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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, 2008, <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 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 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 (20%), 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 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 (20%) 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') of the total <br /> appraised value of Land and improvements, on <br /> January 1, 2007; or <br /> ii. a cumulative value of at least $3,500,000.00. <br /> 4 <br />