2007-IDA-133 North Bayport Industrial Park II,Ltd

Browse Search

x. Percentage Amount of the amount of ad valorem taxes Which would be payable to City if all of the Company's and each January Land and improvements which existed on January 1, 2008, dear during the gthe 1 thereafter of the applicable Value term of this Agreement, (excluding Amounts which would be so payable with respect to any Substantial Increase in value of such Land and Improvements to which subparagraph 2, ,below applies), had been within the corporate limit, of City and each year by City►s independent appraiser, in accordance with the applicable provisions of the Texas Property Tax Code; and z (a) an any Substantial Increase in value og the Land, improvements, and tangible (excluding inventory)personal propertyconstruction, in excesof he leafed to new same on sanua -y 1, value of 2007, resulting dfrom new construction (exclusive of construction in Progress, which shall be exempof from taxation), for each Value Years following completion construction in progress, an amount equal to Twenty-"Ve percent (25$) , if congtZUcti.on is completed ire Value years 2008 through 20x3; and Twenty a years 014 , if through is completed d value YetAx 201� through 2019, of the amount of ad valorem taxes which would be payable to City if all of said new construction had been within the corporateindependent limits oif City and A raiappraiser PP sed by City s applicable pxavlaions Hof i the accordance ,Property Tax Cade. C In the case of new construction which is completed in value Year 2016 or later, and provided further, that City and COmpanY enter into as Industrial District Agreement after the expiration of this industrial District Agreement, then, and is such events, such new construction shall be entitled to additional Value Years undea. the new Agreement at a Twenty percent 20 (� under thin subparagraph (a), fox total valuation a u tion six Year 2022 (6) Value Years, but not extending beyond Value (b) A Substantial Increase in value of :improvements, and tangible the Land, Personal (excluding Inventory) As ablUsee in ,� property above, is defined as an Increase in value that (is the lesser of either: a at least VIve percent (5k) of the total appraised values ©f Lang and improv07, orements, an ii. aacumulativeaval,ue of at least $3 _ ,sao,oao.00.