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<br />Ex Tex LaPorte, Limited Partnership
<br />300 Exelon Way, KSB3-W
<br />Kennett Square, PA 19348
<br />(610) 765-5700
<br />
<br />April 29, 2002
<br />
<br />Hugh L. Landrum, Jr., President
<br />Hugh L. Landrum & Associates, Inc.
<br />1200 Aerospace Avenue, #106
<br />Houston, Texas 77034-5567
<br />
<br />Re: 2002 Harris County Personal Property Tax
<br />
<br />Via Fax (281) 484-7272
<br />
<br />Dear Hugh:
<br />
<br />Please find below Ex Tex LaPorte, Limited Partnership's business personal property rendition of taxable
<br />property located at the Stang Subdivision in the Enoch Brinson Survey (Abstract'5) in LaPorte, Harris
<br />County, Texas (Air Products and Chemicals, Inc. plant): '. .
<br />
<br /> Estimated Year Life
<br />. Description Cost Market Value Acquired Expectancy
<br />4 GE Turbines/Pipeline 38,248,100 9,148,946 2001 15 Yrs
<br />Turbine Blades 5,683,981 . 1,330,052 2001 10 Yrs
<br />Transformers 1,679,186 401,661 2001 15 Yrs
<br />Spare Parts 2,600,000 621,920 2001 15 Yrs
<br />Machinery & Equipment 277,286 66,327 2001 15 Yrs
<br />Metal Building 123,900 29,637 2001 20 Yrs
<br />Office Furniture 1,500 351 2001 15 Yrs
<br />Office Supplies 100 100 2001 1 Yr
<br />Total 48,614,053 11,598,993
<br />
<br />The plant is a peaker plant consisting of 4 GE 6B simple cycle units that went on-line in July 2001. The
<br />project was started during a period of high prices for energy and big demand in an overbuilt market. The
<br />units produced 28,510 MW of which 26,310 MW went to the grid. The project was expected to send
<br />approximately 108,000 MW to the grid with fuel costs that were projected to be a lot less than their actual
<br />cost. The plant operated at 26% of projected capacity. Due to current depressed energy prices, it is
<br />expected that the plant will operate aVor about the same level as 2001. Therefore, I am requesting an
<br />adjustment for economic obsolescence. Please refer to the attachments to support my Estimated Market
<br />Value. Could you please provide me with the information necessary to enter an Industrial District
<br />Agreement? Please feel free to call me to discuss. My telephone number is 610-765-5729.
<br />
<br />Sincerely,
<br />
<br />(l ,.., J-tj..
<br />I' I...----'JV" ,~ --~__~~__~;.;.<~ .<1
<br />j /" /1
<br />Joseph F. Geiger, Jr., Esq., CPA
<br />Principal Tax Analyst
<br />
<br />Attachments
<br />
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