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Thirty (30a) valuation for any additional Valu( <br />Years beyond Value Year 2022, for a total of si; <br />(6) Value Years. <br />(b) Application of the thirty percent (300) "in lieu` <br />rate for Substantial Increase in value of the <br />Land, improvements, and tangible personal propert <br />dedicated to new construction is limited to ne) <br />construction purposed for or related t< <br />manufacturing and processing uses. In no case <br />shall Company be entitled to application of thi <br />thirty percent ( 3 0 0 ) "in in lieu" rate f o: <br />Substantial Increase in value of the Land <br />improvements, and tangible personal propert; <br />dedicated to new construction where the ne, <br />construction is purposed for or related to use, <br />for warehousing, storage, distribution, and/o. <br />general freight trucking and transportation, a <br />well as general commercial uses, such as true: <br />stops, rental facilities, or repair shops. <br />(c) A Substantial Increase in value of the Land <br />improvements, and tangible personal propert <br />(excluding inventory) as used in subparagraph 2(a <br />above, is defined as an increase in value that i <br />the lesser of either: <br />i. at least Five percent (596) of the tota <br />appraised value of Land and improvements, o <br />January 1, 2 019 ; or <br />ii. a cumulative value of at least $3,500,000.00. <br />For the purposes of this Agreement, multipl <br />projects that are completed in a Value Year can b <br />cumulated to arrive at the amount for the increas <br />in value. <br />(d) If existing Property values have depreciated belt <br />the Property value established on January 1, 2019 <br />an amount equal to the amount of the depreciatic <br />will be removed from the calculation under thi <br />subparagraph 2 to restore the value to the Januar <br />1, 2019, value; and <br />3. Percentage Amount of the amount .of ad valorem taxE <br />which would be payable to City on all of the Company' <br />tangible personal property of every descriptior <br />located in an industrial district of City, includinc <br />without limitation, inventory, (including inventory 3 <br />a federal Foreign Trade Zone and including Freepo2 <br />exempted inventory), oil, gas, and mineral interest: <br />items of leased equipment, railroads, pipelines, ar <br />products in storage located on the Land, if all of sal <br />tangible personal property which existed on January 2 <br />2020, and each January 1 thereafter of the applicab7 <br />Value Year during the term of this Agreement <br />5 <br />