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1. Percentage Amount of the mount 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 1, 2€?08, <br />and each January 1 thereafter of the applicable Value <br />Year during the term of this Agreettient, (excluding <br />amounts wk~ich wou~.d 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 Code; and <br />2. ta} 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 can January 1, 20p'7, resulting from new <br />construction (exclusive of construction in <br />progress, which shall be exempt from taxation}, <br />far each Value Years following completion of <br />construction in progress, an amount equal to <br />Twenty-five percent (25a), if construction is <br />completed in Value years 2008 through 2D13; and <br />Twenty percent (2©%) , if construction is completed <br />in Value years 2014 through. 2x19, of the amount of <br />ad valorem taxes which would be payable t.o Gity 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 />Tn the case of new construction which is completed <br />in Value Year 2016 or latex, and provided, <br />further, 'that City and Company -enter into an <br />Industrial District Agreement after the expiration <br />of this Tndustria~, District Agreement, then, and <br />in such events, such new cortstruct~.on sha11 be <br />entitled tca additional Value Years under the new <br />Agreement at a Twenty percent (200} valuation <br />under this subparagraph {a}, for a total of six <br />(6} Value Rears, 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 ~.n value that is <br />the lesser cif either: <br />i. at least Fives percent {5 $} of the total <br />appraised value of Land and improvements, on <br />January 1, 2x07; or <br />ii. a cumv.lative value of at least $3,5©Q,Up4,00. <br />4 <br />