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<br />er- <br /> <br />.r <br /> <br />(' Industrial District Agreement - 8 <br /> <br />forth what Company bel ieves the market value of Company's herein- <br /> <br />above described property to be. <br /> <br />Both parties agree to thereupon <br /> <br />enter into good faith negotiations in an attempt to reach an agree- <br /> <br />ment as to the market value of Company's property for "in lieu" <br /> <br />purposes hereunder. <br /> <br />If, after the expiration of thirty (30) days <br /> <br />from the date the notice of disagreement was received by City, the <br /> <br />parties have not reached agreement as to such market value, the <br /> <br />parties agree to submit the dispute to final arbitration as pro- <br /> <br />vided in subparagraph (1) of this Article V(B). <br /> <br />Notwithstanding <br /> <br />( any such disagreement by Company, Company agrees to pay to Ci ty <br /> <br />on or before December 31 of each year during the term hereof, at <br /> <br />least the to'tal of (a) the ad valorem taxes on the annexed portions,- <br /> <br />plus (b) the total amount of the "in lieu" payments which would be <br /> <br />due hereunder on the basis of Company's valuations rendered and/or <br /> <br />submitted to City by Company hereunder. <br />(1) A boa.~d of Arbitrators shall be created composed of one <br /> <br />. <br />person named by Company, one by City, and a third to be named <br /> <br />by those t \010. <br /> <br />In case of no agreement - on' .this. arbi:-trator- i:-n- <br /> <br />(' <br /> <br />10 days, the parties will join in a written request that the <br />Chief Judge of the U. S. District Court for the Southern Dis- <br /> <br />trict of Texas appoint the thi rd arbi tra tor who, (as the "Im- <br />partial Arbitrator") shall preside over the arbitration pro- <br /> <br />ceeding. The sole issue to be determined in the arbitration <br /> <br />shall be resolution -of the difference between the parties as <br /> <br />to the fair market value of Company's property for calculation <br /> <br />of the "in lieu" payment and total payment hereunder for the <br /> <br />year in question. The Board shall hear and consider all rele- <br /> <br />vant and material ev idence on that ,issue includ ing expert <br /> <br />(, <br /> <br />opinion, and shall render its written decision as promptly as <br />practicable. That decision shall then be final and bindinq <br />upon the parties, subject only to jud icial rev iew as may be <br />