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<br />FEB-02-2001 FRI 03:54 PM <br /> <br />.. <br /> <br />, \ <br /> <br />FAX NO. e <br />r--\ <br /> <br />P. 05 <br /> <br />each year ~y Cityis independent appraiser, in accordance <br />with the applicable provisions of the Texas Property Tax <br />Code; and <br /> <br />2. (a) On any substantial Increase in value of the Land, <br />improvements, and tang ibIe personal property <br />(excl~dinq inventory) dedicated to new <br />construction, in excess o:f the appraised value of <br />same on January 1, 2000, resulting from new <br />construction (exclusive of construction in <br />progre~s, 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 amo'Llnt of ad valorem taxes <br />which would be payable to City if all of said ~ew <br />.construction had been within the corporate limits <br />of 'city and appraised by City.s independent <br />appraiser, in accordancta with the applicable <br />provisions of the Texas Pl"Operty Tax Code. <br /> <br />A Substantial Increase in value of the Land, <br />improvements, and tangi.ble 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 />(b) <br /> <br />i. at' least Five percent (5%) of the total <br />appraised value of Land and improvements, on <br />January 1, 2000; or <br /> <br />i1. a cumulative value of at least $3,500,000.00. <br /> <br />For the purposes ot this Agreement, multiple <br />projects that are completed in a Value ~ear can be <br />cumulated to arrive at the amount for the increase <br />in value. <br /> <br />(e) If existinq Property values have depreciated below <br />the Property val~e established on January 1, 2000, <br />an amo~nt equal to the am,ount of the depreciat.ion <br />will be rem.oved from the calculation under this <br />subparagraph 2 to restore the value to the January <br />1, ,2000, value; and ' <br /> <br />3. Fifty-three percent (53%) of the amount of ad valorem <br />ta~es which would be payable to City on all of the <br />Company.s tangible personal property of every <br />description, located in an indu.strial district of cit.y, <br />including, without limitation, inventory, oil, gas, and <br />mineral interests, items of lea~;ea. equipment, railroads, <br />pipelines, and products in' stor'age located on the Land, <br />if all of said tangible persona.l property which existed <br />on January 1, 2001, and each January 1 thereafter of the <br />applicable Value Year during thl~ term of this Agreement, <br />had been within the corporate limits of city and <br />appraised each year by the City II S independent appraiser, <br /> <br />4 <br />