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(iii) the Owner must meet its burden of proof under Indiana law pursuant to the <br /> normal application and determination process applicable to Indiana Code § 6-1.1-10-16.7 to <br /> qualify for and receive such exemption. <br /> Section 2. Payment In Lieu of Taxes. <br /> Section 2.1. <br /> (a) The Owner has agreed to make payments in lieu of taxes as described herein in <br /> consideration of the cooperation and support of the City for successful development, <br /> financing and operation of the Project, which includes, but is not limited to, the public <br /> promotion and support for the Project.The annual amount payable by the Owner to the <br /> City hereunder (the "Annual in Lieu of Amount") shall be in the annual sums as <br /> follows: <br /> Year 1 $ 2,000 Year 16 $ 81,150 <br /> Year 2 $ 2,060 Year 17 $ 83,585 <br /> Year 3 $ 2,122 Year 18 $ 86,093 <br /> Year 4 $ 2,186 Year 19 $ 88,676 <br /> Year 5 $ 2,252 Year 20 $ 91,336 <br /> Year 6 $ 2,320 Year 21 $ 94,076 <br /> Year 7 $ 2,390 Year 22 $ 96,898 <br /> Year 8 $ 2,462 Year 23 $ 99,805 <br /> Year 9 $ 2,536 Year 24 $ 102,799 <br /> Year 10 $ 2,612 Year 25 $ 105,883 <br /> Year 11 $ 70,000 Year 26 $ 109,059 <br /> Year 12 $ 72,100 Year 27 $ 112,331 <br /> Year 13 $ 74,263 Year 28 $ 115,701 <br /> Year 14 $ 76,491 Year 29 $ 119,172 <br /> Year 15 $ 78,786 Year 30 $ 122,747 <br /> (b) The Annual in Lieu of Amount has been negotiated between the City and the Owner in <br /> accordance with Indiana Code § 36-1-8-14.3(f), and by specifically taking into account <br /> the applicable provisions of Indiana Code § 6-1.1-4-40, Indiana Code § 6-1.1-4-41, and <br /> Indiana Code §6-1.1-10-16. <br /> (c) The Owner will pay all property taxes due on the Property until such time as the Owner <br /> complies with the requirements to secure the property tax exemption for the Property <br /> described in Section 1.1(b). <br /> Section 2.2. The Annual in Lieu Amount payable by Owner with respect to the Property <br /> shall be imposed as property taxes and payable in two equal installments due and payable on or <br /> before May 10 and November 10 of each successive calendar year, with the initial installment of <br /> the payment becoming due and payable on May 10 of the year following the Project's final <br /> 3 <br />