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<br />'. <br />l:~,~;.. <br /> <br />'. <br /> <br />. <br /> <br />4It Industrial District Agreement - 4 <br /> <br />annexed area to the end that Company's payment of taxes on the <br /> <br />annexed area, combined with its payment of "in lieu of taxes" <br /> <br />on the unannexed area, will equal forty-five percent (45%) of <br />the amount of ad valorem taxes which would be payable to Ci ty <br /> <br />by Company if all of the hereinabove described property had <br /> <br />been within the corporate limits of City. <br /> <br />(B) The Texas Property Tax Code (S. B. 62l, Acts of the 65th <br /> <br />Texas Legislature, Regular Session, 1979) will be effective for 1982 <br /> <br />and subsequent years hereunder. Under the terms of said Act, the <br /> <br />e <br /> <br />appraised value <br /> <br />for tax purposes of the annexed portion of land, <br /> <br />improvements, and tang ible personal property shall be determined by <br /> <br />the Harris County Appraisal District. The parties hereto recognize <br /> <br />that said District has no authority to appraise the land, improve- <br /> <br />ments, and .tang ible personal property in the unan.nexed area for the <br /> <br />purpose of computing the "in lieu" payments hereunder. Therefore, <br /> <br />for 1982 and subsequent years under this Agreement, the parties <br /> <br />agree that the appraisal of the land, improvements, and tangible <br /> <br />- <br />personal property in the unannexed area shall be 'conducted by City, <br /> <br />at City's expense, by an independent appraiser of City's selection. <br /> <br />e The par_ties r:e..co.g.ni.z..e _that in making such appraisal <br /> <br />for "in lieu" <br /> <br />payment purposes, such appraiser must of necessity appraise the <br /> <br />entire (annexed and unannexed) land, improvements, and tangible <br /> <br />personal property. <br /> <br />Company agrees to render and pay full. Ci ty ad <br /> <br />valorem taxes on such annexed land, improvements, and tangible per- <br /> <br />sonal property. <br />.( l) For tax year 1982 and thereafter, Company also agrees to <br /> <br />render to City and pay an amount "in lieu of taxes" on Company's <br /> <br />land, improvements, and tang ible personal property in the un- <br /> <br />annexed area equal to forty-five percent (45%) of the amount of <br />ad valorem taxes which would be payable to City if all of the <br /> <br />e <br /> <br />hereinabove described property had been within the corporate <br />