11 - Resolution Approving Agreement to Terminate Tax Abatement Agreement with Campbell Soup

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limitationse) Ifthere will be the creation of new value. Abatanents may only be granted for Witional value of eligible Real and Personal Pro;mrty improvement.% subject to such ..Propertyabaleinentbe 1` only to the extimt that1`valuefDr each year1the agreement exceeds 1,valuefor the year in which the agreement1 d) If there will be new Authorized Facilities created, or if existing Authorized Facilities will be improved for purposes of modernizadon, or expansion. e) Eligible Property. Abatement may be maended to the value of buildings, structures. fixed machinny and equipment site improvements, tangible pasonal property, and that office space and relawd fixed improvernerts necessary to the operation and uhninistration of the Authorized Facility; provided. however, that inventory or supplies shall not be eligible for abatement. 11gible property for which abatement may be granted incliudes nonresidential Yen] 0 Leased AuthorizedFacilities. If a leased AuthorizedFaailfty is grarrtedabatem.N ihe agymnent may be, executed with the lessor and/or lessee, depending upon the pwficular circumstances of the proposed project. If the agreement is with die lessor, lessor shall temon,strate binding contracts with ft lessee to guarantee compliance with the terms Of the g) Value and Term of Abatement. The City will decide whether to grant tax abattsrrient to an appBoaM and the amount, if any, of such abatement on a case4oe-case basis and in accordancewith tese Criteria and Guidelines. ne term ofabatement grantedunder agreement may not exceed that permitted by applicable state law, The amount of the sl,1 1 1 :! TItT a1 '.1 1 tm I 11' • 1 r i! 1♦ & Tf Ae eligHe • RfZ. within1 -♦ Facility. Abatementonly be granted ♦r. ft additional1 eligible property 1 °. pursuanttoand listedin the agreementbetween and property owner and/or lessee subject to such limitations as the City may requim If a modernization project includes the replacement of improvements within an Authorized Facfflty� AUWOVM�'AMUM; 21 need unit(s). The criteria that will be used in evaluating a particular application fbr abatement will incLude,but not be I to: i) The dollar amount of the increase in the tax roll for the proposed project; 2) The numberof Jobsor E• by Employer involved; 3) Tbe possible effect the proposed project Nvill have on attracting other MI improvements i►