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MEMORANDUM OF AGREEMENT <br /> (INDUSTRIAL DEVELOPMENT REAL PROPERTY TAX ABATEMENT) <br /> This Memorandum of Agreement (Agreement) dated as of March 30, 2023, serves as <br /> confirmation of a commitment by the Tower at Washington Square LLC (the"Applicant"), pending <br /> an April 10, 2023, public hearing, to comply with the project description,job creation and retention <br /> (and associated wage rates and salaries) figures contained in its petition, Statement of Benefits, and <br /> attachments and this Agreement. <br /> 1. Property Associated with the Abatement and Responsibilities of the Applicant. At the time of <br /> this agreement, the property is located at 213 West Washington Street, South Bend, Indiana 46601, <br /> and has Key Number 71-08-12-110-024.000-026. Throughout the duration of the abatement, the <br /> Applicant shall promptly report any changes in the address or Key Number of the property receiving <br /> the abatement to the Department of Community Investment and to the Office of the City Clerk. <br /> Moreover,the Applicant also shall report any material changes or improvements made to the property <br /> subject to the abatement including changes as the result of subdividing,replatting,or otherwise. The <br /> Applicant agrees that failure to promptly report changes can result in a finding of noncompliance on <br /> behalf of the Applicant under the commitments of this agreement. <br /> 2. Commitments of City and Applicant. Subject to the adoption of a Declaratory Resolution and <br /> a Confirmatory Resolution by the South Bend Common Council(the"SBCC"),the City of South Bend, <br /> Indiana, (the "City") commits to provide an eight-year (8) mixed-use development real property <br /> tax abatement for the Applicant, based on the Applicant's commitment set forth in its Application. <br /> The Applicant commits to the following(the"Commitments"): <br /> (a) making total combined real property expenditures of no less than Fourteen Million Seven <br /> Hundred Thousand dollars ($14,700,000.00)for the construction of approximately 90 apartments at a <br /> parcel identified by Key Number 71-08-22-103-005.000-026; <br /> (b) creating approximately nine (9) permanent full-time jobs with a total estimated annual <br /> payroll of$306,000 within three(3)years of the tax abatement; and <br /> (c) acting in good faith to complete the project as described in its Application. <br /> 3. Applicant's Compliance with City and Slate Laws. During the term of the abatement, the <br /> Applicant shall comply with Chapter 2, Article 6, of the South Bend Municipal Code, entitled "Tax <br /> Abatement Procedures," and all governing provisions of the Indiana Code. During the term of this <br /> abatement,the City may annually request information from the Applicant concerning the nature of the <br /> Project,the approved capital expenditure of the Project, the number of full-time permanent positions <br /> newly created by the Project,and the average wage rates and salaries(excluding benefits&overtime) <br /> associated with the positions, and the Applicant shall provide the City with adequate written evidence <br /> thereof within fifteen (15) days of such request (the "Annual Survey"). The City shall utilize this <br /> information and the information required to be filed by the Applicant in the CF-1 Compliance with the <br /> Statement of Benefits form to verify that the Applicant has at all times complied with the Commitments <br /> after the Commitment Date and during the duration of the abatement and for no other purpose. The <br /> 1 <br />