O-2020-IDA-123 Hydro- Fairmont Real Estate, LLC.

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personal property in. the unannexed:area equal to the sum' of l 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, n: 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 l,- 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: of said nevi 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. The eligible period for application 'of said thirty percent (30o)_'in lieu" rate shall be for a total of six. (:6) Value Years-. In the case of new construction which is completed in Value: Year 2028 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 under the new Agreement at a . Th.irty percent (300) valuation under this suparagraph (a), for a total of six (6) Value Years, but not extending beyond Value Year.203.4,. In:ahe case of new construction. which was completed in Value Years 2016 through 2019. in :accordance with the previous Industrial :District Agreement between `City and Company, such new construction shall be subject to a Twenty .percent 2:0%.)valuation through Value Year 2022, and.. a. Thirty (30.0) valuation for any additional Value Years beyond Value Year 2022, for a total .of six (6) Value: Years n