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IX. Agreement. <br />After approval, the City shall formally pass an order or resolution and authorize the <br />execution of an agreement with the owner and/or lessee of the Authorized Facility which shall <br />include, but not be limited to the following terms: <br />a) The Base Year Value; <br />b) Percent of increased value to be abated each year; <br />c) The commencement date and the termination date of abatement; <br />d) Amount of investment and average number of jobs involved during the term of the <br />agreement; <br />e) The proposed use of the Authorized Facility, nature of construction, time schedule, <br />plat, property description, and improvement list, as provided in the application; <br />fl A listing of the kind, number, location, and costs of all proposed improvements of the <br />Property; <br />g) A statement limiting the uses of the property consistent with the general purpose of <br />encouraging development or redevelopment of the Reinvestment Zone during the period <br />that property tax abatement is in effect; <br />h) That access to the project is provided to allow for the inspection by City inspectors <br />and officials in order to ensure that the improvements or repairs are made according to <br />the specifications and conditions of the agreement; <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 or <br />repairs as provided by the agreement; <br />j) Each term agreed to by the owner of the Property; <br />k) A requirement that the owner of the Property shall certify annually to the City that <br />the owner is in compliance with each applicable term of the agreement; <br />1) 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 />m) That the City may cancel or modify the agreement if the Property owner fails to <br />comply with the agreement. <br />