Substitute 17-69 Confirming 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 with respect to the Property. NOW, THEREFORE, BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Confirmatory Resolution is hereby superseded by this Resolution. SECTION II. The Common Council hereby modifies and confirms the Declaratory Resolution designating the Property 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. SECTION III. The real property description and Key Number contained in the Declaratory Resolution are hereby deleted and replaced by the description of the Property and Key Number contained in this Resolution. No real property included in the real property description set forth in the Declaratory Resolution but excluded from the description of the Property stated in this Resolution will be designated as an Economic Revitalization Area or will be otherwise subject to the tax abatement confirmed by this Resolution. SECTION IV. Each reference to "GLC SBDC II, LLC" contained in the Declaratory Resolution is deleted and replaced by"GLC Portage Prairie, LLC." SECTION V. The Common Council hereby determines that the property owner is qualified for and is granted a real property tax deduction for the Property 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 VI. 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 VII. 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 supersede and replace the Memorandum of Agreement dated February 13, 2017. SECTION VIII. 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 2