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Industrial District Agreement - 4 annexed area to the end that Company's payment of taxes on the annexed area, combined with its payment of "in lieu of taxes" on the unannexed area, will equal forty-five percent (45%) of the amount of ad valorem taxes which would be payable to City by Company if all of the hereinabove described property had been within the corporate limits of City. (B) The Texas Property Tax Code (S. B. 621, Acts of the 65th Texas Legislature, Regular Session, 1979) will be effective for 1982 and subsequent years hereunder. Under the terms of said Act, the appraised value for tax purposes of the annexed portion of land, improvements, and tangible personal property shall be determined by the Harris County Appraisal District. The parties hereto recognize that said District has no authority to appraise the land, improve- ments, and tangible personal property in the unannexed area for the purpose of computing the "in lieu" payments hereunder. Therefore, for 1982 and subsequent years under this Agreement, ,the parties agree that the appraisal of the land, improvements, and tangible personal property in the unannexed area shall be conducted by City, at City's expense, by an independent appraiser of City's selection. The parties recognize that in making such appraisal for "in lieu" payment purposes,. such appraiser must of necessity appraise the entire (annexed and unannexed) land, improvements, and tangible personal property. Company agrees to render and pay full City ad valorem taxes on such annexed land, improvements, and tangible per- sonal property. '(1) For tax year 1982 and thereafter, Company also agrees to render to City and pay an amount "in lieu of taxes" on Company's land, improvements, and tangible personal property in the un- annexed area equal to forty-five percent (45%) of the amount of ad valorem taxes which would be payable to City if all of the hereinabove described property had been within the corporate