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<br />1) Description of the type of tax abatement to be <br />provided and its duration. <br /> <br />2) Legal description of the property to be <br />designated as a reinvestment zone. <br /> <br />3) Detailed information regarding the type, <br />number, location, and costs of planned improvements. <br /> <br />4) A statement granting the access to and <br />inspection of the property and proposed improvements by <br />City inspectors and officials to ensure that the <br />improvements or repairs are made according to <br />specifications and conditions of the agreements. <br /> <br />5) A statement limiting the uses of the property <br />consistent with the general purpose of encouraging <br />development or redevelopment of the zone during the <br />period that property tax exemptions are in effect; and, <br /> <br />6) A statement providing for the recapturing of <br />property tax revenue lost as a result of the agreement <br />if the owner of the property fails to make the <br />improvements or repairs as provided by the agreement. <br /> <br />V. Amendments to these Guidelines and Criteria <br /> <br />The guidelines and criteria adopted herein shall not be <br />amended or repealed except by three-fourths (3/4ths) vote of <br />the City Council. <br /> <br />VI. Effective Date <br /> <br />These guidelines and criteria adopted herein shall be <br />effective from the date of passage and remain effective for <br />two (2) years from such date of adoption, unless otherwise <br />repealed by a three-fourths (3/4ths) vote of the City <br />Counc i 1. <br /> <br />Passed and adopted this 7th day of June, 1990. <br /> <br />Eric S. Clifford, Mayor <br /> <br />ATTEST: <br /> <br />Mattie Cunningham, City crerk <br /> <br />APPROVED AS TO FORM: <br />