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payments hereunder. Therefore, the paxti.eo agree that the <br /> appraisal of the sand, improvements, and tangible personal <br /> property in the unannexed area ,,hall be conducted by City, at <br /> City'o expense, by an independent appraiser of City's selection. <br /> The parties recognize that in making such appraisal for "in lieuM <br /> payment purposes, such appraiser must of necessity appraise the <br /> entire (annexed and unannexed) Land, improvemento, and tangible <br /> personal property. <br /> Nothing herein contained shall ever be interpreted as lessening <br /> the authority of the Narria County Appraisal District to establish <br /> the appraised value of hand, improvements, and tangible personal <br /> property in the annexed portion, for ad valorem tags purpooso. <br /> III. <br /> A. The properties upon which the "in lieu of" takes are asoeooed <br /> are more fully described in ouboections 1, 2, and 3 of subsection <br /> C, of this Paragraph Ill (sometimas collectively called the <br /> "Property") ' provided, however, pollution control equipment <br /> installed on the rand which is exempt from ad valorem taxation <br /> pursuant to the provisions of .Sec. 11.31 of the Texas Property Tax <br /> Code io 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 Nin lieu of taxes" hereunder. <br /> B. On or before the later of December 31, 2008, or 30 days from <br /> mailiM of rax bill and in like manner on or before each December <br /> 310t thereafter, through and including December 32, 2019, Company <br /> ohall pay to City an amount of min lieu of taxeo" on Company'o <br /> Property as of January lot 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 Years-, <br /> Value Year 2008: 62V <br /> Value Year 2009: 62% <br /> Value Year 2010: 62%, <br /> Value Year 2011: 62W <br /> Value Year 2012: 62t <br /> Value Year 2013: 62* <br /> Value Year 2014: 63t <br /> Value Year 20x5: 63W <br /> Value Year 201.6: 631 <br /> Value Year 2017: 63* <br /> value Year 2018: 63$ <br /> Value Year 2019: 63% <br /> Company agreeo to pay to city an amount of 'Rin lieu of <br /> taxes,, on Company's land, improvements and tangible <br /> personal property in the unannexed area equal to the sum <br /> oft <br />