5058-23 Confirming 542 N. Scott,430 Cottage Grove Ave, 616 Sherman Ave an Economic Revitalization area

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MEMORANDUM OF AGREEMENT (MULTI-FAMILY RESIDENTIAL DEVELOPMENT REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as of September 28, 2023, serves as confirmation of a commitment by Property Bros LLC (the "Applicant"), pending an October 9th, 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 properties are located at; 542 N Scott St, South Bend, IN 46616, 430 Cottage Grove Avenue, South Bend, IN 46616 and 616 Sherman Avenue, South Bend, IN 46616, and have Key Numbers; 71-08-02-476-017.000-026, 71-08-02-457-002.000-026 and 71-08-02-335-006.000-026, respectively. 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 of a Declaratory Resolution and a Confirmatory Resolution by the South Bend Common Council(the"SBCC"),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 Hundred Thirty Thousand dollars ($930,000.00) for the development of at least seven (7) affordable housing units at property identified in Section 1 of this Agreement; (b) creating at least one (1) permanent part-time job with an average hourly wage of between $40-$50 and (c) 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 1