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<br />e <br /> <br />e <br /> <br />Industrial District Agreement <br /> <br />6 <br /> <br />IV. <br /> <br />This Agreement may be extended for an additional period or <br /> <br />periods by agreement between City and Company and/or its assigns even <br /> <br />though it is not extended by agreement between City and all of the <br /> <br />owners of all land within the District of which it is a part. In <br /> <br />this connection, City hereby expresses its belief that industria+ <br /> <br />district agreements of the kind made herein are conducive to the <br /> <br />development of existing and future industry and are to the best <br /> <br />interest of all citizens of City and encourage future City Councils <br /> <br />to enter into future industrial district agreements and to extend for <br /> <br />additional periods permitted by law this Industri'al Di~trict Agreement <br /> <br />upon request of Company or its assigns; provided, however, that <br /> <br />nothing herein contained shall be deemed to obligate either party <br /> <br />hereto to agree to an extension of this Agrement. <br /> <br />V. <br /> <br />Company agrees to pay all "in lieu of taxes" payments hereunder, <br /> <br />to City on or before December 31 of each year during the term hereof. <br /> <br />. <br /> <br />The Company agrees to pay all ad valorem taxes hereunder in accordance <br /> <br />with Section 31.02 of the Texas Property Code. <br /> <br />It is agreed that <br /> <br />presently the ratio of ad valorem tax assessment used by City is one <br /> <br />hundred percent (100%) of the fair market value of property. Any <br /> <br />change in such ratio used by City shall be reflected in any subse- <br /> <br />quent computations hereunder. <br /> <br />This Agreement shaJ...l be subject to <br /> <br />all provisions of law relating to determination of value of land, <br /> <br />improvements, and tangible personal property, for tax purposes (e.g., <br /> <br />rendition, assessment, Harris County Appraisal District review and <br /> <br />appeal procedures, court appeals, etc.) for purposes of fixing and <br /> <br />determining the amount of ad valorem tax payments, and the amount of <br /> <br />"in lieu of tax" payments hereunder, except as otherwise provided in <br /> <br />Articles II and VI hereof. <br /> <br />VI. <br /> <br />(A) In the event Company elects to protest the valuation for <br /> <br />tax purposes set on its said properties by City or by the Harris <br /> <br />'" <br />