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<br />.~ <br /> <br />- <br /> <br />e <br /> <br />. each year by City's independent appraiser, in accordance <br />with the applicable provisions of the Texas Property Tax <br />Code; and <br /> <br />2. <br /> <br />On, any Substantial Increase in value of the Land, <br />improvements, and tangible 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 th~ 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 apcordance with the applicable <br />pro~isions of the Texas Property Tax Code. <br /> <br />(b) 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 />(a) <br /> <br />i. at least Five percent (5%) of the total <br />appraised value of Land an~ imp~ovements, on <br />January 1, 2000; or <br /> <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 ~alue 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 value to the January <br />1, ~OOO, value; and . . <br /> <br />3. Fif~y-three percent (53%) of the amount of ad valorem <br />taxes' which would be payable to City on all of the <br />Company' s tangible perso'nal property' of, every" <br />description, located in an industrial district of City, <br />including, without limitation, inventory, oil, gas, and' <br />mineral interests, items of leased equipment, 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 />applicable 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 />