18-07 Petition for Non-Compliance- The LaSalle Apartments, LLC

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Memorandum of Agreement Page 2 of 7 be paid to exceed the tax payments as initially projected and represented to the Common Council by the aforementioned supporting documentation. 3. Applicant's Compliance with City and State Laws: During the term of the abatement, the Applicant shall comply with Chapter 2, Article 6 of the South Bend Municipal Code entitled "Tax Abatement Procedures"and all governing provisions of the Indiana Code. During the term of the abatement, the City may annually request information from the Applicant concerning the nature of the Project and the approved capital expenditures of the Project, and the Applicant shall provide the City with adequate written evidence thereof within 15 days of such request(the "Annual Survey"). The City shall utilize this information and the information required to be filed by the Applicant in the CF-1 Compliance with the Statement of Benefits form (CF-1/Real Property) to verify that the Applicant has complied with the commitments contained in the Commitments at all times after the Commitment Date and during the duration of the abatement. The Applicant further agrees to provide the City with such additional information requested by the City related to the information provided in the Annual Survey and the CF-1 form within a reasonable time following any such additional request. 4. Substantial Compliance and Rights of Termination: The City, by and through the SBCC, reserves the right to terminate the Economic Revitalization Area designation and associated property tax abatement deductions if it determines that the Applicant has not made reasonable efforts to substantially comply with all the Commitments, and the Applicant's failure to substantially comply with the Commitments was not due to factors beyond its control. As used in this Agreement, "substantial compliance" shall mean the Applicant's compliance with the following: (a) making a capital expenditure which will (when combined with capital expenditures/contributions from all sources) total an amount not less than Nine million five hundred thirty seven thousand and seventy six dollars($9,537,076) to renovate a building ; and (b) this project will create nine (9) permanent full-time jobs and zero (0) part-time job with an annual payroll estimated at$315,000. The project will not maintain any jobs. 5. Factors Beyond Control: As used in this Agreement, factors beyond the control of the Applicant shall only include factors not reasonably foreseeable at the time