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, . e e Industrial District Agreement - 5 - (2) Thirty percent (30%) of the amount of ad valorem taxes which would be payable to City on any increase in value of the hereinabove described property, in excess of the appraised value of same on January 1, 1986, resulting from new construction and new acquisitions of tangible personal property, (exclusive of Construction in Progress, which shall be exempt from taxation), if all of said new construction and acquisitions had been within the corporate limits of City and appraised by City's independent appraiser: with the sum of (1) and (2) reduced by the amount of City's ad valorem taxes on the annexed portion thereof as determined by appraisal by the Harris County Appraisal District. Nothing herein contained shall ever be construed as in derogation of the authority of the Harris County Appraisal District to establish the appraised value of land, improve- ments, and tangible personal property in the annexed portion, for ad valorem tax purposes. III. This Agreement shall extend for a period beginning on the 1st day of January, 1987, and continue thereafter until December 31, 1993, unless extended for an additional period or periods of time upon mutual consent of Company and City as provided by the Municipal Annexation Act: provided, however, that in the event this Agreement is not so extended for an additional period or periods of time on or before August 31, 1993, the agreement of City not to annex property of Company within the District shall terminate. In that event, City shall have the right to commence immediate annexation proceedings as to all of Company's property covered by this Agreement, notwithstanding any of the terms and provisions of this