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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immediately following the year in which the land bank transfers the real property to the person in an amount equal to: (1) The percentage specified in an ordinance adopted under I.C. 6-1.1-2 or I.C. 6-1.1-3, as applicable; multiplied by (2) The assessed value of the property transferred by the land bank to the person. 10. The Parties acknowledge that, pursuant to I.C. 36-7-38-21, the Land Bank is subject to Indiana's Open Door Law and Access to Public Records Act. 11 . The Parties acknowledge that, pursuant to I.C. 36-7-38-21, the Land Back is subject to audit. 12. The City shall commit to provide $500,000 in up-front startup costs to the Land Bank and $300,000 annually for the first four (4) years following the establishment of the Land Bank. The County shall not be required to provide funds for the operations of the Land Bank. The Land Bank nonprofit entity shall have the duty to receive, disburse, and account for funds received by and paid from the Land Bank. 13. This Agreement shall terminate on December 31, 2029, with an option for a five (5) year renewal and shall be subject to annual appropriations by the City. In the event that the agreement is terminated by the affirmative non-renewal of the County or the Common Council, property held by the Land Bank at the time of termination shall be transferred to the county in which it resides unless the property resides within municipal jurisdiction, in which case the property will be transferred to the respective municipality. 14. This Agreement shall be effective upon recording with the St. Joseph County Recorder, filing with the Indiana State Board of Accounts within sixty (60) days of approval by each party, filing with the City Executive and County Auditor, and filing with the State Comptroller. 15. Notwithstanding any provision to the contrary, the City's payments required under this Agreement are subject to the appropriation of sufficient funds in accordance with I.C. 6-1.1-18. 16. The Parties expressly disclaim the existence of any third-party beneficiaries of this Agreement. Nothing in this Agreement, express or implied, is intended or will be construed to confer upon any person or entity, other than the Parties hereto and their respective successors or assigns, any remedy or claim under or by reason of this Agreement or 4