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<br />-'! .. <br /> <br />e <br /> <br />e <br /> <br />Industrial District Agreement - 4 <br /> <br />the appraised value for tax purposes of the annexed portion of land, <br /> <br /> <br />improvements, and tangible personal property shall be determined by <br /> <br /> <br />the Harris County Appraisal District. The parties hereto recognize <br /> <br /> <br />that said District has no authority to appraise the land, improvements, <br /> <br /> <br />and tangible personal property in the unannexed area for the purpose <br /> <br /> <br />of computing the "in' lieu" payments hereunder. Therefore, the parties <br /> <br /> <br />agree that the appraisal of the land, improvements, and tangible <br /> <br /> <br />personal property in the unannexed area shall be conducted by City, <br /> <br /> <br />at City's expense, by an independent appraiser of City's selection. <br /> <br /> <br />The parties recognize that in making such appraisal for "in lieu" <br /> <br /> <br />payment purposes, such appraiser must of necessity appraise the entire <br /> <br /> <br />(annexed and unannexed) land, improvements, and tangible personal <br /> <br /> <br />property. Company agrees to render and pay full City ad valorem <br /> <br />taxes on such annexed land, improvements, and 'tangible personal pro- <br /> <br /> <br />perty. <br /> <br />Company also agrees to render to City and pay an amount "in lieu <br /> <br />of taxes" on company's land, improvements, and tangible personal <br /> <br />property in the unannexed area equal to the sum of: <br /> <br />(1) Fifty percent (50%) of the amount of ad valorem taxes which <br /> <br />would be payable to City if all of the hereinabove described <br /> <br />property which existed on January 1, 1986, had been wi thin the <br /> <br />corporate limit~ of City and appraised each year by City's <br /> <br />independent appraiser; and <br /> <br />(2) 'fhirty percent (30%) of ~he amount of ad valorem taxes which <br /> <br />would be payable to City on any increase in value of the <br /> <br />hereinabove described property, in excess of the appraised value <br /> <br /> <br />of same on January 1, 1986, resulting from new construction and <br /> <br />new acquisitions of tangible personal property, (exclusive of <br /> <br />Construction in Progress, which shall be exempt from taxation), <br /> <br />if all of said new construction and acquisitions had been within <br /> <br />the corporate limits of City and appraised by City's independent <br />