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5 YEAR
<br />Royal Holdings, 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 />18- 2003 -0032
<br />2,304,290
<br />3,168,075
<br />2- Feb -09
<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 />4.2815%
<br />4.2815%
<br />40%
<br />60%
<br />55%
<br />45%
<br />37%
<br />98,658
<br />Current
<br />100%
<br />80%
<br />60%
<br />40%
<br />20%
<br />Assessed Value:
<br />AV & Tax
<br />Year 1
<br />Year 2
<br />Year 3
<br />Year 4
<br />Year 5
<br />Current Assessed Value
<br />100% 2,304,290
<br />2,304,290
<br />2,304,290
<br />2,304,290
<br />2,304,290
<br />2,304,290
<br />Base Assessed Value
<br />107,146
<br />1,267,230
<br />1,900,845
<br />1,742,441
<br />1,425,634
<br />1,172,188
<br />Less Abatement Deduction
<br />81,749
<br />1,267,230
<br />1,520,676)
<br />1,045,465)
<br />570,254)
<br />(234,438)
<br />Net Assessed Value
<br />2,304,290
<br />2,304,290
<br />2,684,459
<br />3,001,267
<br />3,159,670
<br />3,242,040
<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 />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />4.2815%
<br />98,658
<br />98,658
<br />114,935
<br />128,499
<br />135,281
<br />138,808
<br />(16,909)
<br />0
<br />0
<br />(4,916)
<br />(10,830)
<br />(13,906)
<br />81,749
<br />98,658
<br />114,935
<br />123,584
<br />124,451
<br />124,902
<br />3.0000% 69,129
<br />107,146
<br />107,146
<br />107,146
<br />107,146
<br />107,146
<br />0.5477% 12,621
<br />12,621
<br />14,703
<br />16,438
<br />17,306
<br />17,757
<br />81,749
<br />119,766
<br />121,848
<br />123,584
<br />124,451
<br />124,902
<br />Totals 408,746 231,208 639,954 53,424 586,530
<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 />New
<br />Combined
<br />Net
<br />Existing
<br />Project
<br />Existing & New
<br />Tax
<br />Tax
<br />Year
<br />Taxes
<br />Taxes
<br />Taxes
<br />Abated
<br />Paid
<br />1
<br />81,749
<br />44,958
<br />126,707
<br />28,049
<br />98,658
<br />2
<br />81,749
<br />48,428
<br />130,177
<br />15,242
<br />114,935
<br />3
<br />81,749
<br />47,560
<br />129,310
<br />5,726
<br />123,584
<br />4
<br />81,749
<br />45,825
<br />127,574
<br />3,123
<br />124,451
<br />5
<br />81,749
<br />44,437
<br />126,186
<br />1,284
<br />124,902
<br />Totals 408,746 231,208 639,954 53,424 586,530
<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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