11-26 Ordinance Authorizing Payments in Lieu of Taxes (PILOT) for Heritage Trails South Bend, LP

Home Browse Search

(iii) the Owner must meet its burden of proof under Indiana law pursuant to the normal application and determination process applicable to Indiana Code § 6-1.1-10-16.7 to qualify for and receive such exemption. Section 2. Payment In Lieu of Taxes. Section 2.1. (a) The Owner has agreed to make payments in lieu of taxes as described herein in consideration of the cooperation and support of the City for successful development, financing and operation of the Project, which includes, but is not limited to, the public promotion and support for the Project. The annual amount payable by the Owner to the City hereunder(the "Annual in Lieu of Amount") shall be in the annual sums as follows: Year 1 $ 36,000 Year 2 $ 37,080 Year 3 $ 38,192 Year 4 $ 39,338 Year 5 $ 40,518 Year 6 $ 41,734 Year 7 $ 42,986 Year 8 $ 44,276 Year 9 $ 45,604 Year 10 $ 46,972 Year 11 $ 48,381 Year 12 $ 49,832 Year 13 $ 51,327 Year 14 $ 52,867 Year 15 $ 54,453 (b) The Annual in Lieu of Amount has been negotiated between the City and the Owner in accordance with Indiana Code § 36-1-8-14.3(f), and by specifically taking into account the applicable provisions of Indiana Code § 6-1.1-4-40, Indiana Code § 6-1.1-4-41, and Indiana Code § 6-1.1-10-16. (c) The Owner will pay all property taxes due on the Property until such time as the Owner complies with the requirements to secure the property tax exemption for the Property described in Section 1.1(b). Section 2.2. The Annual in Lieu Amount payable by Owner with respect to the Property shall be imposed as property taxes and payable in two equal installments due and payable on or before May 10 and November 10 of each successive calendar year, with the initial installment of the payment becoming due and payable on May 10 of the year following the Project's final building receiving its Certificate of Occupancy (the "C of 0") from the City (each payment, a "PILOT", and collectively, the "PILOTs"). Upon receipt by the Owner of an Annual In Lieu Amount bill from the Controller of the City, the Owner shall remit its semi-annual PILOT to the 3