2007-IDA-100 AirGas Dry Ice - Laserfiche WebLink

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1_ percentage Amount of the amount of ad valorem taxes which would be payable to City if all of the Company's Land acid improvements which existed on January 1, 2048, and each January I thereafter of the applicable Value Year during the terFn of this Agreement, (exclud~.ng amounts which would be sa payable with respect to any Substantial Increase in value of such Land and improvements to which subparagraph 2, below applies}, had been within the corporate limits of City and appraised each year by City's independent appraiser, in accordance with the applicable provisions of the Texas Property Tax Cade; and 2. {a} ©n any Substantial Increase in .value of the Land, improvements, and tangible personal property (excluding inventory} dedicated to new construction, in excess of the appraised value of same on January 1, 2007! resulting from new construction {exclusive of construction in progress, which shall be exempt from taxation), far each Value Year- following completion of construction in progress, an amount equal to Twenty-five percent (25Q), if constructioar~ is completed in Value years 2408 through 2413; and Twenty percent {20%), if construction is completed in Value years 2014 through 2©~.9, of th.e amount of ad valorem taxes which would be payable to City if all df said new construction had been utithin the corporate limits of City and appraised by City's independent appraiser, in accordance with the appl~.cable provisions of the 'texas Property Tax Code. In the case of new construction which is completed .in Value Year 2016 or latex, and provided, further, that City and Company enter into an Industrial ~]istrict Agreement after the expiratio~z of this Industrial District Agreement, then, and in such events, such new construction shah. be entitled to additional Value -Years under the new Agreement at a Twenty percent (20%} valuation under this subparagraph (a), for a total of six (6) Value Years, but not ext~x~.dincg beyond Value Year .2422. {b) A Substantial. Increase ~.n value of the Land, improvements, and tangible personal property (excluding inventory) as used ire subparagraph 2(a) above, is defined as an increase in value that is the lesser of either: i . at least Five percent ( S o ) of the total. appraised value of Land and improvements, on January 1, 2007; or ii. a cumulative value of at least $3,540,044.00. 4