5023-23 Reconfirming the Adoption of Declaratory Res.: 520 S. Lafayette Blvd, SB, IN 8-Year Tax Abatement

Home Browse Search

MEMORANDUM OF AGREEMENT (MULTI-FAMILY RESIDENTIAL DEVELOPMENT REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement(Agreement)dated as of June 6,2023,serves as confirmation of a commitment by Diamond View Apartments, LP (the "Applicant"), pending a June 12, 2023, 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. 1. Property Associated with the Abatement and Responsibilities of the Applicant. At the time of this Agreement,the property is located at 520 South Lafayette Boulevard, South Bend,Indiana 46601, and has Key Numbers 71-08-12-305-008.000-026 and 71-08-12-305-009.000-026. Throughout the duration of the abatement, the Applicant shall promptly report any changes in the address or Key Number of the property receiving the abatement to the Department of Community Investment and to the Office of the City Clerk. Moreover, the Applicant also shall report any material changes or improvements made to the property subject to the abatement including changes as the result of subdividing,replatting,or otherwise. The Applicant agrees that failure to promptly report changes can result in a finding of noncompliance on behalf of the Applicant under the commitments of this Agreement. 2. Commitments of City and Applicant. Subject to the adoption by the South Bend Common Council (the"SBCC") of a resolution reconfirming the adoption of Declaratory Resolution No. 4921- 21, the City of South Bend, Indiana, (the "City") commits to provide an eight-year (8) multi-family residential development real property tax abatement for the Applicant, based on the Applicant's commitment set forth in its Application. The Applicant commits to the following (the "Commitments"): (a) making total combined real property expenditures of no less than Nine Million Eight Hundred Twenty Five Thousand dollars ($9,825,000.00) for the construction of a new affordable 60- unit apartment building at the property identified in Section 1 of this Agreement; (b)guaranteeing that, for the duration of the abatement,at least twenty(20)percent of the units shall be available for use by low- and moderate-income individuals or families; (c) creating at least two (2) permanent full-time jobs with a total estimated annual payroll of approximately One Hundred Thousand dollars ($100,000.00); and (d) acting in good faith to complete the project as described in its Application. 3. Applicant's Compliance with City and State Laws. During the term of the abatement, the Applicant shall comply with Chapter 2, Article 6, of the South Bend Municipal Code, entitled "Tax Abatement Procedures," and all governing provisions of the Indiana Code. During the term of this abatement,the City may annually request information from the Applicant concerning the nature of the Project, the approved capital expenditure of the Project, the number of full-time permanent positions 1