5108-25 Reconfirming Resolution - Real Property Tax Abatement for 3820 West Calvert Street

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MEMORANDUM OF AGREEMENT (REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as of January 7, 2025, serves as confirmation of a commitment by Greenleaf Holdco LLC (the "Applicant"), pending a January 13, 2025,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 3820 West Calvert Street, South Bend, Indiana 46613,and has Key Numbers 71-08-16-400-004.000-026 and 71-08-16-400-008.000-026. 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 Cif 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 a nine-year (9) 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 Twelve Million Dollars ($12,000,000.00) for the construction of a new structure covering approximately 65 acres at property identified in Section 1 of this Agreement; (b)retaining twenty-five(25)permanent full-time jobs with a total estimated annual payroll of $1,650,000 and creating at least seventy-five (75) permanent full-time jobs with a total estimated annual payroll of$2,750,000 within the first three years of the tax abatement. During the first year of the abatement, the Applicant's lowest paid permanent full-time employee shall be compensated at an hourly rate of at least Fifteen Dollars ($15.00) per hour ("Minimum Wage Rate"), and, in all subsequent years of the abatement, the Minimum Wage Rate of the Applicant shall increase by at least two percent (2%)over the previous year. (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 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