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<br />-:; <br /> <br />(b) <br /> <br />e <br /> <br />, <br />" <br /> <br />e <br /> <br />Creation of New Value. Abatement may only be granted for <br />the additional value of eligible property improvements made <br />subsequent to and specified in an abatement agreement <br />between the (affected jurisdiction) and the property owner <br />or lessee, subject to such limitations as (governing body) <br />may require. <br /> <br />(c) New and Existing Facilities. Abatement may be granted for <br />new facilities and improvements to existing ~acilities for <br />purposes of modernization or exp.ansion. <br /> <br />--'. <br /> <br />(d) Eligible Property. Abatement may be e>:tended to the value <br />of buildings, structures, 'fixed machinery. and equipment, <br />site improvements plus that office space and related fixed <br />improvements necessary to the operation and administration <br />of the facility. " . <br /> <br />Ineligible Property. The following types of property shall <br />be fully taxable and ineligibie for abatement: land; <br />inventories; supplies; tools; furnishings, and other forms <br />of movable personal property; vehicles; vessels; aircraft; <br />housing; hotel accommodations; deferred maintenance <br />investments; property to be rented or leased except as <br />provided in Section 2 (f); improvements for the generation <br />or transmission of ~~ectrical "energy not wholly consumed by <br />a new facility or expansion; any improvements, including <br />those to' produce, store or distribute natural gas, fluids <br />or gases, which are not integral to the operation of the <br />facility; property which has a productive life of less than <br />15 years; property o\'med or used by the, State of Texas or <br />its political subdivisions or by any organization owned, <br />operated or directed by. a political subdivision of the <br />State of Texas. <br /> <br />(f) OWned/Leased. Facilities. If a leased facility is granted <br />abatement the agreement shall be executed with the lessor <br />and the lessee. <br /> <br />(e) <br /> <br />) <br /> <br />(g) <br /> <br />" <br /> <br />I <br />... <br /> <br />Value and .Term of Abatement. Abatement shall be granted <br />effective with the January 1 valuation d~te immediately <br />following the date of execution of the agreement. One <br />hundred percent of the value of new eligible properties <br />shall be abated for up to two years during the period of <br />constructions and for five years thereafter. The abatement <br />may be extended through an initial agreement and a <br />subsequent agreement as may be required to comply with <br />state law regarding the term of a reinvestment zone. If <br />the period of construction exceeds two years the facility <br />shall be considered completed for purposes of abatement and <br />in no case shall the period of abatement inclusive of <br />construction and completion exceed seven years. <br /> <br />- 4 - <br />