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<br />e'a,dhYE!~r,byCityr s iIldependent appraiser, in accordance
<br />wi.tllt;llel~pplicable provisions of the Texas Property Tax
<br />Code,; and '
<br />
<br />2.
<br />
<br />qri any substantial Increase in value of the Land,
<br />i.mprovements, and tangible personal property
<br />(excluding inventory) dedic'ated to new
<br />c'onstruction, in excess of the appraised. value of
<br />same on January 1, 2000, resulting from new
<br />construction (exclusive of constru'ction in
<br />p,iogress, which shall be exempt from taxation), for
<br />ea~h Value Year fol I owing completion of
<br />clO~struction in progress, an amount equal to Thirty
<br />per'ctent (30,%) oEthf! amount of ad valorem taxes
<br />which would be payable to City if all of said new
<br />CC';lIlstructicI1, had been within the corporate Ilnd.ts
<br />of 'City and appr.aised by City'S ind:epenaent
<br />appraiser, in ac,ccrdance wi th the app.licable
<br />provisions of the Texas Property Tax Code.
<br />
<br />(b) A Substantial Inorease in value of the Land,
<br />ianprovements, and tangible personal property
<br />(.excluding inventory) as used in subparagraph 2 C a)
<br />above, is' defined as an increase in value that is
<br />the lesser of either:
<br />
<br />(a)
<br />
<br />i. at leas.t Five percent (5%) cf the total
<br />appraised value c,f Land; and; improvements, on
<br />January I, 20'00; or
<br />
<br />ii. a cumulative value of at least $3,500,000.0-0.
<br />
<br />For the purpos'es of thi.s Agreement, mUltiple
<br />p-1!'Qj;ects that are completed in a. Value Year can be
<br />cumulat.ed' to arrive at the amount for the increase
<br />!n(vialue .
<br />
<br />(el
<br />
<br />lt~e~isti~g Property values have depreciated be~ow
<br />t~~'p,ro:p~rty value establis,hed on January 1, 2CO'O ,
<br />a~_~iUQup.teqlJ.al to the amount of the depreciation
<br />~ilJ; l>e' _ ,re.M,Oved, from the- calculation. under this
<br />~~p~~agrap~ 2 to restore the value to the January
<br />l:t.'--2Ii)O:O" value i and
<br />
<br />3. i'$:~~~7~:~;r.~Et P~;r'c~nt (5:l~L 9'~ _ theam.9ul'lt of ad valorem
<br />~~7~,:y!~~,ahi wco~l.d be p'~Ya.llle., to C':tty on all o,f,t~e
<br />q9~' "',)i~'-:.", t~'l1g;$.:ble pers'q'lla1 , pr.9j;i~rty ofevf!ry
<br />ct~ "''!~~~~h+"o~~te~ .i~ '~n irJ;tlustldal:d,istrict o.f City,
<br />i~:,~:~~,; !i~l1~~t;:li.rn~,t;,al;iQ~, ,iIly:el1~~:ry~> oil, ~a,~.,~nd
<br />l1,l7~.:~'~p't~r.~s:t~" j.,t'emsof ~ea.se!Cieq;u:tpment, raJ; lroaclllt
<br />p;t;c",._,."~,:~~tr an": p:r;gci~c.t~. in sf:;o>r~ge loc.~ted on the . Laria,
<br />i-,f:.;~-~!f;:~J said tang'ible pers.onal'prpperty which existed
<br />fJ~;IfJl,~~1:Ji~:r1 1,4'00:1, and eac'h January' 'lthere'after b,f the
<br />ctJ?PJ;.~Q~p'-le Value Year during, the term of this Agreement,
<br />l11~~.'. '~~'f;1I1 within t;b:e corpora.tel:i1nits o,f City and
<br />appraised each year by the City's independent appraiser,
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