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YEAR <br /> No. 1-1985 To St. Louis County the amount collected by St. <br /> Louis County for the tax on the land portion of <br /> real property <br /> 2-1986 <br /> 3-1987 <br /> 4-1988 " <br /> 5-1989 " <br /> 6-1990 To St. Louis County the amount collected by St. <br /> Louis County for the tax on the land portion <br /> of real property and in addition to the City <br /> 20% of the difference between the tax on the after <br /> rehabilitation assessed value less the tax <br /> collected by St. Louis County for the tax on <br /> the land portion of real property but not to <br /> exceed $24,000 total in lieu of taxes and <br /> actual taxes <br /> 7-1991 40% <br /> 8-1992 60% <br /> 9-1993 80% " <br /> 10-1994 To St. Louis County the full taxes collected by <br /> St. Louis County on real property, land and <br /> improvements not to exceed $24,000 <br /> 11-1995 " <br /> 12-1996 " <br /> 13-1997 " <br /> 14-1998 <br /> 15-1999 <br /> (d) In the event of the sale or other disposition of any real <br /> property 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 competent jurisdiction or by voluntary <br /> transfer or conveyance, the partial tax relief provided for in subsection (a) of <br /> this paragraph, shall inure to the benefit of any purchaser or purchasers who <br /> shall continue to use, operate and maintain such real property in accordance with } <br /> the provisions of the Development Plan. <br /> 11. (a) The 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 10 hereof shall be limited to an amount not to exceed eight <br /> percent (8%) per annum of the cost to the Developer of the project, or such part <br /> thereof, including the cost of the land or the balance of such cost as reduced by <br /> amortization payments; provided, that the net earnings derived from any re- <br /> development project shall in no event exceed a sum equal to eight percent (8%) <br /> per annum upon the entire cost thereof. Such net earnings shall be computed <br /> after deducting from gross earnings the following: <br /> 1. All costs and expenses of maintenance and <br /> operation. <br /> 2. Amounts paid for taxes, assessments, insurance <br /> premiums and other similar charges. <br /> 6 <br />