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<br />g) a statement limiting the uses of the property consistent with the general purpose of <br />encouraging development or redevelopment of the zone during the period that <br />property tax exemptions are in effect; <br /> <br />h) that access to the project be provided to allow for the inspection by City inspectors <br />and officials in order to ensure that the improvements or repairs are made according <br />to the specifications and conditions of the agreement; <br /> <br />i) that property tax revenue lost as a result of the tax abatement agreement will be <br />recaptured by the City if the owner of the property fails to make the improvements <br />or repairs as provided by the agreement; <br /> <br />j) each term agreed to by the owner of the property; <br /> <br />k) a requirement that the owner ofthe property shall certify annually to the City Council <br />that the owner is in compliance with each applicable term of the agreement; <br /> <br />I) contractual obligations in the event of default, violation of terms or conditions, <br />delinquent taxes, recapture, administration and assignment, or other provisions that <br />may be required by state law, or in the discretion of the City Council; and <br /> <br />m) that the City Council may cancel or modify the agreement if the property owner fails <br />to comply with the agreement. <br /> <br />VI. DEFAULT. If the City determines that the person or entity receiving an Abatement is in <br />default according to the terms and conditions of its Agreement, the City shall notify the <br />company or individual in writing at the address stated in the Agreement, and if such default <br />is not cured within a reasonable period oftime specified in such notice ("Cure Period"), then <br />the Agreement may be modified or terminated without further notice. <br /> <br />In the event that the company or individual (i) allows its ad valorem taxes owed the City to <br />become delinquent and fails to timely and properly follow the legal procedures for their <br />protest and/or contest, or (ii) violates any of the terms and conditions of the Agreement and <br />fails to cure during the Cure Period, the Agreement then may be modified or terminated <br />without further notice, and the Agreement may provide a formula for recapture of all or part <br />of the taxes abated. <br /> <br />-7- <br />