2007-IDA-103 GSL Partners Sub Seven (4607 New West)

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For the: purpose's 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. (c) If existing Property values Have depreciated below the ,Property value established on Jabuary .1, 2007, an amount equal to the amount of the depreciation will be removed from the. calculation under this subparagraph 2. to restore the value to the L7anuary 1, 2007, value., and 3 Percentage .Amountof 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 'industrial 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, pip,eline.s;, and products in storage located on the land, if all of said tangible personal property which existed on January 1.,, 2.008, and each January l thereafter of the applicable. Value Year during the term of this Agreement, (excluding amounts. which would be so payable with. respect to any Substantial Increase in value of such tangible personal property to which subparagraph 2., above applies), had been 'within the corporate limits of City and appraised eachyear by the Cty�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.D;istrict. 4.: Notwithstanding the above, should City elect to grant the freeport inventory exemption authorized_ by Axt.icle VIII, Section 'I-j of the Texas Constitution and Section 11.251 of the Texas' Property Tax. Code to taxpayers within 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 constitutional amendment or act of the Texas Legislature. (including,, but not limited to, Article VIII, Section. -n,,. of the Texas Constitution .and Section �.1..2s3. o the Texas Property Tax Code) such class or type of property shall be exempt. for purposes of. tha:s. Agreement., unless the City Council of the City of La Porte shall by ordinance. provide for the continued taxation of such, property under the: authority of any applicable provisions of the Texas Constitution and Texas Statutes. A