93-IDA-50 - Laserfiche WebLink

Browse Search

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