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~~~~1~~~~~ 1a:~2 ~~~~b~~~~~ ~a~~ ~s~~~
<br />~'or the purposes of this Agreement, multiple
<br />protects that are completed in a Va~,ue Year can be
<br />cumulated to arrive at tb,e amount for the increase
<br />in va7,ue .
<br />(c1 If existing Property values have depreciated beXow
<br />the Property value estahlislaed on January 1, ~Of77,
<br />an amount equal to the amount of the depreciation
<br />vrill be removed from tl~.e calculation under this
<br />subparagrap3~ 2 to restore the value to the Jaxa.uary
<br />1., 2007, value; ~.2a.d
<br />3. k~ercentage Amount of the amount of ad valorem taxes
<br />which vrould be payable to ~a~ty an alb, of the Company's
<br />tangible pexsonal property of every descript~,on,
<br />located ~,n an industrial district of City, including,
<br />without limitation, inventoxy, (including inve~,tQry in
<br />a federal `ore ign Trade Zane s.r~d inc ludix~g Freeport
<br />exempted inventory), oil, ga,s, and mineral interests,
<br />items of leased equipment, rai~.roads, p~.pelines, a,nd
<br />products in storage located can the Land, if all of said
<br />taz~,gib~.e personal propert~r which existed on Januo.ry 1,
<br />2 fl 08 , and each January 1 therc~a.ft,er of the applicable
<br />Va~,xte Year during the term of this Agreemezxt,
<br />(excluding atur~ts whion would be sa payable with
<br />respect to any Sut,stantial Increase in value of such
<br />tangible persona? property to which subpaaragraph 2,
<br />above appl~,es) r had been witb.in the corpt~~eate lim~.ts of
<br />City and appraised eao~; year by the City's independent
<br />appraiser, in accordance with tk~e applicah~.e prav~.sxons
<br />of the Texas Property Tax Code.
<br />with the sure of 1, 2 and ~ reduced key the amount of City's ad
<br />valorem taxes on the a~,n,exed port~,on thereof as deternnined b~,r
<br />appraisal by the Harris County Appraisal District.
<br />4. Notwithstanding the above, should City elect to grant
<br />the freepaa~t inventory exempi~ion authorx~ed by Article
<br />VIII, Section ~.-~ of the Texas Cnristitution arxd Section
<br />1.1.251 of the Texas Praper'ty Tax Cade to tazrpayers
<br />~rithin the City limits, then the Freeport inv~antory
<br />exemptipn shall appYy to paxties to this Agreetuent.
<br />Further, shnu~.d inventr~ry or any other class oar type of
<br />property become exet~pt from taxation by constitutional
<br />ar~endr~ent or aCt of the Texas Leg.ialature (,includi~,g.
<br />but not ~,imited to, Article ~Tlzl, Seatinn 1-n, of the
<br />Texas CQnstitutiazx and Scotian Z1.2S3 of txxe Texas
<br />Property Tax Code), such class or type of property
<br />shall Ice exempt far purposes of this Agreement, unless
<br />the City Counc~.l of the City of Z,a Porte shall by
<br />Ordinance provide for the continued taxation of suck
<br />property under the authority of az~y appXYOable
<br />provisions of the Texas Cortatitutiox~ and Texas
<br />Statutes.
<br />5
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