10 - Resolution-Approving Addendum to Tax Abatement Agreement dated February 25, 2017 with Campbell Soup

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c) If there will be the creation of new value. Abatements may only be granted for the additional value of eligible Real and Personal Property improvements, subject to such limitations as the City may require Real Property tax abatement may be granted only to the extent that its value for each year of the agreement exceeds its value for the year in which the agreement is executed. d) if there will be new Authorized Facilities created, or ifexisting Authorized Facilities will be improved for purposes of modernization or expansion. e) Eligible Property. Abatement may be extended to the value of buildings, structures. fixed machinery and equipment, site improvements, tangible personal property, and that office space and related fixed improvements necessary to the operation and administration of the Audwrized Facility; provided, however, that inventory or supplies shall not be eligible for abatement. Eligible property for which abatement may be granted includes nonresidential real property and/or tangible personal property not located on the real property at any time before the abatement agreement becomes eff ctive. f) Leased Authorized Facilities. If leased Authorized Facility is granted abatement, the agreement may be executed with the lessor and/or lessee, depending upon the particular cir^ .ances of the proposed project. if the agreement is with -the lessor, lessor shall de nonstrate binding contracts with the lessee to guarantee compliance with the terms of the g) Value and Tam of Abatement. The City will decide whether to grant tax abatement to an applicant, and the amount, if any, of such abatement, on a c= -by -case basis and in accordance with these Criteria and Guidelines. The term of abatement granted ander any agreement may not exceed that permitted by applicable state law. The amount of the abatement shall be based upon a percentage (0 to 100%) of all or a portion of the eligible property within the Authorized Feellity. Abatement may only be granted for the additional value of eligible property improvements made pursuant to and listed in the agreement between the City and property owner and/or leasee subject to sueb limitations as the City may require. If a modernization project includes the replacement of improvements within an Authorized Facility, the value eligible for abatement shall be the value ofthe new unit(s), less the value of the replaced unit(s). The criteria that will be used in evaluating a particular application for abatement will include, but not be Iimited to; 1) The dollar amount of the increase in the tax roll for the proposed project; 2) The number of Jobs created or retained by the Employer involved; 3) The possible e#%ct the proposed project will have on attracting other taxable improvements into the City;