5109-25 Reconfirming Resolution - Personal Property Tax Abatement for 3820 West Calvert Street

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MEMORANDUM OF AGREEMENT (PERSONAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as 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(Commitments). 1. 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 a five-year (5) personal 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 a capital expenditure of no less than Sixty-Eight Million Dollars ($68,000,000.00) associated with the purchase of new logistical distribution equipment for Greenleaf Holdco located at 3820 W Calvert Street, South Bend, IN 46613, and has Key Numbers 71-08-16-400-004.000-026 and 71-08-16-400-008.000-026. (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. 2. 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 newly created by the Project, and the average wage rates and salaries (excluding benefits&overtime) associated with the positions,and the Applicant shall provide the City with adequate written evidence thereof within fifteen (15) days of such request (the "Annual Survey"). The City shall utilize this information and the information required to be filed by the Applicant in the CF-1 Compliance with the Statement of Benefits form to verify that the Applicant has at all times complied with the Commitments after the Commitment Date and during the duration of the abatement and for no other purpose. The Applicant further agrees to provide the City with such additional information as requested by the City to determine Applicant's compliance with the Commitments and with local and state requirements within twenty(20)days following any such request. Notwithstanding anything herein to the contrary, the Applicant acknowledges that the City may be required to disclose certain documents provided by the Applicant as required by a court order or applicable law. 1