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<br />: . <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />" . <br />. <br /> <br />Industrial District Agreernent - 5 <br /> <br />this agreernent, and in such event Cornpany agrees that if the Texas <br />~ Municipal Annexation Act, Article 970a (V.A.T.S.), is hereafter amended <br />or any new legislation is enacted by the Legislature of the State of <br />Texas which imposes greater restrictions on the right of City to annex <br /> <br />land belonging to Cornpany or irnposes further obligations on City in <br />connection therewith after the annexation of such land, Cornpany will <br /> <br />waive the right to require City to cornply with any such additional <br /> <br />restrictions or obligations and the rights of the parties shall be then <br />deterrnined in accordance with the provisions of said Texas Municipal <br /> <br />Annexation Act as the sarne exists on the date of execution of this <br /> <br />Agreernent. This Agreement rnay be extended for an additional period or <br />. periods by agreernent between City and Cornpany andlor its assigns even <br />though it is not extended by agreernent between City and all of the <br />owners of all land within the District of which it is a part. In this <br /> <br />connection, City hereby expresses its belief that industrial district <br /> <br />agreernents of the kind rnade herein are conducive to the development of <br /> <br />existing and future industry and are to the best interest of all <br /> <br />citizens of City and encourage future City Commissions to enter into <br /> <br />future industrial district agreernents and to extend for additional <br />periods perrnitted by law this Industrial District Agreernent upon <br /> <br />request of Cornpany or its assigns; provided, however, that nothing <br /> <br />. <br /> <br />herein contained shall be deerned to obligate either party hereto to <br /> <br />agree to an extension of this Agreernent. <br /> <br />VI. <br /> <br />Cornpany agrees to pay all ad valorern taxes, and all "in lieu of <br /> <br />taxes" payments hereunder, to City on or before December 31 of each <br /> <br />year during the terrn hereof. It is agreed that presently the ratio of <br /> <br />ad valorern tax assessrnent 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-cornputations hereunder. This <br />Agreernent shall be subject to all provisions of law relating to <br /> <br />. <br /> <br />deterrnination of value of land and irnprovements for tax purposes <br />(e.g., rendition, assessrnent, Board of Equalization procedure, court <br />appeals, etc.) for purposes of fixing and deterrnining the amount of <br /> <br />(~evised: 8-72) <br />