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the lesser of either: <br />i. at least Five percent (50) of the total <br />appraised value of Land and improvements, on <br />January 1, 2019; or <br />ii. a cumulative value of at least $3,500,000.00. <br />For the purposes of this Agreement, multiple <br />projects that are completed in a Value Year can be <br />cumulated to arrive at the amount for the increase <br />in value. <br />(d) If existing Property values have depreciated below <br />the Property value established on January 1, 2019, <br />an amount equal to the amount of the depreciation <br />will be removed; from the calculation under this <br />subparagraph 2 to restore the value to the January <br />1, 2019,.value; and <br />3. Percentage Amount of the amount of ad valorem taxes <br />which would be payable to City on all of the Company's <br />tangible personal property of every description, located <br />in an industrial district of City, including, without <br />limitation, inventory, (including inventory in a federal <br />Foreign Trade Zone and including Freeport exempted <br />inventory); oil, gas, and mineral interests, items of <br />leased equipment, railroads, pipelines, and products in <br />storage located on the Land, if all of said tangible <br />personal "property which existed on January 1, 2020, and <br />each January 1 thereafter of the applicable Value Year <br />during the term of this Agreement, (excluding amounts <br />which would be so payable with respect to any <br />Substantial Increase in value of such tangible personal <br />property to which subparagraph 2, above applies), had <br />been within the corporate limits of City and appraised <br />each year by the City's independent appraiser, in <br />accordance with the applicable provisions of the Texas <br />Property Tax Code. <br />with the sum of 1, 2 and 3 reduced by the amount of City's ad <br />valorem taxes on the annexed portion thereof as determined by <br />appraisal by the Harris County Appraisal District. <br />4. Notwithstanding the above, should City elect to grant <br />the freeport inventory exemption authorized by Article <br />VIII, Section 1-j of the Texas Constitution and Section <br />11.251 of the Texas Property Tax Code to taxpayers <br />within the City limits, then the freeport inventory <br />exemption shall apply to parties to this Agreement. <br />0 <br />