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Property; g) 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 i.s in effect; h) That access to the project is provided to allow for the inspection by City inspectors and officials in order to ensure that the i.mprovements or repairs are made according to the specifications and conditions of the agreement; i) That property tax revenue lost as a result of the tax abatement agreement will be recaptured by the City if the owner of the Property faiLs to make the improvements or repairs as provided by the agreement; j) Each term agreed to by the owner of the Property; k) A requirement that the owner of the Property shall certify annually to the City that the owner is in compliance with each applicable term of the agreement; 1) Contraciual obligations in the event of default, violation of terms or conditions, delinquent taxes, recapiure, administration and assignment, or other provisions that may be required by state law, or in the discretion of the City Council; and m) That the City may cancel or modify the agreement if the Property owner fails to comply with the agreement. X. Default. If the City determines that the person or entity receiving an abatement is in default according to the terms and conditions of its agreement, the City shall notify the company or individual in writing at the address stated in the agreement, and if such default is not cured within a reasonable time specified in such notice ("Cure Period"), then the agreement may be modified or terminated without further notice. In the event the company or individual allows its ad valorem taxes owed to the City to become delinquent and fails to timely and properly follow the legal procedures for their protest and/ or contest, or violates any of the terms and conditions of the agreement and fails to cure during the Cure Period, the agreement then may be modified or terminated without further notice, and the agreement may provide a formula for recapture of all or part of the taxes abated. At any time before the expiration, any tax abatement agreement may be ternlinated by mutual consent of all parties involved in the same manner that the agreement was executed. XI. Confidentiality of Proprietary Information. Information that is provided to a taxing unit in connection with an application or request for tax abatement under these Guidelines and that describes the specific processes or business activities to be conducted or the equipment or other property to be located on the Property for which tax abatement is sought i.s contidential and not subject to public disclosure until the agreement is executed. Such infornnation in the custody of the City after the agreement is executed is not confidential under these Guidelines. 11 . OOU179