O-1972-942 - Laserfiche WebLink

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" . . . . Industrial District Agreernent - 3 - and guarantee that such industrial district, to the extent that it ~ covers saiq land lying within said District and not now within the corporate lirnits of City or to be annexed under the provisions of Article II hereof, shall be immune frorn annexation by City during the terrn hereof (except as hereinafter provided) and shall have no right to have extended to it any services by City, and that all of said land, including that which has been heretofore or which rnay be annexed pur- suant to the later provisions of this Agreement, shall not have extended to it by ordinance any rules and regulations (a) governing plats and subdivisions of land, (b) prescribing any building, electrical, plumb- ing or inspection code or codes, or (c) attempting to exercise in any . manner whatever control over the conduct of business thereon; provided, however, it is agreed that City shall have the right to institute or intervene in any judicial proceeding authorized by the Texas Water Code or the Texas Clean Air Act to the sarne extent and to the same intent and effect as if all land covered by this Agreernent were located within the corporate lirnits of City. II. Cornpany has filed with City, coincident with the execution hereof, its petition to City to annex 25% of the total value of the land and irnprovements hereinabove described. Upon annexation thereof, Cornpany 411tagrees to render and pay full City ad valorern taxes on such annexed -- land and irnprovements. In addition, Company shall make "in lieu of taxes" payments to City on the remaining 75% of the value of the land and irnprovernents thereon, in an amount equal to 25% of the amount which would be payable to City -in ad valorem.taxes if said 75% of the hereinabove described property was within the corporate lirnits of City. III. City shall have the right three (3) years after the effective date hereof to review and deterrnine the value of the land and improvements within the area covered by this Agreement which are then within the corporate lirnits of City (the annexed area) and the value of the land ~and irnprovements within the area covered by this Agreement which are not within the corporate limits of City (the unannexed area). If at (Uevised: 8-72)