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<br />(b) Creation of New Value. Abatement may only be <br />granted for the additional value of eligible real and tangible <br />personal property improvements, subj ect to such limitations as <br />the city may require. ' <br /> <br />(c) New and Existing Facilities. Abatement may be <br />granted for new facilities and improvements to existing facil- <br />ities for purposes of modernization or expansion. <br /> <br />(d) Eligible Propertv. Abatement may be extended to <br />the value of buildings, structures, fixed machinery and equip- <br />ment, site improvements, tangible personal property, and that <br />office space and related fixed improvements necessary to the <br />operation and administration of the facility; provided, however, <br />that inventory or supplies shall not be eligible for Abatement. <br /> <br />(e) Leased Facilities. If a leased facility is <br />granted Abatement, the Agreement may be executed with the lessor <br />and/or lessee, depending upon the particular qircumstances of-the <br />proposed proj ect. If the Agreement is with the lessor, lessor <br />shall demonstrate binding contracts with the lessee to guarantee <br />compliance with the terms of the Agreement. <br /> <br />(f) Value and Term of Abatement. The city will decide <br />whether to grant tax Abatement to an applicant, and the amount, <br />if any, of such Abatement, on a case-by-case basis. The term of <br />Abatement granted under any Agreement may not exceed that permit- <br />ted by applicable state law. The amount of the Abatement shall <br />be based upon a percentage (0 to 100%) of all or a portion of the <br />eligible property. Abatement may only be granted for the addi- <br />tional value of eligible property improvements made pursuant to <br />and listed in the Agreement between the city and property owner <br />and/or lessee subject to such limitations as the city may re- <br />quire. If a modernization project includes facility replacement, <br />the value eligible for Abatement shall be the .value of the new <br />unit(s), less the value of the replaced unit(s). The criteria <br />that will be utilized in evaluating a particular application for <br />Abatement will include, but not be limited to: <br /> <br />( i) the dollar amount of the increase in the <br />tax roll for the proposed project; <br /> <br />( ii) <br />project; <br /> <br />the number of jobs created by the proposed <br /> <br />(iii) the possible effect the proposed proj ect <br />will have on attracti~g other taxable improvements into <br />the city; .' ' <br /> <br />(iv) the nature of the proposed project and its <br />overall effect on the community; <br /> <br />jmw3:373a/cgl <br />041090-1 <br /> <br />-3- <br />