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fQr-, :.all,_yearR..__foll.owing..the said initial fifteen
<br /> (15) year.:perUd,,.„-then-De,ielopQ:z ::..for;;A,tself....and-.on .behalf of its successors and
<br /> assigns,,,..hesebYelects.:to-pay. .f:ull.,taxes._based .on..the full true value of the real
<br /> proper.t.y, inziuding..,improvements thereon.
<br /> - (.c).,Notwithstandi-ng,. ..the, tax. abatement provisions of Sec. 353.110
<br /> R.S..Mo..,. she.. Deweloper•,..i.ts:._ s.uccesso.rs- or.assigns., .. shall pay to the City,
<br /> annually.,.:,beg n&1ag_oa.December.,3.1,_1,985.,-payment s in,lieu of taxes in accordance
<br /> .. ...............
<br /> with the -following.schedule: --
<br /> YEAR
<br /> No..1-.1985....$6,100 .less-.actual-..amount-collected. by St. Louis County for the
<br /> land-<.portion of real property
<br /> 2-1.946:.
<br /> 3-1987Y .,.. '.
<br /> 4-198.8•.,:
<br /> 5-1989
<br /> 6.-1990 .: 46,100 _plus..20% .of: the difference _� ctween $6,100 and the tax on
<br /> - t.he:.after- rehabilitation assessed value less
<br /> Y the tax.-collected by St. Louis County for the
<br /> ,tax. on the land portion of real property but
<br /> - • u-at.- to-.exceed: $3.1,,5.00 total in lieu of taxes
<br /> - and actual taxes
<br /> .7-1991 : $6',1M plus- 40%
<br /> . 8-,199.2 : $8,.1.00 plus 60%.
<br /> 9-1993 $ ..;1,00 plus 80% "
<br /> .1©--1994. _.Full:-taxes. collect ed,.:,by .St:. Louis County on real property,
<br /> d:..and .-improvements not to exceed $31,500
<br /> .11-1995...
<br /> 12-1.996 _. -
<br /> 13-1 993:
<br /> 14-1998
<br /> (d) ...-In the— event of the _ sale or, other. disposition of any real
<br /> pro.perty.._of. the. _Developer, its successors or assigns,. by reason of the fore-
<br /> closure-_-of any.... mortgage. ..or other lien, through insolvency or bankruptcy
<br /> proceedings.,..or-..by-order..of any court of comp.etent. .jur.i.sdiction or by voluntary
<br /> transfer..or_.conv.e-yance, .the_ partial tax. relief....providec}....for in subsection (a) of
<br /> this. paragraph,...shall,. inure. to. the . .benef.i.t .of. ._any. purchaser or purchasers who
<br /> shall continue.to. use,. operate .and maintain. such. real..property in accordance with
<br /> - the_ provisio.Us. of the Development Plan.
<br /> net _earnings of. the Developer from.the project or any part
<br /> - thereof._under, separate...ownership. during the..period_.in...which tax relief is enjoyed
<br /> under paragraph. 9 hereof shall be . limited to an amount not to exceed eight
<br /> per.centr..($%)_.p-er annum of the cost to the Developer_.of .the project, or such part
<br /> thereof,_.,including. the co.s.t..of the land or_the .balance_ of such cost as reduced by
<br /> _amortiza.tion...,.payments;. provided,... .that...the..ne.t earnings derived from any re-
<br /> development-project . shall in..no .event-..exceed. ..a..sum..egpal to eight percent (8%)
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