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payments hereunder. Therefore, the parties agree that the <br />appraisal of the Land, improvements, 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 far "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 here~.n contained shall ever be interpreted as lessening <br />the authority of the Harris County Appraisal District to establish <br />the appraised value of Land, improvements, azxd tangible personal <br />property in the annexed portion, for ad ~ralorem~tax purposes. <br />III. <br />A. The properties upon which the "in lieu af~' taxes are assessed <br />are mare fully described in subsections 1, 2, and 3 of subsection <br />C, of this Paragraph III (sometimes collectively called the <br />RPrpperty"); provided, however, pollution control equipment <br />installed an the Land which is exempt from ad valorem taxation <br />pursuant to the previsions of Sec. 11.31 of the Texas Property Tax <br />Code is exempt from ad valorem taxation and "in lieu, of taxes" <br />herreunder: €'roperty included in this Agreement shall not be <br />entitled to an agricultuzal use exemption for purposes of <br />computing "iza. lieu of taxes" hereurzd.ex. <br />B. on or before the later of December 31, 2Q48, ar 34 days from <br />mailing of tax bill and in like manner on or before each December <br />31st thereafter, through and including December 31, 2015, Company <br />shall pay to City an amount of "in lieu of taxes" on Company's <br />Property as of January 1st of the current calendar year ("Value <br />Year"}. <br />C_ Company and City agree that the fallowing percentages <br />~"Percentage Amount"} shall apply during each of the Value Years: <br />Value Year 2008: 62% <br />Value Year 2049: 62% <br />Value Year 2414: 62% <br />Value Year 2011: 62% <br />Value Year 2012: 62% <br />Value Year 2033: 62% <br />Value Year 201: 63% <br />Value Year 203.5; 63% <br />Value Year 2016: 63% <br />Value Year 2017: 63-°s <br />Value Year 2418: 63% <br />Value Year 2019: 63% <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 />