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<br />• <br />. INDUSTRIAL AGREEMENT, Page. 3. <br /> <br /> <br />by ordinance any rules and regulations (a) governing plats and <br />subdivision of land, (b) prescribing any building, electrical, <br />plumbing or inspection code or codes, or (c) attempting to <br />exercise in any manner whatever control over the conduct of <br />,~ Company's business thereon. <br />(2) Company agrees that, as a payment in li®u of <br />taxes on the said property of Company within the District, it <br />will pay to City on or before December 31 in each year during <br />the term hereof an amount reached by first ascertaining the <br />fair market value of such property of Company within the District, <br />by using as the basis therefor the fair market value established <br />by Harris County in fixing its ad valorem tax assessment for that <br />year on the property of Company which lies within the District, <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 />used by City in fixing ad valorem tax assessments on property <br />within the City, and then applying to the figure thus obtained <br />eighteen percent (18$) of the tax rate of City for that year. <br />For the purpose of computing "fair market value" hereunder, and <br />for such purpose only, it is agreed that presently the ratio of <br />ad valorem tax assessment used by Harris County is twenty percent <br />(20~) of the fair market value of property and that presently the <br />ratio of ad valorem tax assessment used by City is forty-two <br />percent (42$) of the fair market value of property. Any change <br />• in such ratios used by Harris County and/or the City on or after <br />January 1, 1966, shall be reflected in all future computations <br />hereunder. <br />In the event Company elects to protest the valuation <br />set on its said properties by Harris Coi <br />during the term hereof, then nothing in <br />preclude such protest and Company shall <br />all legal steps desired by it to reduce <br />- time as the protested Harris County tax <br />of Company has been finally determined, <br />final judgment of a court of compettent <br />inty for any year or years <br />this agreement shall <br />have the right to take <br />the same, but at such <br />valuation on said property <br />either as the result of <br />jurisdiction or as the <br />