Laserfiche WebLink
Missouri or any political subdivision thereof for a period of ten <br />(10) years from January 1 of the year following the date <br />Redeveloper acquired title to the Property, except to such extent <br />and in such amount as may be imposed upon the Property during <br />such period measured solely by the amount of the assessed <br />valuation of the land, exclusive of improvements, as was <br />determined by the Assessor of St. Louis County (the "Assessor") <br />for taxes due and payable thereon during the calendar year <br />preceding the calendar year during which the Redeveloper acquired <br />title to the Property; and the amount of such tax assessments <br />shall not be increased by the Assessor during said ten (10) year <br />period so long as the Property is used in accordance with the <br />Urban Renewal Plan, the Redevelopment Proposal, this Agreement <br />and any amendments thereto. <br /> <br /> (b) Notwithstanding the tax abatement provided for in <br />Paragraph 8(a) hereof and Section 353,110, the Redeveloper agrees <br />with respect to the Property owned by it and taxed pursuant to <br />Section 353,110, that for the five (5) years from January 1 of <br />the year following the year Redeveloper acquired title to the <br />Property, it will pay annually to the Collector of Revenue of St. <br />Louis County (the "Collector") in addition to the ad valorem <br />taxes computed under Paragraph 8(a), a payment in lieu of tax <br />equal to the amount by which the actual tax on the Property <br />computed pursuant to Paragraph 8(a) is less than the tax which <br />would have resulted in such taxable year against the Property had <br />the assessed value of the Property and the improvements thereon <br /> <br />STL-295439 <br /> - 7 - <br /> <br /> <br />