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<br /> , <br /> /D5B <br /> 3. <br /> extent provided in Section 5 of this Agreement. <br /> 3. 1030 403 <br /> TERM, ABATEMENT PERIOD AND RATE OF ABATEMENT <br /> A. The existing and any real estate or ad valorem property taxes hereafter imposed by the City <br /> ~- <br /> on 100% of the increase in taxable value of the Improvements, up to a maximum of $2 Million in abated <br /> value, shall be abated (the "Real Property Tax Abatement") for three years, provided that the Tenant <br /> satisfies all of its obligations under this Agreement. The three years of Real Property Tax Abatement (the <br /> "Abatement Period") shall be the tax years 1995, 1996 and 1997. <br /> B, The City also agrees to abate existing and hereafter imposed ad valorem taxes on 100% of the <br /> value of the Equipment for the tax year 1995, 75% of the value of the Equipment in tax year 1996, and <br /> 50% of the value of the Equipment in tax year 1997 (the "Equipment Tax Abatement"), The Real Property <br /> Tax Abatement and the Equipment Abatement are hereinafter collectively called the "Tax Abatement," taxes <br /> . <br /> abated by virtue of the Tax Abatement are called the "Abated Taxes," and taxes abated by virtue of the <br /> Real Property Tax Abatement and the Equipment Tax Abatement are respectively called the "Real Property <br /> Abated Taxes" and the "Equipment Abated Taxes", <br /> C. The Tax Abatement shall not include any inventory, materials, or other personal property, nor <br /> shall it include any increase in the value of the land upon which the Improvements and Equipment are <br /> situated. <br /> , <br /> 4. <br /> RECaRDS AND AUDITS <br /> A. On or before February 1 of each year of the Abatement Period, the Tenant shall furnish to the <br /> City certified records supporting the Tenant's request for tax abatement for the current tax year. These <br /> records shall pertain to the Tenant's compliance with this Agreement for the twelve months preceding the <br /> date of the report. The City shall evaluate the information furnished, and shall have the right to request and <br /> receive from the Tenant additional relevant information needed to help the City determine the Tenant's <br /> compliance with this Agreement. Upon the City's verification of compliance with this Agreement by the <br />