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The Developer shall agree pursuant to the Performance Agreement and the Lease that the <br />Developer will make payments in lieu of taxes for the Existing Facilities and for the Project. The <br />payments in lieu of taxes are set forth on the attached Assessed Valuation Schedule, attached <br />hereto as Exhibit D and incorporated herein (the "Assessed Valuation Schedule"). <br /> <br /> The tax exemptions and payments in lieu of taxes shall only be effective for so long as <br />the Lease remains in full force and effect. In no event shall the tax exemption or payments in <br />lieu of taxes be effective after 2028. <br /> <br />J. AFFECTED COUNTIES, CITIES AND SCHOOL DISTRICTS <br /> <br /> The Area is located entirely within St. Louis coUnty (the "County"), th~ City and the <br />University City School District (the "School District"). <br /> <br />K. EQUALIZED ASSESSED VALUATION <br /> <br />1.' CURRENT EQUALIZED ASSESSED VALUATION <br /> <br />a. Real Property <br /> <br /> The Area, identified by the St. Louis CoUnty Collector of Revenue as tax <br />locater 17H 123066, has an assessed valuation of $234,690 for 2003. <br /> <br />b. ~ Personal Property <br /> <br /> Based on the Business Personal Property and Manufacturex;s Equipment <br />Declaration, filed by the Developer with the St. Louis County Collector of <br />Revenue in 2003, the Existing Equipment has an assessed value for <br />manufacturing equipment in the amount of $370,458 and an assessed value of <br />other personal property in the amoUnt of $93,065 <br /> <br />ESTIMATED EQUALIZED ASSESSED VALUATION POST COMPLETION <br />OF THE PROJECT <br /> <br />a. Real Property <br /> <br /> It is anticipated that approximately $4.1 million will be spent on <br />improvements to the real estate in conjunction with the Project. Using cost as the <br />measure of increased valuation, the improvements in connection with the Project <br />are proj coted to increase the Property's assessed valuation by approximately <br />$1,321,000 resulting in a total assessed valuation for the Property, inclusive of the <br />1984 Tax Abatement, of approximately $1,720,430, based on the effective <br />assessed valuation for 2003. <br /> <br />b. Personal Property <br /> <br /> The Existing Equipment will not be conveyed to the City. Personal <br />property taxes on the Existing Equipment located in the Area will continue to be <br /> <br /> <br />