O-2020-IDA-123 Hydro- Fairmont Real Estate, LLC.

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each year by the C ty's independent ap raiser, in P accordance with the applicable provisions of the Texas .-:Property- Tax Code.. with the sum of 1, 2 and 3.reduced by the amount.. of;City's ad, valorem taxes On the annexed portion thereof as determined by appraisal by the Harris ;County Appraisal. District. 4. Notwithstanding the :above, should City elect: to grant:.:. the freeport ,inventory exemption authorized by Article VIM, Section .1-j of the Texas Constitution and Section 11.251 of the ---Texas Property "Tax Code to: taxpayers i w thin .the City limits, then the freeport inventory: ::exemption shall apply to. parties to..this Agreement. Further, should inventory::or :any other.:elass or type of property become exempt from, taxation by constitutional. amendment or act . of` the Tex°as .:Legislattire. (including, but not limited to, Article VIII, Section 1-n, of the :. Texas Constitution and..;Seetion 11..253- of ...the Texas._ - Property Tax Code) such class or type of y propert shall. be exempt for purposes of ths:Agreement; unless. the City Council. of the City of La Porte shall ,by Ordinance .::provide for:the continued: __taxaton of -such property under the authority .of any applicable provisions of the: Texa:S Constitution and Texas Statutes: 51.. Cityy.and Company.a.cknowledge..circumstAhces -might'.require the .City to provide emergency "services :to'.*:Company's:. Property described on Exhibit "A attached. hereto. Emergency siz-:ffvice,8 are limited to fire, police, and publ c.works :emergency services.... If Company is not -a member of Channel::' -Industries Mutual Aid Association- :, Company agrees to reimburse City for its costs arising out of. any :emergency re:spons.e requested :.by 'Company to Company's property; and -E which City agrees to. respond. If: .obli :Company is:- A' member of C MA, the:. ..obligations. of .Com any g -Company and City shall be. governed by -the LIMA agreement, to which agreement City.is a party.;:,; IV, This Agreement shall extend for a period beginnln;g on the lst day g - of January, 2020 and continuing thereafter until. December 31:, 2031,. unless .extended 'for an additional:perod or periods of time upon mutual consent of Company arid: City, as providedby the Municip .; Annexation.. Act; provided;:.. however, that in _the event . this Agreement is not so. extended for an. additional period or.. periods of time on or before August 31,: 2031,.the agreement. of City no:t to. annex property of Company within theDistrict shall terminate ...In that event, Cl y shall: he the right. to.commence immediate annexation- proceedings as to all: of Company':s property covered by this Agreement; notwithstanding -any of the terms ;and provisions of this Agreement. Company agrees that if the. Texas Local_: Government Code: Section:: Chapter 42.044 "Creation of Industrial- 'District in 6