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<br />e. <br /> <br />e <br /> <br />Industrial District Agreement - 4 <br /> <br />e <br /> <br />annexed area. to the end that Company's payment of taxes on the <br /> <br />annexed areao 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 />by Company if all of the hereinabove described property had <br />. been within the corporate limits of City. <br />(B) The Texas Property Tax Code (S. B. 621, Acts of the 65th <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 />_.appraised value for tax purposes of "the annexed portion of land, <br />improvements, and tangible personal property shall be determined by <br />the Harris. County Appraisal District.. The parties hereto recogni ze <br />that said District has no authority to appraise the land, i.mprove- <br />ments, and tangible personal property in the un annexed 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 />agree that the appraisal of the land, improvements, and tangible <br />personal property in the unannexed area' shal~ _ be . c.onducted_ by _ Ci.ty.:,_ <br /> <br />at City's expense, by an independent appraiser of City's selection. <br /> <br />The parties recognize that in making such appraisal <br />-payment purposes,.' such appraiser must .of necessity <br /> <br />for "in lieu" <br /> <br />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 />valoiem taxes on such annexed land, improvements, and tangible per- <br /> <br />sonal property. <br />'( 1) For tax year 1982 and thereafter, Company also agrees to <br /> <br />. . <br />render to' City ~n~ pay an amount "in lieu of taxes" on Company's <br />land, improvements, and tang ible personal property in the un~ <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 />~ hereinabove described property had been within the corporate <br />