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<br />'- <br />. . <br /> <br />-. <br /> <br />; <br /> <br />. <br /> <br />e <br /> <br />City's independent appr.aiser; and <br /> <br />2. (a) On any Substantial :Increase in value of the Land, <br />impx:ovements, anc! ta;nqihle 'persClnal property <br />(excluding inventory) dedicated to new construct:ion, <br />in excess of the appraised value of SaJlS on January <br />1, 1993, resulting fr01ll new construction (exclusive <br />of construction.in progress, which shall be exempt <br />from taxetion), for each Value Year following <br />completion of con~ruction in progress, an amount <br />equal to Thirty percent (30-t) 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 lilnits of City and appraised by City's <br />independent appraiser. . <br /> <br />A Substantial Increase in value of the Land and <br />improvements as used in subparagraph 2 Ca) ahove, is <br />defined aE! an increase j.n value that is the lesser <br />of either: <br /> <br />(b) <br /> <br />i. at least Five percent (5%) of the total <br />appraised value of Land and improvements, on <br />January 1, 1~93; 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 ~le amount for the increase <br />in value. <br /> <br />If existing property values have depreciated below <br />the value established on ~anuary 1, 1993, an amount <br />equal to the amount Qf the depreciation will be <br />removed from this calculation to restore the va~ue <br />to the January 1, 1993, value; and <br /> <br />3. (a) Fifty-percent: (SO%) of t:he amount of ad valore1l1 <br />taxes which would be payable to City on all .of the <br />Company I s tangible personal property o'f 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 Land6 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 vithin the corporate limits of City <br />and appraised each year by the City's independent <br />appraiser; <br /> <br />(1:1) <br /> <br />(c) <br /> <br />Fifty-three percent (53t) of the amount of ad <br />valor~~ 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 />