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payments hereunder. Therefore, the parties agree that the <br />appraisal o£ the Land, imparvvements, and tangible personal <br />property in the unannexed area shall be conducted by City, at <br />City's expense, by an independent appraiser of City's selection. <br />The parties recognize that in making such appraisal for "in lieu" <br />payment purposes, such appraiser must of necessity appraise the <br />entire {annexed and unannexed) Land, improvements, and tangible <br />personal property. <br />Nothing herein contained shall. ever be interpreted as lessening <br />the authority of the Harris Ccaunty Appraisal District to establish <br />the appraised value of Land, irr~pravements, and tangible personal <br />property in the annexed portion, for ad valorem tax purposes. <br />Z1T. <br />A. The properties upon which the "in ].a.eu of" taxes are assessed <br />are more fully described in subsections 1, 2, and 3 of subsection <br />C, of this Paragraph TT2 {sometimes collectively called the <br />"Property"}; provided, however, pollution control equipment <br />installed on the Land which is exempt from ad valorem taxation <br />pursuant to the provisions of Sec. 11..31 of the Texas Property Tax <br />Code is exempt from ad valorem taxation and "~,n lieu of taxes" <br />hereunder, Property included in this Agreement shall not be <br />entitled to an agricultural use exemption for purposes of <br />computing "in lieu. of taxes" hereunder. <br />B. Dn ar before the later of December 31, 2048, or 30 days from <br />mailing of tax bilk. and in like manner an or before each December <br />31st thereafter, through and including December 31, 24].9, Company <br />shall pay to City an amount of "in lieu of taxes" on Company's <br />Property as of ,7anuary 1st of the current calendar year {"Value <br />Year"), <br />C. Company .and .City. agree that the follo~nring percentages <br />("Percentage Amount") shall apply during each of the Value Years: <br />Value Year 2408: 62~ <br />Value Year 2009: 62•°s <br />Value Year 241.0 : 52 0 <br />Value Year 2011: 52~ <br />Value Year 2012: 520 <br />Value Year 2013; 62% <br />Value Year 2014; 63~ <br />Value Year 2415: b3~ <br />Value Year 2415: 53s <br />Value Year 2417: 63~ <br />Value Year 201$: 53% <br />Value Year 2019; 53°s <br />Company agrees to pay to City an amount of '°in lieu of <br />taxes" on Company's land, improvements and tangible <br />personal property in the unannexed area equal to the sum <br />of : <br />3 <br />