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<br />Thirty (-30-'s). valuation for any additional Value
<br />Years beyond Value Year '2`022, for a total of six
<br />(5) Value Years.
<br />(b) Application of' the thirty percent (30W) '`in lieu?,
<br />rate for Substantial. Increase in value of the
<br />Land, improvements,, and. ;tangible personal. property
<br />dedicated to new construction is limited to .new
<br />construction purposed, for or related to
<br />manufacturing and processing uses. in no case
<br />,shall. Company be entitled to application of the
<br />thirty percent (3'00) I%in lieu', rate for
<br />Substantial Increase in value of the Land,
<br />improvements, and tangible personal property
<br />dedicated to new construction where the new
<br />construction is purposed for or related to uses,
<br />for warehousing, storage, distribution,, and/or
<br />general. freight trucking and transportation, as
<br />well as general commercial uses, such as truck
<br />stops, rental facilities,, or repair shops..
<br />{c}' 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 (51k) of the total
<br />appraised value of Land and improvements, on
<br />January 1, 2 019 or
<br />i. a cumulative value of at least $3,500,000.00.
<br />For the purposes of this Agreements multiple -
<br />projects that are completed in a Value Year can be,
<br />cumulated to arrive at,the amount for the increase
<br />in value.
<br />(d}. If existing Property values have depreciated below
<br />the Property value established on January 1, 2019,
<br />an amount equal to the amount of the depreciation
<br />will be removed from the calculation under this -
<br />subparagraph. 2 to restore the value- to the January
<br />1, 2019, value; and
<br />3. Percentage Amount of the amount of ad valorem taxes
<br />which would be payable to City on all of the Company's
<br />tangible personal property of every description,
<br />located in an industrial district of City; including,
<br />without limitation, inventory, (including inventory in
<br />a 'federal Foreign Trade Zone and including Freeport
<br />exempted inventory), oil, gas, and mineral interests,
<br />items of leased equipment; railroads, pipelines, and
<br />products in storage located on the Land, if all of said
<br />tangible personal property which existed on January 1,
<br />2020, and each January 1 thereafter of the applicable
<br />Value Year during the term of this Agreement,
<br />5
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