O-1972-942 - Laserfiche WebLink

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... c . . e e Industrial District Agreement - 4 the time of such review the value of Cornpany's land and irnprovements . within the annexed area is less than 25% of the total value of Cornpany's land and irnprovernents in both the annexed and unannexed areas, City . . . shall have the right to require Cornpany to pay to City annually begin- ning with the following year and continuing thereafter during the rernaining terrn of this Agreernent, and in that event Cornpany agrees to pay,an additional arnount "in lieu of taxes" on Cornpany's land and irnprovew~nts in the unannexed area to the end that Cornpany's payment of taxes on the annexed area combined with its payrnent of "in lieu of taxes" on the unannexed area will equal 43.75% of the arnount of ad valorem taxes which would be payable to City by Cornpany if all of the hereinabove described property had been within the corporate lirnits of City at the tirne of such deterrnination and review. The value deterrninations shall be made in accordance with the procedure for other determinations of value hereunder. IV. Cornpany rnay count and include any portion of its land heretofore included within the corporate lirnits of City, which is within the above-described property, in the deterrnination of the 25% of the total value of the land within, and irnprovernents on, its above-described property, for annexation purposes under the foregoing provisions of this Agreernent. V. This Agreement shall extend for a period beginning on the 1st day of January, 1973, and continue thereafter until December 31, 1979, unless extended for an additional period or periods of time upon mutual consent of Cornpany and City as provided by the Municipal Annexation Act; provided, however, that in the event this Agreement is not so extended for an additional period or periods of time on or before August 31, of the final calendar year of the terrn hereof, the agreement of City not to annex property of Cornpany within the District shall terrninate. In that event, City shall have the right to commence imme- diate annexation proceedings as to all of Cornpany's property covered by this Agreement, notwithstanding any of the terrns and provisions of (Revised: 8-72)