Laserfiche WebLink
<br />Such tax abatement shall commence upon the transfer of title of such real <br />property to the Developer. After a period totaling ten (10) tax years, such real <br />property shall be subject to assessment and payment of all ad valorem taxes, <br />based on the full true value of the real property; provided, that after the <br />completion of the redevelopment project, as authorized by law or whenever any <br />urban redevelopment corporation shall elect to pay full taxes, or at the expiration <br />of the period, such real property shall be owned and operated free from any of the <br />conditions, restrictions or provisions of this chapter, and of any ordinance, rule or <br />regulation adopted pursuant thereto, any other law limiting the right of domestic <br />and foreign insurance companies to own and operate real estate to the contrary <br />notwithstanding. <br /> <br />(b) Formerlv Tax Exempt Properties. In the event that any such real <br />property is tax exempt immediately prior to its acquisition by the Developer, the <br />Assessor of St. Louis County (Assessor) shall promptly assess such land, <br />exclusive of improvements, at such valuation as shall conform, to but not exceed, <br />the assessed valuation made during the preceding calendar year of other land, <br />exclusive of improvements, adjacent thereto. The amount of such assessed <br />valuation so fixed by the Assessor shall not be increased by the Assessor during <br />the ten (10) tax year period next following the date upon which the Developer <br />acquired such property so long as such real property is used in accordance with <br />the Development Plan. <br /> <br />(c) Conveyance Of Tax Abatement. The Developer may sell or otherwise <br />dispose of any or all of the real property acquired by it for the purposes of this <br />project. In the event of the sale or other disposition of such property, whether by <br />foreclosure of any mortgage or other lien, through bankruptcy proceedings, by <br />order of any court of competent jurisdiction, by voluntary transfer or otherwise, <br />and the purchaser of such real property shall continue to use, operate and maintain <br />such real property in accordance with the Development Plan, such real property <br />shall continue to be entitled to tax abatement as described in Subsection 15(a) <br />hereof; and this shall continue following any subsequent sales or other <br />dispositions of such property by the Developer's successors and assigns until <br />expiration of the ten (10) tax year period set forth in Subsection 15(a) hereof. <br /> <br />(d) Breach Or Withdrawal. If any portion of the real property receiving <br />tax abatement is not used, operated, and maintained in accordance with the <br />Development Plan and any amendments thereto, or in the event that the transferee <br />does not desire the property to continue under the Development Plan and any <br />amendments thereto, or in the event the special assessment imposed by the Cates <br />Avenue Community Improvement District is not levied or paid, such portion of <br />the real property shall be assessed for ad valorem taxes upon the full true value of <br />the real property and may be owned and operated free from any of the conditions, <br />restrictions, or provisions of Chapter 353 of the Revised Statutes of Missouri, <br />1978, and the ordinance approving the Development Plan, but will not constitute a <br />withdrawal of other parcels of property from the benefits of Chapter 353 of the <br /> <br />4 <br />