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~ A statement litniting the uses of the property consistent with the general purpose of <br />zcouraging development or redevelopment of the Reinvestrnent Zone during the <br />eriod that property tax abatement is in effect; <br />) That access to the project is provided to allow for the inspection by City inspectors <br />nd officials in order to ensure that the improvements or repaiss are made according to <br />Ze specifications and conditions of the agreement; <br />~ That property tax revenue lost as a result of the tax abatement ab eement will be <br />ecaptured by the City if the owner of the Property fails to make the improvements or <br />epairs as provided by the ab eement; <br />Each term agreed to by the owner of the Property; <br />A requiTement that the owner of the Property shall certify annuallY to the City that <br />e owner is in compliance with each applicable term of the agreement; <br />Contractual oUligations in the event of default, violation of terms or conditions, <br />3elinquent taxes, recapture, adiniliistsation and assignnnent, or other provisions that <br />may be required by state law, or in the discretion of the City Council; and <br />m) That the City may cancel or modify the agreement if the Property owner fails to <br />comply with the ab eement. <br />X. Def ult. If the City determines that the person or entity receiving an abatement is in default <br />accor g to the terms and conditions of its agreement, the City shall notify the company or <br />indivi ual in writino at the address stated in the ab eement, and if such default is not cured <br />within a reasonable time specified in such notice evnt the,) ompanyeor individual allows <br />mo d or ternzinated without further notrce. In <br />its ad alorem taxes owed to the City to become delinq { S{, o~f ates any of the terms anu <br />follow the legal procedures for their protest and/or co~e agreement then may <br />condi ons of the agreement and fails to cure during the Cure Period, <br />be mo ''ed or temiulated without further notice, and the ab eement may provide a formula for <br />recap e of all or part of the taxes abated. At any tune before the expiration, any tax abatement <br />ab e ent may be termulated by mutual consent of all parties involved in the same manner <br />that t1le agreement was executed. <br />XI. <br />prop <br />Sllbj E <br />theC <br />fidentiality of Proprietary Information. ~ tme~ntunderlthe e Guidelines a~izd th t~ <br />ion with an application or request for tax <br />es the specific processes or business activities to be conducted or the equipment or other <br />y to be located on the Property for which tax abatement is sought is confidential and not <br />to public disclosure until the apeement is executed. Such information in the custody of <br />T after the agreement is executed is not confidential under these Guidelines. <br />11 <br />