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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 /> 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 /> authorizes its execution and delivery by the Mayor on behalf of the City substantially in the form
<br /> attached hereto and incorporated herein by reference as Exhibit B, all for the purposes
<br /> contemplated herein.
<br /> SECTION IV. Recording of Executed Ordinance. The City Clerk is directed to
<br /> provide an executed copy of this Ordinance, as approved, and a copy of the executed PILOT
<br /> Agreement to the Owner for the Owner to record with the St. Joseph County Recorder's Office
<br /> and for the Owner to file the recorded Ordinance and PILOT Agreement with the City Clerk's
<br /> Office, the St. Joseph County Assessor's Office, the St. Joseph County Auditor's Office, and the
<br /> St. Joseph County Treasurer's Office.
<br /> SECTION V. Further Authorizations. The Common Council hereby requests,
<br /> authorizes, and directs the Mayor, Common Council President, Controller and the City Clerk, and
<br /> all official officers, members, employees, and agents of the City, and each of them, for and on
<br /> behalf of the City,to negotiate,prepare, execute, and deliver any and all other instruments, letters,
<br /> certificates, agreements, and documents as are determined to be necessary or appropriate to
<br /> consummate the transactions contemplated by this Ordinance, and such determination shall be
<br /> conclusively evidenced by the execution thereof The instruments,letters,certificates,agreements,
<br /> and documents necessary or appropriate to consummate the transactions contemplated by this
<br /> Ordinance shall, upon execution, as contemplated herein, constitute the valid and binding
<br /> obligations or representations and warranties of the City, the full performance and satisfaction of
<br /> which by the City is hereby authorized and directed.
<br /> SECTION VI. Effectiveness. This Ordinance shall be in full force and effect from
<br /> and after its adoption and the procedures required by law.This Ordinance remains in full force and
<br /> effect until repealed or modified by the Common Council, subject to the approval of the Owner.
<br /> [Signature Page Follows]
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