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personal property in the unannexed area equal to the sum of: <br />1. Percentage Amount of the amount of ad valorem taxes which <br />would be payable to City if all of the Company's Land and <br />improvements which existed on January 1, 2020, and each <br />January 1 thereafter of the applicable Value Year during the <br />term of this Agreement, (excluding amounts which would be so <br />payable with respect to any Substantial Increase in value of <br />such Land and improvements to which subparagraph 2, below <br />applies), 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 <br />tangible personal property (excluding inventory) <br />dedicated to new construction, in excess of the appraised <br />value of same on January 1, 2019, resulting from new <br />construction (exclusive of construction in progress, <br />which shall be exempt from taxation) , for each Value Year <br />following completion of construction in progress, an <br />amount equal to Thirty percent (30%), where construction <br />is completed in Value Years 2020 through 2031, of the <br />amount of ad valorem taxes which would be payable to City <br />if 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 applicable <br />provisions of the Texas Property Tax Code. The eligible <br />period for application of said thirty percent (30%) "in <br />lieu" rate shall be for a total of six (6) Value Years. <br />In the case of new construction which is completed in <br />Value Year 2028 or later, and provided, further, that <br />City and Company enter into an Industrial District <br />Agreement after the expiration of this Industrial <br />District Agreement, then, and in such events, such new <br />construction shall be entitled to additional Value Years <br />under the new Agreement at a Thirty percent (30%) <br />valuation under this subparagraph (a), for a total of <br />six (6) Value Years, but not extending beyond Value Year <br />2034. <br />In the case of new construction which was completed in <br />Value Years 2016 through 2019 in accordance with the <br />previous Industrial District Agreement between City and <br />Company, such new construction shall be subject to a <br />Twenty percent 20%) valuation through Value Year 2022, <br />and a Thirty (30%) valuation for any additional Value <br />Years beyond Value Year 2022, for a total of six <br />4 <br />