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single - family residential, and five (S) years in the case of personal property, The Council may <br />grant a base abatement to an applicant who fulfills the following requirements: <br />(1) The applicant's proposed project meets the requirements set forth in sections <br />2 -77 through 2 -83.3 for real property or section 2 -84.2 for personal property. <br />(2) The Council deems the applicant's proposed project likely to generate within <br />a ten -year period financial returns (i.e., revenue from sources such as new real or <br />personal property taxes, additional or retained county option income taxes, <br />payments -in -lieu of taxes, private contributions, and public user fees) and other <br />economic and social benefits to the community sufficient to justify the costs that <br />would be incurred by the City for municipal infrastructure improvements <br />(including water, sewer and drainage facilities; wastewater treatment facilities; <br />road, street and alley improvements; street lighting; and traffic control) and <br />additional municipal services needed to enable or directly benefit the project. <br />(3) The applicant has executed a memorandum of agreement ( "memorandum of <br />agreement ") prepared by the Community and Economic Development <br />Department, The memorandum of agreement is a legally binding agreement <br />representing a contractual relationship between the applicant and the Council. It <br />may become effective upon the Council granting the abatement, which includes <br />provisions setting forth: <br />a. The tax abatement recipient's agreement to fulfill the conditions upon <br />which the tax abatement is based ( "conditions of abatement "); <br />b. The time within which the tax abatement recipient must comply with the <br />conditions of abatement; <br />c. The tax abatement recipient's obligation to respond to periodic surveys <br />regarding compliance with the conditions of abatement; <br />d. The tax abatement recipient's obligation to allow representatives of the <br />Community and' Economic Development Department to have access to the <br />project premises and to perform inspections and audits as necessary to verify <br />compliance with the conditions of abatement. <br />e. The events which: <br />1. Shall entitle the Council to terminate the tax abatement in whole or in <br />part; and <br />2. Shall cause the tax abatement recipient to be obligated to repay all or a <br />portion of the property tax savings received. <br />8 <br />