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1. Percentage _4,mount of the amount of: ad valorem taxes <br />which would be payable to City if all of the Company'4 s <br />sand and improvements which existed on January :1., 20081 <br />and each January 1 thereafter of the applicable value <br />dear during theterm 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 Z, below applies),. <br />had been within the corporate limits of City and <br />appraised each year by City ;,i -js ndependent appraiser, in <br />ccordance with the applicable provisions of the Texas <br />Property Tax Code; and <br />� On an ,. {a) y Substantial 'increase 3n value of the sand., <br />improvements, and tangible personal property <br />excluding inventory) dedicated t.o new <br />constructioni, in excess of the appraised value of <br />same on January 11 2007, resulting from new <br />construction (ekclu:sive of construction in <br />Progress, which shall be exempt from taxation) , <br />for each Value Yeare following completion of <br />construction in progress, 'an amount equal to <br />Twenty -'five percent (25t), if 'construction is <br />completed in ' 'Value years 2 0 0 8 trough 2 013 ,• and: <br />Twenty percent: (2W*) . if construction is completed <br />in value years 2 0 14 through 2 019 , of the amount of <br />advalorem taxes which would be payable to City if <br />all of said new canat3tuction. had been within the <br />corporate limits of City and appraised by C.ty'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 compl,eted <br />in Value Year: '2416 or later, and provided,. <br />.further, that City and Company enter into an. <br />industrial DDi.stri.ct :Agreement after the expiration <br />of this indistria.l District Agreement, them and: <br />i:n such events; such new construction shall be <br />entitled: to: additional. Value Years under the `new <br />Agreement at a Twenty: percent (20o} valuation <br />under this subparagraph (a), for a total of six <br />(6') value Years,. but not extending beyond Value <br />Year 2022. <br />(b) A Subst;aritia:l Increase in value of the Land, <br />improvements, and tangible personal property <br />{excludinginventory) as used, in subparagraph 2: (a) <br />above., is defined: as; an increase 'in. value that is <br />the lesser of either: <br />1. at least Five percent (5`u) of the total <br />appraised valve of Land and improvements:, on <br />January '1, '2 0 0 `7 & or <br />ii. a cumulative value of at least $3,500,000..00. <br />M <br />