Laserfiche WebLink
Should Company give. such notice of disagreement, Company shall <br />also submit to the City with: such. notice awritten statement <br />setting forth :what Company .believes to be the market value of <br />Company's hereiri_above described property: Both parties agree to. <br />thereupon .enter into good faith negotiations in an attem t to <br />reach an agreement as to the P.. <br />market. value of Com an s <br />P Y property <br />for "in lieu" ur oses hereunder-. If, after .the expiration of <br />P- P <br />thirty (30) days. from the date the notice of disagreement was <br />received by City, the parties have not reached agreement as to <br />such :market value the:; <br />parties agree to submit the dispute- to <br />final arbitration as provided in subparagraph 1 of this Article <br />VI (B) , <br />Notwithstanding any such disagreement by Company; Company -agrees <br />to pay to City on or before December :31 .of each year:: -during the <br />t'erm.:'hereof, at least the total of (a) the ad valorem taxes on the <br />annexed portions, plus. (b) the total amount of the "in lieu" <br />payments which would be; due hereunder on. the basis of. Coinpany'.s <br />written valuation-s statement submitted to City by Company <br />hereunder, or the total asses:sment and " ih lieu of taxes" thereon <br />for the last preceding year, whichever is higher. <br />1. A Boar.d.of Arbitrators shall be:created composed of one <br />persori:named by Company, one by City, and 'a` third to be <br />named by those two. In: case of :no. agreement on :.this <br />arbitrator in 10 days, the parties will join in a <br />written request that the Chief Judge of the U.s. <br />District Court for the. Southern District of Texas <br />appoint the third arbitrator who, .(as the "Impartial <br />Arbitrator") shall- preside over the arbitration <br />proceeding. The sole issue: to be determined in the: <br />arbitration shall 'be resolution of the difference <br />-:between the parties as to the fair market value of <br />company's 1. property fo_r calculation of the:::"in lien" <br />payment and total payment hereunder for .the.' year in: <br />question. The Board shall hear and consider :all <br />relevant and material evidence on that .issue including <br />'expert opinion, and. -shall e rnder its written decision as <br />promptly as practicable. That decision sYiall then be <br />final and binding upon the parties,,:.subject only to <br />judicial review as may .be available :under the. Texas <br />General. Arbitration Act <br />- <br />(Chapter 171, ."General <br />Arbitration", Texas :Civil Practice and Remedies Code-) <br />Costs of `the . arbitration shall be shared equally by the <br />Company and the city, provided that each party shall <br />bear its. own at--torneys fees. <br />VII. <br />City shall be entitled to a. tax lien on Company's above described <br />property, .all -improvements thereon, and all tangible- personal <br />property.thereon, in the event of default in payment of "in lieu <br />of taxes payments hereunder, which shall accrue penalty and <br />interest in like manner .-as .delinquent taxes, and which :shall be <br />collect.ible..by City. in the.. same manner as provided by law for <br />8 <br />