R-1966-51 - Laserfiche WebLink

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.... ,", .. , t . e e question, then the assessment determined by said judgment shall be used tor the purpose of cal.culating the amount to be paid City in lieu of taxes in accordance with the provisions of paragraph (2) above. If final. judgment entered in any such suit does not find said assessment on Phillips' property to be more than twenty per cent (20%) less than said assessment by Harris County ot comparable properties within the District, then the assessment originaJ.ly established for that year shall be used for the purpose of paragraph (2) above. The costs of any suit, exclusive of attorney's fees, shall be borne by the losing party. (3) This Industrial Agreement shall extend for a term beginning on the tirst day ot January, 1966, and continuing thereafter until December 31, 1972, unless extended tor an additional period or periods of time as provided by the Texas Municipal Annexation Act upon mutual consent of the parties; provided, how- ever, that in the event this agreement is not so extended for an additional period or periods of time on or before August 31, 1972, the agreement of the City not to annex property of Phillips within the District shall terminate. In this con- nection, City hereby expresses its beliet that such industrial district agree- ments are conducive to development ot existing and future industry, are to the best interest ot aJ.l citizens ot this City, and City hereby encourages tuture City Commissioners to enter into future industrial agreements and to extend for additional periods permitted by law this industrial agreement upon the request of Phillips, its successors or assigns. (4) Contemporaneously and eftective herewith, Phillips and the other . industries which were parties to the above described agreement dated December 30, 1961, which amended and carried torward said agreement dated December 22, 1958, . have entered into a further agreement with City terminating said prior agreements effective as of the effective date hereof. This agreement shall inure to the benefit ot and be binding upon City and Phillips, its assignees, successors, aftiliates and subsidiaries, and shall re- main in force whether Phillips sells, assigns or in any other manner disposes of, either voluntarily or by operation ot law, all or any part of the property belonging to it within said District, and the agreements herein contained shall be held to be covenants running with the land described in said deeds dated April 4, 1956, and May 12, 1959, for so long as this agreement or any extension thereof remains in force. -4-