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1. percentage Amount of the amount of ad valorem taxes <br />which: would be payable: to' cit.y. 44 :all. of the. Company's <br />Land and improvements which existed on January I , .2008, <br />and each January 1 thereafter of the applicable: Value <br />Year during the term of this: Agreeme . nt, (excluding <br />amounts 'which <br />ich 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 , Is independent appraiser,. in <br />accordance with the applicable provisions of the Texas <br />Property Tax; Code; and <br />(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 1, .20.07 . resultingfrom. new <br />construction (exclusive of construction in <br />progress, which shall be exempt from taixation), <br />for each Value Years following completion of <br />construction in progress, an amount, equal to <br />Twenty-five percent (2.5 *)i it Construction is <br />completed in value years 2008 through 20,13; and <br />Twenty percent (20k), if construction is completed <br />in. Value years. 2014 through 2.019, of the amount of <br />ad valorem. taxes which would be payable to City if <br />all ofsaid new construction. had been within the <br />corporate limits of city and appraised by City's <br />independent appraiser, in accordance with the <br />app . licable 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 eater into an <br />industrial Distric <br />t Agreement after theexpiration <br />of this Industrial District Agreement, then,. and <br />insuch events., such new construction shall be <br />entitled to additional Value Years under the new <br />Agreement at a Twen ty percent (2:0'-'.:): valuation. <br />under this subparagraph. , (a) for a tota 1 of: six <br />(;G). Value Years, bUt: not extending beyond Value <br />T ear .:2 022. <br />(b) A Substantial Increase In 'value of the Land, <br />improvements, and tangible personal Property <br />,(excluding inventory) as Used in subparagraph. 2fal <br />:,above, is defined as an. increase in Value that is <br />the lesser of either. <br />i. at least Five percent (5-ek) Of the total. <br />appraised value of Land and improvements, on <br />j7anua-ry 1,. 2001,1 or <br />II I a cumulative value of at least $3,500,G00.00. <br />4 <br />