2007-IDA-125 DTMT Two LLC - Laserfiche WebLink

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payments hereunder. Therefore, the parties agree that the appraisal of the Land, improvements, and tangible personal property in the una.nnexed area shall be conducted by City, at City's expense, by an independent appraiser of City's selection. The parties recognize that in malting such appraisal. for "in lieu" payment purposes, such appraiser must of necessity appraise the entire (annexed and unannexed) Land, improvements, and tangible personal property. Nothing herein contained shall ever be interpreted as lessening the authority of the Harris County Appraisal District to establish the appraised value of Land, improvements, and tangible personal property in the annexed portion., for ad valorem tax purposes, Ill. A. The properties upon which the "in lieu of' taxes are assessed are more fully described in subsections 1, 2, anal_ 3 of subsection C, of this Paragraph Ill (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 valorem taxation 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. B. On or before the later of December 31, 2008, or 30 days from :nailing of tax bill and in like manner on or before each December 31st thereafter, through and including December 31, 2019, Company shall pay to City an amount of "in lieu of taxes" on Company's Property as of January 1st of the current calendar year ("Value Year ") . . C. Company and city agree that the following percentages ( "Percentage Amount ") shall apply during each of the Value Years; Value Year 2008: 62a Value Year 2009: 620 Value Year 2010: 62a Value Year 2011: 62 Value Year 2012: 62% Value Year 2013: 62% Value Year 2014: 630 Value Year 2015: 630 Value Year 2016: 630 Value Year 2017: 63' Value Year 2018: 63a Value Year 2015: 630 Company agrees to pay to City an amount of "in lieu of taxes" on Company's land, improvements and tangible personal property in the' una.nn.exed area equal. to the sum of: 3