18-44 Modifying and Reconfirming Resolution for JSK Development-Southhold- Courtyard Marriott Downtown

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MEMORANDUM OF AGREEMENT This Memorandum of Agreement (Agreement) dated as of the 3rd day of June, 2015, serves as confirmation of a commitment by JSK Development, Inc./Southhold, LLC (the "Applicant"), pending a June 22, 2015 public hearing, to comply with the project description,job creation and retention (and associated wage rates and salaries) figures contained in its petition, Statement of Benefits, and attachments and this Agreement(Commitments). 1. Commitments of City and Applicant. Subject to the adoption of a Declaratory Resolution and a Confirmatory Resolution by the South Bend Common Council (the "SBCC"), the City of South Bend, Indiana (the "City") commits to providing a (9) nine-year real property tax abatement for the Applicant, based on the Applicant's commitment set forth in Commitments regarding the construction of a building located on property identified as 121 South St. Joseph St., South Bend, IN 46601 approved as part of the Commitments. The Applicant commits to a capital expenditure (from all sources of funds) of $9,250,000 to construct a new building adjacent to an existing building known as the former College Football Hall of Fame. This project will create 33 jobs in the first year, representing an annual payroll of $884,083 upon opening. In addition, JSK Development, Inc. will be relocating approximately 32 jobs from their corporate office into the downtown building mentioned previously. 2. Potential Impact of State of Indiana Circuit Breaker Law: The parties note that the calculations regarding the affect of the tax abatement in question are based on the State of Indiana's tax rates currently in effect at the time of entering into this Memorandum of Agreement. The complete impact of the State of Indiana's'Circuit Breaker law on the City's property tax revenues is unknown at this time. To assure that the City receives the projected amount of property tax revenues, which amount was calculated at the time of granting the tax abatement for the Applicant, the parties to this Memorandum of Agreement agree to adjust the length of the abatement and/or the percentage of deduction if the tax revenues due under the Circuit Breaker Law are less than what was initially projected and represented to the Common Council, as evidenced by the supporting documentation submitted to the Council with the Applicant's tax abatement petition. However, in no case will the adjustments cause the property