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e e ORjG~NAL (d) After receipt of an application for abatement, the city shall prepare a cost/ benefit impact analysis setting out the impact of the proposed tax abatement. The cost/ benefit impact analysis shall include but not be limited to an estimate of the economic effect of the abatement of taxes and the benefit to the city and the property to be included in the zone, and any other pertinent measures of the project's overall impact on the city's revenue stream both during and after the abatement period. (e) The city shall not enter into an abatement agreement if it finds that the request for the abatement was filed after the commencement of construction, alteration, or installation of improvements related to a proposed modernization, expansion or new facility. An applicant is ineligible for abatement if a decision to commence a modernization, expansion or new facility in the city has been formally announced on or before an application for abatement has been filed with the city. (f) Variance: Requests for a variance from the prov1s1on of subsections (a), (b), (e), (g), (h) and (j) of section 66-144 shall be made in writing to the director; provided however, the total duration of an abatement authorized in section 66-144 shall in no instance exceed ten years and the total duration of an abatement authorized under section 66-146 or section 66-147 shall in no instance exceed five years. Such request shall include a complete description of the circumstances explaining why the applicant should be granted a variance and how the grant of abatement will lead to the creation or retention of job opportunities and new investment in the zone. Approval of a request for variance requires a majority vote of the city council members present. Sec. 66-143. Public hearinq and approval. (a) Prior to entering into a tax abatement agreement the city council may, at its option, hold a public hearing at which interested persons shall be entitled to speak and present written materials for or against the approval of the tax abatement agreement. (1) Notice of the public hearing shall be published in a local daily newspaper of general circulation not later than the seventh day before the date of the hearing. Notice of the public hearing may be given, posted or published in other places or by other means as the director deems appropriate, including giving notice to civic associations in the area surrounding the proposed zone. (2) Reserved. (b) In order to enter into a tax abatement agreement, the city council must find that the terms of the proposed agreement met these guidelines and criteria and that: (1) There will be no substantial potential adverse impact on 6