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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 'e~t~~"into good faith negotiations in an attempt to reach an agreement as to the 'market value of Company's property for "in lieu" purposes {~r'eUrid~i~ If, after" the "ex~i'fafi6n: 'of thirty' (30) days from 'the date the' notice ot disagreement" was recEd ved by' Ci ty, " the parties "1~;i:;;~:' 'ri'~t r~'~ched agreeme:~{"'::ak ;t'<i;"~"'(i~l-r':ma:'rket ~alue,':' the '~cit:ties-- ag'i"ee ~".~j-:~j'..""',: ....-....:........ ..,~ -.... .:-.:........ .11..'....;..:....... ..............~.: .....,- '. to" Eiubinft 'the .'dispute to firial arb"itration as 'provided in subparagraph (1) 'of this Article VI (B) . . " Notwithstanding any such 'disagreement by .. Company, Company agrees 'to pay' to City on or before December 31 of each year during the term hereof, at' least the total of (a) the ad . . . . . \ valorem taxes on the '"annexed' portions, plus (b)' the total amount of the "in lieu" payments which would be due hereunder on the basis of ;"'1" ,',.. ... ..' , company"s valuations' r'endered and/or submitted t.o City by Company hereunder, or' the total assessment and "in 'lieu of taxes" thereon .. '," -.,' ': ." '. . .'.." .. '.' . ," _ r ....;:. . .. for the' last preceding year~ whichever is'higher. '~.",,' ,-, - . .", ;,... (1) , , 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 Judge of the U. S. District Court for the Southern District of Texas appoint the third' arbitrator who, (as the "Impartial .: ,..,..,.:' Arbltrat6i'i) "shalt" pre'~ide over the arbit.~ati~m proceeding. The sole issue to be de'termiried in the arbitration shall be resolution of the difference between the parties as to the fair market value' of Company' s property for calculation of the "in lieu" , , . I' : paymerit and total payment 'hereunder for the" year in question. The Board shall hear arid 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' 'fiiial and binding upon the parties,