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3. Percentage Amount of the amount of ad valorem taxes <br />which would be payable to City if all of the Company's <br />Land and improvements which existed on January 3, 2008, <br />and each January 1 thereafter of the applicable Value <br />Year during the term of this Agreement, {excluding <br />amounts which would be so payable with respect to any <br />substantial Increase in value of such Land and <br />improvements to which subparagraph 2, below applies}, <br />had been within the corporate limits of City and <br />appraised each year by City's independent appraiser, in <br />accordance with the applicable provisions of the Texas <br />Property Tax Cade; and <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 3, 2007, resulting from new <br />construction (exclusive of construction in <br />grogress, which shall be exempt from taxation), <br />for each Value Years following completion of <br />construction- in progress, an amount- equal to <br />Twenty.-five percent {25%), if construction is <br />completed in Value years 2008 through 2033; and <br />Twenty percent (20%}, if construction is completed <br />in Value years 2014 through 201.9, of the amount of <br />ad valorem taxes which would be payable to City if <br />all of said new construction had been within the <br />corporate limits of City and appraised by City's <br />independent appraiser, in accordance with the <br />applicable provisions of the Texas Property Tax <br />Code. <br />In the case of new construction which is completed <br />in Value Year 2016 or later, and provided, <br />further, that City and Company enter into an <br />Industrial District Agreement after the expiration <br />of this Industrial District Agreement, then, and <br />in such events, such new construction sha11 be <br />entitled to additional Value Years under the new <br />Agreement at a Twenty percent (20°s} valuation <br />under this subparagraph {a), for a total of six <br />{6} Va1.ue Years, but not extending beyond Value <br />Year 2022. <br />(b) A Substantial Increase in value of the Land, <br />improvements, and tangible personal property <br />(excluding inventory) as used in subparagraph 2{a) <br />above, is defined as an increase in value that is <br />the lesser of either: <br />i. at least Five percent (5°s) of the total <br />appraised value of Land and improvements, on <br />January 1, 2007; or <br />ii, a cumulative value of at least $3,500,000.00. <br />4 <br />