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(2) Applicant shall provide access to and authorize inspection of the Eligible Property <br />by City or the City's employees or agents to insure compliance with the <br />specifications and conditions of the Agreement; <br />(3) Limit the uses of the Eligible Property consistent with the general purpose of <br />encouraging development or redevelopment of the Reinvestment Zone during the <br />period that property tax exemptions are in effect; <br />(4) Provide for recapturing property tax revenue ]ost if the owner of the Eligible <br />Property fails to make the improvements or repairs as provided by the Agreement; <br />(5) The terms that were agreed upon with the property owner and requires the owner <br />to annually certify compliance with the terms of the Agreement; <br />(6) Provide the taxing unit the ability to cancel or modify the Agreement at any time <br />should the owner fail to comply with the terms of the Agreement; <br />(c) At its option, the City inay include the following provisions in an Agreement: <br />(1) A map showing existing and proposed improvements and uses in the <br />Reinvestment Zone; or <br />(2) Improvements or repairs by the City to streets, sidewalks, utility services or facilities <br />associated with the Eligible Property, except that the Agreement wil] not provide <br />for lower charges or rates that are made for other services or properties of a similar <br />character; or <br />(3) The recapture of all or a portion of property tax revenue lost as a result of the Agreement if <br />the owner of the Eligible Property fails to create all or a portion of the number of new <br />jobs provided by the Agreement. If the appraised value of the Eligible Property subject <br />to the Agreement does not obtain a value specified in the Agreement, or if the owner fails to <br />meet any other performance criteria provided by the Agreement, and payment of a penalty ar <br />interest, or both, on that recaptured property tax revenue; or <br />(4) The foregoing options do not in any way limit the City from including additional <br />criteria permissible under§ 312.205 of tlie Texas Tax Code, as it may be amended. <br />(d) If a leased Facility is granted abatement, the Agreemehnt must be executed with the City, the <br />Lessor, and the lessee. <br />(e) To be effective, an Agreement must be approved by the affirmative vote of a majority of the <br />members of the City Council at a regularly scheduled meeting of the City Council. <br />(f) At any time befare its expiration, an Agreement may be modified by the parties to the <br />Agreement to include other provisions that could have been included in the original <br />agreement or to delete provisions that are not necessary to the original agreement. The <br />modification must be made by the same procedure by which the original agreement was <br />approved and executed. The original agreement may not be modified to extend beyond ten <br />3 <br />~ 3 b, <br />