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