25-11 Confirming Resolution - Personal Property Tax Abatement for 445 North Sheridan Street

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Filed in Clerk's Office MEMORANDUM OF AGREEMENT Bianca Tired° City Clerk,South Bend, IN (PERSONAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as January 31, 2025, serves as confirmation of a commitment by GTA Containers, LLC (the "Applicant"), pending a February 10, 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 Two Million Three Hundred Thousand dollars ($2,300,000.00) associated with the purchase and installation of manufacturing equipment to be installed at 445 N. Sheridan Street, South Bend, Indiana 46619, and has Key Number 71-08-04-376- 017.000-026. (b) creating at least fifteen(15) permanent full-time jobs with a total estimated annual payroll of at least One Million Forty Thousand dollars ($1,040,000.00); and (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. 3. Substantial Compliance and Rights of Termination. The City, by and through the SBCC, reserves the right to terminate the Economic Revitalization Area designation and associated property tax abatement deductions if it reasonably determines that the Applicant has not made reasonable efforts to substantially comply with all the Commitments, as defined in Section 1 of this Agreement, and the 1