2007-IDA-20 Southern Ionics Ibc - Laserfiche WebLink

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~.. 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 January 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 Land and improvements to which subparagraph 2, below applies}, had been within the corporate limits of City and appraised each year by City's independent appraiser, 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 same on January 1, 2007, resulting from new construction (exclusive of construction in progress, which shall be exempt from taxation}, for each Value Years following completion of construction in progress, an amount equal to Twenty-five percent (25 a}, if construction is completed in Value years 2008 through 2013; and Twenty percent (20~), if construction is completed in Value years 2014 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 corporate limits of City and appraised by City's independent appraiser, in accordance with the applicable provisions of the Texas Property Tax Code. 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 be entitled to additional Value Years unr3Pr the ne.:> Agreement at a Twenty percent (20°s} valuation under this subparagraph (a), for a total of six (6} Value Years, but not extending beyond Value Year 2022, (b} A Substantial Increase in value of the Land, improvements, and tangible personal property (excluding inventory} as used in subparagraph 2 (a} above, is defined as an increase in value that is the lesser of either: i. at least Five percent appraised value of Land January 1, 2007; or ii, a cumulative value of at (5%} of the total and improvements, on least $3,500,000.00.