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c) If there will be the creation of new value. Abatements may only be granted for the <br />additional value of eligible Real and Personal Property improvements, subject to such <br />limitations as the City may require. Real Property tax abatement may be granted only to the <br />extent that its value for each year of the agreement exceeds its value for the year in which the <br />agreement is executed. <br />d) If there will be new Authorized Facilities created, or if existing Authorized <br />Facilities will be improved for purposes of modernization or expansion. <br />e) Eligible Property. Abatement may be extended to the value of buildings, structures, <br />fixed machinery and equipment, site improvements, tangible personal property, and that office <br />space and related fixed improvements necessary to the operation and administration of the <br />Authorized Facility; provided, however, that inventory or supplies shall not be eligible for <br />abatement. Eligible property for which abatement may be granted includes nonresidential real <br />property and/or tangible personal property not located on the real property at any time before the <br />abatement agreement becomes effective. <br />fl Leased Authorized Facilities. If a leased Authorized Facility is granted abatement, <br />the agreement may be executed with the lessar and/or lessee, depending upon the particular <br />circumstances of the proposed project. If the agreement is with the lessor, lessor shall <br />demonstrate binding contracts with the lessee to guarantee compliance with the terms of the <br />agreement. <br />g) Value and Term of Abatement. The City will decide whether to grant tax abatement <br />to an applicant, and the amount, if any, of such abatement, on a case-by-case basis and in <br />accordance with these Criteria and Guidelines. The term of abatement granted under any <br />agreement may not exceed that permitted by applicable state law. The amount of the <br />abatement shall be based upon a percentage (0 to 100%) of all or a portion of the eligible property <br />within the Authorized Facility. Abatement may only be granted for the additional value of <br />eligible property improvements made pursuant to and listed in the agreement between the City <br />and property owner and/or lessee subject to such limitations as the City may require. If a <br />modernization project includes the replacement of improvements within an Authorized Facility, <br />the value eligible for abatement shall be the value of the new unit(s), less the value of the replaced <br />unit(s). The criteria that will be used in evaluating a particular application for abatement will <br />include, but not be limited to: <br />1) The dollar amount of the increase in the tax roll for the proposed project; <br />2) The number of Jobs created or retained by the Employer involved; <br />3) The possible effect the proposed project will have on attracting other taxable <br />improvements into the City; <br />