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3 YEAR
<br />Ronal Holdings. 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 />2-Feb-09
<br /> Current Without 100% 66% 33%
<br />Assessed Value: AV & Tax Abatement Year 1 Year 2 Year 3
<br />Current Assessed Value 100% 1,801,700 1,801,700 1,801,700 1,801,700 1,801,700
<br />Base Assessed Value 85% 958,412 958,412 958,412 958,412
<br />Less Abatement Deduction 0 (958,412) (632,552) (316,276)
<br />Net Assessed Value 1,801,700 2,760,112 1,801,700 2,127,560 2,443,836
<br />Property Taxes:
<br />Assume constant tax rate of 4.3015% 4.3015% 4.3015% 4.3015% 4.3015%
<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 />77,500 118,726 77,500 91,517 105,122
<br />(13,581) (20,806) 0 0 (8,933)
<br />63,919 97,920 77,500 91,517 96,188
<br />3.0000% 54,051 82,803 82,803 82,803 82,803
<br />0.5477% 9,868 15,117 9,868 11,653 13,385
<br />63,919 97,920 92,671 94,456 96,188
<br />New Combined Net
<br />Existing Project Existing & New Tax Tax
<br />Year Taxes Taxes Taxes Abated Paid
<br />1 63,919 34,002 97,920 20,420 77,500
<br />2 63,919 34,002 97,920 6,403 91,517
<br />3 63,919 34,002 97,920 1,732 96,188
<br />Totals 191,757 102,005 293,761 28,556 265,205
<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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