2007-IDA-102 GSL Investments Reserve A (2.0165 Acres)

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For the purposes of this Agreement, multiple projects that are completed in a Value Year can be cumulated to arrive at the amount for the increase in value. tc1 If existing Property values have depreciated below the Property value established on January 1, 2007, an amount equal to the amount of the depreciation. wiXl be removed froth the calculation under this subparagraph 2 to restore the value to the January 1, 2op7, value; and 3, Percentage Amount of the amount of ad valorem taxes which would be payable to City on all of the Company's tangible personal property of every description, located in an ~.ndustrial district of City, including, without limitation, inventory, (including inventory in a federal Foreign Trade zone and including Freeport exempted inventory), oil, gas, and mineral interests, items of leased equipment, railroads, pipelines, and products in storage located on the Land, if all of said tangible personal property which existed on January ~., 2{308, and each January i thereafter of the applicable Value Year during the term of this Agr~:ement, (excluding amounts which would be so payable with respect to any Substantial Increase in value of such tangib~.e personal property to which subparagraph 2, above applies), had been within the corporate limits of City and appraised each year by the City's independent appraiser, in accordance with the applicable provisions of the Texas Property Tax Code. with the sum of 1, 2 and 3 reduced by the amount of City's ad valorem taxes on the annexed portion thereof as determined by appraisal. by the Harris County Appraisal District. 4. Natwithstaa~ding the above, should City elect to grant the freeport inventory exemption authorized by Article VIII, Section ~.-j of the Texas Constitution and Section I1.251 of the Texas Property Tax Code to taxpayers w~.thin the City limits, then the freeport inventory exemption shall apply to parties to this Agreement. Further, should inventory or any other class or type of property become exempt from taxation by constitut~.onal amendment or act of the Texas Legislature (including, but not limited to, Article VII2, Section 1-n., of the Texas Constitution and Section 11,253 of the Texas Progeny Tax Code}, such class or type of property shall He exempt for purposes of this Agreement, unless the City Counci3. of the City of La Porte shall by ordinance provide for the continued taxation of such property under the authority of any applicable provisiazzs of the Texas Constitution and Texas Statutes. 5