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(1) Once an investor rehabilitation of a particular TAX ABATE~ENT FOR RESIDENTIAL DEVELOPMENT. has demonstrated ability to complete a property in accordance with the Project Standards, UCRC will acquire the property and transfer it back to the private investor subject to a Parcel Development Agreement between the Investor and UCRC. The A~reement will obligate the investor to rehabilitate the property in accordance with the Project standards, and in turn the UCRC will forego its power of Eminent Domain over the property and assist the investor in attempting to obtain tax abatement by application to the City Council and notice to the Assessor's office. (2) It is understood that any investor acquiring fee simple title to the property within th~ Project Area from the UCRC will be entitled to consideration for the ad valorem tax abatement benefits of Section 353.110 R.S.Mo., 1978, for a period n~t-eXceeding twenty-five (25) years from the commencement of such tax abatement, or some portion of the benefits detailed in Section 353.310 R.S.Mo., 1978. (3) Notwithstanding the opportunity for such tax abatement, the Agreement between UCRC and the Investor will require that the Investor agree that, with respect to property owned by the Investor and taxed pursuant to Section 353.110 R.S.Mo.,' 1978, the investor, and its successors and assigns will pay to the City of University City annually in addition to the ad valorem taxes computed thereunder, an amount equal to the amount by which the tax payable pursuant to 353.110 R.S.Mo., 1978, not less than the tax which would have resulted in such taxable year against such property, had the assessed valuation of such /' / -- 7- '~\ ,.