The sponsor’s statement as to the number of consecutive tax years that will comprise the period of exemption beginning after facility property is placed in service, which is not less than 7 and not more than 15 years, but which is only 7 years if the agreement is silent about the period of exemption. The agreement may also provide that the exemption period, at the election of the business firm or upon fulfillment of a certain local additional condition or criterion:
Expires prematurely after at least seven years but before the stated number of years, such that the firm does not henceforth need to comply further with any statutory or local additional requirement; or
Extends a certain number of years beyond the stated number of years, but not more than 15 years in total; and
Indication that the sponsor is not imposing or requesting any such condition or requirement; or
Specification of any such condition or requirement, in accordance with OAR 123-668, including but not limited to standards and methods for demonstrating satisfaction of the condition or requirement, as well as consequences of noncompliance, such that the business firm expressly acknowledges when noncompliance would entail retroactive disqualification of the exemption, termination of the remaining exemption period or an alternative consequence.
The agreement may be:
Part of a broader accord involving parties other than the business firm and the sponsor, insofar as the accord still conforms to section (1) of this rule.
The county becomes ineligible due to the opposite effect of paragraph (a)(B) of this section.
The sponsor shall provide a copy of the signed and dated written agreement to the Department, which shall review the agreement, and if the following are accurate, the Department shall issue a letter for attachment to the written agreement confirming that:
On the date of its execution it effectively satisfied section (3) of this rule, and one party to the agreement is the sponsor of the rural enterprise zone; and
The agreement appears to satisfy section (1) of this rule.
Following the effective date of the enterprise zone’s termination, the agreement may not be substantially modified, replaced, amended, supplemented or terminated.