O-2006-2955 - Laserfiche WebLink

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The HCAD Chief Appraiser shall annually determine (i) the taxable value pursuant to the terms of this abatement for all property located in the Project Site and (ii) the full taxable value without abatement of the real and personal property comprising the Project Site. The Chief Appraiser shall record both the abated value and the full taxable value in the appraisal records. The full exemption value listed in the HCAD records shall be used to compute the amount of abated taxes that are required to be recaptured and paid in the event this Agreement is terminated in a manner that results in recapture. Each year, the Lessee shall furnish the HCAD Chief Appraiser with such information outlined in Chapter 22, TEXAS TAX CODE, as may be necessary for the administration of the tax abatement specified herein. If the City terminates this Agreement, it shall provide the Lessor and Lessee with written notice of such termination. If the Lessor and Lessee believes that such termination was improper, the Lessor and Lessee may file suit in the Harris County District Courts appealing such termination within sixty (60) days after receipt from the City of written notice of termination. If a suit is filed, the Lessor and Lessee shall remit to the City, and other political subdivisions who are parties to this Agreement, within sixty (60) days after receipt of the notice of termination, any additional and/or recaptured taxes as may be payable during the pendency of the litigation pursuant to the payment provisions of TEXAS TAX CODE ANN. § 42.08. If the final determination of the appeal increases the Lessor's and Lessee's tax liability above the amount of tax paid, the Lessor and Lessee r shall remit the additional tax to the City and other political subdivisions that are parties to this Agreement, pursuant to TEXAS TAX CODE ANN. § 42.42. If the final determination of the appeal decreases tax liability of the Lessor and Lessee, the City and other political subdivisions that are parties to this Agreement shall refund the difference between the amount of tax paid and the amount of tax for which the Lessor and Lessee is liable pursuant to TEX. TAX CODE ANN. § 42.43. IX. ASSIGNMENT The Lessor and Lessee may assign this Agreement to a new owner of the facility with the written consent of the City Council, which consent shall not be unreasonably withheld. Any assignment shall provide that the assignee shall irrevocably and unconditionally assume all the duties and obligations of the assignor upon the same terms and conditions as set out in this Agreement. Any assignment of this Agreement shall be to an entity that contemplates the same improvements to the property, except to the extent such improvements have been completed. No assignment shall be approved if the Lessor and Lessee or assignee is indebted to the City or the other political subdivision that are parties to this Agreement, for ad valorem taxes or other obligations. X. RENDITION This Agreement is specifically conditioned upon the Lessor and Lessee complying with TEX. TAX CODE ANN. § 22.01, as amended, requiring an annual rendition of all personal property with HCAD. XI. NOTICE Any notice required to be given under the provisions of this Agreement shall be in writing and shall be duly served when it shall have been deposited, enclosed in a wrapper with the proper postage