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} <br /> r t_ rca-. <br /> ro , <br /> '-'17-.:i. t. t <br /> F : <br /> V Memorandum of Agreement ) <br /> Page 2 of 6 4j] <br /> 3. Applicant's Compliance with City and State Laws. During the term of the <br /> ' abatement, the Applicant shall comply with Chapter 2, Article 6 of the South Bend Municipal 0 . <br /> Code entitled "Tax Abatement Procedures" and all governing provisions of the Indiana Code. ;' <br /> During the term of this abatement, the City may annually request information from the Applicant y <br /> ` ' concerning the nature of the Project, the approved capital expenditure of the Project, the number ' <br /> > ' of full-time permanent positions newly created by the Project, and the'average wage rates and `` <br /> '4 salaries (excluding benefits & overtime) associated with the positions, and the Applicant shall <br /> { provide the City with adequate written evidence thereof within 15 days of such request (the ! •4 <br /> w "Annual Survey"). The City shall utilize this information and the information required to be k <br /> ,:i z , filed by the Applicant in the CF-1 Compliance with the Statement of Benefits form to verify that 0::::',•:::.;!. <br /> 4 t y <br /> i-,: '•' the Applicant has complied with the commitments contained in the Commitments at all times • r! ,, <br /> !..J'1.:,,', ' after the Commitment Date and during the duration of the abatement. The Applicant further ' <br /> agrees to provide the City with such additional information requested by the City related to the i <br /> I <br /> information provided in the Annual Survey and the CF-1 form within a reasonable time <br /> following any such additional request. <br /> ' I 4, Substantial Compliance and Rights of Termination. The City, by and through the <br /> g Y, Y g <br /> r ' SBCC, reserves the right to terminate the Economic Revitalization Area designation and <br /> ft.::,,: ::. 1 associated property tax abatement deductions if it determines that the Applicant has not made <br /> a <br /> reasonable efforts to substantially comply with all the Commitments, and the Applicant's failure , <br /> f¢ to substantially comply with the Commitments was not due to factors beyond its reasonable rf ;$ <br /> f;k! <br /> , , ') control. As used in this Agreement, "substantial compliance" shall mean the Applicant's <br /> s 4 :' compliance with the following: (a) makin: ca ital ex tcnditures of not less that Fifteen million <br /> V-'?' <br /> Six Hundred Thousand Dollars ($15,600,000) over a two year peri9d for several pieces of • , <br /> 9 ' turning, gear cutting and gear finishing equipment as well as robots and automation equipment; <br /> and (b) the creation of not less than twelve (12) new, permanent full-time jobs by February 15, <br /> ' 2012, with an annual payroll estimated at $550,000 and fourteen (14) additional new,permanent ,fi ;. <br /> full-tithe jobs with an annual payroll estimated at $641,000 by February 13,2013. ,t <br /> 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 of designation N <br /> application and submission of Statement of Benefits which arc not caused by any act or omission I <br /> f <br /> 3 <br /> i <br /> r <br /> i <br />