O-1973-947 - Laserfiche WebLink

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. . . . . . Industrial District Agreement - 5 this agreement, and in such event Company 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 imposes greater restrictions on the right of City to annex land belonging to Company or imposes further obligations on City in connection therewith after the annexation of such land, Company will waive the right to require City to comply with any such additional restrictions or obligations and the rights of the parties shall be then determined in accordance with the provisions of said Texas Municipal Annexation Act as the same exists on the date of execution of this Agreement. This Agreement may be extended for an additional period or periods by agreement between City and Company and/or 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 agreements of the kind made 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 agreements and to extend for additional periods permitted by law this Industrial District Agreement upon request of Company or its assigns; provided, however, that nothing herein contained shall be deemed to obligate either party hereto to agree to an extension of this Agreement. VI. Company agrees to pay all ad valorem 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 valorem tax assessment used by City is eighty per cent (80%) of the fair market value of property. Any change in such ratio used by City shall be reflected in any subsequent computations hereunder. This ~greement shall be subject to all provisions of law relating to determination of value of land and improvements for tax purposes (e.g., rendition, assessment, Board of Equalization procedure, court appeals, etc.) for purposes of fixing and determining the amount of (Revised: 8-72)