|
<br />e
<br />
<br />e
<br />
<br />;,,-
<br />
<br />\:
<br />
<br />city's independent appraiser; and
<br />
<br />2. (a) On any Substantial Increase in value 'of the 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, resulting from new construction (exclusive
<br />of construction in progress, which shall be exempt
<br />from taxation), for each Value Year foll9win9.
<br />completion of construction in progress, an amount
<br />equal to Thirty percent (30%) 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 />(b) A Substantial Increase in value of the Land and
<br />improvements as used in subparagraph 2(a) above, is
<br />defined as an increase in value that is the lesser
<br />of either:'
<br />
<br />i. at least Five percent (5%) 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 />(c). If existing property values have depreciated 'below
<br />the value established on January 1, 1993, an amount
<br />equal to the amount of 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 valorem
<br />taxes which would be payable to City on all of the
<br />Company's tangible personal property of every
<br />description, including, without limitation,
<br />inventory, oil, gas, and mineral interests, items
<br />of leased equipment, railroads, pipelines, and
<br />products in storage located on the Land, if all of
<br />said tangible personal property which existed on
<br />January 1, 1994, January 1, 1995, and January 1,
<br />1996, had been within 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 />valorem taxes which would be payable to City on all
<br />of the Company' s tangible personal property of every
<br />description, including, without limitation,
<br />inventory, oil, gas, and mineral interests, items
<br />
<br />4
<br />
|