2013-011 RES APPROVING AND AUTHORIZING TAX ABATEMENT AGREEMENT WITH CAMPELL SOUP

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c} If there wili be the creation of new value. Abatements may oniy be granted for the additional value of eligible Real and Persona] Property impravements, subject to such limi#ations as the City may require. Real Property tax abatement may be granted only fo the extent that its value for each year of the agreement exc�eds its vaiue for the year in which the agreement is executed. d) If there will be new Authorized Facilities created, or if existing Authorized Facilities wi!] be improved for purposes of modernization or expansion. e) Eligible Praperty. Abatement may be extended to the vaiue of buildings, structures, fixed machinery and equipment, site improvements, tangible personai property, and that office space and related fixed improvements necessary to #he operation and administration of the Authorized Facility; provided, however, that inventory or supplies shall nat be eligibJe for abatement. EJigible property for which abatement may be granted includes nonresidentia] real property and/or tangib)e persona! properiy not located on the rea] property at any [ime before the abatement agreement becomes effective. f} Leased Authorized Faciiities. If a ieased Authorized Facilify is granted abatement, the agreement may be executed wiih #he lessor and/or lessee, depending upon the particular cireums#ances of the pmposed project. If the agreement is with the lessor, lessor shall cfemonstrate binding contracts with the [essee to guarantee comp3iance with the terms of the agreement. g) Value and Term of Abatement. The City wil! decide whether ta grant tax abatement to an applicant, and the amount, if any, of such abatement, on a case-by-case basis and in accordance with tltese Criteria and Guideiines. The term of abatement granted under any agreement may not exceed that permitted by applicable staie law. The amount of the abatement shall be based ugon a percentage {0 to 100%) of ail or a portion of the eligible praperty within the Authorized Facility. Abatement may only be granted for the additional value of eligible property improvements made pursuant to and listed in the agreement between the City and property owner and/or lcssee subject to such limitations as the City may require, If a modernization project includes the replacement of improvements within an Authori2ed Pacility, the value eligible for abatement shall be the value of the new unit(s), less the value of the replaced unit{s). The criteria that will be used in evaluating a particnlar applicafson for abatement will include, but not be limited to: I) The dollar amount of the increase in the tax roll for the proposed project; 2) The numher of Jobs created or retained by the Employer involved; 3) The posssble effect the proposed project wilt have on attraeting other taxable improvements into the City;