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1, Percentage Amount of the amount of add valorem taxes <br />which would be payable to City if all of the Company's <br />Land and improvements which existed on January 1, 2008, <br />and each January I 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 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, 20071 resulting from new <br />construction (exclusive of construction in <br />progress, 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 2013; and <br />Twenty percent (20k), if construction is completed <br />in Value years 2014 through 2019, 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 provissions 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 shall be <br />entitled to additional Value Years under the new <br />Agreement at a Twenty percent (20t) 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 />(e7gcludinc; 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 Pave percent (5t) of the total <br />appraised value of sand and improvements, on <br />aanuary 1, 2007; or <br />ii. a cumulative value of at least $8,500,000,00- <br />