The binding written offer shall set forth the following assessment schedule for each parcel of real property in and on which is located, and which is otherwise a part of, a certified project in the project EOA:
1. an assessment of 0% of the actual assessed valuation in the first year
2. an assessment of up to 25% in the second year
3. an assessment of up to 50% in the third year
4. an assessment of up to 75% in the fourth year
5. an assessment of up to 100% in the fifth year
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