Designating Tax Abatement - Vacant Land Adjacent to 3305 Lathrop Drive - Gateway Plaza Real Estate, LLC

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ANNUAL CONTRIBUTION TO: Madison-Jefferson County Economic Development Corporation (existing or pledged) $1,000 - $4,999 2 $5,000 - $9,999 5 $10,000 + 10 CUMULATIVE POINTS 25 to 45+ 15-24 Less than 15 Points REAL PROPERTY EQUIPMENT PHASE-IN (ABATEMENT) DURATION 10 years 7 years 5 years 3 years 0 0 Indiana Workforce Development provides employment and training services in accordance with the provisions of the Job Training Partnership Act of 1982, as amended and other applicable federal, state, and local laws to eligible residents. As a part of the tax phase-in (abatement) process, an applicant will be required to work with this agency for employment opportunities and possible placement to qualified applicants first, from Madison, Second, from Jefferson County, from Indiana, and, out of state. The applicant for tax phase-in (abatement) or an authorized representative must attend all meetings of the Common Council that deal with the petition for tax phase-in (abatement) and enactment of a Resolution. Property owners receiving tax phase-in (abatement) are required to file an annual report with the City Clerk Treasurer no later than April 1St of each year during which tax phase-in (abatement) is received. The Madison-Jefferson County Economic Development Corporation in collaboration with the Clerk Treasurer will send a notice of the information required by February 1St, and it shall include copies of Form 322 ERA/PP as prescribed by the State Board of Tax Commissioners and required for filing with the Jefferson County Auditor. The annual report shall include a statement from the company's (property owner) chief executive officer providing verification of employment projections. The Madison-Jefferson County Economic Development Corporation in collaboration with the Clerk Treasurer will verify the information prior to presenting the annual report to the City Council. REVOCATION OF TAX PHASE-IN (ABATEMENT) BY CITY COUNCIL The City of Madison believes that the granting of a request for real and/or personal property tax phase-in (abatement) under the terms and conditions established results in a contractual arrangement between the City and the property owners granted phase-in (abatement.) (A) An applicant who fails to file its Annual Report with the City Council as required herein may have the tax phase-in (abatement) revoked by the City Council.