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e e Industrial District Agreement - 4 - hereinabove described shall be annexed to City. Company agrees to render and pay full City ad valorem taxes on such annexed land and improvements, and tangible personal property. Under the terms of the Texas property Tax Code (S.B. 621, Acts of the 65th Texas Legislature, Regular Session, 1979, as amended), the appraised value for tax purposes of the annexed portion of land, improvements, and tangible personal property shall be determined by the Harris County Appraisal District. The parties hereto recognize that said District has no authority to appraise the land, improvements, and tangible personal property in the unannexed area for the purpose of computing the "in lieu" payments hereunder. Therefore, the parties agree that the appraisal of the land, improvements, and tangible personal property in the unannexed area shall be conducted by City, at City's expense, by an independent appraiser of City's selection. The parties recognize that in making such appraisal for "in lieu" payment purposes, such appraiser must of necessity appraise the entire (annexed and unannexed) land, improvements, and tangible personal property. Company agrees to render and pay full City ad valorem taxes on such annexed land, improvements, and tangible personal property. Company also agrees to render to City and pay an amount "in lieu of taxes" on Company's land, improvements, and tangible personal property in the unannexed area equal to the sum of: (1) Fifty percent (50%) of the amount of ad valorem taxes which would be payable to City if all of the hereinabove ~ described property which existed on January 1, 198~, had been within the corporate limits of City and appraised each year by City's independent appraiser: and