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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; Or <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 />