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(b) Property designated as tax exempt shall be included in the Zone but shall not be a <br />part of the Tax Increment until the beginning of the year during which it is no longer designated <br />as tax exempt. <br />3.06. Preexisting Economic Development or Tax Payment Agreement. If any property <br />is included within the Zone and at the time of inclusion within the Zone, the property is under a <br />preexisting TIF district, 380/381 economic development agreement or tax abatement agreement <br />( "Preexisting Agreement "), by one or more Parties, the property under the Preexisting <br />Agreement will contribute Tax Increment Payments to the Tax Increment Fund as to the <br />respective Party for the duration of the Preexisting Agreement at an amount equal to the net <br />difference between the Preexisting Agreement payment obligation and the Tax Increment <br />Payment. After expiration of the Preexisting Agreement, the Tax Increment Payment shall be <br />governed by this Agreement. Subsequent to the effective date of this Agreement, the City shall <br />not grant any economic development benefit or enter into any economic development agreement <br />that would result in a reduction in its Tax Increment Payment of the Tax Increment Fund. <br />3.07. Cooperation. The City will cooperate with Rail District by informing the Rail <br />District in writing of potential development activities as they are known or identified through <br />zoning or other development entitlement submittals in the Zone and in assisting the Rail District <br />with economic development promotion and development planning assistance for the Zone and, <br />consistent with the City's interest in using economic development within the Zone to assist in <br />funding the Project, support the granting of development authorizations and entitlements for <br />appropriate rail proximate development activity within the Zone. Within twelve (12) months <br />after the Effective Date, the City shall review zoning in and around the Zone and report to its <br />City Council and the Rail District potential zoning changes which are appropriate for the Zone <br />- 5 - <br />