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MEMORANDUM OF AGREEMENT <br />(MULTI -FAMILY RESIDENTIAL DEVELOPMENT REAL PROPERTY <br />TAX ABATEMENT) <br />This Memorandum of Agreement (Agreement) dated as of October 1, 2024, serves as <br />confirmation of a commitment by Property Bros LLC (the "Applicant"), pending an October 14, <br />2024, public hearing, to comply with the project description, job creation and retention (and associated <br />wage rates and salaries) figures contained in its petition, Statement of Benefits, and attachments and <br />this Agreement. <br />1. Property Associated with the Abatement and Responsibilities of the Applicant. At the time of <br />this Agreement, the property is identified and described below: <br />Key Number: <br />Local Parcel Number: <br />Commonly Known As: <br />Legal Description: <br />Key Number: <br />Local Parcel Number: <br />Commonly Known As: <br />Legal Description: <br />Key Number: <br />Local Parcel Number: <br />Commonly Known As: <br />Legal Description: <br />71-08-02-334-013.000-026 <br />018-1074-3109 <br />619 Sherman Avenue <br />Lot 48 Cushings 1S` <br />71-08-02-335-005.000-026 <br />018-1074-3128 <br />620 Sherman Avenue <br />Lot 5 Cushings 1st <br />71-08-02-335-008.000-026 <br />018-1074-3131 <br />1021 1/2 - 1023 1/2 Lincoln Way West <br />Lot 2 40 Ft W Side Cushings First Add <br />Throughout the duration of the abatement, the Applicant shall promptly report any changes in the <br />address or Key Number of the property receiving the abatement to the Department of Community <br />Investment and to the Office of the City Clerk. Moreover, the Applicant also shall report any material <br />changes or improvements made to the property subject to the abatement including changes as the result <br />of subdividing, replatting, or otherwise. The Applicant agrees that failure to promptly report changes <br />can result in a finding of noncompliance on behalf of the Applicant under the commitments of this <br />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) multi -family residential development <br />real property tax abatement for the Applicant, based on the Applicant's commitment set forth in its <br />Application. The Applicant commits to the following (the "Commitments"): <br />,(a) making total combined real property expenditures of no less than One Million Four Hundre <br />Forty Thousand Dollars ($1,440,000.00) for the construction of at least four (4) affordable housing <br />units at property identified in Section 1 of this Agreement; and <br />1 <br />