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

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The City is authorized to enter into the PILOT Agreement pursuant to I.C. 36-1-8-14.3 et seq.,and pursuant to I.C. 36-1-8-14.3(e),subject to the approval of a property owner,the governing body of a political subdivision may adopt an ordinance to require the property owner to pay PILOTs at times set forth in the ordinance with respect to property that is subject to an exemption under I.C. 6-1.1-10-16.7. Pursuant to I.C. 6-1.1-10-16.7,for assessment dates after December 31, 2021, all or part of a property is exempt from property taxation if the owner of the property has entered into an agreement to make payments in lieu of taxes under I.C. 36-1-8-14.3. The PILOTs must be calculated so that the PILOTs are in an amount that is: (1) agreed upon by the property owner and the governing body of the political subdivision; (2) a percentage of the property taxes that would have been levied by the governing body for the political subdivision upon the property if the property were not subject to an exemption from property taxation; and (3) not more than the amount of property taxes that would have been levied by the governing body for the political subdivision upon the property if the property were not subject to an exemption from property taxation. NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: SECTION I. Recitals. The above recitals are incorporated herein by reference as though set forth fully herein below. SECTION II. Approval of PILOTs. As more specifically provided in the PILOT Agreement, the Common Council hereby approves PILOTs for the Property in 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 "Year 1" shall mean the first assessment year after the requirements of Indiana Code § 6- 1.1-10-16.7 have been satisfied and all buildings comprising the Project have received a Certificate of Occupancy.