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2 ... r, -7:-, �' +s "v 4 y` -',.i-➢. S�,.. :. e.t i} _ 1 . Tax Freezing Proposal While the restoration of this structure requires an obvious i advantage to the community, it presents several- unusual and distorted problems to the developer . We are faced with providing $100 ,000 in exterior improvements and over $700,00 in the interior improvements to a structure that is only 84% usable. While the clear span dome is a spectacular space, it is 46' high in the center , and 'has unusually tall side walls. g By its nature, the utility costs will be considerably higher than in the case of normal structure. All this is being $ !attempted in an area where the comparable office all service rents are low, ranging from $6 to $8 per square foot per year. For those reasons, and because the end result must be economically viable , we are requesting an in lieu of taxes payment be established in the same manner as established for Trinity/Delmar Associates in their Redevelopment Plan dated October 21 , 1982, Ordinance No. 5420. That tax payment schedule to the City of University City in lieu of taxes was structured as follows : YEAR No. 1 — 1985 $6, 100 less actual amount collected by St. Louis County for the tax on the land portion of real property 2 — 1986 " 3 — 1987 " 4 — 1988 to 5 — 1989 of 6 — 1990 $6, 100 plus 20`K of the difference between $6, 100 and the tax on the after rehabilitation i assessed value less the tax collected by St. Louis County for the tax on the land portion of real property, but not to exceed $31 , 500 total in lieu of taxes and 4 actual taxes. 7 — 1991 $6, 100 plus 40% of 8 — 1992 $6, 100 plus 60% " of 9 — 1993 $6, 100 plus 80% If 10 — 1994 Full taxes collected by St. Louis County on real property, land and investments not to exceed $31 , 500 11 — 1995 " 12 — 1996 » 13 — 1997 IF 14 — 1998 » » 15 — 1999 " II