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such tax assessment shall not be increased during such period so long as the real property is <br />used in accordance with the Development Plan. For the one (1) year period following, the ad <br />valorem taxes upon such real property shall be measured by the assessed valuation thereof <br />as determined by the St. Louis County Assessor upon the basis of not to exceed fifty percent <br />(50%) of the true value of such real property, including any improvements thereon, nor shall <br />such valuations be increased above fifty percent (50%) of the true value of such property from <br />year to year during such one year period so long as the real property is used in accordance <br />with the Development Plan. After the expiration of the seven (7) year period as computed in <br />accordance with this paragraph, the real property shall be subject to assessment and <br />payment of all ad valorem taxes based on the true value of the real property. The foregoing <br />grant of tax abatement shall inure to the benefit of all successors with interest in the real <br />property acquired by the urban redevelopment corporation so long as such successors shall <br />continue to use such property as provided in the Development Plan. The property within the <br />Phase One Area shall be acquired by December 31, 1996. Should an urban redevelopment <br />corporation fail to acquire any portion of the property within the Phase One Area by such <br />time, the right of tax abatement upon such unacquired portion shall expire. <br /> <br /> Section 5. The portions of this Ordinance shall be severable. In the event <br />that any portion of this Ordinance is found by a court of competent jurisdiction to be invalid, <br />the remaining portions of this Ordinance are valid, unless the court finds the valid portions of <br />this Ordinance are so essential and inseparably connected with and dependent upon the void <br />portion that it cannot be presumed that the City Council would have enacted the valid <br />portions within the invalid ones, or unless the court finds that the valid portions standing <br />alone are incomplete and are incapable of being executed in accordance with the legislative <br />intent. <br /> <br /> Section 6. This Ordinance shall take effect and be in full force and effect <br /> <br />STL-520858 <br /> <br />- 3 - <br /> <br /> <br />