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<br />,e ( <br /> <br />er <br /> <br />. <br /> <br />Industri~l District Agreement - 4 <br /> <br />annexed ~rea tO,the en~ that Company's payment of taxes on the <br /> <br /> <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 /> <br />the amount of ad valorem taxes wh ich would be payable to Ci ty <br /> <br />by Company if all of the hereinabove described property had <br /> <br />I\. <br />been within the corporate limits of City> <br /> <br />, (n.) T,l:1e Texas Property., Tax Code (5.. B. 621, Acts of the 65th <br /> <br />Texas Legislature, .Regular Session, 1979) will be effective for 1982 <br /> <br />.a,ndc' sub,seque.nt :years. her~under. <br />., ..- ,. -- ........ \,.'.. - .. - .' <br /> <br />Under . the terms of said Act, the <br /> <br />appraised value for tax purposes of the annexed portion of land, <br /> <br />.im.pr:ov~ment;5" ..,and i;.ang ~~le ,jperp~~al Brop~r':-y. sh~ll be, determined by <br />the .Har.t:is, ;Copnty, Apprai_~al District. _ The p~'rties hereto recognize <br />.that said District has no authority to appraise the land, improve- <br /> <br />ments, and ~ang ible personal property in the unannexed area for the <br /> <br />purpose of compu ting the "in lieu" payments hereunder. <br /> <br />Therefore, <br /> <br />for 1982 and subsequent years under this Agreement, the partieE <br /> <br />agree that the appraisal of the land, improvements, and tang iblE <br /> <br />personal property in the unannexed area shall be conducted by Ci ty I <br /> <br />at City's expense, by an independent appraiser o~ City's selection. <br /> <br />The parties recognize that in making such appraisal for "in lieu' <br /> <br />payment purposes, such appraiser must of necessi.ty appraise the <br /> <br />entire (annexed and unannexed) land, improvements, and tangibl( <br /> <br />personal property. <br /> <br />Company agrees to render and pay full. Ci ty a( <br /> <br />valorem taxes on such annexed land, improvements, and tarigible. pe~ <br /> <br />sonal property. <br /> <br />(1) For tax year 1982 and thereafter, COMpcJ.ny also agrees t< <br /> <br />render to City and pay an amount "in lie~ of taxes" on Company' <br /> <br />land, improver.1ents, and tang ible personal property in the un <br /> <br />annexed area equal to forty-five percent (45%) of the amount 0 <br /> <br />ad valorem taxes which would be p~yable to Ci ty if all of th <br /> <br />hereinabove dcscribed property had been wi th in the corpora t <br />