2007-IDA-133 Enterprises Refined Products Company, LLC

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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 City's expense, by an independent appraiser of city's selection. The parties recognize that in making 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. ITT. A. The properties upon which the "in lieu of" taxes are assessed are more fully described in subsections 1, 2, and 3 of subsection C, of this Paragraph III (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, 2013, or 30 days from mailing 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"). The City and the Company have agreed to compromise on a claim for overpayment of "in lieu" taxes by the Company in the amount of $97,845.77, by providing for a credit in the amount of the overpayment, which shall remain in possession of City (the "Credit"). The parties agree that payment obligations of the Company under subsection C of this Paragraph III shall first be satisfied by application of the unused portion of the Credit, until the Credit has been fully offset against such payment obligations. C. Company and City agree that the following percentages ("Percentage Amount") shall apply during each of the Value Years: Value Year 2013: 62% Value Year 2014: 63% Value Year 2015: 63% Value Year 2016: 63% Value Year 2017: 63e Value Year 2018: 63% Value Year 2019: 63%