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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 sha11 be conducted by City, at <br />City's expense, by ari 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 ba interpreted as lessening <br />the author~.ty 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 af" 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, howeverr 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 />Cade 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 Pater 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" an Company's <br />property as of ~7anuary 1st of the current calendar yeax {"Value <br />Year") . <br />C. Company anal City agree that the following percentages <br />~"Percentage Amount") sha11 apply during each of the Value Years: <br />Value Year 2008: 62~ <br />Value Year 2009: 62% <br />Value Year 2 <br />010: 62% <br />S <br />1% CL ii:te Year 1 <br />L s) i i : C~* 2 '6 <br />Value Year 2fl12: 52% <br />Value Year 2013: 52~ <br />Value Year 2014: 63~ <br />Value Year 2015: 63% <br />Value Year 2015: 63% <br />Value Year 2017: 53% <br />Value Year 2018: 53% <br />Value Year 20.9: 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 />