2007-IDA-134 Orangewater, LLC - Laserfiche WebLink

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For the purposes 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. (c) if existing Property values have depreciated below the Property value established on L'anuary 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 January 1, 2007, value; and 3. Percentage Amount of the amount of ad valorem taxes which would be payable to City on all of the Company's tangible personal property of every description, located in an industrial district of City, including, without limitation, inventory, (including inventory in 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 Land, if all of said tangible personal property which existed on L'anuary 1, 2008, and each January 1 thereafter of the applicable Value Year during the term of this Agreement., (excluding amounts which would be so payable with respect, to any Substantial Increase in value of such tangible personal property to which subparagraph 2, above applies), had been within the corporate limits of City and apprai.aed 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 valorem taxes on the annexed portion thereof as determined by appraisal by the Harris County Appraisal District. 4. Notwithstanding the above, should City elect to grant the freeport inventory exemption authorized by Arti-cle Vill, Section 1--j of the Texas Constitution and Section 11.251 of the Texas Property Talc Code to taxpayers within the City Limits, then the freeport inventory exemption shal_l apply to parties to this Agreement. Further, should inventory or any other cl.a s or type of property become exempt from taxation by cneti.tutional amendment or act of the Texas Legislature`. (including, but not limited to, .Article VIII, 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 exeml?t for purposes of I this Agreement, unless the City Council of the City of La forte shall by ordinance provide for the continued taxation of such property under the authority of any applicable provisions of the Texas Constitution and Texas statutes.