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<br />e <br /> <br />. <br /> <br />. each year by City's independent apprai$.er, in accordance <br />with the applicable provisions of the Texas Property Tax <br />Code; and <br /> <br />2. (~) On any Substantial Increase in value' of the Land, <br />improvements, and tanqible. personal property <br />. (excluding inventory) dedicated to new <br />construction, in excess.of the appraised value of <br />same on January 1, . 2000, resulting from new <br />construction (eXClusive of construction in <br />progress, which shall be exempt from taxation), for <br />each Value Year following completion of <br />construction in progress, an amount equal to Thirty <br />percent (30%) of the amount of ad valorem taxes <br />which would be payable to City if all of said,new <br />construction had been within the corporate limits <br />of City and appraised' by city's independent <br />appraiser, in accordance with the applicable <br />..' provisions of the Texas Property Tax Code. <br /> <br />. (p) A Substantial Increase .in value of the Land, <br />improvements, . and tangible personal property <br />. (excluding inventory) as used in subparagraph 2(a) <br />above,. is defined as an increase in value that is <br />the' 'lesser. of either: <br /> <br />i. at least Five percent (5%) of the total <br />appraised value of I~and and improvements, on <br />January 1, 2000; 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 Property value established on January 1, 2000, <br />an amount equal to the amount of the depreciation' <br />will be removed from the calculation under.' this <br />subparagraph 2 to restore the valQe to the January <br />1, 2000, value; and, <br /> <br />3. Fi~ty-three percent (53%) o~ the amount of ad valorem <br />taxes which would be payable to ci ty on all of the <br />Company's tangible personal proper~y' of . every <br />description, located in an indu,strial district of City, <br />including, without limitation, inventory, oil, gas, and <br />mineral interests, items of ,leased t;!quipment, railroads" <br />pipelines, and products in storage located on the Land, <br />'if all of said tangible personal property which existed <br />on January 1, 2001, and each January 1 thereafter of the <br />applicab~e Value Year during the term of this Agreement, <br />had been within the corporate, limits of City and <br />appraised each year by the City's independent appraiser, <br /> <br />4 <br />