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<br />", <br /> <br />It <br /> <br />e. <br /> <br />Industrial District Agreement - 4 <br /> <br />e <br /> <br />annexed area to the end that Company's payment of taxes on the <br /> <br />annexed area, combined with its payment of n in 1 ieu of taxes" <br /> <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 /> <br />(B) The Texas Property Tax Code (S. B. 621, Acts of the 65th <br /> <br />-.,...... <br /> <br />Texas Legislature, Regular Session, 1979) will be effective for 1982 <br /> <br />and subsequent years hereunder. Under the terms of said Act, the <br /> <br />appraised value for tax purposes of the annexed portion of land, <br /> <br />e <br /> <br />improvements, and tangible personal property shall be determined by <br />the Harris County Appraisal District. The parties hereto recogni ze <br />that said District has no authority to appraise the land, improve- <br /> <br />ments,4and tangible personal property in the unannexed area for the <br /> <br />purpose of cvmputing the "in' lieu." payments hereunder. The.:efore, <br /> <br />for 1982 and s~bsequent years under this Agreement, the parties <br /> <br />agree that the appraisal of the land, improvements, and ,tangible <br /> <br />personal property in the unannexed area shall be conducted by City, <br /> <br />at City's expense, by an independent appraiser of City's selection. <br /> <br />The parties recognize that in making such appraisal for "in lieu" <br /> <br /> <br />~ payment purposes, such appraiser must of necessity appraise the <br /> <br />entire (annexed and unannexed) land, improvements, and tangible <br /> <br />personal property. <br /> <br />Company agrees to render and pay full Ci ty ad <br /> <br />valorem taxes on such annexed land ,improvements, and tangible. per- <br /> <br />sonal propel?ty. <br />. (1) For tax year 1982 and thereafter, Company also agrees to <br /> <br />render to Ci ty and pay an amount "in lieu of taxes II o'n Company's <br /> <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 /> <br />ad valot-em taxes wh ich would be payable to Ci ty if a 11 of the <br />. hereinabove descl: ibed property had been \'Ii th in the corpora tc <br />