Waiver Tax Abatement - 5102 Dylan Drive - Huron Partners, L.P.

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� RESOLUTION NO. ��—�_- A RESOLUTION OF THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA CONFIRMING THE GRANT OF CERTAIN REAL PROPERTY TAX ABATEMENT DEDUCTIONS AND WAIVING NONCOMPLIANCE FOR PROPERTY COMMONLY KNOWN AS 5102 DYLAN DRIVE, SOUTH BEND, INDIANA FOR HURON PARTNERS, L.P. WHEREAS, on August 14, 2006, the Common Council of the City of South Bend (the "Common Council") adopted Resolution No. 3622-06 (the "2006 Resolution"), approving a nine (9) year real property tax abatement for the proposed construction of a new light industrial facility containing approximately 150,000 square feet (the "Building Project"), to be constructed by Huron Partners, L.P., a Holladay Properties entity ("Huron Partners" or "Taxpayer"), within an area located in the City of South Bend that had been designated an economic revitalization area in accordance with ItvD.CoDE § 6-1.1-12.1-1, et seq.; and WI-�REA5, as part of the Building Project, Huron Partners described for the Common Council that (a) the Building Project (also known as the Huron Building) would be the first improvement scheduled for construction within the Portage Prairie project, (b) the Huron Building would be a speculative building containing approximately 150,000 square feet for single or multi-tenant use, (c) the construction of the Building Project would commence in late 2006 and be completed at an estimated cost of approximately $5,000,000, and(d) the success of the Building Project would be helpful to spur further private investment in the Portage Prairie area; and WHEREAS, as contemplated as part of the Building Project, Huron Partners (a) successfully completed constructed of the Huron Building which consists of approximately 150,00 square feet, (b) met its proposed investment in construction and tenanting costs for the Huron Building, and(c)has entered into agreements with separate tenants to occupy 100% of the Huron Building (which tenants have reported their headcounts to Huron Partners during 2009 and 2010 of more than 40 employees); and WHEREAS, the (a) Building Project was first assessed for real property tax purposes as 100% complete for the March 1, 2009 assessment date for taxes payable in 2010 (the "First Tax Year"), and (b) notice of such assessment was provided in the form of a tax bill, as opposed to separate notice of assessment,received in 2010; and 1