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The rate of the tax imposed by Section 3.05.010 shall be four percent of the taxable rent as defined by Section 2 of the state act. The following credits shall be allowed in determining the tax payable:

A. With respect to a leasehold interest arising out of lease or agreement, the terms of which were binding on the lessee prior to July 1, 1970, where such lease or agreement where such lease or agreement has not been renegotiated as defined by Section 2 of the state act, since that date, and excluding from such credit any lease or agreement, including options to renew, which extends beyond January 1, 1985, as follows:

1. With respect to taxes due in the calendar year 1976, a credit equal to eighty percent of the tax produced by the above rate;

2. With respect to taxes due in the calendar year 1977, a credit equal to sixty percent of the tax produced by the above rate;

3. With respect to taxes due in the calendar year 1978, a credit equal to forty percent of the tax produced by the above rate;

4. With respect to taxes due in the calendar year 1979, a credit equal to twenty percent of the tax produced by the above rate.

B. With respect to a product lease as defined by Section 2 of the state act, a credit of thirty-three percent of the tax produced by the above rate. (Ord. 418 (part), 1976).