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5 YEAR
<br />8-Feb-10
<br />Patterson Logistics Services, Inc.
<br />South Bend German Township
<br />Personal Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />0
<br />0
<br />9,000,000
<br />40% 60%
<br />100% 80%
<br />Year1 Year2
<br />55% 45% 37%
<br />60% 40% 20%
<br />Year 3 Year 4 Year 5
<br /> Current
<br />Assessed Value: AV & Tax Pay 2011 Pav 2012 Pay 2013 Pav 2014 Pav 2015
<br />Current Assessed Value 100% 0 0 0 0 0 0
<br />Base Assessed Value 3,600,000 5,400,000 4,950,000 4,050,000 3,330,000
<br />Less Abatement Deduction (3,600,000) (4,320,000) (2,970,000) (1,620,000) (666,000)
<br />Net Assessed Value 0 0 1,080,000 1,980,000 2,430,000 2,664,000
<br />Prooerty Taxes:
<br />Assume constant tax rate of 4.4232% 4.4232% 4.4232% 4.4232% 4.4232% 4.4232%
<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 47,771 87,579 107,484 117,834
<br />0 0 0 0 0 (4,478)
<br />0 0 47,771 87,579 107,484 113,356
<br />3.0000% 0 108,000 162,000 148,500 121,500 99,900
<br />0.5051% 0 0 5,455 10,001 " 12,274 13,456
<br />0 108, 000 167, 455 158, 501 133, 774 113, 356
<br /> New Combined Net
<br /> Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />Pay 2011 0 126,183 126,183 126,183 0
<br />Pay 2012 0 189,275 189,275 141,504 47,771
<br />Pay 2013 0 173,502 173,502 85,923 87,579
<br />Pay 2014 0 141,956 141,956 34,472 107,484
<br />Pay 2015 0 116,719 116,719 3,364 113,356
<br />Totals 0 747,636 747,636 391,446 356,189
<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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