17-68 Setting Public Hearing for GLC SBDC II Tax Abatement Modification

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WHEREAS,the Council has determined to supersede the Confirmatory Resolution and to modify and confirm the Declaratory Resolution by adopting an amended tax abatement schedule. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION 1. Resolution No. 4610-17 dated February 13, 2017, is hereby superseded by this Resolution. SECTION II. The Common Council hereby modifies and confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for Real Property tax abatement only and is limited to two (2) calendar years from the date of adoption of the Declaratory Resolution by the Common Council. SECTION III. The Common Council hereby determines that the property owner is qualified for and is granted a real property tax deduction for a period of six (6) years, as shown by the amended tax abatement schedule attached hereto as Exhibit A, pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition complies with Chapter 2,Article 6,of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12.1. SECTION IV. All of the Common Council's findings and determinations under the Declaratory Resolution remain in full force and effect unless expressly modified by this Resolution. SECTION V. Upon the Common Council's adoption of this Resolution, the Common Council will execute a Memorandum of Agreement (the "Updated MOA") reflecting the amended tax abatement schedule, which Updated MOA will superseded and replace the Memorandum of Agreement dated February 13, 2017. SECTION VI. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Member of the Common Council Filed in Cler I OCT 04 20117 ` PRESENTED CITY CLERK,S0 NOT APPRO`Jft' knoc-rrr