2002-08-26 Regular Meeting - Laserfiche WebLink

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e e each year by Cityrs independent appraiserr in accordance with the applicable provisions of the Texas Property Tax Code; and 2. (a) On any Substantial Increase in value of the Landr improvements, and tangible personal property (excluding inventory) dedicated to new constructionr in excess of the appraised value of same on January 1r 2000r resulting from new construction (exclusive of construction in progressr which shall be exempt from taxation) r for each Value Year following completion of construction in progressr an amount equal to Thirty percent (30%) of the amount of ad valorem taxes which would be payable to City if all of said new construction had been within the corporate limits of City and appraised by Cityrs independent appraiser r in accordance with the applicable provisions of the Texas Property Tax Code. (b) A Substantial Increase in value of the Landr improvements r and tangible personal property (excluding inventory) as used in subparagraph 2(a) abover is defined as an increase in value that is the lesser of either: i. at least Five peicent (5%) of the total appraised value of Land and improvementsr on January 1r 2000; or ii. a cumulative value of at least $3r500rOOO.00. For the purposes of this Agreementr multiple projects that are completed in a Value Year can be cumulated to arrive at the amount for the increase in value. (e) If existing Property values have depreciated below the Property value established on January 1r 2000r an amount equal to the amount of the depreciation will be removed from the calculation under this subparagraph 2 to restore the value to the January 1r 2000r value; and 3. Fifty-three percent (53%) of the amount of ad valorem taxes which would be payable to City on all of the Companyrs tangible personal property of every descriptionr located in an industrial district of CitYr includingr without limitationr inventorYr oilr gasr and mineral interestsr items of leased equipmentr railroadsr pipelinesr and products in storage located on the Landr if all of said tangible personal property which existed on January 1r 2001r and each January 1 thereafter of the applicable Value Year during the term of this Agreementr had been within the corporate limits of City and appraised each year by the Cityrs independent appraiserr 4