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City to succeed in a legal challenge associated with enforcement of a cap that results in greater than one- <br />third reduction in the benefit is questionable. <br /> <br />5. Grandfathering of Existing Companies: Although a thorough legal analysis has not yet been <br />conducted on the implications associated with termination of the new West Eugene Enterprise Zone, it is <br />possible that precertified companies, and companies receiving tax exemptions at the time of termination, <br />could retain grandfathering rights under State statutes. The grandfathering provision allows companies, <br />for a ten-year period following termination, to continue to qualify new investments for tax exemptions. <br />Subject to interpretation of State statutes, this grandfathering may also apply to companies (Hynix and <br />Lanz Cabinets) still receiving tax exemptions under the previous zone. <br /> <br /> L:\CMO\2005 Council Agendas\M050718\S0507184.doc <br /> <br /> <br />