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computed under Paragraph C(i), a payment in lieu of tax <br />equal to the amount by which the actual tax on the Property <br />computed pursuant to Paragraph C(i) is less than the tax <br />which would have resulted in such taxable year against the <br />Property had the assessed value of the Property and the <br />improvements thereon been the assessed value imposed on the <br />Property and the improvements thereon by the Assessor as of <br />January 1, 1994 (the "Base Assessed Value"). <br /> <br /> (iii) Notwithstanding the tax abatement provided <br />for in Paragraph C(i) hereof and Section 353.110, the <br />Developer agrees with respect to the Property owned by it <br />and taxed pursuant to Section 353,110, that during the <br />remaining five (5) year period of the tax abatement period <br />provided for in Paragraph C(i) hereof it will pay annually <br />to the Collector in addition to the ad valorem taxes <br />computed under Paragraph C(i), a payment in lieu of tax <br />equal to the amount by which the actual tax on the Property <br />computed pursuant to Paragraph C(i) is less than the <br />additional tax which would have resulted in such taxable <br />year against the Property had the assessed value of the <br />Property and the improvements thereon been the following: <br /> <br /> Year 6 - The Base Assessed Value plus 20% of the <br /> difference between the current assessed value <br /> and the Base Assessed Value; <br /> <br /> Year 7 - The Base Assessed Value plus 40% of the <br /> difference between the current assessed value <br /> and the Base Assessed Value; <br /> <br />SL02 239182.8 8 <br /> <br /> <br />