1999-016-TAX ABATEMENT INCENTIVE GUIDELINES, REINVESTMENT ZONE NUMBER 7

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g) amount of investment and average number of jobs involved during the term of the Agreement; h) a statement limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment of the zone during the period that property tax exemptions are in effect; i) a statement providing for the recapturing of property tax revenue lost as a result of the agreement if the owner of the property fails to make the improvements or repairs as provided by the agreement; j) each term agreed to by the owner of the property; k) a statement requiring the property owner to certify annually to the City Council that the owner is in compliance with each applicable term of the agreement; and I) a statement providing that the City Council may cancel or modify the agreement if the property owner fails to comply with the agreement. VI. DEFAULT. If the City determines that the person or entity receiving an Abatement is in default according to the terms and conditions of its Agreement, the City shall notify the company or individual in writing at the address stated in the Agreement, and if such default is not cured within a reasonable period of time specified in such notice ("Cure Period"), then the Agreement may be modified or terminated without further notice. In the event that the company or individual (i) allows its ad valorem taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for their protest and/or contest, or (ii) violates any of the terms and conditions of the Agreement and fails to cure during the Cure Period, the Agreement then may be modified or terminated without further notice, and the Agreement may provide a formula for recapture of all or part of the taxes abated. VII. CONFIDENTIALITY OF PROPRIETARY INFORMATION. Information that is provided to a taxing unit in connection with an application or request for tax Abatement under these Guidelines and that describes the specific processes or business activities to be conducted or the equipment or other property to be located on the property for which tax Abatement is sought is confidential and not subject to public disclosure until the Agreement is executed. Such information in the custody of the City after the Agreement is executed is not confidential under these Guidelines. VIII. PROPOSED TAX ABATEMENT AGREEMENTS TO BE DECIDED ON AN INDIVIDUAL BASIS. The adoption of these Guidelines by the City Council does not (i) limit the discretion of the City Council to decide whether to enter into a specific tax -7-