4766-19 SWGS Properties, LLC Confirming Tax Abatement

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1 1 deductions if it determines that the Applicant has not made reasonable efforts to substantially comply with all he Commitments, and the Applicant's failure to substantially comply with the Commitments was not due to factors beyond its reasonable control. As used in this Agreement, "substantial compliance" shall me n the Applicant's compliance with the following: (a)making real property expenditures of no less than On Million Two Hundred and Sixty Five Thousand dollars ($1,265,000) for a building purchase and its ren vation;(b)this real property project will retain four(4)permanent full-time jobs with a total estimated ann al payroll of $160,576 and create at least sixteen (16) new permanent full-time jobs with a total esti ated annual payroll of$624,000 within four years of the tax abatement. 5. Factors Beyond Control. As used in this Agreement, factors beyond the control of the Applicant sha I only include factors not reasonably foreseeable at the time of designation application and submission of tatement of Benefits which are not caused by any act or omission of the Applicant and which materially and adversely affect the ability of the Applicant to substantially comply with this Agreement. 6. Repayment of Tax Abatement Savings. If at any time during the term of this Agreement the Ap licant shall:(i)be delinquent or in default with respect to any tax payment in St.Joseph County,Indiana; or ii) cease operations at the facility for which the tax abatement was granted; or (iii) announce the ces tion of operations at such facility, then the City may immediately terminate the Economic Re italization Area designation and associated tax abatement deductions, and upon such termination, req ire Applicant to repay all of the tax abatement savings received through the date of such termination. 7. 1 Notice/Hearing of Termination. In the event that the City determines that the Economic Re4italization Area designation and associated tax abatement deductions should be terminated or that all or a portion of the tax abatement savings should be repaid, it will give the Applicant notice of such determination, including a written statement calculating the amount due from the Applicant, and will provide the Applicant with an opportunity to meet with the City's designated representatives to show cause why the abatement should not be terminated and/or the tax savings repaid. Such notice shall state the names of the person with whom the Applicant may meet and will provide that the Applicant shall have thirty days fron the date of such notice to arrange such meeting and to provide its evidence concerning why the ab ement termination and/or tax savings repayment should not occur. If. after giving such notice and rec iving such evidence,if any,the City determines that the abatement termination and/or the tax repayment act on is proper,the Applicant shall be provided with written notice and a hearing before the SBCC before an final action shall be taken terminating the abatement and/or requiring repayment of tax benefits. The Ap licant shall be entitled to appeal that determination to a St.Joseph County Superior or Circuit Court. 8. , Repayment. In the event the City requires repayment of the tax abatement savings as provided hereunder, it shall provide Applicant with a written statement calculating the amount due(Statement),and Applicant shall make such repayment to the City within 30 days of the date of the Statement. If the Ap licant does not make timely repayment,the City shall be entitled to all reasonable costs and attorneys' fee incurred in the enforcement and collection of the tax abatement savings required to be repaid hereunder. 9. Modification/Entire Agreement. This Agreement and the schedules attached here to contain the ent re understanding between the City and the Applicant with respect to the subject matter hereof, and su ersede all prior and contemporaneous agreements and understandings. inducements, and conditions, ex ressed or implied,oral or written,except as herein contained. This Agreement may not be modified or am nded other than by an agreement in writing signed by the City and the Applicant. The Applicant un erstands that any and all filings required to be made or actions required to be taken to initiate or maintain the abatement are solely the responsibility of the Applicant. 2I