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5 YEAR
<br />South Bend Portage Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />018-2110-4065 & 18-2110-4067
<br />9,616,132
<br />2,100,000
<br /> 40% 56% 42% 32% 24%
<br /> Current 100% 80% 60% 40% 20%
<br />Assessed Value: AV & Tax
<br />132
<br />16 Year 1
<br />132
<br />616
<br />9 Year 2
<br />132
<br />616
<br />9 Year 3
<br />616
<br />132
<br />9 Year 4
<br />9,616,132 Year 5
<br />9,616,132
<br />Current Assessed Value ,
<br />100% 9,6 ,
<br />,
<br />000
<br />840 ,
<br />,
<br />176
<br />000
<br />1 ,
<br />,
<br />882,000 672,000 504,000
<br />Base Assessed Value ,
<br />(840 000) ,
<br />,
<br />(940 800) (529 200) (268,800) (100,800)
<br />Less Abatement Deduction
<br />Net Assessed Value 9,616,132 9,616,132 9,851,332 9,968,932 10,019,332 10,019,332
<br />Property Taxes:
<br />Assume constant tax rate of
<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 />14-Sep-09
<br />STEEL WAREHOUSE COMPANY, LLC
<br />3.0000%
<br />0.5477%
<br />4.3015% 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<br />413,638
<br />(72 486)
<br />341,152 413,638
<br />(47 286)
<br />366,352 423,755
<br />(46 035)
<br />377,720 428,814
<br />(59 270)
<br />369,544 430,982
<br />(67,462)
<br />363,520 430,982
<br />(72,502)
<br />358,480
<br />
<br />28-8,484
<br />52,668
<br />341,152 313,684
<br />52,668
<br />366,352 323,764
<br />53,956
<br />377,720 314,944
<br />54,600
<br />369,544 308,644
<br />54,876
<br />363,520 303,604
<br />54,876
<br />358,480
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 341,152 29,801 370,952 4,601 366,352
<br />2 341,152 41,721 382,872 5,153 377,720
<br />3 341,152 31,291 372,442 2,898 369,544
<br />4 341,152 23,841 364,992 1,472 363,520
<br />5 341,152 17,880 359,032 552 358,480
<br />Totals 1,705,758 144,533 1,850,291 14,676 1,835,615
<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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