25-36 Confirming Resolution - Real Property Tax Abatement for KCG Companies, LLC

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WHEREAS,notice of the adoption of a Declaratory Resolution and the public hearing before the Council has been published pursuant to Indiana Code 6-1.1-12.1-2.5;and WHEREAS, the Council held a public hearing for the purposes of hearing all remonstrances and objections from interested persons; and WHEREAS, the Council has determined that the qualifications for an economic revitalization area have been met; and WHEREAS, the Council adopted Declaratory Resolution No. 5139-25 on June 23, 2025. NOW, THEREFORE,BE IT RESOLVED by the Common Council of the City of South Bend, Indiana, as follows: SECTION I. The Common Council hereby confirms its Declaratory Resolution designating the area described herein as an Economic Revitalization Area for the purposes of tax abatement. Such designation is for multi-family development real property tax abatement only and shall expire on December 31, 2029. SECTION II. The Common Council hereby determines that the property owner is qualified for and is granted real property tax deduction for up to a period of ten (10) years as shown by the schedule outlined below as well as the attachment pursuant to Indiana Code 6-1.1-12.1-17 and further determines that the petition, the Memorandum of Agreement between the Petitioner and the City of South Bend, and the Statement of Benefits comply with Chapter 2, Article 6, of the Municipal Code of the City of South Bend and Indiana Code 6-1.1-12 et seq. Year 1 - 100% Year 2 -100% Year 3 -95% Year 4 -95% Year 5 -90% Year 6 -90% Year?-80% Year 8 -80% Year 9-70% Year 10-70% SECTION III. This Resolution shall be in full force and effect from and after its adoption by the Common Council and approved by the Mayor. Canneth Lee, Council President South Bend Common Council Attest: