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including the tax capacity of the land and any portion of the such tax capacity attributable to the areawide tax under Minnesota Statues, Chapter 473F, except in! In no event will the Abatement exceed $24,999 or the additionaIlimit imposed by the Act as described in clause (d) belo\v. be naid with resnect to the land or to the value of the existinl! facilitv. (b) The Abatement will be paid for property taxes payable five Years. bel!inninl! in the first tax-payable year after the Property is not included in the TIF District, as described in Section 3.04 hereof. Therefore, the j\batement '.vill be paid in 2006 unless the TIP District is decertified at an earlier date. In no event \vill the Abatement be paid for more than one year. The al!l!rel!ate Abatement over the five-year neriod will not exceed $123,000. subject to any additional limit described in clause (d) below. (c) The City will pay the Abatement to the Developer in two installments, promptly after receipt of each semi annual tax settlement from ..^~noka County according to the County's procedures. semi-annual installments on each Februarv 1 and AUl!ust 1. commencinl! AUl!ust 1 of the first year the Abatement is in effect. as described in clause (b). (d) In accordance with Section 469.1813, subdivision 8 of the Act, in no case shaIl the Abatement exceed the greater of 5% of the City's levy for the year in which the Abatement is paid or $100,000 (the "Volume Cap"). If the total abatements payable by the City under the Abatement Act in the year in which the Abatement is paid exceed the Volume Cap, the City will allocate the Volume Cap to abatements in the order in which they were approved. (e) The City Administrator is authorized and directed to include in the levy for ffie each year in which the Abatement will be paid an amount equal to the estimated Abatement payable in that year. (f) The City will have no obligation to pay Hle any installment of Abatement if, as of the first any date when an instaIlment 4:te of Abatement is nayable, property taxes on the Property (including any installments of special assessments) are delinquent for that year or any prior year. If Developer does not timely pay all property taxes and instaIlments of special assessments due on the Property by October 15 in the any year in which ffie an Abatement is payable, the City's obligation to pay any the Abatement for that year terminates, whether or not the delinquency is cured after October 15 or in a subsequent year. (g) The Abatement is subject to modification in accordance with the Act, but only upon the mutual written agreement of the City and the Developer. !bl Payment of any Abatement is subject to all terms and conditions of the Abatement Al!reement (as hereinafter defined), 5.02. City staff and officials are authorized and directed to take all actions necessary to carry out the intent of this Section. 518- 184817v2 CE155-7 4