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FEB-02-2001 FRI 03:53 PM FAX NO. II P, 04 . Nothing herein contained shall ev~r be intE!rpreted as lesseninq the authority of the Ha~ris County Appraisal District to establish the appraised value of Land, improvements, and tangible personal property in the annexed portion, for ad valorem ta~ purposes. III. A. On or before April 15, 2001, and on or before each April 15th thereafter, unless an extension is granted in accordance with the Texas Property Tax Code, through and including April 15, 2007, company shal~ provide City with a written description of its Land and all improvemen~s and tangible personal property located on the Land as of the immediately preceding Jclnuat'y 1st, stating its opinion of the Property's ma,rket value, clnd being sworn. to by an authorized officer of the Company authorized to do so, or Company's duly authorized agent, (the company's "RE!nditionn). company may file such Rendition on a Harris county App:J:~aisal District rendition form, or similar form. The properties. which the Company must render and. -qpon which the lIin lieu ofn taxes are assessed are Jnore fully described in subsections 1, 2, and 3 of subsection p, of this Paragraph III (sollletimes collectively c::alled the npropertyl'); provideq, however, pollution control equipment installed on the Land which is exempt from ad valorem t;:i.xation pursuant to the provisions of Sec. 11.31 of the Texas Pro:perty Tax Code is exempt from ad valorem taxation and' "in lieu of taxes" hereunder. A failure by Company to file a Rendition ,as provided for in this paragraph, shall constitute a waiver by Company for the current tax year, of all rights of protest and appeal under the terms of this Agreement. B. As part of its rendition, company shall furnish to city a wr i tten report of the names and addresses of all persons and entities who store any tangible personal property on the Lan~ by bailment, lease, consignment, or other arrangement with Company ("products in storage"), and are in the possession or under the ~anagement of Company on January 1st of l!ach Value Year, further qiving a description of' such products in storage. I C. ,On or before the'late~ of December 31, 2001, or 30 days from mailing of tax bill and in like manner on or before eaCh December 3~st thereafte~, through and inclUding December 31, 2007, Company shall pay to City an amount Itin 'lieu of taxes" on Compa,ny's Property as of January 1st of the current calendar year ("Value Year") . O. company agrees to render to City and :pay an amount "in lieu of t'axes" on Company I s Land, lJllprovements and tanqible personal property in the unannexed area equal to the sum of: . 1. Fifty-three percent (53t) of the amount of ad valorem taxes which would be payable to City. if all of the company's Land and improvements which existed on January 1, 2001, and each January 1 thereafter of the applicable Value Year during the term of this Agreement, (excluding amounts payable pursuant' to sucparagraph 2, below), had been within the corporate limits of City and appraised J