2000-IDA-42 - Laserfiche WebLink

Browse Search

OCT-13-2000 FRI 01:05 PM FAX NU, t'. U ( foregoing provisions of this Agreement on the basis of renditions which shall be filed by Company. When the city or Harris County Appraisal District (as the case may be) valuation on said property of Company has been so finally determined, either as the result of final judgment of a court of competent jurisdiction or as the result of other final conclusion of the controversy, then within thirty (30) days thereafter company shall make payment to city of any additional payment due hereunder based on such final valuation, together with applicable penalties, interests, and costs. B. Should Company disagree wi th any appraisal made by the independent appraiser selected by city pursuant to Article II above (which shall be given in writing to company), Company shall, within twenty (20) days of receiving such copy, give written notice to the city of such disagreement. In the event company does not give such written notice of disagreement within such time period, the appraisal made by said independent appraiser shall be final and controlling for purposes of the determination of "in lieu of taxes" payments to be made under this Agreement. Should company give such notice of disagreement, company shall also submit to the city with such notice a written statement setting forth what company believes to be the market value of Company's hereinabove described property. Both parties agree to thereupon enter into good faith negotiations in an attempt to reach an agreement as to the market value of Company I s property for II 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 provided in subparagraph 1 of this Article VI 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, or the total assessment and "in lieu of taxes" thereon for the last preceding year, whichever is higher. 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 District of Texas appoint the third arbitrator who, (as the "Impartial Arbitrator") shall preside over the arbitration proceeding. 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 I 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 relevant and material evidence on that issue including 6