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<br />Industrial District Agreement - 4
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<br />,the appraised value for tax purposes of the annexed portion of land,
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<br />improvements, and tangible personal property shall be determined by
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<br />the Harris' County Appraisal District.
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<br />The parties hereto recognize
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<br />that said District has no authority to appraise the land, improvements,
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<br />and tangible perso~.~,~: :~~c.',P7rty. in the unannexed area for the purpose
<br />of cotnp'Ul:i'iig th~ :'" in lieu" paymerit.s: h'e"iE!Und~r. Therefore, :the parties
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<br />.:-agree .that the appraisa~. o.~.\(,.the ,land~ '. improvements, and tangible
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<br />.. ._," I'~' ~.:~r '.. . :\ "}{'\,-.. (-,',. ~ ", .'
<br />per-sonal::propefty in t1:te, unang~.xe.g. ate~ ;"siia:ll b~. .co.~,du<?t~.d by City,
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<br />at .Ci ty' s expense, by an i~,d~pendent',' appr~iser of City's selection.
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<br />The parti"es' ':~~6'og~ize ,~~,~t i~, making s'uch appraisal for "in lieu"
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<br />payment purposes, such appr~iser,must of necessity appraise the entire
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<br />(annexeci":a'nd..0uri'i~'~~~~d) la~d~,...,:Jtnp'rov~ment;~" and tangible personal
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<br />p'~operty/" Company agrees to . render and pay full City ad . valorem
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<br />taxes on such annexed ~~~d, improvements, and tangibl~ personal pro-
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<br />perty.
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<br />, , .Comp'any' also agrees to I:ender t.o City and pay an amount "in lieu
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<br />of ,taxes" . on company's land,
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<br />improvements, and tangible personal
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<br />..pr.ope:r.ty.in the unannexed area equal to the sum of:
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<br />(1) Fifty percent (50%) of the amount of ad valorem taxes which
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<br />would be payabl.e:, to City if all of the hereinabove described
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<br />property which ",existed on January 1, 1986, had been within the
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<br />corpora~~ limits of City and appraised each year by City's
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<br />independ~~t. ~pprai'se'r: and
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<br />Thirty, ,perc~~t
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<br />(2)
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<br />(30%) . of the amount of ad
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<br />valorE!m ;::t:~ies which
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<br />would be . payable, '" to
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<br />ci'ty
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<br />on
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<br />any
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<br />increase ":il'i" "~al'Ue' of the
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<br />hereinabov~..described property, in excess of the appraised value
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<br />~..".: ..... 'C;f" same. ,op .'tanuary 1,.'-'1986, resulting from new construction and
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<br />new acquisitions' of tangible personal pr,operty, (exclusive of
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<br />Construction in Progress, which shall be exempt from taxation),
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<br />if all of said new construction and acquisitions had been within
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<br />the corporate limits of City and appraised by City's independent
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