R-1966-52 - Laserfiche WebLink

Browse Search

J , . . . ... . . to it by the above described deed, and City does further covenant, agree and guarantee that such industrial district to the extent that it covers said land belonging to Alamo lying within said District shall be immune from annexation by City during the term hereof, and that all of said land and property of Alamo, both that heretofore annexed and that lying within said District, shall not have extended 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 control over the conduct of Alamo I s business thereon. (2) Alamo agrees that, as a payment in lieu of taxes on the property ot Alamo within the District, it will pay to City on or before December 31 in each year during the term hereof an amount reached by tirst ascertaining the fair market value ot such property of Alamo within the District, by using as the basis therefor the tair market value established by Harris County in fixing its ad valorem tax assessment for that year on the property ot Alamo which lies with- in the District, then applying to the fair market value so obtained the percen- tage ratio applied to the fair market value of property which is then used by City in tixing ad valorem tax assessments on property within the City, and then applying to the figure thus obtained eighteen percent (18%) of the tax rate of City for that year. For the purpose of computing "fair market value" hereunder, and for such purpose only, it is agreed that presently the ratio of 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%) of the tair market value of property. Any change in such ratios used by Harris County and/or the City on or after January I" 1966, shall be reflected in all future computations hereunder. In the event Alamo elects to protest the valuation set on its said prop- erties by Harris County for any year or years during the term hereof, then nothing in this agreement shall preclude such protest and Alamo shall have the right to take all legal steps desired by it to reduce the same, but at such time as the protested Harris County tax valuation on said property of Alamo has been finally determined" either as the result of final judgment of a court ot competent jurisdiction or as the result of other tinal conclusion of the controversy, then within thirty (30) days thereafter .Alamo shall make payment to City of any addi- :t-ional payment due hereunder based on such final valuation. Even though Alamo - 2 -