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~~y-30-ZJ05 03:27p~ Fram-ASKI~S_\'STR(ltIG, PC 281 47' 2047 e T-9S8 ?,006/0IB F-2SS each year by City's independent appraiser. in accordance with ,the applicable provisions of the Texas Property Tax Code; and . 2_ (a) On any Substantial IncreaSE in value of the Land, improvements, and tangible personal property (excluding inventory) dedicated to new construction, in excess of the appraised value of 3i:lme on J'anuary 1, 2000, resulting from new construction (exclu.sive of construction in progress, which shall be exempt frulTl taxation), for c:ach Value Year following completion of construction in progre~~s, an amount equal to Thirty percent (30%) of the amount of ad valorem taxes which would be payable to City if all of Gi:lid new construction had bee'n within the corpol;-;J.Le limits of City and appraised by City's independent appraiser, in accordancc with the applica.ble provisions of the T~Xi:lS property Tax Code. (b) A Subs tantii:l 1 Increase in value of the Land, imp~oiTements, and langible personal prope:r.ty (excluding inventory) as used .:.n subpar.agr<lph 2(Cl) above, i~; defined a.s a.n increase in v~lue thClt is the lesser of eitber: i_ Clt least Five per.cent (5*) of the total appraised value of Land and improvements, on January J. 2000; or ~!._ a cumulative value or at least $3.500,000.00. For the purposes of this Agreement, multiple projects that are completed in a Value Year can be cumulated t.o arrive at the amount for the incrci:lse in value. (c) If existing Property values have depreciated below the Property value established en ,January 1, 2000. an amOUI!t eoual to the amount of the depreciatio:1 will be rem~ved from the calculation under this subpClragraph 2 to ref;tOl.'~ the value to the January 1. 2000, value; and 3_ Fif~y-three percent (53%) of the Clmount of ad valorem taxes vlhich ".'Ould be payable to City on .;,11 of the Company's tang~bl~ persona] property of every description, located in an jndusLrial district of city, 1...'1.cluding I without. limitation, inventory, oil, gas, and mineral interests, items of leased equipment, railroads, pipelines, and products .in storage located on the Land, if all of said tangible personal property which existed on J'a.ouary J_, 2001, and each January 1 thereafter of the applicable Value Year during the term of this Agreement, had been wit:bi.n the corpo:ra~e limits of City and appraised each 'Yc.ar by the City's independent appraiser I 4-