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(6) Value Years, but not extending beyond Value <br />Year 2034. <br />In the case of new construction which was <br />completed in Value Years 2016 through 2019 in <br />accordance with the previous Industrial District <br />Agreement between City and Company, such new <br />construction shall be subject to a Twenty-five <br />percent (25%) valuation through Value Year 2022, <br />and a Thirty-five (35%) valuation for any <br />additional Value Years beyond Value Year 2022, for <br />a total of six (6) Value'Years. <br />(b) Application of the thirty-five percent (35%) "in <br />lieu" rate for Substantial Increase in value of <br />the Land, improvements,. and tangible personal <br />property dedicated to new construction is limited <br />to new 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-five percent (35%) "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 (5%) of the total <br />appraised value. of Land and improvements, on <br />January 1, 2019; o,r <br />ii, a cumulative . value of at least <br />$3,500,000.00.For the purposes of this <br />Agreement, multiple projects that are <br />completed in a Value Year can be cumulated to <br />arrive at the amount for the increase in <br />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 />5 <br />