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RESOLUTION NO. <br /> A RESOLUTION OF THE COMMON COUNCIL OF <br /> THE CITY OF SOUTH BEND, INDIANA CONFIRMING <br /> THE GRANT OF CERTAIN REAL PROPERTY TAX ABATEMENT <br /> DEDUCTIONS AND WAIVING NONCOMPLIANCE FOR PROPERTY <br /> COMMONLY KNOWN AS <br /> S 102 DYLAN DRIVE, SOUTH BEND, INDIANA <br /> FOR <br /> HURON PARTNERS, L.P. <br /> WHEREAS, on August 14, 2006, the Common Council of the City of South Bend (the <br /> "Common Council") adopted Resolution No. 3622-06 (the "2006 Resolution"), approving a nine <br /> (9) year real property tax abatement for the proposed construction of a new light industrial <br /> facility containing approximately 150,000 square feet(the "Building Project"), to be constructed <br /> by Huron Partners, L.P., a Holladay Properties entity ("Huron Partners" or "Taxpayer"), within <br /> an area located in the City of South Bend that had been designated an economic revitalization <br /> area in accordance with IND. CODE § 6-1.1-12.1-1, et secs.; and <br /> WHEREAS, as part of the Building Project, Huron Partners described for the Common <br /> Council that (a) the Building Project (also known as the Huron Building) would be the first <br /> improvement scheduled for construction within the Portage Prairie project, (b) the Huron <br /> Building would be a speculative building containing approximately 150,000 square feet for <br /> single or multi-tenant use, (c) the construction of the Building Project would commence in late <br /> 2006 and be completed at an estimated cost of approximately $5,000,000, and (d) the success of <br /> the Building Project would be helpful to spur further private investment in the Portage Prairie <br /> area; and <br /> WHEREAS, as contemplated as part of the Building Project, Huron Partners (a) <br /> successfully completed constructed of the Huron Building which consists of approximately <br /> 150,00 square feet, (b) met its proposed investment in construction and tenanting costs for the <br /> Huron Building, and (c) has entered into agreements with separate tenants to occupy 100% of the <br /> Huron Building (which tenants have reported their headcounts to Huron Partners during 2009 <br /> and 2010 of more than 40 employees); and <br /> WHEREAS, the (a) Building Project was first assessed for real property tax purposes as <br /> 100%complete for the March 1, 2009 assessment date for taxes payable in 2010 (the "First Tax <br /> Year"), and (b) notice of such assessment was provided in the form of a tax bill, as opposed to <br /> separate notice of assessment,received in 2010; and <br /> 1 <br />