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(b'). Application of 'the thirt ercent <br />- y..p (3Q a) "in lieu"_::.. <br />-rate.for Substantial Increase in value of the:Z:and, <br />improvements, and tangible personal property <br />dedicated to. new construction is limited to new <br />construction :purposed for or related to. <br />manufacturin and - <br />g processing uses : In no case shall <br />Company be entitled to application of the thirty <br />_... ercent ° .. <br />p. (300.) in lieu rate for Substantial <br />Increase in vallue of tYe Land, improvements, and_: <br />tangible personal property dedicated to :.new <br />construction where the new construction is purposed <br />for or related to uses for: warehousing,: storage,.:. <br />di.stribution, and%or general freight trucking and_ <br />transportation, as well as. general commercial <br />uses, such as truck stops, rental facilities, or <br />repair shgps. <br />(c) A Substantial Increase in value of the Land, <br />improvements, and :::tangible personal.. property. <br />(excluding inventory) as. used in subparagraph 2(4).: <br />above., , is. defined .as. an increase in value.. that is <br />the lesser of either:: <br />i. at least Five ° <br />. ercent (5a) of the total: <br />appraised value. of Land and improvements; on <br />January 1, 2019. or <br />a cumulative value of .at least $3;504,.000:0'0: <br />For the purposes of this Agreement multi le <br />p P , <br />projects that are completed in a .Value Year:: anpbe <br />cumulated to arrive at the:amount for the increase <br />n:va ue, <br />:(d). If existing Property values have depreciated .be.low <br />the- Property value establ 8-hed -on January 1, 2019, <br />an :amount equalto the:*amount of the - :depreciation <br />will be. .removed from the calculation under :ths <br />subparagraph 2 to. restore the value. to the -January <br />1:, :. 2019, value:;:. and <br />3. Percenta e 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, located... <br />in an industrial:''district Of. Ci y, including; without <br />limitation, xnventory,.(iricluding inventory in .a.federal <br />::Foreign -Trade Zone and including <br />Freeport exemgte'd <br />inventory),, oil, gas, and, mineral interests_, items of <br />leased :equipment:, railroad,lines.,,. apucts. ,in <br />.storage located on the Land, if all of said tangible <br />:personal pro ... ty . which existeal . on January..1,...2,020. and <br />11 <br />each .January 1 thereafter of the :applicable Value Year <br />during the.. term of this Agreement..- (excluding :amounts <br />which would. be so payable with respect to any <br />Substantial Increase in value of such tangible personal <br />property: to which subparagraph 2; above :applies), had <br />been within the corporate limits of City and appraised <br />5 <br />