1980-07-16 Regular Meeting - Laserfiche WebLink

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e e tit Industrial District Agreement - 8 forth what Company be~ieves the market value of Company's herein- . above described property to be. Both parties agree to thereupon enter into good faith negotiations in an attempt to reach an agree- ment as to the market value of Company's property .for "in lieu" purposes hereunder. If, after t~e expiration of . thirty. (30) days . from the date the notice of disagreement was received by City, t.he 1 parties have not reached agreement as to such market value, the parties agree to submit the dispute to final arbi tration. 'as pro-: vided in subparagraph (1) of this Article V(B). Notwithstanding any such disagreement by Company, Company agrees to pay to C:i.ty on or before December 31 of each year during the term hereof, at . least the total of (a) the ad valorem taxes on the annexed portions, plus (b) the total amount of the "in lieu" payments which would be due hereunder on the basis of Company's valuations rendered and/or submitted to. City by Company here~nder. (1) A board of Arbitrators shall be created composed of one person named by Company, one by City, and a third to be named by those two. In case of no agreement on this arbi trator in 10 days, the parties will join in a written - request that the Chief Judge of the U. S. District CouOrt for_ the Southern Dis- trict of Texas appoint the third arbitrator who, (as the II Im- partial Arbi trator") shall preside over the arbitration pro- to the fair market value of Company's property for calculation of the "in lieu" payment and total payment hereunder for the year in question. The Board shall hear and consider all rele- vant and material evidenc~ 0,... .. that issue including expe-rt opinion, and shall render its written decision as promptly as practicable. That decision shall then be final and binding upon the parties, subject only to jud icial review as may be --