25-38 Confirming Resolution - Real Property Tax Abatement for South Bend Chippewa, LLC and South Bend Chippewa ACG, LLC

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Filed in Clerk's Office 2 0 2(.125 rado MEMORANDUM OF AGREEMENT Bianca Tth Bend,Clerk, South Bend, IN (INDUSTRIAL DEVELOPMENT REAL PROPERTY TAX ABATEMENT) This Memorandum of Agreement (this "Agreement") dated as of July 17, 2025, serves as confirmation of a commitment by South Bend Chippewa, LLC and South Bend Chippewa ACG, LLC (the "Applicants"), pending a July 28, 2025, 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 Applicants. At the time of this Agreement, the property is located at 701 W. Chippewa St,South Bend, IN 46614,and has Key Number 71-08-23-400-001.000-026 (the "Property"). Throughout the duration of the abatement, the Applicants shall promptly report any changes in the address or Key Number of the property receiving the abatement to the Department of Community Investment and to the Office of the City Clerk. Moreover,the Applicants 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 Applicants agrees that failure to promptly report changes can result in a finding of noncompliance on behalf of the Applicants under the commitments of this Agreement. 2. Commitments of City and Applicants. 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 an eight-year(8)industrial development real property tax abatement for the Applicants, based on the Applicants' commitment set forth in its Application. The Applicants commit to the following(the"Commitments"): (a)making total combined real property expenditures of no less than Six Million Nine Hundred Thousand Dollars($6,900,000.00) for the rehabilitation of the Property; (b)contingent upon the activation of space that houses the former test cell area of the Property, creating at least fifty-five (55) permanent full-time jobs with a total estimated annual payroll of at least One Million Nine Hundred Forty-Four Thousand Eight Hundred dollars($1,944,800); and (c) acting in good faith to complete the project as described in its Application. 3. Applicants' Compliance with City and State Laws. During the term of the abatement, the Applicants shall comply with Chapter 2, Article 6, of the South Bend Municipal Code, entitled"Tax Abatement Procedures," and all governing provisions of the Indiana Code. During the term of this abatement, the City may annually request information from the Applicants concerning the nature of the Project, the approved capital expenditure of the Project, the number of full-time permanent positions newly created by the Project, and the average wage rates and salaries (excluding benefits & overtime)associated with the positions,and the Applicants shall provide the City with adequate written evidence thereof within fifteen(15)days of such request(the"Annual Survey"). The City shall utilize 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 has at all times complied with the Commitments after the Commitment Date and during the duration of the abatement and for no other 1