O-2020-IDA-104 Bayport North (dba IWS GAS AND Supply of Texas, LTD.)

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Property as of January lst of the current calendar year ("Value Year") . C. Company and City agree that the following percentages ("Percentage Amount") shall apply during each of the Value Years: Value Year 2020: 64% Value Year 2021: 64% Value Year 2022: 64% Value Year 2023: 64% Value Year 2024: 64% Value Year 2025: 64% Value Year 2026: 64% Value Year 2027: 64% Value Year 2028: 64% Value Year 2029: 64% Value Year 2030: 64% Value Year 2031: 64% Company agrees to pay to City an amount of "in lieu of taxes" on Company's land, improvements and tangible personal property in the unannexed area equal to the sum of: 1. 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, 2020, 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, 2019, resulting from new construction (exclusive of construction in progress, which shall be exempt from taxation), for each Value Year following completion of construction in progress, an amount equal to Thirty percent (30%), where construction is completed in Value Years 2020 through 2031, of the amount of ad valorem taxes which would be payable to City if all 4