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3 YEAR
<br />2- Feb -09
<br />Royal Holdinqs. Inc._
<br />South Bend Portage Township
<br />Real Property Tax Abatement Schedule*
<br />Tax Key Number
<br />Current Assessed Value:
<br />Estimated Project Cost:
<br />18- 2003 -0032
<br />1,801,700
<br />1,127,543 100.00%
<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 />4.3015%
<br />Current
<br />Without
<br />100%
<br />66%
<br />33%
<br />Assessed Value:
<br />AV & Tax
<br />Abatement
<br />Year 1
<br />Year 2
<br />Year 3
<br />Current Assessed Value
<br />100% 1,801,700
<br />1,801,700
<br />1,801,700
<br />1,801,700
<br />1,801,700
<br />Base Assessed Value
<br />85%
<br />958,412
<br />958,412
<br />958,412
<br />958,412
<br />Less Abatement Deduction
<br />0
<br />(958,412)
<br />(632, 552)
<br />(316,276)
<br />Net Assessed Value
<br />1,801,700
<br />2,760,112
<br />1,801,700
<br />2,127,560
<br />2,443,836
<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 />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />4.3015%
<br />77,500
<br />118,726
<br />77,500
<br />91,517
<br />105,122
<br />(13,581)
<br />(20,806)
<br />0
<br />0
<br />96,188
<br />63,919
<br />97,9
<br />77,500
<br />91,517
<br />96,188
<br />3.0000% 54,051
<br />82,803
<br />82,803
<br />82,803
<br />82,803
<br />0.5477% 9,868
<br />15,117
<br />9,868
<br />11,653
<br />13,385
<br />63,919
<br />97,920
<br />92,671
<br />94,456
<br />96,188
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 63,919
<br />34,002
<br />97,920
<br />20,420
<br />77,500
<br />2 63,919
<br />34,002
<br />97,920
<br />6,403
<br />91,517
<br />3 63,919
<br />34,002
<br />97,920
<br />1,732
<br />96,188
<br />Totals 191,757
<br />102,005
<br />293,761
<br />28,556
<br />265,205
<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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