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Subd. 4. PROPERTY LOCATED 1:'-1 TAX INCREMENT FISANCING DIS- TRICTS. The gnveming hody of a governmental subdivision mOl>' not ~ into ~ prop- erty tax abaiCment agreemen: uiidcr sections 469.1812 to 409.1815 ~ the property ~ \0- caiCd in a tax increment financing district. ---- Suhd. 5. NOTICE AND PUBLIC HEARING. (a) The governing body ~!!!.: political suhdivision may approve an abatement under sections 4()lJ.l:>12 ~ 469.1815 onlyaJIer holding a public hearing on the abatement. ---.---- (b) Notice of the hearing must be published in ~ newspaper of general circulation in the political subdlVISJonatICast once more than ten days but less than 3D days ~ the hearing. The newspaper must he one of general interest and readership in the community, and not oncof limih:d suhject matter~~papCiniustbe published aiTeast once per week. The notice must indicate that thcgoveming body wiliConsider granting a property iaX"ai1.;jCjllCiil;1(fc!1iiiY the property or properties for which ..~Ciii1SUi1dcr consid- eration, and the tOlal estJii'~I)iJnt of the ahatement:" -- Suhd.6. DURATION LIMIT. (a) A political subdivision other Ih..n a school dis- trict m..y grail I .111 ..h;llel11enl for a perioliio longer than ten ye..rs. TheSUbdiViSIOil may specify in the al~emenl resolulioliasiiillicr ~)iil7liicrcsoiu"trondoes nol specify a period liftil11e, the ..ball:l11el1l is for eight years. I f an ahatement has been granted 10 a par- cel of pn)perty and the periodoflhe:;t);jiCrTiCiilhas expired, the polli1Cai Siii)(i]ViSlOiiiilai gr..iiied the uh;ilcn1Ciii may 01;( grant ..nother ahateliiCiitiOr eight ye..rs after the expira- tion of Ihe first ..halemel1t. This pruilihitTOiilioes not ..pply tOTiiiPffivCrTlcOts 3d(jed after ..nd mIl suhjeet ~ the first at);!emenl. - - - - (h) A school, district may gran! an ..hatement for only one ye..r at a lime. Once a scho("J(IfS"trk1l)";;S aUIIWizeJ an ahalement fllr aproperly. it "iiiaymuihoriZCihe abate: OIenl in any slills~lll(:nt year f,;[ihe next seven years. or nine-years i r provideJ in Ihe orig- inal ail:,iCiii.:.Ii-;gITcm~ll~;rli1s rr.)TiJi";lI~\eS nlll i"iPPlYlOIi1ififZ,\,emcnts adJcd after and ~ suhjc~ ~!-IIIC -;lrig~I.'.:.I~ aGaleOlenl a~r;:"Cfn-;:j1t.- - - Suhd.7. HEVIEW AND MOIJJFICATIO~ OF ABATEMENTS. The political suhdlVlSlOilnlay provide in Ihe ahatel11enl resolution Ihat the ahatement mayfi(i(I;cmodi- fied or changed lIuring its krm. If the ah:i!eOlent reso)lj"ih1O docs no! provide Ihallhc :if);ieIi1~n~ile mOllified ofCiiailgeJ,' Ihe governing hody of the political subdivi- sion ma~ revic\~~nJmIlJlry IhC";,halement every second year :iller ~ was "pp~ Suhd. X. Ll1\lITATION ON ABATE1\IENTS. In any year, the lolal "mount of property 1;;Xc.~ ahateJ hy a pol it ical suhdivision under IhfS" section maymlt exceed (I) five percent ~ific ~iirr~~-~vy-:- ~ (2)$iTiO,om[\\,iilCiiCvcr~ greate~----