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<br />property in the annexed ~portion, for ad valorem tax purposes.
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<br />III.
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<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 "Renditipn"). Company may
<br />file such Rendition on a Harris County Appraisal District rendition
<br />,form, or similar form. 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.
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<br />B. As part of its rendition, Company shall furnish to city a
<br />written report of the names and addresses 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.
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<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 />Property a.s of January 1st of the current calendar year ("Value
<br />Year") .
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<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:
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<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 improvements 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
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<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 I 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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