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e e Industrial District Agreement - 8 also submit to the City with such notice a written statement setting forth what Company believes to be the market value of Company's hereinabove described property. Both parties agree to thereupon enter into good faith negotiations in an attempt to reach an agreement as to the market value of Company's property for "in lieu" purposes here'under~ If~' after the expiration -of thirty (30) days from the date' 'the notice of disagreement was received by City, the parties '.~-';"-':" 1 . _.1.. ,'.. ::,. ....:..~. .:)":: :,.":. .,' " have-not reached agreement as to such market value, the parties' agree .....~::.<....~ -...""':-....-:---..... ~-: '"" .. ~..:-:..:... ~.....:.......:..,... to submit the dispute to final arb~tration as provided in subparagraph ., .- (1)' 'of this Article VI(B). .. ,- .. . .. . Notwithstanding 'any such disagreement by Company,' Compan-y agrees to pay to City on or before December 31 of each year' 'du'ring the term hereof, at least the total of (a) the ad valorem taxes on 'the annexed p~rtio'ns~' plus (b) "the total amount of the "in lieu" payments which would be due hereunder on the basis of Company's valuations rendered' and/or submitted to City' by Comp'any hereunder, or the total assessment and "in lieu of taxe's" .t.hereon , 'I'" for the last preceding year, whiche'ver is higher. (I) A Board of Arbitrators shall be created composed of one person named by Company, one by City, and a third to be named by those two. In case of no agreement on this arbitrator in 10 days, the parties will join in a written request that the Chief I 'ju'cfge 'of the U ~ S. District Court for the Southern District of Texas appoint the third arbitrator who, (as the "Impartial "Arbitrator") 'shall pr'eside over the arbitration proceeding. The sole issue to be d'etermined in the arbitration shall be resolution of the difference between the parties as to the fair market 'vafue of' 'Company' s prop~rty' f6~ cal'cul~tion' of the "in lieu" payment: and total payment hereunder' for the year in question. The Board shail hear and consider all relevant and material evidence on that issue including expert opinion, and shall render its written decision as promptly as practicable. That decision shall then be final and binding upon the parties,