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h) "Regional Tourist Entertainment Facility" means buildings and structures, including fixed machinery and equipment, used or to be used in providing amusemenVentertainment through the admission of the general public where the majority of users reside at least 100 miles from the City and where the majority of users are likely to stay in the City for more than one day and will therefore likely utilize local restaurants and hotel/motel accommodations. i) "Reinvestment Zone" is an area where the City or County has decided to influence development patterns and attract major investments that will contribute to the development of the area through the use of tax Abatement for specified improvements. j) "Research Facility" means buildings and structures, including fixed machinery and equipment, used or to be used primarily for research or experimentation to improve or develop new tangible goods or materials or to improve or develop the production processesthereto. II. DESIGNATION OF A REINVESTMENT ZONE. The City may designate an area as a Reinvestment Zone in accordance with the criteria and procedural requirements set forth in the Property Redevelopment & Tax Abatement Act, as amended (Chapter 312, Texas Tax Code). III. TAX ABATEMENT AUTHORIZED. The City, through its City Council, may agree in writing with the owner and/or lessee of taxable real property that is located in a Reinvestment Zone, but that is not in an improvement project financed by tax increment bonds, to exempt from taxation a portion of the value of the real property, or of tangible personal property located on the real property, or both. The period of the Abatement granted under the Agreement shall not exceed the term authorized by law. Such Agreement will be based on the condition that the owner or lessee of the property make specific improvements or repairs to the property. An Agreement may provide for the exemption of the real property in each year covered by the Agreement only to the extent its value for that year exceeds the Base Year Value. An Agreement may provide for the exemption of tangible personal property located on the real property in each year covered by the Agreement other than tangible personal property that was located on the real property at any time before the period covered by the Agreement. Inventory or supplies cannot be abated as tangible personal propeRy. -2-