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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 $ 2,000 Year 16 $ 81,150 <br /> Year 2 $ 2,060 Year 17 $ 83,585 <br /> Year 3 $ 2,122 Year 18 $ 86,093 <br /> Year 4 $ 2,186 Year 19 $ 88,676 <br /> Year 5 $ 2,252 Year 20 $ 91,336 <br /> Year 6 $ 2,320 Year 21 $ 94,076 <br /> Year 7 $ 2,390 Year 22 $ 96,898 <br /> Year 8 $ 2,462 Year 23 $ 99,805 <br /> Year 9 $ 2,536 Year 24 $ 102,799 <br /> Year 10 $ 2,612 Year 25 $ 105,883 <br /> Year 11 $ 70,000 Year 26 $ 109,059 <br /> Year 12 $ 72,100 Year 27 $ 112,331 <br /> Year 13 $ 74,263 Year 28 $ 115,701 <br /> Year 14 $ 76,491 Year 29 $ 119,172 <br /> Year 15 $ 78,786 Year 30 $ 122,747 <br /> SECTION III. Authorization and Approval of Form of PILOT Agreement. The <br /> Common Council hereby authorizes and approves the form of the PILOT Agreement and <br />