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approximately 41.62% of the Property's rentable square footage. The portion of the Property not <br /> leased to the School shall be referred to as the "Taxable Share." <br /> G. The Parties acknowledge that Owner is a qualifying religious organization and the <br /> School is an exempt purpose for which no property taxes would be assessed, with the total amount <br /> of property taxes payable on the Property reduceable in an amount equivalent to the School's Share <br /> (%) of the Property("Property Tax Exemption"). <br /> H. The Parties have agreed to enter into this Agreement in order to provide partial <br /> compensation ("Payment(s) In Lieu") to the City for the potential loss of property taxes <br /> associated with the School's Share of the Property. <br /> I. The Parties further agree to execute and record this Agreement in order to bind <br /> Owner and its successors and assigns to the Property Tax Exemption and Payment in Lieu <br /> obligations, as more particularly set forth in this Agreement. <br /> J. The enforcement of the obligations in this Agreement will ensure that the City will <br /> not suffer any loss of its share of property tax revenues as a result of the School's use of the <br /> Property. <br /> K. In determining the amount of the Payment(s) in Lieu, the Parties affirm and <br /> acknowledge the following statements of fact as they relate to secured taxes assessed on the <br /> Property: <br /> 1. For tax year 2024, the assessed value of the Property was $24,000,000.00, <br /> comprised of a $14,000,000.00 land value and a $10,000,000.00 <br /> improvement value; <br /> 2. For tax year 2024, the tax assessment rate for the Property was 1.11285 <br /> percent,translating to a base property tax assessment of$267,083.99("Base <br /> Taxes"); <br /> 3. For tax year 2024, the Property was also subject to the payment of special <br /> assessments of$23,650.04, which special assessments were not tied to the <br /> assessed value of the Property; <br /> 4. In total, the secured property taxes payable for the Property for tax year <br /> 2024 were $290,734.03; <br /> 5. The City is the direct beneficiary of approximately sixteen and nine-tenths <br /> percent (16.9%) ("City Share") of the Base Taxes for the Property <br /> (approximately$45,137 for tax year 2024); <br /> 6. On February 13, 2025 the Property was acquired by Owner for <br /> $20,800,00.00, a reduction from the tax year 2024 assessed value of <br /> $24,000,000.00, imputing Base Taxes of approximately $231,455 (i.e. a <br /> AGREEMENT FOR PAYMENT IN-LIEU OF TAXES <br /> 2 <br /> 109231\18768373v1 <br />