26-09 Resolution Approving the Interlocal Agreement Between the City of South Bend, the County of St. Joseph, and the Michiana Area Council of Governments Establishing a Land Bank Pursuant to Indiana Code Section 36-7-38 et seq.

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and the County reserves the right to retain any properties it so chooses. When this list is provided to the Land Bank, the County shall offer to assign the tax sale certificates and convey the real property described on the list to the land bank at no cost to the land bank. The offer will expire after six (6) months, unless extended by a written agreement between the parties. If the Land Bank rejects the offer, the County may dispose of the property as otherwise provided by law. 5. For subsequent tax sales, the Land Bank shall identify Tax Delinquent Property following the annual tax sale conducted by the St. Joseph County Treasurer's office (individually a "Selected Property" and collectively "Selected Properties") and shall notify the County of its list of Selected Properties within ten (10) days of such annual tax sale. The County will review the list of Selected Properties and provide the Land Bank with a list of what Selected Properties it will agree to transfer to the Land Bank (the "Transferred Properties"). 6. MACOG agrees to provide staffing and operations for the Land Bank. 7. The County agrees to initiate proceedings to acquire tax title deeds to the Transferred Properties and provide legal and title services to secure the tax title deeds. These services will be provided at no cost to the Land Bank up to an allocated amount set by the County's Board of Commissioners and appropriated by the County Council each year. No late redemptions of the Selected Properties shall be permitted by the County following the expiration of the statutory redemption period, unless otherwise required by Court Order or as agreed to by the Parties. 8. Upon acquisition of tax title deeds to the Transferred Properties, the County shall institute and prosecute quiet title actions on each Transferred Property. Upon completion of the quiet title action, the County shall transfer title to the Transferred Properties via Quit Claim Deed to the Land Bank. These services will be provided at no cost to the Land Bank up to an allocated amount set by the County's Board of Commissioners and appropriated by the County Council each year. All parties agree to sign any and all documents which may reasonably be required to transfer a property. 9. The County and City commit to providing a deduction under I.C. 6-1.1- 46-5 to any person receiving a transfer of property from the Land Bank as follows: a. A person to whom a land bank transfers real property during the eligible transfer period is entitled to a deduction from the assessed value of the real property for each of the five (5) consecutive years 3