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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 1, 20p8, <br />and each January 1 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 Cvde; and <br />2. (a} On any substantia}. 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 an January ]., 2flfl7, resulting from new <br />construction (exclusive of construction in <br />progress, which shall be exempt from taxation}, <br />for each Value Year$ following completion aE <br />construction a.n progress, an amounk equal to <br />Twenty-five percent (2S~}, if construction is <br />completed in Value years 2008 through 2013; and <br />Twenty percent {2fl~), 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 provisions of the. Texas Property Tax <br />Code. <br />In the case of new construction which is completed <br />in Value Year 2fl~.6 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 />z~Tepment at a Twenty percent (2fl~;] 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 in value that is <br />the lesser of either: <br />i, at least Five percent {5~s} of the total <br />appraised value of Land and improvements, on <br />January 1, 24fl7; or <br />ii. a cumulative value of at least $3,S0fl,fl00.0fl. <br />4 <br />