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<br />. .' <br /> <br />. <br /> <br />. <br /> <br />Industrial District Agreement - 6 <br /> <br />IV. <br /> <br />This Agreement may be extended for an additional period or <br /> <br /> <br />periods by agreement between City and Company and/or its assigns even <br /> <br /> <br />though it is not extended by agreement between City and all of the <br /> <br /> <br />owners of all land within the District of which it is a part. In <br /> <br /> <br />this connection, City hereby expresses its belief that industrial <br /> <br /> <br />district agreements of the kind made herein are conducive to the <br /> <br /> <br />development of existing and future industry and are to ,the best <br /> <br /> <br />interest of all citizens of City and encourage future City Councils <br /> <br /> <br />to enter into future industrial district agreements and to extend for <br /> <br /> <br />additional periods permitted by law this Industrial District Agreement <br /> <br /> <br />upon request of Company or its assigns: provided, however, that <br /> <br /> <br />nothing herein contained shall be deemed to obligate either party <br /> <br /> <br />hereto to agree to an extension of this Agrement. <br /> <br /> <br />v. <br /> <br />Company agrees to pay all ad valorem taxes, and all .. in lieu <br /> <br />of taxes" payments hereunder, to City on or before December 31 of <br /> <br /> <br />each year during the term hereof. It is agreed that presently the <br /> <br /> <br />ratio of ad valorem tax assessment used by City is one hundred percent <br /> <br /> <br />(100%) of the fair market value of property. Any change in such <br /> <br /> <br />ratio used by City shall be reflected in any subsequent computations <br /> <br /> <br />hereunder. This Agreement shall be subject to all provisions of law <br /> <br /> <br />relating to determination of value of land, improvements, and tangible <br /> <br />personal property, for tax purposes (e.g., rendition, assessment, <br /> <br />Harris County Appraisal District review and appeal procedures, court <br /> <br /> <br />appeals, etc.) for purposes of fixing and determining the amount of <br /> <br />ad valorem tax payments, and the amount of "in lieu of tax" payments <br /> <br /> <br />hereunder, except as otherwise provided in Articles II and VI hereof. <br /> <br />VI. <br /> <br /> <br />(A) In the event Company elects to protest the valuation for <br /> <br /> <br />tax purposes set on its said properties by City or by the Harris <br /> <br />," <br />