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<br />e <br /> <br />. <br /> <br />\ <br /> <br />City's independent appraiser; and <br /> <br />2. (a) On any Substantial Increase in value'of the Land, <br />improvements, and tangible personal property <br />(excluding inventory) dedicated to new construction, <br />in excess of the appraised value of same on January <br />1, 1993, resulting from new construction (exclusive <br />of construction in progress, which shall be exempt <br />from taxation), for each Value Year following <br />completion of construction in progress, an amount <br />equal to Thirty percent (30%) of the amount of ad <br />valorem taxes which would be payable to City if all <br />of ,said new construction' had been wi thin the <br />corporate limits of City and, appraised by City's <br />ipdependent appraiser. ' <br /> <br />(b) A Substantial Increase in value of the Land and <br />improvements as used in subparagraph 2(a) above, is <br />defined as an increase in value that is the lesser <br />of either:' <br /> <br />i. at least Five percent (5%) of the total <br />appraised value of Land and improvements, on <br />January 1, 1993; or <br /> <br />ii. a cumulative value of at least $3,500,000.00. <br /> <br />For the purposes of this Agreement, multiple <br />projects that are completed in a Value Year can be <br />cumulated to arrive at the amount for the increase <br />in value. <br /> <br />(c) If existing property values have depreciated-below <br />the value established on January 1, 199,3, an amount <br />equal to the amount of the depreciation will. be <br />removed from this calculation to restore the value <br />to the January 1, 1993, value; and <br /> <br />3. (a) Fifty-percent (50%) of the amount of ad valorem <br />taxes which would be payable to city on all of the <br />Company's tangible personal property of every <br />description, including, without limitation, <br />inventory, oil, gas, and mineral interests, items <br />of leased equipment, railroads, pipelines, and <br />products in storage located on the Land, if all of <br />said tangible personal property which existed on <br />January 1, 1994, January 1, 1995, and January 1, <br />1996, had been within the corporate limits of City <br />and appraised each year by the City's independent <br />appraiser; <br /> <br />(b) Fifty-three percent (53%) of the amount of ad <br />valorem taxes which would be payable to City on all <br />of the Company's tangible personal property of every <br />description, including, without limitation, <br />inventory, oil, gas, and mineral interests, items <br /> <br />4 <br />