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<br />e <br /> <br />e <br /> <br />each year by City's independent appraiser, in accordance <br />with the applicable provisions of the Texas Property Tax <br />Code; 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 <br />construction, in excess ()f the appraised value of <br />same on January 1, 2000, resulting from new <br />construction (exclusive of construction in <br />progress, which shall be E~xempt from taxation), for <br />each Value Year following completion of <br />construction in progress, an amount equal to Thirty <br />percent (30%) of the am()unt 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, in accordance with the applicable <br />provisions of the Texas Property Tax Code. <br /> <br />(b) A Substantial Increase in value of the Land, <br />improvements, and tangible personal property <br />(excluding inventory) as used in subpar~graph 2(a) <br />above, is defined as an i.ncrease in value that is <br />the lesser of either: <br /> <br />i. at 'least Five percent (5%) of the total <br />appraised value of Land and improvements, on <br />January 1, 2000; 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 thta amount for the increase <br />in value. <br /> <br />(c) If existing Property values have depreciated below <br />the Property value established on January 1, 2000, <br />an amount equal to the amount of the depreciation <br />will be removed from the calculation under this <br />subparagraph 2 to restore the value to the January <br />1, ~ooo, value; and <br /> <br />3. Fifty-three percent (53%) of t:he 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, located in an industrial district of City, <br />including, without limitation, inventory, oil, gas, and <br />mineral interests, items of leased equipment, railroads, <br />pipelines, and products in sto:rage located on the Land, <br />if all of said tangible personal property which existed <br />on January 1, 2001, and each January 1 thereafter of the <br />applicable Value Year during thla term of this Agreement, <br />had been within the corporate limits of City and <br />appraised each year by the City's independent appraiser, <br /> <br />4 <br />