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<br />shall the Abatement exceed the greater of 5% of the City's levy for the year in which <br />the Abatement is paid or $100,000 (the "Volume Cap"). If the total abatements <br />payable by the City under the Abatement Act in the year in which the Abatement is <br />paid exceed the Volume Cap, the City will allocate the Volume Cap to abatements in <br />the order in which they were approved. <br /> <br />(e) The City Administrator is authorized and directed to include in the le.vy for <br />each year in which the Abatement will be paid an amount equal to the estimated <br />Abatement payable in that year. <br /> <br />(t) The City will have no obligation to pay any installment of Abatement it: as <br />of any date when an installment of Abatement is payable, property taxes on the <br />Property (including any installments of special assessments) are delinquent for that <br />year or any prior year. If Developer does not timely pay all property taxes and <br />installments of special assessments due on the Property by October 15 in any year in <br />which an Abatement is payable, the City's obligation to pay the Abatement for that <br />year terminates, whether or not the delinquency is cured after October 15 or in a <br />subsequent year. <br /> <br />(g) The Abatement is subject to modification in accordance with the Act, but <br />only upon the mutual written agreement of the City and the Developer. <br /> <br />(h) Payment of any Abatement is subject to all terms and conditions of the <br />Abatement Agreement (as hereinafter defined). <br /> <br />5.02. City staff and officials are authorized and directed to take all actions necessary to <br />carry out the intent of this Section. <br /> <br />Section 6. Business Subsidy Agreement Approval. <br /> <br />6.01. The City approve the Abatement Business Subsidy Agreement between the City and <br />Developer (the "Abatement Agreement") in substantially the form on file in City Hall. <br /> <br />6.02. The Mayor and City Administrator are authorized and directed to execute the <br />Abatement Agreement, subject to modifications that do not alter the substance of the transaction; <br />provided that execution by those officials is conclusive evidence of their approval. <br /> <br />Section 7. <br />Council. <br /> <br />Effective Date. This resolution is effective upon approval by the City <br /> <br />SJB-184817v3 <br /> <br />{"t;' 1 ,,_'7 <br /> <br />L1 <br />