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including the tax capacity of thc land and any portion of the awl, tax capacity attributable to the areawide tax under Minnesota Statues, Chapter 473F, except in J p no event will the Abatement = - - ... ' •' = - . . . - • • .. - . . be paid with respect to the lan•_or to f1 (b) The Abatement will be paid for property taxes payable five years. beeginninn, 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 Abatement will be paid in 2006 unless the TIF District is decertified at an artier date. In no event • - : ' :. - •- - - . • :: - : - - ... The pyeret�ate • , t&ment over �tteJ've -year peyjodwill not exceed $123.000juhject tq_a y additional limit described in clause (d) below. (c) The City will pay the Abatement to the Developer in according to the County's procedures. semi - annual installments on each February 1 and August 1, commencing Auguust 1 of the first year the Abatement is in effect, as described in clause (b). (d) In accordance with Section 469A813, subdivision 8 of the Act, in no case shall 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 the 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 the an installment of Abatement if, as of thc first any date when an installment due of Abatement is payable, 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 installments of special assessments due on the Property by October 15 in the any year in which the 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. h1 PPavment of any Abatement is subject to all terms and conditions of • the Abatement Agreement (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. SJ8- 184817v2 CELS5 -7 4