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<br />h) Taxability. During the term of the Agreement, taxes shall be payable as follows: <br /> <br />1) the Base Year Value of eligible property as determined each year shall be <br />fully taxable; and <br /> <br />2) the additional value of eligible property above the Base Year Value shall be <br />taxable in the manner described in the Agreement. <br /> <br />The Chief Appraiser of the City shall annually determine an assessment of the real <br />and personal property comprising the Reinvestment Zone. Each year, the company <br />or individual receiving Abatement pursuant to an Agreement shall furnish the <br />assessor with such information as may be necessary to determine the amount of any <br />Abatement. Once such value has been established, the Chief Appraiser shall notify <br />the affected jurisdictions which levy taxes on such property. <br /> <br />IV. APPLICATION. <br /> <br />a) Eligibility. Any present or potential owner of taxable property in the City may <br />request tax Abatement by filing a written request with the City Manager. <br /> <br />b) Form. The application shall consist of a completed application form accompanied <br />by (i) general description of the improvements to be undertaken together with the <br />projected new value to the property and the type of business operation proposed; (ii) <br />descriptive list of the improvements for which an Abatement is requested; (iii) list <br />of the kind, number, and location of all proposed improvements of the property; (iv) <br />the number and type of jobs created, including information pertaining to anticipated <br />job transfers; (v) metes and bounds description and plat of the proposed <br />Reinvestment Zone that shows all roadways within 200 feet of the site and all <br />existing zoning and land uses within 200 feet of the site; (vi) time schedule for <br />undertaking and completing the proposed improvements; (vii) the type and value of <br />any economic development incentives requested; and, (viii) any other information <br />about the proposed project as may be required by the City or as deemed desirable. <br /> <br />c) Review. Once the Application has been received, the information submitted will be <br />reviewed by the City Manager for completeness and accuracy. The City Manager <br />will then distribute the Application to the appropriate department heads for internal <br />review and comments. Following staffreview, copies of the complete Application <br />package and staff comments will be provided to the City Council and to other taxing <br />entities that may be willing to participate in offering tax abatement incentives. <br />Generally, the City Council, staff, and other taxing entities will discuss the proposed <br />Application at a work session prior to its formal consideration by the City Council. <br />Following the work session, the City Manager may be requested to obtain other <br />information prior to further consideration of the Application. <br /> <br />-5- <br />