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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 ta~gibie' per~omll 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 tbe land, improvements,
<br />a~d- t"~"~g'ible personal property in the unannexed area for the purpose
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<br />of domputiiig,.;the":'i'fn -'li"~u"':p:iiyin'ents hereurider~ Therefore, the"parties
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<br />agree that 'the" cippraisa'f' 'of '.'.'tilii'-"land, 'improvements, and tangible
<br />~l~~o~~l p}bP~rtY ifr-:the j'UR~ffR'~ked ::~:re'a "':~hail ''be' 6onduct'~d "'~bY'('City:;
<br />a't.~Ci"t};"'i expens~ ~ by an '-fndependemt ~ppraiser of CIty" s seiection.
<br />The parties recognize' t.hat: 'in::r!rrtakirtg such'" appraisal - for .. in 'lieu II
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<br />paymertt'purposes, such appraiser must of necessity appraise the entire
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<br />(a~nexed' and
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<br />unannexed), landi
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<br />'intprovements, and": tangi"ble personal
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<br />property. Company agrees'" t.o - render' and 'pay full City 'ad valorem
<br />taxes' on such ::antiejc~'d'0iand(~":~iidptdveifients i': ahd ""t'a.ngible personal pro-
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<br />~e'tty:': "
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<br />."'Company also agrees to render to cH:.y'- and pay an 'amount ,iin li'eu
<br />of taxes" on company's land, improvements, and tangible personal
<br />prop~rty in the" unannexe'ci a~ea "'equ'ai to'tb'(i"'s:urn of: ..'...L '
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<br />(l) 'Fifty percent (50% ) of the amount of ad valorem taxes which
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<br />would be payable to City if all of the hereinabove described
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<br />.l?r~p~rty which existe9. on January 1, 1986, had.l. been within the
<br />corporate ,li~its of, ,~~~Y and ,apprais~d each year by City's
<br />_i~depende~t apprai~er: and,
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<br />(2) Thirty percent (30% ) of the amount of ad valorem taxes wh:t~h
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<br />would be payable to City on any increase. in ,value of the
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<br />" hereinap9ve, d~scribed property, in excess of the appr~ised value
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<br />I', , ....: of same on January 1, 1986, resulting from new ,~~nstruction and
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<br />new acquisitions of tangible personal property, (exclusive of
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<br />Construction.in Progress, wbich shall be exempt from taxation),
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<br />if -all, of, ,said :_n~~, c,~m~~ruction and acquisitions had been within
<br />the corporate limits of City and appraised by City's independent
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