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<br />e' <br /> <br />e <br /> <br />. <br /> <br />Industrial Oistrict 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 /> <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 (5. B. 621, Acts of the 5St;:h. <br />Texas Legislature, Regular Session, 1979) will be effective for )982 <br /> <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 tangible personal property shall be detel:mined by <br />the Harris County Appraisal District.. The parties hereto recogni ze <br />that said District has no authority to appraise the land, i.mprove- <br /> <br />ments, and tangible personal property in the unannexed area for the <br /> <br />purpose of computing the n in lieu" payments hereunder. Therefore, <br /> <br />for 1982 and subsequent years under this Agreement, the parties <br />agree that the appraisal of the land, improvements, and tangible <br />personal property in the unannexed area. shall be conducted by City, <br />at City's expense, by an independent appraiser o~ City's selection. <br />The parties recognize that in making such appraisal for G in lieu" <br />payment purposes, such appraiser must .of necessity appraise the <br />entire (annexed and unannexed) land, improvements, and tangible <br /> <br />.. <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 />sonal property. <br />..( 1) For tax year 1982 and thereafter, Company also agrees to <br /> <br />. " <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 /> <br />. <br /> <br />... <br />