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<br />5) A statement limiting the uses of the property consistent with the general purpose <br />of encouraging development or redevelopment of the zone during the period that <br />property tax exemptions are in effect; <br /> <br />6) A statement providing for the recapturing of property tax revenue lost as a result <br />of the agreement if the owner of the property fails to make the improvements or <br />repairs as provided by the agreement; <br /> <br />7) Each term agreed to by the owner of the property; <br /> <br />8) A statement requiring the property owner to certify annually to the City Council <br />that the owner is in compliance with each applicable term of the agreement; and, <br /> <br />9) A statement providing that the City Council may cancel or modify the agreement <br />if the property owner fails to comply with the agreement. <br /> <br />V. Amendments to these Guidelines and Criteria <br /> <br />The guidelines and criteria adopted herein shall not be amended or repealed except by <br />three-fourths (3/4) vote of the City Council. <br /> <br />VI. Effective Date <br /> <br />These guidelines and criteria adopted herein shall be effective from the date of passage and <br />remain effective for two (2) years from such date of adoption, unless otherwise repealed by a <br />three-fourths (3/4) vote of the City Council. <br /> <br />PASSED AND ADOPTED this 13th day of April, 1998. <br /> <br />Eric S. Clifford, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City Clerk <br /> <br />GUIDELINES & CRITERIA - Page - 4 <br />