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The City is authorized to enter into the PILOT Agreement pursuant to I.C. 36-1-8-14.3 et <br /> seq.,and pursuant to I.C.36-1-8-14.3(e),subject to the approval of a property owner,the governing <br /> body of a political subdivision may adopt an ordinance to require the property owner to pay <br /> PILOTs at times set forth in the ordinance with respect to property that is subject to an exemption <br /> under I.C. 6-1.1-10-16.7. <br /> Pursuant to I.C. 6-1.1-10-16.7, for assessment dates after December 31,2021,all or part of <br /> a property is exempt from property taxation if the owner of the property has entered into an <br /> agreement to make payments in lieu of taxes under I.C. 36-1-8-14.3. <br /> The PILOTs must be calculated so that the PILOTs are in an amount that is: (1) agreed <br /> upon by the property owner and the governing body of the political subdivision; (2) a percentage <br /> of the property taxes that would have been levied by the governing body for the political <br /> subdivision upon the property if the property were not subject to an exemption from property <br /> taxation; and(3) not more than the amount of property taxes that would have been levied by the <br /> governing body for the political subdivision upon the property if the property were not subject to <br /> an exemption from property taxation. <br /> The form of the PILOT Agreement is attached to this Ordinance as Exhibit B. <br /> NOW, THEREFORE, BE IT ORDAINED BY THE COMMON COUNCIL OF THE <br /> CITY OF SOUTH BEND, INDIANA, AS FOLLOWS: <br /> SECTION I. Recitals. The above recitals are incorporated herein by reference <br /> as though set forth fully herein below. <br /> SECTION II. Approval of PILOTs. As more specifically provided in accordance <br /> with the form of PILOT Agreement, the Common Council hereby approves PILOTs for the <br /> Property in annual sums as follows: <br /> Year 1 $ 21,000 <br /> Year 2 $ 21,630 <br /> Year 3 $ 22,279 <br /> Year 4 $ 22,947 <br /> Year 5 $ 23,635 <br /> Year 6 $ 24,344 <br /> Year 7 $ 25,074 <br /> Year 8 $ 25,826 <br /> Year 9 $ 26,601 <br /> Year 10 $ 27,399 <br /> Year 11 $ 28,221 <br /> Year 12 $ 29,068 <br /> Year 13 $ 29,940 <br /> Year 14 $ 30,838 <br /> Year 15 $ 31,763 <br />