5066-24 Reconfirming Resolution: Real Property Tax Abatement for SBCC RE LLC and SBCC Development Corp

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Filed in Clerk's Office MEMORANDUM OF AGREEMENT (REAL PROPERTY TAX ABATEMENT) JAN 1 .' 2024 CITYCLERK, SOUTH BEND, IN This Memorandum of Agreement (Agreement) dated as of January 17, 2024, serves as confirmation of a commitment by SBCC RE LLC, SBCC Development Corp., SB QALIC Building, LLC, and Indiana Dinosaur Museum Inc. (collectively, the "Applicant"), pending a January 22, 2024, 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 7102 Lincoln Way West, South Bend, IN 46628, and adjacent areas and has Key Numbers 71-03-30-400-014.000-009, 71-03-30-400-017.000-009, 71-03-30-400- 018.000-009, 71-03-30-400-019.000-009, 71-03-30-400-020.000-009, 71-03-30-400-021.000-009, and 71-03-30-400-022.000-009. 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 resolution amending and reconfirming Declaratory Resolution No. 4827-19 and Confirming Resolution No. 4828-19 by the South Bend Common Council (the "SBCC"), the City of South Bend, Indiana, (the "City") commits to provide a six -year (6) 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 Six Million Three Hundred Thousand dollars ($6,300,000.00) for (i) the construction of a new production and office building for the South Bend Chocolate Company and (ii) the construction of the Indiana Dinosaur Museum at property identified in Section 1 of this Agreement; (b) retaining fifty-four (54) permanent full-time jobs with an total estimated annual payroll of One Million Nine Hundred Ninety Four Thousand Eight Hundred dollars ($1,994,800.00) (c) creating at least seventy (70) new full-time jobs with a total estimated annual payroll of One Million Six Hundred Seventy Four Thousand Four Hundred dollars ($1,674,400.00) within five years of the tax abatement; and (d) acting in good faith to complete the project as described in its Application. 1