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

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)'or the purpogaa of this Agreement, multiple projects that are completed in a Value year can be cumulated to arrive at the amount for the increase in value. (a) If existing Property values have depreciated below the Property value established on January 1., 2007, an amount equal to the amount of .the depreciation will be removed from the calculation under this subparagraph 2 to restore the value to the Tanuary 1, 2007, value; and Percentage Amount of: the amount of ad valorem taxes Which would be payable to City on all of the Companyle tangible personal proPexty of every description, located in an industrial district of City, including, without limitation, inventory, tia�cludiz�g inventory a federal Foreign. Trade Zone and including Freeport exempted inventory), oil, gas, and mineral, interests, items of leased equipment, railroads, pipelines, and products in storage located on the Ladd, if all of said tangible personal property which existed on Januaxy 2008, and each January I thereafter of the applicable Value Year during the tex►u of this Agreement, (excluding amounts which would be so parable with respect to any Substantial increase in value of such tangible personal property to which subparagraph 2, above applies) , had been wa,thin the corporate: limits of City and appraised each year by the City,s independent appraiser, in accordance with the applicable provisions Of the Texas Property Tax Code. with the sum of 1, 2 and 3 reduced by the amount of City's ad valoreut takes on the annexed portion thereof as determined by appraisal the iiaxxia County Appraisal District. ppxaiea Notwithstanding the above, should City elect to grant the Freeport inventory exemption authorized by Article VIIT, Section 1- j of the Texas Constitution and Section 11..251 of the Texas Property Tax Code to taxpayers within the City limits, then the f'reeport inventory exemption shall s►pplY to parties to this Agreement. Further, should inventory or any other class or type of Property Become exempt from taxation by constitutional amendment or act of the Texas Legislature (including, but not .limited to, Article vIll, Section 1-n, of the Texas Constitution and Section 11..253 of the Texas Property Tax Code), such class or type of property shall be exempt for purposes of this Agreement, unless the City Council Of the City of ia, Porte shall by ordinance provide for the continued taxation of such Property under the authority of any appliosuch ble Statutes. of the Texas Constitution and Texas Statutes.