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<br />A property owner and/or lessee shall be eligible for tax Abatement only upon the following <br />terms and conditions: <br /> <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 of <br />eligible real and tangible personal property improvements, subject to such limitations <br />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, structures, <br />fixed machinery and equipment, site improvements, tangible personal property, and <br />that office space and related fixed improvements necessary to the operation and <br />administration of the facility; provided, however, that inventory or supplies shall not <br />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 demonstrate <br />binding contracts with the lessee to guarantee compliance with the terms of the <br />Agreement. <br /> <br />f) Value and Term of Abatement. The City will decide whether to grant tax Abatement <br />to an applicant, and the amount, if any, of such Abatement, on a case-by-case basis. <br />The term of Abatement granted under any Agreement may not exceed that permitted <br />by applicable state law. The amount of the Abatement shall be based upon a <br />percentage (0 to 100%) of all or a portion of the eligible property. Abatement may <br />only be granted for the additional value of eligible property improvements made <br />pursuant to and listed in the Agreement between the City and property owner and/or <br />lessee subject to such limitations as the City may require. If a modernization project <br />includes facility replacement, the value eligible for Abatement shall be the value of <br />the new unites), less the value of the replaced unites). The criteria that will be used <br />in evaluating a particular application for Abatement will include, but not be limited <br />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- <br />