2007-IDA-141 Almondwater, LLC - Laserfiche WebLink

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3l. percentage Amount of the amount of ad valorem taxes which would be payable to City if all of the Company's Land and improvements which existed on Januaxy I, 2008, and each January I thereafter of the applicable Value Year during the team of this Agreement, (excluding amounto which would be so payable with respect to any Substantial Inc"aoe in value of such Land and improvements to which oubparagraph 2, below applies) , had been within the corporate limits of City and appraised each year by City's independent app7rainer, in accordance with the applicable provisions of the Texas property Tax Code; and 2, (a) on any Substantial Increase in value of the Land, improvements, and tangible personal property (excluding inventory) dedicated to new construction, in excess of the appraised value of name on January 1, 2009, resulting from new construction (exclusive of construction in progress, which shall be exempt from taxation) , for each Value Yearn following completion of construction in progress, an amount equal to Twenty-five percent (25W) , if construction is completed in Value years 2008 through 2013; and Twenty percent (20t), if construction is completed in Value years 2414 through 203.9, of the amount of ad, valorem taxes which would be payable to City if all of said new coxistxuction had been within the corporate limits of City and appraised by City's independent appraiser, in accordance with the applicable provisions of the Texas property Tax Cod¢, In the case of new construction which is completed in Value year 2016 or later, and provided, further, that City and Company enter into an Industrial District agreement after the expiration of this industrial District Agreement, then, and in such events, such new construction shall. he entitled to additional Value Years under the new Agreement at a Twenty parCent (20W) valuation under this subparagraph (a) , for a rotal of air (6) value Years, but not extending beyond Value Year 2022. (b) A Substantial increase in value of the Land, improvementa, and tangible pexoonal property (excluding inventory) as used in subparagraph 2(a) above, is defined as an increase in value that is the leoier of eitheri i. at Least Dive percent (5t) of the total appraised value of Land and improvements, on January 1, 2001; or ii. a attmulative value of at least $3,500,000.00.