2007-IDA-108 GSL Constructors Ltd

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12!11!2007 14:22 7132637795 PAGE 07135 1. Percentage Amount of the at~auz~t of ad ~ralorem, taxes which would be payable to City i~ aZl of the Company~~ Land and ~.mprovemerct~ which e~asted on ~a~xuary ~., 24©s, and each ~Tanuaary 1 there0.fter of the applic~.ble Value year during the term of this Agreement, (excluding amounts which would be so payable with respect to any Substantial lncrease .in value of such Land and iaiprc~vement~s to which su-bparagraph 2, below applies) , had been within the acarparate limits of City and appraised each year by C~.tyrs independent appraiser, in accordance with the applicable provisions a~ the Texas ~aroperty Tax Cade; and 2 - (~,~ Oxi any Su3~stantial Increase in value. a~ the Land, improvements, and tangible personal property (excluding inventory) dedicated to new ca~.struotiQn, in excess of the appraised value o~ game on ~3anuary 1, 2407, resulting from new eonstx~etion exclusive a~ canstruction in progross, which shalX tae e~cempt from taxation} fear each Value Years following completion of c+~~xstcticn iz'i. prc~gxess, an amouzxt equal. tC Twenty-five percent ~25$c}, if construction is completed in Value years 2008 through 2013; a~xd, Twenty percent (24~}, if congtzuctian is comp~,eted in Value years 2014 through 2019, of the amcaunt of ad valorem taxes which wauld be pa~ra,ble to City i~ all of said new oonstructian had, been within the corporate limits of Cit~r and appraised by City~s f~xdependent appraiser, in accordance with the applicable provisions a~ the Texas property Tax Code. Iu the case of new construction wh~.ch is completed in Value Rear 2416 ar later, and provided, further, that City az~d Company enter into an Industrial Distract Agreement after the expixat,~.on of this Industrial ]]istrict Agreement, tk~en, and in such events, such. new cnnstrvotaon shall ,be entitled to additional Value Years undez the new Agreement at a Twenty percent (24~~ valuation undex this subparagraph (a), far a total of six {G) Value Years, but not extending be~rond Value near 2U22. (b~ A. Substantial Increase in value cf the Lard, improvements, and tangible pe~scanal prt~perty {excluding invez~tary) as used, in subparagraph 2 {a~ above, is defined as an increase in value that is the lesser of exthex: i. at least Five percent ~5~) o~ the total appraised value of 7Gand and aasprovements, an January ~, 2407; or i~.~ a av,mulatxve value of at least X3,500,400.40.