O-1999-2259 - Laserfiche WebLink

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e e -4- II. Company agrees to render to City and pay full City ad valorem taxes in the form of "in lieu of taxes" payments, on its land and improvements, and tangible personal property, as fully as if said land, improvements, and tangible personal property were annexed to city. III. This Agreement shall extend for a period beginning on the 1st day of January, 1999, and continue thereafter until December 31, 2000, unless extended for an additional period or periods of time upon mutual consent of Company and city as provided by section 42.044, Texas Local Government Code; provided, however, that in the event this Agreement is not so extended for an additional period or periods of time on or before June 30, 2000, the agreement of City not to annex property of Company within the District shall terminate, In that event, City shall have the right to commence immediate annexation proceedings as to all of Company's property covered by this Agreement, notwithstanding any of the terms and provisions of this Agreement, and in such event Company agrees that if the Texas Municipal Act, as amended after January 1, 1980, or any new legislation is thereafter enacted by the Legislature of the state of Texas which imposes greater restri~tions on the right of City to annex land belonging to the Company or imposes further obligations on City in connection therewith after the annexation of such land, Company will waive the right to require City to comply with any such additional restrictions or obligations and the rights of the. parties shall be then determined in accordance with the provisions of said Texas Municipal Annexation Act as the same existed January 1, 1980. IV. This Agreement may be extended for an additional period or periods by agreement between City and Company and/or its assigns