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<br />e <br /> <br />e <br /> <br />DEFINITIONS Section 1. <br /> <br />(a) "Abatement" means the full or partial exemption from ad <br />valorem taxes of certain real property in a reinvestment <br />zone designated for economic development purposes. <br /> <br />(b) "Eligible jurisdiction" means Harris County and any <br />municipality, school district or college di.,strict, the <br />majority of which is located in Harris County, that levies <br />ad valorem taxes upon and provides services to property <br />located within the proposed or existing reinvestment zone. <br /> <br />(c) "Agreement" means a contractual agreement between a <br />property owner and/or lessee and an eligible jurisdiction <br />for the purposes of tax abatement. <br /> <br />(d) <br /> <br />"Base year value" <br />property January 1 <br />plus the agreed <br />improvements made <br />of the agreement. <br /> <br />means the assessed value of eligible <br />preceding the execution of the agreement <br />upon value of eligible property <br />after January 1 but before the execution <br /> <br />(e) "Economic Life" means the number of years a property <br />improvement is expected to be in service in a facility. <br /> <br />(f) "Deferred maintenance" means improvements necessary for <br />continued operations which do not improve productivity or <br />alter the process technology. <br /> <br />(g) "Expansion" means the addition of buildings, structures, <br />fixed machinery or equipment for purposes of increasing <br />production capacity. <br /> <br />(h) "Facility" means property improvements completed or in the <br />process of construction which together comprise an integral <br />whole. <br /> <br />(i) "Manufacturing Facility" means buildings and structures, <br />including fixed machinery and equipment, the primary <br />purpose of which is or will be the manufacture of tangible <br />goods or materials or the processing of such goods or <br />materials by physical or chemical change. <br /> <br />(j) "Modernization 11 means the replacement and upgrading of <br />existing facilities which increases the productive input or <br />output, updates the technology or substantially lowers the <br />unit cost of the operation. Modernization may result from <br />the construction, alteration or installation of buildings, <br />structures, fixed machinery or equipment. It shall not be <br />for the purpose of reconditioning, refurbishing or <br />repairing. <br /> <br />- 2 - <br />