O-1973-971 - Laserfiche WebLink

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I I Industrial District Agreement - 4 the time of such review the value of Company's land and improvements ~within the annexed area is less than 25% of the total value of Company's land and improvements in both the annexed and unannexed areas, City shall have the right to require Company to pay to City annually begin- ning with the following year and continuing thereafter during the remaining term of this Agreement, and in that event Company agrees to pay an additional amount "in lieu of taxes" on Company's land and improvements in the unannexed area to the end that Company's payment of taxes on the annexed area combined with its payment of "in lieu of taxes" on the unannexed area will equal 43.75% of the amount of ad valorem taxes which would be payable to City by Company if all of the hereinabove described property had been within the corporate limits . of City at the time of such determination and review. The value determinations shall be made in accordance with the procedure for other determinations of value hereunder. IV. Company may count and include any portion of its land heretofore included within the corporate limits of City, which is within the above-described property, in the determination of the 25% of the total value of the land within, and improvements on, its above-described property, for annexation purposes under the foregoing provisions of this Agreement. ~ v. This Agreement shall extend for a period beginning on the 1st day o~ January, 1973, and continue thereafter until December 31, 1979, unless extended for an additional period or periods of time upon mutual consent of Company 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 term hereof, the agreement of City not to annex property of Company within the District shall terminate. In that event, City shall have the right to commence imme- . diate annexation proceedings as to all of Company's property covered by this Agreement, notwithstanding any of the terms and provisions of (Revised: 8-72)