150,733 257
<br />2 213 150,777 150,990 123,439 27,551
<br />3 213 150,777 150,990 88,866 62,125
<br />4 213 150,777 150,990 59,751 91,239
<br />5 213 150,777 150,990 30,637 120,353
<br />6 213 150,777 150,990 3,957 147,033
<br />Totals 1,277 904,664 905,941 457,383 448,558
<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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