26-12 Confirming Resolution - Real Property Tax Abatement for Wharf Partners LLC (Substitute)

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MEMORANDUM OF AGREEMENT (MIXED-USE DEVELOPMENT REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement(the"Agreement")dated as of April 17,2026, serves as confirmation of a commitment by Wharf Partners LLC (the"Applicant"), pending an April 27, 2026, 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 312-318 E. Colfax Avenue, South Bend, Indiana 46617, and has Key Numbers 71-08-12-130-011.000-026 and 71-08-12-130-002.000-026. Throughout the duration of the abatement, the Applicant shall promptly report any changes in the addresses or Key Numbers 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 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 six-year(6)mixed-use development 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) at property identified in Section 1 of this Agreement, making total combined real property expenditures of not less than Fifty Million Dollars ($50,000,000.00) for the construction of a new mixed-use building consisting of approximately one hundred twelve thousand (112,000) square feet, which includes approximately thirty thousand (30,000) square feet of commercial space and no fewer than twenty-two (22) for-sale residential condominium units; (b) creating and maintaining not fewer than fifteen (15) permanent full-time jobs with a total estimated annual payroll of not less than Seven Hundred Fifty Thousand Dollars ($750,000.00); and (c)acting in good faith to complete the project as described in its Application. 3. Applicability of Abatement to Residential Condominium Units. Notwithstanding anything herein to the contrary,the mixed-use development real property tax abatement provided under this Agreement shall apply to a residential condominium unit only during such time as that individual residential condominium unit is owned by the Applicant and is not leased, rented, or otherwise occupied by a tenant. Upon the sale, conveyance, transfer, leasing, or rental of any residential 1