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5 YEAR 9-Jul-07 <br />NOIRE DAME AVENUE, LLC <br />South Bend Porfage Township Residential Real Property Tax Abatement Schedule* <br />Estimated Project Cost <br />Assessed Value: <br />STRlJCTURE (assume 85% of project cost) <br />.LAND (assume $10,000) <br />Gross Assessed Value <br />Less Mortgage Exemption <br />Less Standard Homeowners Deduction <br />Base Assessed Value <br />X385,000.00 <br />Total Taxes Tax Abated** Tax Paid*** <br />327,250.00 327,250.00 327,250.00 <br />10,000.00 N/A N/A <br />337,250.00 327,250.00 327,250.00 <br />(3,000.00) (3,000.00) (3,000.00) <br />(35,000.00) (35,000.00). (35,000.00. <br />299,250.00 289,250.00 289,250.00 <br />Less Maximum Abatement Deduction <br />Less Non-Abated Amount <br />Plus Land Assessed Value <br />Net Assessed Value <br />Property Taxes: <br />Assume constant tax rate of <br />Gross Tax {tax rate x net assessed value) <br />Less SRTC: 21.6906% <br />Less Homestead Credit: 32.0670% <br />Net Tax <br />Net <br />N/A N/A (74,880.00) <br />N/A (214,370.00) N/A <br />N/A N/A 10,000.00 <br />299,250.00 74,880.00 224,370.00 <br />5.1524% 5.1524% 5.1524% <br />15,418.56 3,858.12 11,560.44 <br />(3,344.38) (836.85) (2,507.53) <br />(3,871.83) (968.83) (2,903.00) <br />8,202.35 2,052.44 6,149.91 <br />Total <br /> Assessed Taxes Tax Tax <br />Year Value Due Abated Paid <br />1 299,250.00 8,202.35 2,052.44 6,149.91 <br />2 299,250.00 8,202.35 2,052.44 6,149.91 <br />3 299,250.00 8,202.35 2,052.44 6,149.91 <br />4 299,250.00 8,202.35 2,052.44 6,149.91 <br />5 299,250.00 8,202.35 2,052.44 6,149.91 <br /> 5 year totals: 41,011.75 10,262.19 30,749.56 <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. <br />**Tax Abated is capped at $74,880 of assessed value of structures only and does not include land <br />assessed value. <br />***Tax Paid is calculated using the difference between actual assessed value of structure and <br />maximum abated portion of $74,880 and adding-back the land~assessed value. <br />