O-2020-IDA-150 CRP/TREP New Decade Owner

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taxes" on Company's land, improvements and tangibl( personal property in the unannexed area equal to the sui of: 1. Percentage Amount of the amount of ad valorem taxe which would be payable to City if all of the Company' Land and improvements which existed on January 1, 2020 and each January 1 thereafter -of the applicable Valu Year during the term of this Agreement, (excludin amounts which would be so payable with respect to an Substantial Increase in value of such Land an improvements to which subparagraph 2, below applies) had been within the corporate limits of City an appraised each year by City's independent appraiser, i accordance with the applicable provisions of the Texa Property Tax Code; and 2. (a) on any Substantial Increase in value of the Land improvements, and tangible personal propert, (excluding inventory) dedicated to ne, construction, in excess of the appraised value o same on January 1, 2019, resulting from ne construction (exclusive of construction -i progress, which shall be exempt from taxation) for each Value Year following completion o construction in progress, an amount equal t Thirty percent (300), where construction i completed in Value Years 2020 through 2031, of th amount of ad valorem taxes which would be payabl to City if all of said new construction had bee within the corporate limits of City and appraise by City's independent appraiser, in accordanc with the applicable provisions of the Texa Property Tax Code. The eligible period fo application of said thirty percent (300) "i lieu" rate shall be for a total of six (6) Valu Years. In the case of new construction which is complete in Value Year 2028 or later, and provided further, that City and Company enter into a Industrial District Agreement after the expiratio of this Industrial District Agreement, then, an in such events, such new construction shall b entitled to additional Value Years under the ne Agreement at a Thirty percent (30%) valuatio under this subparagraph (a), for a total of si (6) Value Years, but not extending beyond Valu Year 2034. In the case of new construction which wa completed in Value Years 2016 through 2019 i accordance with the previous Industrial Distric Agreement between City and Company, such -ne construction shall be subject to a Twenty percen 20o)valuation through Value Year 2022, and T.