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WHEREAS Hugh L. Landrum, Jr., President of the firm of Hugh L. Landrum & Associates, Inc. has <br />proposed to the City of La Porte that another Contract be entered into between his firm and City of La Porte; <br />now <br />IT IS THEREFORE AGREED by and between the City of La Porte, Texas acting herein by its duly <br />authorized Mayor and City Council, FIRST PARTY, and Hugh L. Landrum & Associates, Inc. of Houston, <br />Harris County, Texas, SECOND PARTY, as follows: <br />I. <br />SECOND PARTY agrees to compile a complete list of appraised values for all properties covered by <br />Industrial District Agreements and subject to Industrial District payments to the City of La Porte, Texas, said <br />appraised values to be as of January 1, of each year of this contract, starting with the year 2021; and it is hereby <br />understood by BOTH PARTIES that the initial values for budgeting purposes will be available by July 31 of <br />each year covered by this contract. The final values on all properties will be presented to FIRST PARTY by <br />October 1 of each year covered by this contract or as soon thereafter as reasonably practicable. <br />II. <br />SECOND PARTY further agrees to work with the Harris County Appraisal District to apprise them of <br />the area of each industrial plant that has been annexed by the City of La Porte and, therefore, subject to their <br />assessment and a City ad valorem tax. This will apply to newly annexed areas of the City as well. <br />III. <br />SECOND PARTY also agrees to prepare a summary report for the City's Director of Finance or other <br />designated representative each year, said report to show each industr final total value for land, <br />improvements, and personal property, the amount subject to ad valorem tax and the amount of the taxes, and the <br />value subject to "in-lieu of taxes" payment and the amount of the "in-lieu of taxes" payment. SECOND <br />2 <br /> <br />