O-1973-947 - Laserfiche WebLink

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. . . .. . e . . Industrial District Agreement - 6 ad valorem tax payments, and the amount of "in lieu of tax" payments hereunder. VII. In the event Company elects to protest the valuation set on its said properties by City for any year or years during the terms hereof, nothing in this Agreement shall preclude such protest and Company shall have the right to take all legal steps desired by it to reduce the same. Notwithstanding such protest by Company, Company agrees to pay to City on or before the date therefor hereinabove provided, at least the total of (a) the total amount of ad valorem taxes on the annexed portions, plus (b) the total amount of the "in lieu of taxes" on the unannexed portions of Company's hereinabove-described property which would be due by Company to City in accordance with the foregoing pro- visions of this Agreement on the basis of renditions which shall be timely filed by Company with City's Tax Assessor-Collector for that year. When the City tax valuation on said property of Company has been finally determined, either as the result of final judgment of a court of competent jurisdiction or as the result of other final conclusion of the controversy, then within thirty (30) days thereafter Company shall make payment to City of any additional payment due hereunder based on such final valuation. VIII. City shall be entitled to a tax lien on Company's above-described property, and all improvements thereon, in the event of default in payment of "in lieu of taxes" payments hereunder, lflhich shall accrue penalty and interest in like manner as delinquent taxes, and which shall be collectible by City in the same manner as provided by law for delinquent taxes. IX. Company agrees to provide to City at Company's expense, a survey plat and field note description of the land and improvementP which Company petitions to be annexed in accordance with the provisions of 4IIt Article II above. Such annexation tract shall be contiguous to a point on the existing corporate limits of La Porte. In the event (Revised: 8-72)