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<br />-4- <br /> <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 /> <br />2. Any tax abatement and economic incentive agreement must <br />include at least the following items: <br /> <br />SECTION F. <br /> <br />a. <br /> <br />A description of each of the types of incentives to <br />be provided and their duration. <br /> <br />b. <br /> <br />A legal description of the property to be designated <br />as a reinvestment zone in which the agreement will be <br />operative. <br /> <br />c. <br /> <br />Detailed <br />location <br /> <br />number, <br /> <br />information regarding the type, <br />and cost of planned improvements. <br /> <br />d. <br /> <br />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 /> <br />e. <br /> <br />A provision limiting the uses of the property <br />consistent with the general purpose of encouraging <br />development or redevelopment of the zone during the <br />period that tax abatements and other economic <br />development incentives are in effect. <br /> <br />f. <br /> <br />A method to provide for the recovery of property tax <br />revenues and all waived fees 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 /> <br />Duration of Guidelines. <br /> <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effect for two years unless otherwise repealed by a three-fourths 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 />