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0 • <br />inventory, oil, gas, and mineral interests, items <br />of leased equipment, railroads, pipelines, and <br />products in storage located on the land, which are <br />added after January 1, 1999, had been within the <br />corporate limits of City and appraised each year by <br />the City's independent appraiser. <br />III. <br />This Agreement shall extend for a period beginning on the 1st day <br />of January, 1999, and continue thereafter until December 31, 2009, <br />unless extended for an additional period or periods of time upon <br />mutual consent of Company and City as provided by Section 42.044, <br />Texas Local Government Code; provided, however, that in the event <br />this Agreement is not so extended for an additional period or <br />periods of time on or before June 30, 2009, the agreement of City <br />not to annex property of Company within the District shall <br />terminate. In that event, City shall have the right to commence <br />immediate annexation proceedings as to all of Company's property <br />covered by this Agreement, notwithstanding any of the terms and <br />provisions of this Agreement, and in such event Company agrees that <br />if the Texas Municipal Act, as amended after January 1, 1980, or <br />any new legislation is thereafter enacted by the Legislature of the <br />State of Texas which imposes greater restrictions on the right of <br />City to annex land belonging to the Company or imposes further <br />obligations on City in connection therewith after the annexation of <br />such land, Company will waive the right to require City to comply <br />with any such additional restrictions or obligations and the rights <br />of the parties shall be then determined in accordance with the <br />provisions of said Texas Municipal Annexation Act as the same <br />existed on January 1, 1980. <br />IV. <br />This Agreement may be extended for an additional period or periods <br />by agreement between City and Company and/or its assigns even <br />though it is not extended by agreement between City and all of the <br />owners of all land within the District of which it is a part. In <br />this connection, City hereby expresses its belief that industrial <br />district agreements of the kind made herein are conducive to the <br />development of existing and future industry and are to the best <br />interest of all citizens of City and encourage future City Councils <br />to enter into future industrial district agreements and to extend <br />for additional periods permitted by law this Industrial District <br />Agreement upon request of Company or its assigns; provided, <br />however, that nothing herein contained shall be deemed to obligate <br />either party hereto to agree to an extension of this Agreement. <br />V. <br />Company agrees to pay all "in lieu of taxes" payments hereunder, to <br />City on or before December 31 of each year during the term hereof. <br />It is agreed that presently the ratio of ad valorem tax assessment <br />used by the City is one hundred percent (100%) of the fair market <br />value of property. Any change in such ratio used by City shall be <br />reflected in any subsequent computations hereunder. This Agreement <br />shall be subject to all provisions of law relating to determination <br />4 <br />