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<br />a) Authorized Facilities. A facility may be eligible for Abatement if it is a <br />Manufacturing Facility, Research Facility, Regional Distribution Facility, Regional <br />Tourist Entertainment Facility, or Other Basic Industry. <br /> <br />b) Creation of New Value. Abatement may only be granted for the additional value <br />of eligible real and tangible personal property improvements, subject to such <br />limitations as the City may require. <br /> <br />c) New and Existing Facilities. Abatement may be granted for new facilities and <br />improvements to existing facilities for purposes of modernization or expansion. <br /> <br />d) Eligible Property. Abatement may be extended to the value of buildings, <br />structures, fixed machinery and equipment, site improvements, tangible personal <br />property, and that office space and related fixed improvements necessary to the <br />operation and administration of the facility; provided, however, that inventory or <br />supplies shall not be eligible for Abatement. <br /> <br />e) Leased Facilities. If a leased facility is granted Abatement, the Agreement may be <br />executed with the lessor and/or lessee, depending upon the particular circumstances <br />of the proposed project. If the Agreement is with the lessor, lessor shall <br />demonstrate binding contracts with the lessee to guarantee compliance with the <br />terms of the Agreement. <br /> <br />f) Value and Term of Abatement. The City will decide whether to grant tax <br />Abatement to an applicant, and the amount, if any, of such Abatement, on a case- <br />by-case basis. The term of Abatement granted under any Agreement may not <br />exceed that permitted 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 eligible property. <br />Abatement may only be granted for the additional value of eligible property <br />improvements made pursuant to and listed in the Agreement between the City and <br />property owner and/or lessee subject to such limitations as the City may require. <br />If a modernization project includes facility replacement, the value eligible for <br />Abatement shall be the value of the new unit(s), less the value of the replaced <br />unit(s). The criteria that will be used in evaluating a particular application for <br />Abatement will include, but not be limited to: <br /> <br />1) the dollar amount of the increase in the tax roll for the proposed project; <br /> <br />2) the number of jobs created by the proposed project; <br /> <br />3) the possible effect the proposed project will have on attracting other taxable <br />improvements into the City; <br /> <br />-3- <br />