2007-IDA-123 Battleground Oil Specialty

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Payments hereunder. Therefore, the parties agree that the appraisal of the Land, improvements, and tangible personal property in the unannexed area shall be conducted by City, at Cit.y's expense, by an independent appraiser of CityFs selection.. The parties recognize that in making such appraisal. for «in lieu" Payment purposes, such appraiser must of necessity appraise the entire (annexed and unan-hexed) land, improvements, and tangible personal property. Nothing herein contained shall ever be interpretedas lessening the authority of the Harris County Appraisal District to establish the appraised value of Land, improvements, and tag.-igible personal property in the annexed portion, for ad valorem tax purposes, III. A. The properties Upon which the "in lieu of" takes are assessed are more fully described in subsections 1., 2, and 3 of subsection. C, of this Paragraph, Ili (sometimes collectively called the "Property"); provided, however, pollution control equipment installed on the Land which is exempt from ad valorem taxation pursuant to the provisions of Sec. 11.31 of the Texas Property Tax Code is exempt from ad valoremtaxation and "in. lieu of taxes" hereunder. Property included in this Agreement shall not be entitled to an agricultural use exemption for purposes of computing "in lieu of taxes" hereunder- S. On or before the later of December 31, 2008, or 30 days from mailing of tax bill and in like Manner can or before each December 31st thereafter, through and including December 31, 2019, Compa-nv shall Pay to City an amount of ",in lieu: of takes" on Company's sProp'arty as of January 1st of the current calendar year ("Value yie..far.'l ) C. Company and City agree that the ,following percentages ( "Percentage Amount") shall apply during each of the value- Years Value Year 2008: 62% Value Year 2009: 62!k Value Year 2010: 62%7 Value Year 2011: 62% Value Year 2012: 62%� Value Year 2013: 62 Value Yeax 2014: 63 Value Year 201.5 : M Value Year 2016: 63 o Value Year 2017: 63%- Value Year 2018: 63%- Value Year 2019: 63W Company agrees to pay to City an amount of "in lieu of taxes, on Company's land, improvements and tangible persona, property in the unannexed area equal to the sum of 9