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<br />2158879vl <br /> <br />(d) The proposed term of the abatement will be for up to twelve years in an <br />amount not to exceed $460,000. The abatement will apply to 100% of the City's share of <br />the property taxes (the "Abatement") derived from the Tax Abatement Property. <br /> <br />(e) On the date hereof, the Council held a public hearing on the question of <br />the Abatement, and said hearing was preceded by at least 10 days but not more than 30 <br />days prior published notice thereof. <br /> <br />(f) The Abatement is authorized under the Abatement Law. <br /> <br />2. Findings for the Abatement. The City Council hereby makes the following <br />findings: <br /> <br />(a) The Council expects the benefits to the City of the Abatement to at least <br />equal or exceed the costs to the City thereof. <br /> <br />(b) Granting the Abatement is in the public interest because it will <br />significantly increase the tax base of the City and provide quality employment <br />opportunities in the City. <br /> <br />(c) <br />district. <br /> <br />The Tax Abatement Property is not located in a tax increment financing <br /> <br />(d) In any year, the total amount of property taxes abated by the City by this <br />and other resolutions and agreements, if any, does not exceed the greater of ten percent <br />(10%) of the current levy or $200,000. <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 be for up to twelve (12) years beginning with real <br />estate taxes payable in 2010 and continuing through 2021, inclusive. <br /> <br />(b) The City will abate and pay to the EDA 100% of the City's share of the <br />property tax amount which the City receives from the Tax Abatement Property. <br /> <br />(c) The Abatement shall be subject to all the terms and limitations of the <br />Abatement Law. <br /> <br />(d) The Abatement may not be modified or changed during its term. <br /> <br />4. Approval of Tax Abatement Agreement. <br /> <br />(a) The City Council hereby approves a Tax Abatement Agreement with the <br />EDA providing for payment of the Abatement and the City's assistance for the Project in <br />substantially the form submitted, and the Mayor and Administrator are hereby authorized <br />and directed to execute the Tax Abatement Agreement on behalf of the City. <br /> <br />2 <br />