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<br />. e
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<br />property in the annexed portion, for ad valorem tax purposes.
<br />
<br />III.
<br />
<br />A. On or before April 15, 1994, and on or before each April 15th
<br />thereafter, unless an extension is granted,in accordance with the
<br />Texas Property Tax Code, through and including April 15, 2000,
<br />Company shall provide City with a written description of its Land
<br />and all improvements and tangible personal property located on the
<br />Land as of the ,immediately preceding January 1st, stating its
<br />opinion of the Property's market value, and being sworn to by an
<br />authorized, officer of the Company authorized to do so, or Company's
<br />duly authorized agent, (the Company'.s "Rendition") ., Company may"
<br />file such Rendition on a Harris County Appraisal District rendition
<br />. form, or similar fOl;m. The properties which the Company must
<br />render and upon which the "in lieu of" taxes are assessed are more
<br />fully described in subsections 1, 2, and 3 of subsection D, of this
<br />Paragraph III (sometimes collectively called the "Property"). A
<br />failure by Company to file a Rendition as provided for in this
<br />paragraph, shall constitute a waiver by Company for the current tax
<br />year, of all rights of protest and appeal under the terms of this
<br />Agreement.
<br />
<br />B. As part of its rendition~ Company shall furnish to City a
<br />written report of the names and addres~es of all persons and
<br />entities who store any tangible personal property on the Land by
<br />bailment, lease, consignment, or ,other arrangement with Company
<br />("products in storage"), and are in the possession or 'under the
<br />management of Company on January 1st of each Value Year, further
<br />giving a description of such products in storage.
<br />
<br />C. On or before the later of December 31, 1994, or 30 days from
<br />mailing of tax bill and in like manner on or before each December
<br />31st thereafter, through and including December 31, 2000, Company
<br />shall pay to City an amount "in lieu of taxes" on Company's
<br />Prope,rty as of January 1st of the current calendar year ("Value
<br />Year").
<br />
<br />D. Company agrees to render to city and pay an amount "in lieu
<br />of taxes" on Company's Land, improvements and tangible personal
<br />property in the unannexed area equal to the sum of:
<br />
<br />1. (a) Fifty percent (50%) of the amount of ad valorem
<br />taxes which would be payable to city ,if all of the
<br />Company's Land and ~mprovements which existed on
<br />January 1, 1994, January 1, 1995, and January 1,
<br />1996, had been within the corporate limits of City
<br />and appraised each year by City's independent
<br />appraiser; and
<br />
<br />(b) Fifty-three percent (53%) of the amount of ad
<br />valorem taxes which would be payable to City if all
<br />of the Company's Land and improvements which existed
<br />on January 1, 1997, January 1, 1998, January 1,
<br />1999, and January 1, 2000, had been within the
<br />corporate limits of City and appraised each year by
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<br />3
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