R-1966-51 - Laserfiche WebLink

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., e . r .; e e (1) City covenants, agrees and guarantees that during the term ot this agreement hereinbelow provided, said District shall continue and retain its extraterritorial status as an industrial district at least to the extent that the same covers the land lying therein belonging to Phillips which was conveyed to it by the above described deeds, and City does turther covenant, agree and guarantee .that such industrial district to the extent that it covers said land belonging to Phillips lying within said District shall be irmnune from annexation by City during the term hereof, and that all ot said land and property ot Phillips, both that heretotore annexed and that lying within said District, shall not have extez:1ded to it by ordinance any rules and regulations (a) governing plats and subdivision of land, (b) prescribing any building, electrical, plumbing or in- spection code or codes, or (c) attempting to exercise in any manner whatever con- tro1 over the conduct of Phillips' business thereon. (2) Phillips agrees that, as a payment :in lieu ot taxes on the property of Phillips within the District, it will pay to City on or betore December 31 in each year during the term hereot an amount reached by first ascertaining the fair market value of such property of Phillips within the District, by using as the basis therefor the fair market value established by Harris County in fixing its ad valorem tax assessment for that year on the property of Phillips which lies within the District, then applying to the fair market value so obtained the percentage ratio applied to the fair market value ot property which is then used by City in fixing ad. valorem tax assessments on property within the City, . and then applying to the tigure thus obtained eighteen percent (18%) of the tax rate of City tor that year. For the purpose of computing "fair market value" e.' .", hereunder, and for such purpose only, it is agreed that presently the ratio ot ad valorem tax assessment used by Harris County is twenty per cent (20%) of the fair market value of property and that presently the ratio of ad valorem tax assessment used by City is forty-two per cent (42%) ot the fair market value of property. Any change :in such ratios used by Harris County and/or the City on or after January 1, 1966, shall be reflected in all future computations here- under. In the event Phillips elects to protest the valuation set on its said properties by Harris County for any year or years during the term hereof, then nothing in this agreement shall preclude such protest and Phillips shall have - 2 -