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which would be payable to City if all of the Company' s <br /> Land and improvements which existed on January 1, 2020, <br /> and each January 1 thereafter of the applicable Value <br /> Year during the term of this Agreement, (excluding <br /> amounts which would be so payable with respect to any <br /> Substantial Increase in value of such Land and <br /> improvements to which subparagraph 2, below applies) , <br /> had been within the corporate limits of City and <br /> appraised each year by City' s independent appraiser, in <br /> accordance with the applicable provisions of the Texas <br /> Property Tax Code; and <br /> 2 . (a) On any Substantial Increase in value of the Land, <br /> improvements, and tangible personal property <br /> (excluding inventory) dedicated to new <br /> construction, in excess of the appraised value of <br /> same on January 1, 2019, resulting from new <br /> construction (exclusive of construction in <br /> progress, which shall be exempt from taxation) , <br /> for each Value Year following completion of <br /> construction in progress, an amount equal to <br /> Thirty-five percent (35%) , where construction is <br /> completed in Value Years 2020 through 2031, of <br /> the amount of ad valorem taxes which would be <br /> payable to City if all of said new construction <br /> had been within the corporate limits of City and <br /> appraised by City' s independent appraiser, in <br /> accordance with the applicable provisions of the <br /> Texas Property Tax Code. The eligible period for <br /> application of said thirty-five percent (35%) "in <br /> lieu" rate shall be for a total of six (6) Value <br /> Years. <br /> In the case of new construction which is completed <br /> in Value Year 2028 or later, and provided, <br /> further, that City and Company enter into an <br /> Industrial District Agreement after the expiration <br /> of this Industrial District Agreement, then, and <br /> in such events, such new construction shall be <br /> entitled to additional Value Years under the new <br /> Agreement at a Thirty-five percent (35%) valuation <br /> under this subparagraph (a) , for a total of six <br /> (6) Value Years, but not extending beyond Value <br /> Year 2034 . <br /> In the case of new construction which was <br /> completed in Value Years 2016 through 2019 in <br /> accordance with the previous Industrial District <br /> Agreement between City and Company, such new <br /> construction shall be subject to a Twenty-five <br /> percent (25%) valuation through Value Year 2022, <br /> and a Thirty-five (35%) valuation for any <br /> additional Value Years beyond Value Year 2022, for <br /> a total of six (6) Value Years. <br /> 4 <br />