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<br />. <br /> <br />e <br /> <br />Industrial District Agreement - 8 <br /> <br />also submit to the City with such notice a written statement setting <br /> <br />forth what Company believes to be the market value of Company IS <br /> <br />hereinabove described property. Both parties agree to thereupon <br /> <br />enter into good faith negotiations in an attempt to reach an agreement <br /> <br />as to the market value of Company I s property for "in lieu" purposes <br /> <br />hereunder. If, after the expiration of thirty (30) days from the <br /> <br />date the notice of disagreement was received by City, the parties <br /> <br />have not reached agreement as to such market value, the parties agree <br /> <br />to submit the dispute to final arbitration as provided in subparagraph <br /> <br />(1) of this Article VI(B). Notwithstanding any such disagreement by <br /> <br />Company, Company agrees to pay to City on or before December 31 of <br /> <br />each year during the term hereof, at least the total of (a) the ad <br /> <br />valorem taxes on the annexed portions, plus (b) the total amount of <br /> <br /> <br />the "in lieu" payments which would be due hereunder on the basis of <br /> <br />Company I s valuations rendered and/or submitted to City by Company <br /> <br />hereunder, or the total assessment and II in lieu of taxes II thereon <br /> <br />for the last preceding year, whichever is higher. <br />(1) A Board of Arbitrators shall be created composed of one <br />person named by Company, one by City, and a third to be named by <br />those two. In case of no agreement on this arbitrator in 10 <br />days, the parties will join in a written request that the Chief <br />Judge of the U. S. District Court for the Southern District of <br />Texas appoint the third arbitrator who, (as the "Impartia 1 <br />Arbitrator") shall preside over the arbitration proceeding. The <br />sole issue to be determined in the arbitration shall be resolution <br />of the difference between the parties as to the fair market <br />value of Company's property for calculation of the II in lieu" <br /> <br />payment and total payment hereunder for the year <br /> <br />The Board shall hear and consider all relevant <br /> <br />in question. <br />and material <br /> <br />evidence on that issue including expert <br /> <br />render its written decision as promptly as <br /> <br />decision shall then be final and binding <br /> <br />opinion, <br /> <br />and shall <br /> <br />practicable. <br /> <br />That <br /> <br />upon the parties, <br />