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<br />- <br /> - e e <br />e <br /> Industrial District Agreement - 6 <br /> execution of this Agreement. This Agreement may be extended for an <br /> additional period or periods by agreement between City and Company <br /> and/or its assigns even though it is not extended by agreement <br /> between City and all of the owners of all land wi thin the District. <br /> of which it is a part. In this connection, City hereby expresses <br /> its belief that industrial district agreements of the kind made <br />. <br /> herein are conducive to the development of existing and future indus- <br /> try and are to the best interest of all citizens of City and encour- <br /> age,future City Commissions to enter into future industrial district <br /> agreements and to extend for additional periods permitted by I a \'1 <br />e this Industrial District Agreement upon request of Company or its <br /> assigns; provided, however, that nothing herein contained shall be <br /> deemed to obligate either party hereto to agree to an extension of <br /> this Agreement. <br /> IV. <br /> Company agrees to pay all ad valorem taxes, and all "in lieu of <br /> . <br /> taxesll pnyments hereunder, to City on or before December 3l of each <br /> year during the term hereof. It is agreed that presently the ratio <br /> of ad valorem tax assessment used by City is eighty per cent (80%) of <br /> the fair market value of property. Any change in such ratio used by <br /> City shall be reflected in any subsequent computations hereunder. <br /> This Agreement shall be subject to all provisions of law relating to <br />e determination of value of land, improvements, and tangible personal <br /> property, for tax purposes (e.g., rendition" assessment', Board of <br /> Equalization procedure, court appeals, e tc. ) for purposes of fixing <br /> and deter~ining the amount of ad valorem tax payments, and the amount <br /> of "in lieu of tax" payments hereunder, except as otherwise provided <br /> in Articles II and V hereof. <br /> V. <br />e ( 1\) In the event Company elects to protest the valuntion for <br /> tax purposes set on its said properties by City or by the Harris <br /> - <br />