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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 far the increase
<br />in value.
<br />(c) If existing Property values have depreciated below
<br />the Property value established on January 1, 2007,
<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, 2007, value; and
<br />3. Percentage Amount of the amount of ad valorem taxes
<br />which would be payable tv City an all of the Company's
<br />tangible personal property of every description,
<br />located in an industrial district of City, including,
<br />without limitation, inventory, (including inventory in
<br />a federal Foreign Trade Zone and including Freeport
<br />exempted inventory), oil, gas, and mineral interests,
<br />items of leased equipment, railroads, pipelines, and
<br />products in storage located on the Land, if all of said
<br />tangible personal property which existed on January 1,
<br />2008, and each January 1 thereafter of the applicable
<br />Value Year during the term of this Agreement,
<br />(excluding amounts which would be so payable with
<br />respect to any Substantial Increase in value of such
<br />tangible personal property to which subparagraph 2,
<br />above applies). had been within the corporate limits of
<br />City and appraised each year by the City's independent
<br />appraiser, in accordance with the applicable provisions
<br />of the Texas Property Tax Code.
<br />with the sum of 1, 2 and 3 reduced by the amount of City's ad
<br />valorem taxes on the annexed portion thereof as determined by
<br />appraisal by the Harris County Appraisal District.
<br />4. Notwithstanding the above, should City elect to grant
<br />the freeport inventory exemption authorized by Article
<br />VIII, Section 1-j of the Texas Constitution and Section
<br />1.1.251 of the Texas Property Tax Cade to taxpayers
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<br />exemption shall apply to parties to this Agreement.
<br />Further, should inventory or any other class or type of
<br />property become exempt fr©m taxation by constitutional
<br />amendment or act of the Texas Legislature (including,
<br />but not limited to, Article VIII, Section 1--n, of the
<br />Texas Constitution and Section 11.253 of the Texas
<br />Property Tax Code), such class or type of property
<br />shall be exempt for purposes of this Agreement, unless
<br />the City Council of the City of La Porte shall by
<br />Ordinance provide for the continued taxation of such
<br />property under the authority of any applicable
<br />provisions of the Texas Constitution and Texas
<br />Statutes.
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