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payments hereunder. Therefore, the parties agree that the <br />appraisal of the Land, 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 />III. <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 />"Property"}; 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 1st 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: 62~ <br />Value Year 2009: 62s <br />Value Year 2010: 62°s <br />r T ~ 7 ... <br />VCFI.LLC ~T .. w. <br />SC0..F. ~1 A 'S 7 _ <br />GV11: C <br />Vc~a <br />Value Year 2012: 62s <br />Value Year 2013: 62~ <br />Value Year 2014: 63% <br />Value Year 2015: 63~ <br />Value Year 2416: 63•°s <br />Value Year 2 017 : 63 •°s <br />Value Year 2a1s: 63% <br />Value Year 2019: 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 />