O-2020-IDA-122 Duke Realty, LP - Laserfiche WebLink

Browse Search

within twenty (20) calendar days of receiving City's invoice, give - written notice to the City of such disagreement. In the event Company -does not give such written notice of disagreement within such ti.`me period, the appraisal made by said independent appraiser shall . be final and controlling _ for purposes, of the determination of "] Xl Ii:eu of taxes payments to . be `made under this Agreement:,: Should Company :give such 'no.tice of disagreement,.I Company. shall also submit ' to' `°the City with :. such notice. a .written s-tatement setting:_f:orth what :Company believes to be : the ::market valuer of - hereinabove described property:: .:Both partie Company's s. agree to tYereup`on enter. into good.:: faith negotiations, in an attempt to. - reach. an :-a`greement as to the market;: value of Company's property for a.n Ueull purposes:: hereunder,.*..::::: If, after :the expiration: of thirty (30) days::from the date the notice of disagreement was received by City; the'parties have not. reached .agreement as to such :market value the:: parties_ agree to submit; the di pute: to final:arbitration as provided in :subparagraph I' of this:.krt:icle tI. Notwithstanding any. such disagreement by Company; Company agrees .to pay. to:: City! on' .or -be fore December 31 of ..each:.year during:: the term: hereof , at least the total of (a) the ::ad valorem taxes on the . aiuiexed.. portions; . plus,.. (b):: the. total :amount . _ of. . the "in . lieu" payments.:which would be- due hereunder on the basis of Company's .. . written :valuat.ions :statement. submitted....to City. by. Company hereunder, or. -.the total assessment and .!':in. lieu of: taxes" thereon: . for the'. .last- recedin ear whichever -is h her..... . •- p gFy g ...: .. 1: A:Board-of `Arbitrators shall be._c-seated composed of one person:: named by Company, one by.City, and a third to be: named by those two'. In. case of :no. .agreement: on. this`:' :.:arbitrator in 10 days, the parties ::will join.: in a written request that the Chief Judge of file II.S District Court :for.: the Southern District.::: of Texas ... r; (as:: the "impartial-appont :thethirdarbitrato.who q.:Arbitrator+':) ..:: shall preside over::, :: the , arbitration ...... --roceeding. The -:sole issue to:: be determined in the p:. arbitration . shall:: �be resolution of the.:: differ.ence::- between :the:'.parties parties :as to the fair. :market value :: of Company's property for calculation of. the "in lieu" payment: and total. payment hereunder for -_the: year in.". que tion. The..::Board shall:: :dear and:'c:or.sider all relevant :.and 'material. evidence on: that, issue including :expert nion, and shall:. render :.its:-: :written adecision as promptly as: practicable That decision;shall then . be final and binding. upon.. the:: parties;. .subject on]y. to::: :.judicial:: review as may be available. :under the.. Texas P General._ Arbitration . Act (Cho ter 1.71,.. . . .: .Genera........ Arbitration", Texas ICivil Practice and Remedies Code): ...Costs of the ... arbitration shall be shared equally. by...:the . ...... :Company :and the city:; provided that each party - shall .. 'bear.i.ts own attorneys fees...... .. .. :. 8 _