25-13 Confirming Resolution - Real Property Tax Abatement for 225 and 229 South Michigan Street

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Filed in Clerk's Office .3 0 5 2 JL3 MEMORANDUM OF AGREEMENT Bianca Tirado City Clerk, South Bend, IN (MIXED-USE REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (Agreement) dated as of February 9, 2025, serves as confirmation of a commitment by RSPG Global Consulting LLC ("RSPG Global Consulting") and Ben Miller or His Assigns ("Ben Miller") (each an "Applicant" and collectively the "Applicants"), 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. 1. Property Associated with the Abatement and Responsibilities of the Applicants. At the time of this Agreement,the property is located at 225,227,and 229 S.Michigan Street,South Bend,Indiana 46601, and has Key Numbers 71-08-12-157-009.000-026 and 71-08-12-157-010.000-026. Throughout the duration of the abatement, the Applicants 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 Applicants 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 Applicants agree that failure to promptly report changes can result in a finding of noncompliance on behalf of the Applicants under the commitments of this Agreement. 2. Commitments of City and Applicants. 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 an eight-year (8) mixed-use real property tax abatement for the Applicants,based on the Applicants' commitment set forth in its Application. The Applicants commit to completing the following(the"Commitments"): (a) making total combined real property expenditures of no less than Four Million dollars ($4,000,000.00) for the renovation of an existing structure totaling approximately Thirty-Eight Thousand(38,000) square feet at property identified in Section 1 of this Agreement; (b) creating at least eleven (11) permanent full-time jobs with a total estimated annual payroll of at least Eight Hundred Thousand and Eight Hundred dollars ($800,800.00) as outlined in its Application; and (c) acting in good faith to complete the project as described in its Application. 3. Applicants' Compliance with City and State Laws. During the term of the abatement, the Applicants 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 Applicants 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 Applicants shall provide the City with adequate written evidence thereof within fifteen(15)days of such request(the"Annual Survey"). The City shall utilize 1