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e e the City does not receive full payment within said sixty (60) days, a penalty may be added, equal to 15% of the total amount abated. (c) If the company or individual allows its ad valorem taxes owed the City to become delinquent and fails to timely and properly follow the legal procedures for its protest and/or contest, the agreement then may be tenninated, and all taxes previously abated by the agreement may be recaptured and paid within sixty (60) days of the tennination, and penalties and interest may be assessed as set out in Section 66-146 ("Recapture") . Section 66-147. ADMINISTRATION (a) The Chief Appraiser of the County annually shall detennine an assessment of the real and personal property comprising the reinvestment zone. Each year, the company or individual receiving abatement shall furnish the assessor with such infonnation as may be necessary for the abatement. Once value has been established, the Chief Appraiser shall notify the affected jurisdictions, which levies taxes of the amount of the assessment. (b) The agreement shall stipulate that employees and/or designated representatives of the City will have access to the reinvestment zone during the tenn of the abatement to inspect the facility to determine if the terms and conditions of the agreement are being met. All inspections will be made only after giving twenty-four (24) hours prior notice and will only be conducted in such manner as to not unreasonably interfere with the construction and/or operation of the facility. All inspections will be made with one or more representatives of the company or individual and in accordance with the facility's safety standards. ( c) Upon completion of construction, the City or the jurisdiction creating the reinvestment zone annually shall evaluate each facility receiving abatement to ensure compliance with the agreement and report possible violations to the contract and agreement to the City Council and the City Attorney and the affected jurisdictions which levy taxes. Section 66-148. ASSIGNMENT A tax abatement agreement may be assigned to a new owner or lessee of a facility with the written consent of the City Council, which consent shall not be unreasonably withheld. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and obligations of the assignor upon the same terms and conditions as set out in the agreement. Any assignment of a tax abatement agreement shall be to an entity that continues the same improvements or repairs to the property (except to the extent such improvements or repairs have been completed), and continues the same use of the facility as stated in the original Tax Abatement Agreement with the initial applicant. No assignment shall be approved if the assignor or the assignee is indebted to the City for past due ad valorem taxes or other obligations. - 13-