5119-25 Confirming Resolution - Real Property Tax Abatement for 225 and 229 South Michigan Street

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this information and the information required to be filed by the Applicants in the CF-1 Compliance with the Statement of Benefits form to verify that the Applicants have at all times complied with the Commitments after the Commitment Date and during the duration of the abatement and for no other purpose. The Applicants further agree to provide the City with such additional information as requested by the City to determine the Applicants' 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 Applicants acknowledge that the City may be required to disclose certain documents provided by the Applicants as required by a court order or applicable law. 4. 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 Applicants have not made reasonable efforts to substantially comply with all the Commitments, as defined in Section 2 of this Agreement, and the Applicants' failure to substantially comply with the Commitments was not due to factors beyond its reasonable control,as described in Section 5 below. 5. Factors Beyond Control. As used in this Agreement, factors beyond the control of the Applicants shall only include factors not reasonably foreseeable at the time of designation application and submission of Statement of Benefits which are not caused by any act or omission of the Applicants, and which materially and adversely affect the ability of the Applicants to substantially comply with this Agreement. The Applicants has the burden to communicate to the City any such factors in which it believes is beyond its control and impacting its ability to fulfill the terms of this Agreement or any tax abatement benefit provided to the City. The City reserves the right to investigate the factors cited by the Applicants under this Section 5 to the fullest extent possible and may deny the Applicants' request upon the completion of the City's investigation. 6. Repayment of Tax Abatement Savings. If at any time during the term of this Agreement the Applicants shall: (a)be delinquent or in default with respect to any tax payment in St. Joseph County, Indiana;or(b)cease operations at the facility for which the tax abatement was granted;or(c)announce the cessation of operations at such facility, then the City may immediately terminate the Economic Revitalization Area designation and associated tax abatement deductions, and upon such termination, require the Applicants to repay all of the tax abatement savings received through the date of such termination. 7. Notice/Hearing of Termination. In the event that the City determines that the Economic Revitalization Area designation and associated tax abatement deductions should be terminated or that all or a portion of the tax abatement savings should be repaid,it will give the Applicants notice of such determination,including a written statement calculating the amount due from the Applicants, and will provide the Applicants with an opportunity to meet with the City's designated representatives to show cause why the abatement should not be terminated and/or the tax savings repaid. Such notice shall state the names of the person with whom the Applicants may meet and will provide that the Applicants shall have thirty (30) days from the date of such notice to arrange such meeting and to provide its evidence concerning why the abatement termination and/or tax savings repayment should not occur. If,after giving such notice and receiving such evidence, if any,the City determines that the abatement termination and/or the tax repayment action is proper, the Applicants shall be provided with written notice and a hearing before the SBCC before any final action shall be taken terminating the abatement 2