2007-IDA-112 Isaac Heller - Laserfiche WebLink

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V. This Agreement may be extended for an additional period or periods by agreement between City and Heller and/or its assigns even though it is not extended by agreement between City and all of the owners of all land within the District of which it is a part. V2. A. In the event Heller elects to protest the valuation for tax purposes set on its said properties by City or by the Harris County Appraisal District for any year or years during the terms hereof, nothing in this Agreement shall preclude such protest and Heller shall have the right to take all legal steps desired by it to reduce the same. Notwithstanding such protest by Heller, and except as otherwise provided in Article VI(B), Heller agrees to pay to City on or before the date therefor hereinabove provided, at least the total of (a) the total amount of ad valorem taxes on the annexed portions, plus (b) the total amount of the "in lieu of taxes" on the unannexed portions of Heller's hereinabove described property which would be due to City in accordance with the foregoing provisions of this Agreement on the basis of renditions which shall be filed by Heller. When the City ar Harris County Appraisal District (as the case may be) valuation on said property of Heller 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 Heller shall make payment to City of any additional payment due hereunder, or City shall make payment to Heller of any refund due, as the case may be, based on such final valuation, together with applicable penalties, interests, and costs. B. Should Heller disagree with any appraisal made by the independent appraiser selected by City pursuant to Article II above (which shall be given in writing to Heller), Heller shall, within twenty (20) calendar days of receiving City's invoice, give written notice to the City of such disagreement. In the event Heller 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 Heller give such notice of disagreement, Heller shall also submit to the City with such notice a written statement setting forth what Heller believes to be the market value of Heller'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 Heller's property for °in lieu" purposes hereunder. zf, 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 7