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<br />e <br /> <br />,e <br /> <br />and a Registered Professional Appraiser; and <br /> <br />WHEREAS, Hugh L. Landrum, Jr., President ofthe firm of Hugh L. Landrum & <br /> <br />Associates, Inc. has proposed to the City of La Porte that another Contract be entered into <br /> <br />between his firm and City of La Porte; now, <br /> <br />IT IS THEREFORE AGREED by and between the City of La Porte, Texas <br /> <br />acting herein by its duly authorized Mayor and City Council, FIRST PARTY, and Hugh <br /> <br />L. Landrum & Associates, Inc. of Houston, Harris County, Texas, SECOND PARTY, as_ <br /> <br />follows: <br /> <br />I. <br /> <br /> <br />SECOND PARTY agrees to compile a complete list of appraised values for all <br /> <br /> <br />properties covered by Industrial District Agreements and subject to Industrial District payments <br /> <br /> <br />to the City of La Porte, Texas, said appraised values to be as of January 1, of.each year of this <br /> <br /> <br />contract, starting with the year 2002; and it is hereby understood by BOTH PARTIES that the <br /> <br /> <br />initial values for budgeting purposes will be available by July 31 of each year covered by this <br /> <br /> <br />contract. The final values on all properties will be presented to FIRS'.!' PARTY by October 1 of <br /> <br /> <br />each year covered by this contract. <br /> <br />II. <br /> <br /> <br />SECOND PARTY further agrees to work with the Harris County Appraisal <br /> <br /> <br />District to apprise them ofthe area of each industrial plant that has been annexed by the <br /> <br /> <br />City of La Porte and, therefore, subject to their assessment and a City ad valorem tax. <br /> <br /> <br />This will apply to newly annexed areas ofthe City as well. <br /> <br />III. <br /> <br /> <br />SECOND PARTY also agrees to prepare a summary report for the City's Tax Assessor ' <br /> <br /> <br />Collector each year, said report to show each industry's final total value for land, <br /> <br />2 <br />