O-2006-2955 - Laserfiche WebLink

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a) "Abatement" means the partial exemption of ad valorem taxes of certain real property (including fixed -in-place machinery and equipment) located within the Reinvestment Zone designated for economic development purposes. b) "Effective Date of Abatement" means January 1, 2007. c) "Base Year Value" means the 2006 certified appraised value, as determined by the Harris County Appraisal District ("HCAD"), for the property located in the Reinvestment Zone. d) "Improvements" means the buildings or portions thereof and other improvements, including fixed -in-place machinery and equipment, that are erected by the Lessor and Lessee in the Reinvestment Zone on or after November 21, 2006 and more fully described in the "Application for Tax Abatement in Harris County" (the "Application"), attached hereto as Exhibit C and made part hereof for all purposes. e) "Construction" means a material and substantial improvement of the property, which represents a separate and distinct Construction operation undertaken for the purpose of erecting the Improvements. The period of Construction ends when the facility is available for occupancy, or on December 31, 2008, whichever occurs first. f) "Eligible Property" means the Construction commencing on or after November 21, 2006 of buildings, structures, fixed -in-place machinery, equipment and process units, site improvements, and that office space and related fixed improvements necessary to the operation and administration of the facility, as set forth in the Investment Budget in the Application. The value of all property shall be the certified appraised value as ultimately determined by HCAD each year. g) "Ineligible Property" means any Construction commencing before November 21, 2006 and after December 31, 2008, land, inventories, supplies, tools, furnishings and other forms of movable personal property, vehicles, vessels, aircraft, housing, hotel accommodations, deferred maintenance investments, improvements for generation or transmission of electrical energy not wholly consumed by a new facility or expansion, any improvements which are not integral to the operation of the facility, property that has an economic life of less than fifteen (15) years, any Improvements that have an economic life of less than fifteen (15) years, or any Improvements exempted by local, state or federal law. h) "Lessee" means Preferred Freezer Services Houston Port, LLC a Delaware limited liability corporation. i) "Lessor" means Under Bear, LLC, a Delaware limited liability corporation. 2