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(b) Application of the thirty percent (30%) "in lieu" <br />rate for Substantial Increase in value of the Land, <br />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 shall <br />Company be entitled to application of the thirty <br />percent (30%) "in lieu" rate for Substantial <br />Increase in vallue., of, the 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 />distribution, and/or general freight trucking and <br />transportation, as well as general commercial <br />uses, such as truck stops, rental facilities, or <br />repair shops. <br />f. <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 (5%) of the total <br />appraised value of Land and improvements, on <br />January 1, 2019; or <br />ii. a cumulative value of at least $3,500,000.00. <br />For the purposes of this Agreement, 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, located <br />in an industrial district of City, including, without <br />limitation, inventory, (including inventory in a federal <br />Foreign Trade Zone and including Freeport exempted <br />inventory), oil, gas, and mineral interests, items of <br />leased equipment, railroads, pipelines, and products in <br />storage located on the Land, if all of said tangible <br />personal property which existed on January 1, 2020, and <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 />61 <br />