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12111I20b7 14:22 7132b37795 PAGE 06135 <br />payments hereunder. Therefr~re, t~xe parties agree that the <br />appraisal ofi the Land, ~.mprovements, and tazagible personal <br />propert~r in the unannez€ed area shall be conduGt,ed by City, at <br />City s expense, 3~y azx indepe~,dent appraiser of city ~ s seleati,on. <br />~'he parties recagni~e that in making such appraisal, for Kip, lieu's <br />payment purprsses, such appraisea~ must of necessity appraise the <br />entire (annexed and unannexed~ Land, a.mgrovezr~ents. and tangible <br />pexsanal property. <br />Nathin~ herein contained sha.~~. ever be interpreted as lessening <br />the authority of the Harris County Appraisal. District tca establish <br />the appraised value of Land, zmprovemen.ts, and tangikale pezsonal <br />grcaperty in th.e annexed portion, for ad valorem ~.ax purposes, <br />I7: ]:. <br />A. The properties upo~x 'which the "izx lieu of" tames are assessed <br />are more fully descr~,bed in subsections 1, ~, and ~ o~E subsection <br />C, of this paragraph Ill (sometimes collectively called. the <br />"Property"?; provided, however, pollution control equipment <br />installed an the Land which. is exempt from ad va~,c~rem taxat~,gn <br />pursua~xt to the pravxsiax~s of Sec , X1.31 of th.e Texas Property Tax <br />Cade is exempt from ad valorem taxation and "in 3.ieu of taxe~~ <br />hereunder. Property included in taxis Agreement shall zxot be <br />entitled to a.r~ agricultural, use exemption for purposes of <br />computixxg "in lieu of taxes° hereunder. <br />~. 4n ar before the Later c+f ~eGetnber 3]., 2008, or 30 days from <br />mailing of tax bill and in like manner on or before each ~]eoember <br />31st thea~es.fter, thraucgh and iucludinr~ T~ecember 3x, 2fJ19, campaxly <br />shall pay to Ciity an amount of "in lieu of taxes" o~x Company's <br />Prope~:ty as of January` lst~ of the current calendar year (°~alue <br />Year°). <br />C. Company and City agree that the following percentages <br />("Percexxta,ge Amount" ~ shall apply durxxxg each of Ghe ~Talu.e years <br />value Year 2048 62~ <br />'V'alue Year X009: 62~C <br />Value Year 243.p: 62~ <br />value Year 207,1; 52~ <br />Value dear 2412: 62~ <br />Value pear 2oX3; 62~ <br />Value Year 2024: 53~ <br />~Taltxe *,~ear 247.5; 63~ <br />Va1~xe Year 2415: 53~ <br />value Year 207,7: 63~ <br />Value Year X018: ~3~ <br />Value Year 2419: 63~ <br />Cc~rnpany agrees to pair to City a~x amount of "in. ],xsu. ^f <br />taxes" on Company's laxzd, improvements axed tangible <br />persozxal property in the uxiannexed area equal to th,e sum <br />of. <br />3 <br />