RABINOWITZ, Justice.
Appellant Fairview Development, Inc. sued appellee City of Fairbanks to recover taxes paid under protest. After a trial by the court without a jury, the action was dismissed with prejudice. Fairview appeals from the superior court's judgment. We affirm.
In 1950, Fairview leased a parcel of land of about 12 acres from the city for 75 years at an annual ground rental of $1,800. Paragraph 8 of the lease provides:
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