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payments hereunder. Therefore, the parties agree that the <br />appraisal of the band, 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 for "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 herein 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, and tangible personal <br />property in the annexed portion, for ad valorem tax purposes. <br />zxz. <br />A. The properties upon which the "in lieu of" taxes are assessed <br />are more fully described in subsections 1, 2, and.3 of subsection <br />C, of this Paragraph III (sometimes collectively called the <br />isprtaert !') , provided, however, pollution control equipment <br />installed on the Land which is exempt from ad valorem taxation <br />pursuant to the provisions of Sec. 11.31 of the Texas property Tax <br />Code is exempt from ad valorem taxation and "in lieu of taxes" <br />hereunder. property included in this Agreement shall .not be <br />entitled to an agricultural use exemption for purposes of <br />computing "in lieu of taxes" hereunder. <br />B. on or before the later of December 31, 2008, or 30 days from <br />mailing of tax bill and in like manner on or before each December <br />31st thereafter, through and including December 31, 2019, Company <br />shall pay to City an amount of "in lieu of taxes" on Company's <br />Property as of January Ist of the current calendar year ("Value <br />Year"). <br />C. Company and City agree that the following percentages <br />(.percentage Amount"} shall apply during each of the Value YeaXs: <br />value Year 2008: <br />62V <br />Value Year 2009: <br />62W <br />Value Year 2010: <br />62W <br />Value Year 2011: <br />62% <br />Value Year 2012: <br />62%, <br />Value Year 2013.- <br />62t <br />Value Year 2014t <br />63%, <br />Value Year 2015: <br />63W <br />Value Year 2016: <br />63-t <br />Value Year 2017: <br />63%- <br />Value Year 2018: <br />63&' <br />Value Year 2019: <br />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 />