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<br />e <br /> <br />e <br /> <br />e <br /> <br />e <br /> <br />It <br /> <br />e <br /> <br />. . <br /> <br />. <br /> <br />Industrial District Agreement - 4 <br /> <br />annexed area to the end that Company's payment of taxes on the <br />annexed area, combined with its payment of "in lieu of taxes" <br />on the unannexed area, will equal forty-five percent (45%) of <br />the amount of ad valorem taxes which would be payable to Ci ty <br />by Company if all of the hereinabove described property had <br />been within the corporate limits of City. <br />(B) The Texas Property Tax Code (S. B. 621, Acts of the 65th <br />Texas Legislature, Regular Session, 1979) will be effective for 1982 <br />and subsequent years hereunder. Under the terms of said Act, the <br />appraised value for tax purposes of the annexed portion of land, <br />improvements, and tang ible personal property shall be determined by <br />the Harris County Appraisal District. The parties hereto recognize <br />that said District has no authority to appraise the land, improve- <br />ments, and ,tang ible personal property in the unan.nexed area for the <br />purpose of computing the "in lieu" payments hereunder. Therefore, <br />for 1982 and subsequent years under this Agreement, the parties <br />agree that the appraisal of the, land, improvements, and tang ible <br />personal property in the unannexed area shall be conducted by City, <br />at City's expense, by an independent appraiser of City's selection. <br />The parties recognize that in making such appraisal for "in lieu" <br />payment purposes, such appraiser must of necessity appraise the <br />entire (annexed and unannexed) land, improvements, and tangible <br />personal property. Company agrees to render and pay full. Ci ty ad <br />valorem taxes on such annexed land, improvements, and tangible per- <br />sonal property. <br />~( 1) For tax year 1982 and thereafter, Company also agrees to <br />render to City and pay an amount "in lieu of taxes" on Company's <br />land,. improvements, and tang ible personal property in the un- <br />annexed area equal to forty-five percent (45%) of the amount of <br />ad valorem taxes which would be payable. to City if all of' the <br />hereinabove described property had been within the corporate <br />