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18-52 Modifying and reconfirming resolution for Tower at Washington (Apartments)
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18-52 Modifying and reconfirming resolution for Tower at Washington (Apartments)
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9/6/2018 11:44:58 AM
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9/6/2018 11:44:40 AM
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City Council - City Clerk
City Council - Document Type
Resolutions
City Counci - Date
9/10/2018
Bill Number
18-52
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MEMORANDUM OF AGREEMENT <br /> This Memorandum of Agreement (the "Agreement") dated as of the 3rd day of March, <br /> 2016, serves as confirmation of a commitment by The Tower at Washington Square, LLC (the <br /> "Applicant"), pending a March 14, 2016 public hearing, to comply with the project description, <br /> job creation and retention (and associated wage rates and salaries) figures contained in its <br /> petition, Statement of Benefits, and attachments and this Agreement(the "Commitments"). <br /> 1. Commitments of City and Applicant. Subject to the adoption of a Declaratory <br /> Resolution and a Confirmatory Resolution by the South Bend Common Council (the "SBCC"), <br /> the City of South Bend, Indiana (the "City") commits to providing a (10) ten-year vacant <br /> building real property tax abatement for the Applicant, based on the Applicant's commitment set <br /> forth in Commitments regarding the renovation of a building located on property identified as <br /> 211 West Washington St., South Bend, Indiana 46601 approved as part of the Commitments. <br /> The Applicant commits to a capital expenditure (from all sources of funds) of$12,597,000 in <br /> building improvements towards the apartment space as part of a large scale redevelopment <br /> project to an existing building commonly known as the former Chase Tower. This portion of the <br /> overall project will create (6) six jobs over the life of the abatement, representing an annual <br /> payroll of$200,179. <br /> 2. Potential Impact of State of Indiana Circuit Breaker Law: The parties-note that <br /> the calculations regarding the affect of the tax abatement in question are based on the State of <br /> Indiana's tax rates currently in effect at the time of entering into this Memorandum of <br /> Agreement. The complete impact of the State of Indiana's Circuit Breaker law on the City's <br /> property tax revenues is unknown at this time. To assure that the City receives the projected <br /> amount of property tax revenues, which amount was calculated at the time of granting the tax <br /> abatement for the Applicant, the parties to this Memorandum of Agreement agree to adjust the <br /> length of the abatement and/or the percentage of deduction if the tax revenues due under the <br /> Circuit Breaker Law are less than what was initially projected and represented to the Common <br /> Council, as evidenced by the supporting documentation submitted by Applicant to the Council <br /> with the Applicant's tax abatement petition. However, in no case will the adjustments cause the <br />
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