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(6) Value Years. <br />(b) Application of the thirty percent (300) "in lieu" <br />rate for Substantial Increase in value of the <br />Land, improvements, and tangible personal property <br />dedicated to new construction is limited to new <br />construction purposed for or related to <br />manufacturing and processing .uses. In no case <br />shall Company be entitled to application of the <br />thirty percent (300) "in lieu" rate for <br />Substantial Increase in value of the Land, <br />improvements, and tangible personal property <br />dedicated to new construction where the new <br />construction is purposed for or related to uses <br />for warehousing, storage, distribution, and/or <br />general freight trucking and transportation, as <br />well as general commercial uses, such as truck <br />stops, rental facilities, or repair shops. <br />(c) A Substantial Increase in value of the Land, <br />improvements, and tangible personal property <br />(excluding inventory) as used in subparagraph 2(a) <br />above, is defined as an increase in value that is <br />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, <br />located in an industrial district of City, including, <br />without limitation, inventory, (including inventory in <br />a federal Foreign Trade Zone and including Freeport <br />exempted inventory), oil, gas, and mineral interests, <br />items of leased equipment, railroads, pipelines, and <br />products in storage located on the Land, if all of said <br />tangible personal property which existed on January 1, <br />2020, and each January 1 thereafter of the applicable <br />Value Year during the term of this Agreement, <br />(excluding amounts which would be so payable with <br />respect to any Substantial Increase in value of such <br />6 <br />