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(excluding amounts which would be so payable with <br /> respect to any Substantial Increase in value of such <br /> tangible personal property to which subparagraph 2, <br /> above applies) , had been within the corporate limits of <br /> City and appraised each year by the City' s independent <br /> appraiser, in accordance with the applicable provisions <br /> of the Texas 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 /> Further, should inventory or any other class or type of <br /> property become exempt from taxation by constitutional <br /> amendment or act of the Texas Legislature (including, <br /> but not limited to, Article VIII, Section 1-n, of the <br /> Texas Constitution and Section 11 .253 of the Texas <br /> Property Tax Code) , such class or type of property <br /> shall be exempt for purposes of this Agreement, unless <br /> the City Council of the City of La Porte shall by <br /> Ordinance provide for the continued taxation of such <br /> property under the authority of any applicable <br /> provisions of the Texas Constitution and Texas <br /> Statutes . <br /> 5 . City and Company acknowledge circumstances might <br /> require the City to provide emergency services to <br /> Company' s Property described on Exhibit "A" attached <br /> hereto. Emergency services are limited to fire, <br /> police, and public works emergency services. If <br /> Company is not a member of Channel Industries Mutual <br /> Aid Association (LIMA) , Company agrees to reimburse <br /> City for its costs arising out of any emergency <br /> response requested by Company to Company' s property, <br /> and to which City agrees to respond. If Company is a <br /> member of LIMA, the obligations of Company and City <br /> shall be governed by the CIMA agreement, to which <br /> agreement City is a party. <br /> IV. <br /> This Agreement shall extend for a period beginning on the 1st day <br /> of January, 2020, and continuing thereafter until December 31, <br /> 2031, unless extended for an additional period or periods of time <br /> upon mutual consent of Company and City, as provided by the <br /> Municipal Annexation Act; provided, however, that in the event <br /> this Agreement is not so extended for an additional period or <br /> periods of time on or before August 31, 2031, the agreement of <br /> City not to annex property of Company within the District shall <br /> terminate. In that event, City shall have the right to commence <br /> 6 <br />