2018-024 Master Economic Development Agreement between the City, PEDC and American Spiralweld Pipe

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(4pdated 01-1B-18) POLICY STATEMENT CRITERIA AND GUIDELINES FOR TAX ABATEMENT Abatement Agreement Terms and Coxd1fions After approval, the Taxing Jurisdictions shall formally pass an order or resolution and authorize the ex�;mtfio if include, but not be limited to the following terms and conditiops: WITIWIT-7-MIF7 of Proprietary Infortnation The following project specifies will be included: 1. The base year value. 2. Percent of increased value to be abated each year. 3. The commencement date and the termination date of abatement - 4. Amount of investment and average number of jobs involved during the term of the agreement. 5, The proposed use of the authorized facty, nature of constmetion, time schedule, plat, property description, and improvement list, as provided in the application. 6. A listing of the kind, number, location, and costs of all proposed improvements of the propaw, 7. A statement limiting the uses of the property consistent with the general purpose of encouraging development or redevelopment of the reinvestment zone during the period that property tax abatement is in effect. 8. That aems to the project is provided to allow for the inspection by Taxing Jurisdictions' inspectors mid officials in order to ensure that the improvements or repoks are made according to the specifications and conditions of the agreement. 9, That property tax revenue lost as a result of the tax abatement agreement will be recaptured by the Taxing Jurisdictions if the owner of the property fails to make the improvements or repairs as provided by the agreement 10, Each term agreed to by the owner of the property. 11, A requirement that the owner of the property shall certify annually to the Taxing Jurisdictions that `ois in compliance with each applicable term of the agreement. 12. Contractual obligations in the event of default, violation of terms or conditions, delinquent taxes, recapture, administration and assignment, or other provisions that may be required by state law, or in the discretion of the Taxing Jurisdictions' governing body, 13. That the Taxing Jurisdictions may cancel or modify the agreement if the property owner fails t1pqpg!1 with the agrp�qS!. . . . ........ and properly follow the legal procedures for their protest and/or contest or violates any of the lwrlwiiAlwor-64AWR I ite &.1rAw t - i"40 o e R4 9�T W* dI gow- 14, 1161,4(666" IN;; 111'rM11,071 OF WTAArX ICU 'MUMML I.Macip-C.111M., LUAL Inc MA.T pil-to; jut 4 IOr.%-Vj-La for recapture of all or part of the taxes abated- At any time before the expiration, any tax abatement agreement may be terminated by mutual consent of all parties involved in die same "manner that the aaS_ nt was exrcuteA .................. ...... . ...... is providW to a Taxing Jur� Y:. i n c o rinection with an application or request for tax abatement under these Policies, Criteria and Guidelines, and that describes the specific hlvrM mvO)n 1 Foria 11 itas. igloo 1[yW101 411,11is g 1161 unin Tac ZJ; &Mnuuf Is i�A;:YzF N aym Asar nent is executed is not confidential hereunder. . . ....... . . -in a ment shall sti�,,� te that" ern and/ or AO�rFr- Tax' 0