2007-IDA-104 GSL Partners Sub Four, LP ( 11355 Hwy 225)

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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 amountfor the increase in value. (c) If existing Property values: have depreciated below the Property value established on January 1, 2:0- 7, 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 January 1, 2067, value and. 3. Percentage: Amount of the; amount. of ad valorem taxes" which would ;be payable to City on all of the Company r 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, pipelines,, and products in storage located.on the ,:Land, if all :of said tangible personal property which .existed on January 1, 20,:08, and each January _I '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 above applies.) had been. within the corporate limits of City and' appraised each year by the City I IS independent appraiser; in accordance with the applicable provisions of the Texas Property 'Tax Code. wa:th 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. Notwithstanding the above,, should City elect to gram the freeport inventory exempta�ori authorized by Article Vm=21, Section 1-j: of the Texas; Constitution and Section 114,251 of the Texas. Property Tax Code to taxpayers ^with;in. the City limits, then the freeport inventory exemption shall apply to partia.02 to; this Agreement,.; Further, should inventory or any other' ':class or type cif property become: exempt from taxation 'by constitutional. amendment: or act of 'the Texas Legislature (including, but not limited to, Article VITI Section 1-n, of the Texas Constitution. and Section 11.253 of the Texas. Property Tax Code), such class or type :of property shall be exempt for purposes of this Agreement, unless the C"ity 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.