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Ror the purposes of this Agreement, multiple. <br />projects that are: completed in, a Value Year can be <br />cumulated to arrive at the amount for the :increase <br />in value. <br />M If existing Property values Piave depreciated below <br />the Property value established on January 1, 2007, <br />an att1o'tant equal to the amount of the depreciation <br />will be removed from the ca.lculatiori under this <br />subparagraph 2 to restore the value to the January <br />1, 2007, valuer and <br />3y Percentage Amount of the amount Of ad valorem taxes <br />which would be payable to City on all of the Company's <br />tangible personal property of every description, <br />located in an industrial district of city, including, <br />without limitation, inventory, (including inventory in <br />a federal. Foxeign Trade zone and including Freeport <br />exempted inventory), oil.; gas, and mineral interests, <br />items of leased equipment, railroads, pipelines, and <br />products in storage located on the. Land, if all of said <br />tangible personal property which existed on January 1, <br />2008, arnd each January 1. thereafter of the applicable <br />Value Year during the term of this Agreement, <br />(excluding amounts which would be so payable with <br />respect to any Substantial increase in value of such <br />tangible personal property to which subparagraph 2, <br />above applies), had been within the corporate limits of <br />City and appraised each year by the City's independent <br />appraiser, in accordance with the applicable provisions <br />of the Texas Property Tape Code. <br />with the sum of 1, 2 anal: 3 reduced by the amount of CitW !3 ad <br />valorem taxes on the annexed portion thereof as determined by <br />appraisal by the Harris County Appraisal District. <br />4. Notwithstanding the above, should City elect to grant <br />the Freeport inventory exemption authorized by Article <br />VII1, Section 1- J of the Texas Constitution and Section <br />11.251 of the Texas Property Tax Code to taxpayers <br />within. the City Brits, then the fret, -port inventory <br />exemption shall apply to parties to this Agreement. <br />Further, should inventory or any other class or type of <br />property become exempt from taxation by constitutional <br />amendment or act of the Texas Legislature (including, <br />but not limited to, Article VIII, Section 1-n, of the <br />Texas Constitution and Section 1.1..253 of the Teas <br />Property Tax Code), such class or type of property <br />shall be exempt for purposes of this Agreement, unless <br />the City Council of the City of La Porte shall by <br />ardinance provide for the sooty.-iued taxation of such <br />property under the authority of any applicable <br />provisions of the Texas Constitution and Texas <br />Statutes- <br />5 <br />