(A) Annual Metropolitan Redevelopment Lease Fee. All lease agreements for real property leased for the purpose of facilitating a metropolitan redevelopment project financed by metropolitan redevelopment revenue bonds shall include a provision requiring the lessee to pay the city, in addition to any other monetary obligations under the lease, an annual fee equivalent to 10% of the annual incremental abated taxes. The incremental abated value shall be equivalent to the difference in the property valuation for property taxation purposes that existed in the year immediately preceding the year of acquisition by the city and the property valuation for property taxation purposes each year the city owns the property. The annual fee will be equivalent to 10% of the current total property tax mill rate for the incremental abated value had the property not been exempt and had it been valued for property taxation purposes. The fee shall be paid to the city by the lessee each year that the city owns the property.
(B) Deposit of fees. All fees received by the city pursuant to § 14-8-4-9 ROA 1994 shall be deposited into the Metropolitan Redevelopment Fund (275) to support the ongoing operations of the Metropolitan Redevelopment Agency.