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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 />Page 2 of 6 <br />3. Applicant's Compliance with City and State Laws. During the term of the <br />abatement, the Applicant shall comply with Chapter 2, Article 6 of the South Bend Municipal <br />Code entitled "Tax Abatement Procedures" and all governing provisions of the Indiana Code. <br />During the term of this abatement, the City may annually request information from the Applicant <br />concerning the nature of the Project, the approved capital expenditure of the Project, the number <br />of full -time permanent positions newly created by the Project, and the average wage rates and <br />salaries (excluding benefits & overtime) associated with the positions, and the Applicant shall <br />provide the City with adequate written evidence thereof within 15 days of such request (the <br />"Annual Survey "). The City shall utilize this information and the information required to be <br />tiled by the Applicant in the CF -1 Compliance with the Statement of Benefits form to verify that <br />the Applicant has complied with the commitments contained in the Commitments at all times <br />after the Commitment Date and during the duration of the abatement. The Applicant further <br />agrees to provide the City with such additional information requested by the City related to the <br />information provided in the Annual Survey and the CF -1 form within a reasonable time <br />following any such additional request. <br />4. Substantial Compliance and Rights of Termination. The City, by and through the <br />SBCC, reserves the right to terminate the Economic Revitalization Area designation and <br />associated property tax abatement deductions if it determines that the Applicant has not made <br />reasonable efforts to substantially comply with all the Commitments, and the Applicant's failure <br />to substantially comply with the Commitments was not due to factors beyond its reasonable <br />control. As used in this Agreement, "substantial compliance" shall mean the Applicant's <br />compliance with the following: (a) making capital expenditures of not less than Fifteen million <br />Six Hundred Thousand Dollars ($15,600,000) over a two year period for several pieces of <br />turning, gear cutting and gear finishing equipment as well as robots and automation equipment; <br />and (b) the creation of not less than twelve (12) new, permanent full -time jobs by February 15, <br />2012, with an annual payroll estimated at $550,000 and fourteen (14) additional new, permanent <br />full -time jobs with an annual payroll estimated at $641,000 by February 13, 2013. <br />5. Factors Beyond Control. As used in this Agreement, factors beyond the control <br />of the Applicant shall only include factors not reasonably foreseeable at the time of designation <br />application and submission of Statement of Benefits which are not caused by any act or omission <br />
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