36-26 Ordinance Authorizing Payments in Lieu of Taxes for Beacon Apartments Preservation, LLC

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Parcel Identification No.: 71-08-04-203-031.000-026 PILOT AGREEMENT THIS PILOT AGREEMENT (this"PILOT Agreement") is entered into to be effective as of this day of - , 2026, (the "Effective Date"), by and among the CITY OF SOUTH BEND, INDIANA, a municipal corporation and political subdivision of the State of Indiana (the "City"), and Beacon Apartments Preservation LLC (the "Owner," with each of the City and the Owner sometimes being individually referred to as a"Party"and collectively as the "Parties"). RECITALS WHEREAS, the City is a duly organized municipal corporation and political subdivision under the laws of the State of Indiana,and the Common Council of the City is the legislative body of the City(the"Common Council"); WHEREAS,the managing member of the Owner is SAC Beacon Preservation LLC; WHEREAS, the Owner has confirmed to the City that the Owner will develop, own, and operate an affordable rental apartment facility on the +/- 22.6 acre site located at 3429 Ardmore Trail, South Bend, Indiana and identified as Parcel Number 71-08-04-203-031.000-026 in the St. Joseph County Assessor's records which real estate is legally described on Exhibit A attached to and made a part of this PILOT Agreement (the "Property"), and known as Beacon Heights Apartments(the"Project"); WHEREAS, the Project will provide affordable housing to low-income residents whose incomes average 60%or less of the applicable area median income; WHEREAS, the Project will be financed utilizing federal low-income housing tax credits under the federal low-income housing tax credit program described in 26 U.S.C. § 42; WHEREAS, the Project will be subject to an extended use agreement which is described in 26 U.S.C. § 42 (the "Extended Use Agreement") as administered by the Indiana Housing and Community Development Authority(the"IHCDA") for a period of at least thirty(30)years; 1