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been the assessed value imposed on the Property and the <br />improvements thereon by the Assessor as of January 1, 1994 (the <br />"Base Assessed Value"). <br /> <br /> (c) 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 during the remaining five (5) year period <br />of the tax abatement period provided for in Paragraph 8(a) hereof <br />it will pay annually to the Collector in addition to the ad <br />valorem taxes computed under Paragraph 8(a), a payment in lieu of <br />tax equal to the amount by which the actual tax on the Property <br />computed pursuant to Paragraph 8(a) is less than the additional <br />tax 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 following: <br /> <br /> Year 6 - The Base Assessed Value plus 20% of the difference <br /> between the current assessed value and the Base <br /> Assessed Value; <br /> Year 7 - The Base Assessed Value plus 40% of the difference <br /> between the current assessed value and the Base <br /> Assessed Value; <br /> Year 8 - The Base Assessed Value plus 60% of the difference <br /> between the current assessed value and the Base <br /> Assessed Value; <br /> Year 9 - The Base Assessed Value plus 80% of the difference <br /> between the current assessed value and the Base <br /> Assessed Value; <br /> Year 10 - The Base Assessed Value plus 100% of the <br /> difference between the current assessed value and <br /> the Base Assessed Value. <br /> <br /> (d) In addition, during the ten year period of tax <br />relief provided in Paragraph 8(a) hereof, Redeveloper agrees that <br />it will, through a combination of payments to the St. Louis <br /> <br />STL-295~39 <br /> -- 8 -- <br /> <br /> <br />