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<br />
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<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 perce~t (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 />i~dependent appraiser.
<br />
<br />(b) A Substantial Increase in value, o~, t~e 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, 19,93; 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 valQe established on January 1, 1993, an amount
<br />equal to the am~unt 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 />
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