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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 />Land and improvements which existed on January ~., 2D08, <br />and each ~'anuary Z thereafter of the applicable Value <br />Year during the term of this Agreement, {exc~.uding <br />amounts which would be so payable with respect to any <br />Substantial Increase in value of such Land and <br />~.mprovements 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) ©n any Substantial Increase in value of the Land, <br />improvements, and tangible personal property <br />(excluding inventory} dedicated to new <br />construction, in excess o£ the appraised value of <br />same on January 1, 2fl07, 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 zn Value years 2008 through 2013 and <br />'Twenty percezft (20%~ , if construction. is completed <br />in Value years 2fl14 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 provisions of the 'Texas I~roperty Tax <br />Code. <br />In the case of new construction which is completed <br />in Value Year 2fl16 or Later, and provided, <br />further, that City and- Company enter into an <br />Industrial T~istrict 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 />Agreetttert at a `I.'wenty percent (20%; :ral~.~atian <br />under this subparagraph {a), for a fatal of six <br />(~} Value Years, but not extending beyond Value <br />Year 2022. <br />{b} A Substantial Increase iri value of the band, <br />improvements, and tangible personal property <br />(excluding 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 Five percent (5%} of the total <br />appraised value of T,and and improvements, an <br />January ~. , 2 0 fl 7 ; ar <br />ii. a cumulative value of at least $3,SQ0,000.00. <br />4 <br />