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93-IDA-12
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93-IDA-12
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Last modified
6/25/2007 10:31:55 AM
Creation date
12/28/2022 10:12:12 AM
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La Porte TX
Document Type
Ordinances
Date
1/10/1994
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<br />e <br /> <br />e <br /> <br />Industrial District Agreement - 8 - <br /> <br />When the City or Harris County Appraisal District <br /> <br /> <br />valuation on said property of Company has been so finally <br /> <br /> <br />determined, either as the result of final judgment of a court <br /> <br /> <br />of competent jurisdiction or as the result of other final <br /> <br />conclusion of the controversy, then within thirty (30) days <br /> <br /> <br />thereafter Company shall make payment to City of any additional <br /> <br /> <br />payment due hereunder based on such final valuation, together <br /> <br />with applicable penalties, interest, and collection costs. <br /> <br />Such penalties, interest, and collection costs are to be <br /> <br />determined in the same manner as provided by law for delinquent <br /> <br /> <br />property taxes. <br /> <br />(B) Should Company disagree with any appraisal made by the <br /> <br />independent appraiser selected by City pursuant to Article II <br /> <br />above (which shall be given in writing to Company), Company <br /> <br />shall, within twenty (20) days of receiving such copy, give <br /> <br /> <br />written notice to the City of such disagreement. In the event <br /> <br /> <br />Company does not give such written notice of disagreement <br /> <br /> <br />within such time period, the appraisal made by said independent <br /> <br /> <br />appraiser shall be final and controlling for purposes of the <br /> <br />determination of "in lieu of taxesll payments to be made under <br /> <br /> <br />this Agreement. <br /> <br /> <br />Should Company give such notice of disagreement, Company <br /> <br />shall also submit to the City with sudh notice a written <br /> <br />statement setting forth what Company believes to be the market <br /> <br />value of Company's hereinabove described property. Both <br /> <br /> <br />parties agree to thereupon enter into good faith negotiations <br /> <br /> <br />in an attempt to reach an agreement as to the market value of <br /> <br /> <br />Company's property for "in lieu" purposes hereunder. If, after <br /> <br /> <br />the expiration of thirty (30) days from the date the notice of <br /> <br /> <br />disagreement was received by City, the parties have not reached <br /> <br /> <br />agreement as to such market value, the parties agree to submit <br />
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