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<br />~ <br /> <br />e <br /> <br />e <br /> <br />" <br /> <br />cityls independent appt'aiser; and <br /> <br />2. (a) On any SUbstantial Increase in value of t:he Land, <br />improvements, and tangible personal property <br />(excluding inventory) dedicated to new construction, <br />in excess of the appraised value of same on January <br />1, 1993, resultinq frena new construction (exclusive <br />of construction in progress, which shall be exempt <br />from ta.xation), for each Value Year following <br />completion of construction in progress, an amount <br />equal to Thirty percent (Jot) of the amount of' ad <br />valorem taxes which would be payable to city if all <br />of' said new construction had been within 'the <br />corporate limits of City and appraised by City's <br />independent appraiser. . <br /> <br />A Subst.antial Increase in value of the Land and <br />improvements as used 1n subparagraph 2 (a) above, is <br />defined a~ an increase in value that is the lesser <br />of either: <br /> <br />Cb) <br /> <br />i. at least: Five percent (5t) of the total <br />appraised value of Land and improvements, on <br />January 1, 1993; or <br /> <br />ii. a cumulative value of at: least $3,500,000.00. <br /> <br />For the purposes of this Agreement , multiple <br />projects that are completed in a Value Year can be <br />cumulated to arrive at the amount for the increase <br />in value. <br /> <br />ee) If existing property. values have depreciated below <br />the value established on January 1, 1993, an amount <br />equal to the amount qf the depreciation will be <br />removed from this calculation to restore the value <br />to the January 1, 1993, value; and <br /> <br />3. (a) Fifty-percent (50%') of the amount of ad valoreJ1\ <br />taxes which would be payable to City on all of the <br />company's tangible personal property of every <br />description, lncludinq, without limitation, <br />inventory, oil, gas, and mineral interests, items <br />of leased equipment, railroads, pipelines, and <br />products in storaqe loc4ted on the Land~ if all of <br />said tangible personal property which existed on <br />3anuary 1, 1994, '3anuary 1, 1995, and January 1, <br />1996, had been vithin the corporate limits of City <br />and appraised each year by the City's independent <br />appraiser; <br /> <br />(b) Fifty-three percent (53%) of the amount of ad <br />valor~ taxes which would be payaole to City on all <br />of the Company IS tanqible personal property of every <br />description, includinq, without limi~ation, <br />inventory, 011, gas, and mineral interests, items <br /> <br />4 <br />