(A) After approval of the application, the city shall formally pass a resolution authorizing the execution of an agreement with the owner of the facility and/or lessee, as required, which shall include:
(1) Estimated value to be abated and the base year value;
(2) Percent of value to be abated each year;
(3) The commencement date and the termination date of abatement;
(4) The proposed use of the facility; nature of construction, time schedule, map, property description and improvement list as provided in § 36.25(C) of this chapter;
(5) Contractual obligations in the event of default, violation of terms or conditions, delinquent taxes, recapture, administration and assignment as provided above; and
(6) Size of investment, expected annual payroll, number of jobs created/retained or whatever other factors were determined as the basis for the approval of the application. The level of these factors shall establish the contractual requirements to be maintained during the effective term of the abatement agreement.
(B) Such agreement shall normally be executed within 60 days after the applicant has forwarded all necessary information and documentation to the city. Interpretation of state law currently prohibits the abatement of any properties for a period greater than ten years. No agreement shall exceed ten years or any duration not in accordance with state law.
(2012 Code, § 80-38) (Ord. 071602, passed - -2007)