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Mr. Moore <br />July 24, 1997 <br />Page 3 of 3 <br />A final point for you to consider is our stability. During the last contract renewal <br />period, the rate of payment to the City for existing improvements was increased <br />from 50% to 53%. Since the current City Tax Rate of 71 cents is the same as it <br />was in 1986, this represents a total increase of six percent over the previous ten- <br />year contract period. Long range planning provides us the ability to match our <br />inflows and outflows to achieve a stable financial base. <br />In closing, we gladly welcome the expansion at the Aristech plant and trust our <br />taxing arrangement, which is effectively equivalent to a tax rate of 37.63 cents <br />per 100 dollar valuation (.71 cents times 53%), is competitive with other entities. <br />Sincerely, <br />QT- 4zA-� <br />Robert T. Herrera <br />City Manager <br />c Jeff Litchfield <br />