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<br /> -4- <br /> particular applicant, a resolution shall be adopted approving the <br /> terms and conditions of a tax abatement and economic development <br /> incentive agreement with the applicant which will enumerate the <br /> types of incentives to be provided and the conditions which are <br /> applicable to them. <br /> 2. Any tax abatement and economic incentive agreement must <br /> include at least the following items: <br /> a. A description of each of the types of incentives to <br /> be provided and their duration. <br /> b. A legal description of the property to be designated <br /> as a reinvestment zone in which the agreement will be <br /> operative. <br /> c. Detailed information regarding the type, number, <br /> location and cost of planned improvements. <br /> d. A plan which provides access to and inspection of the <br /> property and proposed improvements by City inspectors <br /> and officials to ensure that the improvements are <br /> made according to the requirements and conditions of <br /> the agreement. <br /> e. A provision limiting the uses of the property <br /> consistent with the general purpose of encouraging <br /> development or redevelopment of the zone dur ing the <br /> period that tax abatements and other economIC <br /> development incentives are in effect. <br /> f. A method to provide for the recovery of property tax <br /> revenues and all waived fées and costs which are lost <br /> as a result of the agreement if the applicant fails <br /> to perform its obligations under the agreement. <br /> SECTION F. Duration of Guidelines. <br /> The guidelines and criteria adopted herein shall be effective <br /> from the date they are adopted by the Council and shall remain in <br /> effect for two years unless otherwise repealed by a three-fourths <br /> vote of the City Council. <br />