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<br />er <br /> <br />e( <br /> <br />. <br /> <br />(- <br /> <br />Industrial District Agreement - 6 <br /> <br />execution of this Agreement. This Agreement may be extended for an <br />additional period or periods by agreement between City and Company <br />and/or its assigns even though it is not extended by agreement <br />between City and all of the owners of all land within the District <br />of which it is a part. In this connection, City hereby expresses <br />its belief that industrial district agreements of the kind made <br /> <br />herein are conducive to the development of existing and future indus- <br />try and are to the best interest of all citizens of City ~nd encour- <br />age future City Commissions to enter into future industrial district <br />( agreements and to extend for additional periods permitted' by law <br />this Industrial District Agreement upon request of Company or it.s <br />assigns: prov ided, however, that nothing herein contained shall be <br />deemed to obligate either party hereto to agree to an extension of <br />this Agreem!i!nt. <br /> <br />IV. <br /> <br />( <br /> <br />Company agrees to pay all ad valorem taxes, .and all "in lieu of <br /> <br />taxes" paymenfs hereunder, to City on or before December 31 of each <br /> <br />year during the term hereof. It is agreed that. presently_ the _ratio <br /> <br />of ad valorem tax assessment used by City is eighty per cent (80%) of <br /> <br /> <br />the fair market value of property. Any change in such ratio used by <br /> <br />Ci ty shall be ref lected in any subsequent computa tions hereunder. <br /> <br /> <br />This Agreement shall be subject to all provisions. of law relating to <br /> <br /> <br />determination of value of land, improvements, and tangible ,personal <br /> <br /> <br />property, for tax purposes (e. g ., rend i t ion, assessment, Boa rd of <br /> <br />Equalization procedure, court' appeals, etc.) for purposes of fixing <br /> <br /> <br />and determining the amount of ad valorem tax payments, and the amount <br /> <br />of "in lieu of ta~" payments hereunder, except as otherwise provided <br /> <br />in Articles II and V hereof. <br /> <br />V. <br /> <br />(A) In the event Compnny elects to protest the valuat ion for <br />( tax purposes set on its said properties by City or by the lIarri!3 <br />