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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 $ 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 /> 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. Counsel for the Owner will notify the Attorney for the South Bend
<br /> Common Council, in writing, of the status of litigation involving the Owner's project at PS90 in
<br /> Harlem,New York.
<br /> SECTION VII.The Owner will report to the Common Council in person or virtually, at a
<br /> Common Council meeting, every six (6) months, together with any resident who also desire to
<br /> appear and speak, on the status of the project.
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