O-1972-942 - Laserfiche WebLink

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., .. . . . ~, . '. . . Industrial Uistrict Agreernent - 6 ad valorern tax payrnents, and the arnount of "in lieu of tax" payments hereunder. VII. In the event Cornpany elects to protest the valuation set on its said properties by City for any year or years during the terrns hereof, nothing in this Agreernent shall preclude such protest and Cornpany shall have the right to take all legal steps desired by it to reduce the sarne. Notwithstanding such protest by Cornpany, Cornpany agrees to pay to City on or before the date therefor hereinabove provided, at least the total of (a) the total arnount of ad valorern taxes on the annexed portions, plus (b) the total arnount of the "in lieu of taxes" on the unannexed portions of Cornpany's hereinabove-described property which would be due by Cornpany to City in accordance with the foregoing pro- visions of this Agreernent on the basis of renditions which shall be tirnely filed by Cornpany with City's Tax Assessor-Collector for that year. When the City tax valuation on said property of Cornpany has been finally deterrnined, either as the result of final judgrnent of a court of cornpetent jurisdiction or as the result of other final conclusion of the controversy, then within thirty (30) days thereafter Cornpany shall rnake payment to City of any additional payment due hereunder based on such final valuation. VIII. City shall be entitled to a tax lien on cornpany's above-described property, and all irnprovernents thereon, in the event of default in payrnent of "in lieu of taxes" payments hereunder, which shall accrue penalty and interest in like manner as delinquent taxes, and which shall be collectible by City in the sarne manner as provided by law for delinquent taxes. IX. Cornpany agrees to provide to City at Cornpany's expense, a survey plat and field note description of the land and irnprovementp which Company petitions to be annexed in accordance with the provisions of 4IIt Article II above. Such annexation tract shall be contiguous to a point on the existing corporate lirnits of La Porte. In the event (Revised: 8-72)