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AUTHORIZATION <br />Authorized Purposes: <br />• Increase or preserve tax <br />base <br />• Provide employment <br />opportunities <br />• Provide or help acquire or <br />construct public facilities <br />• Help redevelop or renew <br />blighted areas <br />• Help provide access to <br />services for residents of <br />the City <br />• Finance or provide public <br />infrastructure <br />• Phase in a property tax <br />increase on the parcel <br />Sources of Revenue: <br />• Typically property taxes <br />31 <br />AUTHORIZATION <br />Tax Abatement Bond Characteristics: <br />• The total abated taxes in any year cannot exceed the greater of <br />10% of net tax capacity of City or $200,000 <br />• Generally the term of abatement is for 15 years or less. It can be <br />extended to 20 years if one of the other political subdivisions is <br />requested to participate and declines <br />• The total principal amount of the abatement bonds cannot <br />exceed the estimated sum of the abatements granted <br />• Not subject to debt limit <br />• Not subject to levy limits <br />• Do not require a referendum <br />32 <br />6 <br />