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8-Year Abatement June 17,2025
<br /> South Bend Chippewa, LLC & South Bend Chippewa ACG, LLC (Indiana GRQ Inc.)
<br /> South Bend Portage Township
<br /> Commerical Development Real Property Tax Abatement Schedule'
<br /> Type of Property: Industrial
<br /> Estimated Project Cost: $ 6,900,000 Rehabilitation
<br /> Property Address: 701 W.Chippewa St,South Bend,IN 46614
<br /> Tax Key Number: 71-08-23-400-001.000-026
<br /> Without
<br /> Current Abatement Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8
<br /> Assessed Value(AV)
<br /> Land $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300 $ 1,005,300
<br /> Structure(AV=60%Project Cost) 9,841,500 13,981,500 13,981,500 13,981,500 13,981,500 13,981,500 13,981,500 13,981,500 13,981,500 13,981,500
<br /> Gross Assessed Value 10,846,800 14,986,800 14,986,800 14,986,800 14,986,800 14,986,800 14,986,800 14,986,800 14,986,800 14,986,800
<br /> Abatement 100% 95% 90% 85% 80% 75% 70% 65%
<br /> Abatement Deduction - (4,140,000) (3,933,000) (3,726,000) (3,519,000) (3,312,000) (3,105,000) (2,898,000) (2,691,000)
<br /> Net Assessed Value 10,846,800 14,986,800 10,846,800 11,053,800 11,260,800 11,467,800 11,674,800 11,881,800 12,088,800 12,295,800
<br /> Property Taxes
<br /> Assume constant tax rate of 5.0426%
<br /> Gross Tax(Tax Rate x Net AV) 546,961 755,724 546,961 557,399 567,837 578,275 588,713 599,152 609,590 620,028
<br /> Local Tax Credit(10.1130%of GT-DS) (51,393) (71,008) (51,393) (52,373) (53,354) (54,335) (55,316) (56,296) (57,277) (58,258)
<br /> Circuit Breaker Credit (131,387) (181,534) (7,187) (15,904) (24,622) (33,339) (42,056) (50,774) (59,491) (68,209)
<br /> Taxes Due $ 364,181 $ 503,182 $ 488,381 $ 489,121 $ 489,861 $ 490,601 $ 491,341 $ 492,081 $ 492,821 $ 493,561
<br /> 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
<br /> Circuit Breaker Cap 325,404 449,604 449,604 449,604 449,604 449,604 449,604 449,604 449,604 449,604
<br /> Debt Service(0.3575%of Net AV) 38,777 53,578 38,777 39,517 40,257 40,997 41,737 42,477 43,217 43,957
<br /> Max Tax Under the Cap 364,181 503,182 488,381 489,121 489,861 490,601 491,341 492,081 492,821 493,561
<br /> Combined
<br /> Year Abatement Current Taxes New Net Taxes
<br /> Current& Taxes Abated
<br /> Due Projected Tax Paid
<br /> New Taxes
<br /> 1 100% $ 364,181 $ 139,001 $ 503,182 $ (14,801) $ 488,381
<br /> 2 95% 364,181 139,001 503,182 (14,060) 489,121
<br /> 3 90% 364,181 139,001 503,182 (13,320) 489,861_
<br /> 4 85% 364,181 139,001 503,182 (12,580) 490,601
<br /> 5 80% 364,181 139,001 503,182 (11,840) 491,341
<br /> 6 75% 364,181 139,001 503,182 (11,100) 492,081
<br /> 7 70% 364,181 139,001 503,182 (10,360) 492,821
<br /> 8 65% 364,181 139,001 503,182 (9,620) 493,561
<br /> Total: 2,913,450 1,112,004 4,025,454 (97,683) 3,927,771
<br /> o
<br /> 'This schedule is for estimation purposes only and assumes constant tax rates equal to those for 2024 Payable 2025. ',4 Department of Community Investment
<br /> The true tax values will ultimately be determined by the actual assessed valuation and the then current tax rates. •. City of South Bend
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