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01-13-14 Council Agenda & Packet
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01-13-14 Council Agenda & Packet
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1/10/2014 2:47:58 PM
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City Council - City Clerk
City Council - Document Type
Agendas
City Counci - Date
1/13/2014
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MEMORANDUM OF AGREEMENT <br />This Memorandum of Agreement (Agreement) dated as of the wl day of fEBQwrav, 2011, <br />serves as confirmation of a commitment by South Bend Gear, LLC (the "Applicant "), pending a <br />February 28, 2011, public hearing, to comply with the project description, job creation and <br />retention (and associated wage rates and salaries) figures contained in its petition, Statement of <br />Benefits, and attachments and this Agreement (Commitments). <br />1. Commitments of City and Applicant. Subject to the adoption of a Declaratory <br />Resolution and a Confirmatory Resolution by the South Bend Common Council (the "SBCC "), <br />the City of South Bend, Indiana (the "City ") commits to provide a (5) five -year personal property <br />tax abatement for the Applicant, based on the Applicant's commitment set forth in its <br />Application addressing 3849 Showerlux Drive, South Bend, IN 46628 (Key No. 71- 03- 21 -300- <br />001.000 -009). The Applicant commits to a capital expenditure of no less than $15,600,000 over <br />a two year period associated with the acquisition and installation of several pieces of turning, <br />gear cutting and gear finishing equipment as well as robots and automation equipment (the <br />"Project ") which will create at least twelve (12) new, permanent full -time jobs with an annual <br />payroll estimated at $550,000 by February 15, 2012, and fourteen (14) additional new, <br />permanent full -time jobs with an annual payroll estimated at $641,000 by February 13, 2013. <br />2. Potential Impact of State of Indiana Circuit Breaker Law The parties note that <br />the calculations regarding the affect of the tax abatement in question are based on the State of <br />Indiana's tax rates currently in effect at the time of entering into this Memorandum of <br />Agreement. The complete impact of the State of Indiana's Circuit Breaker law on the City's <br />property tax revenues is unknown at this time. To assure that the City receives the projected <br />amount of property tax revenues, which amount was calculated at the time of granting the tax <br />abatement for the Applicant, the parties to this Memorandum of Agreement agree to adjust the <br />length of the abatement and /or the percentage of deduction if the tax revenues due under the <br />Circuit Breaker Law are less than what was initially projected and represented to the Common <br />Council, as evidenced by the supporting documentation submitted to the Council with the <br />Applicant's tax abatement petition. However, in no case will the adjustments cause the property <br />taxes to be paid to exceed the tax payments as initially projected and represented to the Common <br />Council by the aforementioned supporting documentation. <br />
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