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($231,455), adjusted by the Annual Tax Increase (2%), rounded to the
<br /> nearest dollar.
<br /> (ii) For 2026, the amount will be $16,938, reflecting a two percent (2%)
<br /> increase from the 2025 calculation, above, rounded to the nearest dollar;
<br /> (iii) For 2027 and any subsequent year, a two percent (2%) increase from the
<br /> calculated payment for the prior year, rounded to the nearest dollar.
<br /> 6. The amounts set forth in Paragraph 5 assume the School's Share represents 41.62%
<br /> of the rentable square footage of the Property. Owner may notify City if the School's Share
<br /> represents less than 41.62% of the rentable square footage of the Property, and in that event the
<br /> amounts set forth in Paragraph 5, above, shall be adjusted accordingly based on a new Property
<br /> Tax Exemption (i.e., less than 41.62%).
<br /> 7. Any capital improvements made by Owner for the School's Share of the Property,
<br /> which may or may not trigger a re-assessment of the Property, shall not serve to increase the
<br /> Payment(s) in Lieu, as calculated in Paragraph 5, above, or Paragraph 8, below, which shall only
<br /> adjust on the basis of an Annual Tax Increase.
<br /> 8. By way of illustration only, if a Certificate of Occupancy is issued on August 15,
<br /> 2025, the School's Share represents 41.62% of the Property's rentable square footage, and the
<br /> School continues operating at the Property during the remainder of the Twenty Year Period,Owner
<br /> shall pay to City the following Payment(s) in Lieu:
<br /> (i) On September 1, 2026, $16,938 shall be due and payable by Owner.
<br /> (ii) On September 1, 2027, $17,277 shall be due and payable by Owner.
<br /> (iii) On September 1, 2028, $17,623 shall be due and payable by Owner.
<br /> (iv) On September 1, 2029, $17,975 shall be due and payable by Owner.
<br /> (v) On September 1, 2030, $18,335 shall be due and payable by Owner.
<br /> (vi) On September 1, 2031, $18,702 shall be due and payable by Owner.
<br /> (vii) On September 1, 2032, $19,076 shall be due and payable by Owner.
<br /> (viii) On September 1, 2033, $19,458 shall be due and payable by Owner.
<br /> (ix) On September 1, 2034, $19,847 shall be due and payable by Owner.
<br /> (x) On September 1, 2035, $20,244 shall be due and payable by Owner.
<br /> (xi) On September 1, 2036, $20,649 shall be due and payable by Owner.
<br /> AGREEMENT FOR PAYMENT IN-LIEU OF TAXES
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<br /> i y' ounce 12 - 8 2/3/2026
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