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<br />e <br /> <br />e <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 <br />construction, in excess of the appraised value of <br />same on January 1, 1993, resulting from new <br />construction (exclusive of construction in <br />progress, which shall be exempt from taxation), for <br />each Value Year following completion of <br />construction in progress, an amount equal to Thirty <br />percent (30%) of the amount of ad valorem taxes <br />which would be payable to City if all of said new <br />construction had been within the corporate limits <br />of City and appraised by City's independent <br />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, 1993, 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 <br />every 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 /> <br />4 <br />