O-1972-942 - Laserfiche WebLink

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. . , . . . Industrial District Agreernent - 5 this agreernent, and in such event Cornpany agrees that if the Texas . Municipal Annexation Act, Article 970a (V.A.T.S.), is hereafter amended or any new legislation is enacted by the Legislature of the State of Texas which irnposes greater restrictions on the right of City to annex land belonging to Cornpany or irnposes further obligations on City in connection therewith after the annexation of such land, Company will waive the right to require City to cornply with any such additional restrictions or obligations and the rights of the parties shall be then deterrnined in accordance with the provisions of said Texas Municipal Annexation Act as the sarne exists on the date of execution of this Agreernent. This Agreernent rnay be extended for an additional period or . periods by agreernent between City and Cornpany andlor its assigns even though it is not extended by agreement between City and all of the owners of all land within the District of which it is a part. In this connection, City hereby expresses its belief that industrial district agreernents of the kind rnade herein are conducive to the development of existing and future industry and are to the best interest of all citizens of City and encourage future City Commissions to enter into future industrial district agreernents and to extend for additional periods perrnitted by law this Industrial District Agreernent upon request of Cornpany or its assigns; provided, however, that nothing . herein contained shall be deemed to obligate either party hereto to agree to an extension of this Agreernent. VI. Cornpany agrees to pay all ad valorern taxes, and all "in lieu of taxes" payments hereunder, to City on or before December 31 of each year during the term hereof. It is agreed that presently the ratio of ad valorern tax assessrnent used by City is eighty per cent (80t) of the fair rnarket value of property. Any change in such ratio used by City shall be reflected in any subsequent cornputations hereunder. This _~greernent shall be subject to all provisions of law relating to deterrnination of value of land and irnprovernents for tax purposes 4It (e.g., rendition, assessrnent, Board of Equalization procedure, court appeals, etc.) for purposes of fixing and deterrnining the arnount of (Revised: 8-72)