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(6) Value Years. <br />(b) Application of the thirty percent (30%) "in lieu" rate for <br />Substantial Increase in value of the Land, improvements, and <br />tangible personal property <br />dedicated to new construction is limited to new construction <br />purposed for or related to manufacturing and processing uses. <br />In no case shall Company be entitled to application of the <br />thirty percent (30%) "in lieu" rate for Substantial Increase <br />in value of the Land, improvements, and tangible personal <br />property dedicated to new construction where the new <br />construction is purposed for or related to uses for <br />warehousing, storage, distribution, and/or general freight <br />trucking and transportation, as well as general commercial <br />uses, such as truck stops, rental facilities, or repair shops. <br />(c) A Substantial Increase in value of the Land, improvements, and <br />tangible personal property (excluding inventory) as used in <br />subparagraph 2(a) above, is defined as an increase in value <br />that is the lesser of either: <br />i. at least Five percent (5%) of the total appraised value of <br />Land and improvements, on January 1, 2019; or <br />ii. a cumulative value of at least $3,500,000.00. <br />For the purposes of this Agreement, multiple projects that are <br />completed in a Value Year can be cumulated to arrive at the <br />amount for the increase in value. <br />d) If existing Property values have depreciated below the <br />Property value established on January 1, 2019, an amount equal <br />to the amount of the depreciation will be removed from the <br />calculation under this subparagraph 2 to restore the value to <br />the January 1, 2019, value; and <br />3. Percentage Amount of the amount of ad valorem taxes which would be <br />payable to City on all of the Company's tangible personal property of <br />every description, located in an industrial district of City, <br />including, without limitation, inventory, (including inventory in a <br />federal Foreign Trade Zone and including Freeport exempted inventory), <br />oil, gas, and mineral interests, items of leased equipment, railroads, <br />pipelines, and products in storage located on the Land, if all of said <br />tangible personal property which existed on January 1, 2020, and each <br />January 1 thereafter of the applicable Value Year during the term of <br />this Agreement, excluding amounts which would be so payable with <br />respect to any Substantial Increase in value of such <br />41 <br />