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B.Definitions <br />When used herein, the listed words have the following meanings: <br /> <br />1.City means the City of La Porte, Texas and does not include any other entit <br />but not limited to, cities, utility, districts and/or school dis <br />2.Complex means the site described in Exhibit A attached hereto and all improvements thereon. <br />3.FTZ Inventory means any inventory held in the Complex that would qualify for t <br />exemption for certain foreign trade zone inventory that would otherwise be taxable by the Ci <br />Jurisdictions pursuant to Chapter 11, TEX. PROPERTY TAX CODE. <br />4.Payment means the amount equal to the property taxes on FTZ Inventory <br />Taxing Jurisdiction in accordance with the provisions of Chapter <br />81 o(e) exemptions is not applied. <br />C.Obligations <br />1.Company agrees to the following with respect to FTZ Inventory ow <br /> <br />a)Company waives the federal exemption provided in 19 U.S.C. § 81 o(e) with respect to ad valorem taxes <br />payable to the City for FTZ Inventory owned by Company and located at the Complex, to the extent of <br />75% of the Citys ad valorem tax rate, thereby claiming the Fede <br />will actually pay to the City 75% of the otherwise total ad valnventory owned <br />by the company. Company further agrees not to raise the aforemen <br />protesting the appraisal of any FTZ Inventory owned by the compa <br /> <br />stst <br />b)On January 1 and September 1 of each year (the valuation date(s) for taxation purposes pursuant to <br />TEX. TAX CODE SECTIONS 23.01 and 23.12(f)), Company will use rea <br />designate in a clearly identifiable manner any FTZ Inventory own <br />trade zone space at the Complex. <br /> <br /> <br />c)If the Texas Legislature alters the valuation date(s) for taxati <br />restriction outlined above will apply only to the new valuation <br /> <br />d)Company will do the following: <br /> <br /> <br />1)Render information related to FTZ Inventory owned by it and loca <br />by the TEXAS PROPERTY TAX CODE to Harris County Appraisal DistriHCAD), without regard <br />to and without identifying FTZ Inventory as subject to or eligibr the federal exemption in 19 <br />U.S.C. §81o(e), and provide a copy to the city. <br /> <br />