Laserfiche WebLink
1. Percentage Amount of the amount of ad valorem taxes <br />which would be payable to City if all of the Company's <br />Land and improvements which existed on January ~., 2008, <br />and each January 1 thereafter of the applicable Value <br />Year during the term of this Agreement, (excluding <br />amounts which wo~.ld be so payable with respect to any <br />6ubstantial Increase in value of such Land and <br />improvements to which subparagraph 2, below applies), <br />had been within the corporate limits of City and <br />appraised each year by City's independent appraiser, in <br />accordance with the applicable provisions of the Texas <br />Property Tax Cade; and <br />2. (a} On any Substantial. Increase iz~ value of the Land, <br />improvements, and tangible personal- property <br />{excluding inventory} dedicated to new <br />construction, in excess of the appraised value of <br />same on January 1, 2D0'7, resulta.ng from new <br />construction (exczusive of construction in <br />progress, which shall be exempt from taxation}, <br />for each Value Years following completion of~ <br />construction in progress, an amount equal to <br />Twenty-five percent (25%), if construction is <br />completed in Value years 2008 through 2D13; and <br />Twenty percent (20%}, if construction is completed <br />in Value years 2024 through 20x9, of the amount of <br />ad valorem takes which would be payable to City if <br />all of said new construction had been within the <br />corporate limits of City and appraised by Ca.ty's <br />independent appraiser, in accordance with the <br />applicable provisions of the Texas Property Tax <br />Code. <br />In the case of new construction which is completed <br />in Value Year 201.6 oar later, and provided, <br />further, that City and Company enter into an <br />Industrial District Agreement after the expiration <br />of this Industrial. District Agreement, then, and <br />in such events, such new construction shall be <br />entitled to additional Value Years under the new <br />Agreement at a Twenty percent (2D~) valuation <br />under this subparagraph ~a}, for a total of six <br />(5} Value Years, but not extending beyond Value <br />Year 2D22. <br />(b} A Substantial Increase in value of the Land, <br />improvements, and tangible personal property <br />(excluding inventory) as used in subparagraph 2(a) <br />above, is defined as an increase in value that is <br />the lesser of either: <br />i. at Least Five percent (5%} of the total <br />appraised value of Land and improvements, on <br />January ]. , 2 D D 7 ; or <br />ii. a cumulative value of at least ~3,500,ODD.00. <br />4 <br />