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(5) to the interest and penalty that wouEI otherwise be due <br />on taxes that are deferred. <br /> <br /> (c) The political subdivision may not abate tax <br />attributable to the areawide tax under chapter 276A or 473F, <br />except as provided in this subdivision. <br /> <br /> Subd. 3. School district abatements. An abatement <br />granted under this section is not an abatement for purposes of <br />state aid or local levy under sections 127A,40 to 127A.51. <br /> <br /> Subd. 4. Property located in tax increment financing <br />districts. The governing body of a political subdivision may <br />not enter into a propen'y tax abatement agreement under sections <br />469.1812 to 469.1815 that provides for abatement of taxes on a <br />parcel, if the abatement will occur while the pamel is located <br />in a tax increment financing district. <br /> <br /> Subd. 5. Notice and public hearing. (a) The <br /> <br />governing body of the political subdivision may approve an <br />abatement under sections 469.1812 to 469,1815 only after holding <br />a public hearing on the abatement. <br /> <br /> (b) Notice of the hearing must be published in a newspaper <br />of general circulation in the political subdivision at least <br />once more than ten days but less than 30 days before the <br />hearing. The newspaper must be one of general interest and <br />readership in the community, and not one of limited subject <br />matter. The newspaper must be published at least once per <br />week. The notice must indicate that the governing body will <br />consider granting a property tax abatement, identity the <br />property or properties for which an abatement is under <br />consideration, and the total estimated amount of the abatement. <br /> <br /> Subd. 6. Duration lirniL (a) A political subdivision <br /> <br />may grant an abatement for a period no longer than 15 years, <br /> <br /> <br />