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1. Percentage Amount of the amount of ad valorem taxes <br />which would be payable to city if all of the Company's <br />Lang and improvements which ex •i s e ed on January 1, 2 0 0 8 , <br />and each January 1 thereafter of the applicable Value <br />Year during the tem of this Agreement, (excluding <br />amounts which would be sty payable with respect to any <br />3,ubstanti.al Increase in value cif such hand 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 Tam: Code; 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 1, 2007, resulting from new <br />construction (exclusive of construction i-n <br />progress, Vrhich shall, be exempt from taxation), <br />for each. Value Year-& following completion of <br />construction in progress, an amount equal to <br />Twenty --fire percent (25-,�), -it construction is <br />completed: in Value years 2008 through 2013; and <br />Twenty percent (20%-) , if construction is completed <br />n Value years 2014 through 201o, 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 witty 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, them, and <br />in such everts, such new construction shall be <br />entitled to additional Value Years under the new <br />Agreement at a Twenty percent (20�0 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 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 i.n value than is <br />the lesser of either: <br />i, at least IT3ve percent. (St) of the total <br />appraised value of Land and improvements, an <br />January 1, 2007i or <br />a cumiila.tive value of at least $3 , SOO, 000 . 00 . <br />4 <br />