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O-2020-IDA-34 Lycra Company
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O-2020-IDA-34 Lycra Company
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Last modified
11/26/2019 4:59:35 PM
Creation date
12/28/2022 10:45:47 AM
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Legislative Records
Legislative Type
Ordinance
Legislative No.
O-2020-IDA-34
Date
10/28/2019
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• <br /> immediate annexation proceedings as to all of Company' s property <br /> covered by this Agreement, notwithstanding any of the terms and <br /> provisions of this Agreement. <br /> Company agrees that if the Texas Local Government Code Section <br /> Chapter 42 . 044 "Creation of Industrial District in <br /> Extraterritorial Jurisdiction" , or Texas Local Government Code <br /> Chapter 43 "Municipal Annexation" , is amended, or any new <br /> legislation is thereafter enacted by the Legislature of the State <br /> of Texas which imposes greater restrictions on the right of City <br /> to annex land belonging to Company or imposes further obligations <br /> on City in connection therewith after the annexation of such land, <br /> Company will waive the right to require City to comply with any <br /> such additional restrictions or obligations and the rights of the <br /> parties shall be then determined in accordance with the provisions <br /> of said laws as the same existed on January 1, 2019. <br /> V. <br /> This Agreement may be extended for an additional period or periods <br /> by agreement between City and Company and/or its assigns even <br /> though it is not extended by agreement between City and all of the <br /> owners of all land within the District of which it is a part. <br /> VI. <br /> A. In the event Company elects to protest the valuation for tax <br /> purposes set on its said properties by City or by the Harris <br /> County Appraisal District for any year or years during the terms <br /> hereof, nothing in this Agreement shall preclude such protest and <br /> Company shall have the right to take all legal steps desired by it <br /> to reduce the same. <br /> Notwithstanding such protest by Company, and except as otherwise <br /> provided in Article VI (B) , Company agrees to pay to City on or <br /> before the date therefore hereinabove provided, at least the total <br /> of (a) the total amount of ad valorem taxes on the annexed <br /> portions, plus (b) the total amount of the "in lieu of taxes" on <br /> the unannexed portions of Company' s hereinabove described property <br /> which would be due to City in accordance with the foregoing <br /> provisions of this Agreement on the basis of renditions which <br /> shall be filed by Company. <br /> When the City or Harris County Appraisal District (as the case may <br /> be) valuation on said property of Company has been so finally <br /> determined, either as the result of final judgment of a court of <br /> competent jurisdiction or as the result of other final conclusion <br /> of the controversy, then within thirty (30) days thereafter <br /> Company shall make payment to City of any additional payment due <br /> hereunder, or City shall make payment to Company of any refund <br /> due, as the case may be, based on such final valuation, together <br /> with applicable penalties, interests, and costs . <br /> B. Should Company disagree with any appraisal made by the <br /> independent appraiser selected by City pursuant to Article II <br /> above (which shall be given in writing to Company) , Company shall, <br /> 7 <br />
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