93-IDA-19 - Laserfiche WebLink

Browse Search

e e \ o City on or before the date therefor hereinabove provided, at least the total of (a) the total amount of ad valorem taxes on the annexed portions, plus' (b) the total amount of the "in lieu of taxes" on the un annexed portions of company's hereinabove described property which would be due to Ci ty in accordance with the foregoing provisions of this Agreement on the basis of renditions which shall be filed by Company. When the city or Harris county Appraisal District (as the case may be) valuation on said property of Company has been so finally determined, either as the result of ~inal judgment of a court of competent jurisdiction or as' the result of other final conclusion of the 'controversy, ' then wi thin thirty (30) days thereaofter Company shall make payment to City of any additional payment due hereunder based on such final valuation, together with ,applicable penalties, interests, and costs. B. Should Company disagree wi th any appraisal made by the independent appraiser selected by city pursuant to Articl~ II above (which shall be given in writing to Company), Company shall, within twenty (20) days of receiving such copy, give written notice to the ci ty of such disagreement ~ In the event Company does' not give such written notice of disagreement within such time period, the apprais~l made by said independent appraiser' shall be final and controlling for. purposes of the determination of "in lieu of taxes" payments to be made under this Agreement. Should Company give such notice of disagreement, Company shall 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 enter into good faith negotiations in an attempt to reach an agreement as to the market value of Company's property for "in lieu" purposes hereunder. If, after the expiration of thirty (30) days from the date the notice of disagreement was received by city, the parties have not reached agreement as to such market value, the parties agree to submit the dispute to final arbitration 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 Company's valuations rendered and/or submitteg to City by Company hereunder. . "in lieu of taxes" 1~a=, WhiChe~ 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 Arbitrator") shall preside over the arbitration proceeding. The sole issue to be determined in the arbitration shall be resolution 6