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IX. Agreement. <br />A#ier approval, the City shall formaily 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 abatemeni; <br />d) Amount of investment and average number of jabs invoived during the term af the <br />agreement; <br />e) 1fie proposed use af the Authorized Faciiity, nature of constniction, time schedule, <br />plat, property description, and improvement Iist, as provided in the application; <br />� A listing of the kin@, number, locat'son, and cosis of afi proposed improvernents of the <br />Property; <br />g) A statement ]imiting the uses of the property consistent with the general purpose of <br />encouraging deveJopment or redevelopment of ihe Reinvestment Zone during the period <br />that property tax abatement is in effect; <br />h) That access to the project is provided to altow for the inspection by City inspeciors <br />and officials in order to ensure that the improvements or repairs are made according to <br />the speeifications and conditions ofthe agreement; <br />i) That property tax revenue lost as a result oFthe tax abatement agreement wili be <br />recapwred by the City if the owner of the Property fails to make the improvements or <br />repairs as provided by the agreemenf; <br />j} Each term agreed to by the owner of the Property; <br />k} A re�uirement that the owner af tiie Property shall ceriify annually to the City thai <br />the owner is in compliance with each app[ieable term of the agreement; <br />!} Contractual obligations in the event of defautt, violation of terms or conditions, <br />delinquent taxes, recapture, adminisEration and assignmeni, 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 cancei or modify the agreement if the property owner fails to <br />comply witb the agreement, <br />