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<br />. <br />- e e <br /> - <br />. <br />e <br /> . <br /> Industrial District Agreement - 4 <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 City <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 />e appraised value for tax purposes of the annexed portion of land, <br /> improvements, and tangible 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 ~angible personal property in the unannexed area for the <br /> purpose of computing the "in lieu" payments hereunder. Therefore, <br /> for 1982 and subsequent years under this Ag re,eme nt, 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 of City's selection. <br /> The parties recognize that in making such appr~isal for "in lieu" <br /> payment purposes, such appraiser must of necessity appraise the <br /> entire (annexed and unannexed) land, improvements, and tangible <br />e personal property. Company agrees to render and pay full. Ci ty ad <br /> valorem taxes on such annexed land, improvem~nts, 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 lie~ of taxes" on Company's <br /> land, improvements, and tangible 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 />e hereinabove described property had been within the corporate <br />