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<br />,- , <br />r- .",' <br /> <br />e <br /> <br />-, <br />. <br /> <br />INDUSTRIAL AGREEMENT, Page j. <br /> <br />by ordinance any rules and regulations (a) governing plats and <br /> <br />subdivision of land, (b) prescribing any building, electrical, <br /> <br />plumbing or inspection code or codes, or (c) attempting to <br /> <br />exercise in any manner whatever control over the conduct of <br /> <br />company's business thereon. <br /> <br />(2) Company agrees that, as a payment in lieu of <br />taxes on the said property of Company within the District, it <br /> <br />will pay to City on or before December 31 in each year during <br /> <br />the term hereof an amount reached by first ascertaini~g the <br /> <br />fair market value of such property of Company within the District, <br /> <br />by using as the basis therefor the fair market value established <br /> <br />by Harris County in fixing its ad valorem tax assessment for that <br /> <br />year on the property of Company which lies within the District, <br /> <br />then applying to the fair market value so obtained the percentage <br />ratio applied to the fair market value 'of property which is then <br /> <br />used by City in fixing ad valorem tax assessments on property <br /> <br />within the City, and then applying to the figure thus obtained <br />eighteen percent (18%) of the tax rate of City for that year. <br /> <br />For the purpose of computing "fair market value II hereunder, and <br /> <br />for such purpose only, it is agreed that presently the ratio of <br /> <br />ad valorem tax assessment used by Harris County is twenty percent <br /> <br />(20%) of the fair market value of property and that presently the <br /> <br />ratio of ad valorem tax assessment used by City is forty-two <br /> <br />percent (42%) of the fair market value of property. Any change <br /> <br />in such ratios used by Harris County and/or the City on or after <br /> <br />January l, 1966, shall be reflected in all future computations <br /> <br />hereunder. <br /> <br />In the event Company elects to protest the valuation <br /> <br />set on its said properties by Harris County for any year or years <br />during the term hereof, then nothing in this agreement shall <br /> <br />preclude such protest and Company shall have the right to take <br />all legal steps desired by it to reduce the same, but at such <br /> <br />time as the protested Harris County tax valuation on said property <br /> <br />of Company has been finally determined, either as the result of <br />final judgment of a court of compettent jurisdiction or as the <br />