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significantly higher market value for tax purposes. Upon termination of the period of the <br />Abatement, all of these significantly increased taxes will benefit all of the applicable <br />taxing jurisdictions. In addition, the completion of the Project fulfills City development <br />goals for the Property. <br /> <br /> (b) Granting the Abatement is in the public interest because it will increase <br />the tax base, retain and provide new employment, help construct and/or support public <br />and other facilities necessary for the Project and spur additional private investment in the <br />West Business Park. <br /> <br /> (c) The Council expects that the public benefits described above to be derived <br />from the Abatement will equal or exceed the costs to the City thereof. <br /> <br />(d) The Property is not located in a tax increment financing district. <br /> <br /> (e) In any year, the total amount of property taxes abated by the City by this <br />and other resolutions does not (and may not) exceed the greater of five percent (5%) of <br />the current City levy or $100,000. <br /> <br /> 3. Terms of Abatement. The Abatement is hereby approved. The terms of the <br />Abatement are as follows: <br /> <br /> (a) The Abatement shall first apply to the City taxes payable in the year 2004 <br />and thereafter (if necessary), subject to earlier expiration or termination as provided in <br />this Resolution and the Abatement Agreement described below. <br /> <br /> (b) The Abatement shall be as follows: the City will abate to the Company the <br />City's local tax rate times the net tax capacity of the Project for taxes payable in 2004 <br />and, if necessary, in each successive year through 2011; provided that the aggregate <br />amount of Abatement granted by the City hereunder shall not exceed $200,000, <br />whereupon the Abatement shall terminate. <br /> <br /> (c) Absent the Company's default under the Abatement Agreement described <br />below, the Abatement may not be modified or changed by the City during the term set <br />forth in (a) and (b) above, except with the prior written consent of the Company. <br /> <br /> (d) The Abatement shall be subject to all the terms and limitations of the <br />Abatement Law, the Abatement Agreement and this Resolution. <br /> <br /> (e) In order to be entitled to the Abatement, the Company shall not be in <br />default of its obligations under the Abatement Agreement. <br /> <br /> (f) To be entitled to the Abatement, the Company and the City shall have <br />executed and delivered the Abatement Agreement substantially in the form presented to <br />the Council. The City's execution of said Agreement is hereby authorized and approved. <br /> <br />1410047vl 2 <br /> <br /> <br />