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<br />.. <br />.. ~.; . <br /> <br />- <br /> <br />e <br /> <br />. ; <br /> <br />each year by City' s independerlt appraiser, in accordance <br />with the applicable provisiom; of the Texas Property Tax <br />Code; and <br /> <br />2. (a) On any Substantial IncrElase in vatue 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, resultinq from new <br />construction (exclusive of construction in <br />proqress, which shall be exempt from taxation), for <br />each Value Year f()llowinq completion of <br />construction in proqress, an amount equal to Thirty <br />percent ( 3 0%) of the anlount of ad valorem taxes <br />which would be payable to city if all of said new <br />construction had been wi.thin the corporate limits <br />of City. and appraised by city's independent <br />appraiser, in accordance with the applicable <br />provisions of the Texas :E>roperty Tax Code. <br /> <br />(b) A Substantial Increase in' value of the Land, <br />improvements, and tanl;Jible 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 Land and improvements, on <br />January 1, 2000; or <br /> <br />ii. a cumulative value CJf at least $3,500,000.00. <br /> <br />For the purposes .of 1:his Agreement, mul tiple <br />projects that are comple1:ed 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 a~ount of the depreciation <br />will be removed from tbe 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 />taxes which would be payablE! to City on all of the <br />Company's tangible personCll 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 stc)rage located on the Land, <br />if all of said tangible personal property which existed <br />on January 1, 2001, and each J,anuary 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 indepen~ent appraiser, <br /> <br />4 <br />