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<br />" <br /> <br />protection facilities and services or storm drainage <br />facilities and services (as the case may be) to property in <br />th7 Industrial Corr~dor area for the tax year immediately <br />prlor to the effectlve date of the annexation. For example <br />if: , <br /> <br />(1) The City of Eugene was the successor agency to <br />that portion of the Junction City Water Control District <br />that provided storm drainage services to the Property, <br /> <br />(2) The annual cost of providing storm drainage <br />facilities and services to all properties in the <br />Industrial Corridor formerly serviced by the Junction <br />City Water Control District was $100,000: <br /> <br />(3) The total assessed value of these I~ustrial <br />Corridor properties subject to real property ad valorem' <br />taxation. was $16,000,000, and <br /> <br />(4) The assessed value of the Property. was' <br />$500,000. <br /> <br />Then: <br /> <br />(a) The property tax rate for providing storm <br />drainage facilities and services to the Property would be <br />$6.25, and <br /> <br />(b) The annual cost to the Property Owner 'would be <br />$3,125. <br /> <br />4.4 The reduced tax rate as s6 calculated shall stay the same <br />and remain in effect for nine years after the effective date of the <br />annexation. In the tenth year and thereafter, the Property shall <br />be subject to property taxation at the rate generally applicable to <br />properties in the City of Eugene. <br /> <br />4.5 The refusal of the City to allow a tax differential of at <br />least the amounts specified above shall be a material breach of <br />this Agreement and shall be grounds for the Property Owner to <br />refuse to sign this Agreement, to rescind this Agreement, and to <br />enforce any other remedy available at law or equity. <br /> <br />s. System Development Charge. Property Owner agrees to pay to <br />the City an amount equal to the applicable sanitary sewer element <br />of the systems development charge imposed by the City within the <br />City of Eugene upon connection to the City sanitary sewer system <br />whether or not the Property is annexed to the city. Property Owner <br />agrees to pay to the City an amount equal to the applicable storm <br />sewer element of the systems development charge imposed by the City <br /> <br />Annexation and Urban <br />Services Agreement - Page 5 <br />