Res 121-83 6/21/1983r
RESOLUTION NO. 4/43
RESOLUTION APPROVING FIRST AMENDMENT TO CONTRACT
DATED DECEMBER 7, 1981 WITH GH-FOSTER CATHEAD
COMPANY, INC. CONCERNING NON-ANNEXATION OF PROPERTY.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF WICHITA
FALLS, TEXAS, THAT:
That certain First Amendment, a copy of which is attached
hereto, between the City and GH-Foster Cathead Company, Inc . ,
concerning non-annexation of certain property belonging to such
Company, is hereby approved, and the City Manager is authorized to
execute the same for the City of Wichita Falls .
PASSED AND APPROVED this the 21st day of June, 1983 .
M A Y O R
ATTEST:
City Clerk
FIRST AMENDMENT TO CONTRACT WITH
GH-FOSTER CATHEAD COMPANY, INC .
This First Amendment made and entered into this the 21st day
of June, 1983, by and between the City of Wichita Falls, Texas,
hereinafter called "City" and GH-Foster Cathead Company, Inc . ,
hereinafter called "Company",
WITNESSETH:
WHEREAS, City and Company entered into a contract dated
December 7 , 1981, concerning the continuation of the extraterritorial
status of certain property belonging to Company, and the parties
desire to make a first amendment to such contract .
NOW, THEREFORE, for and in consideration of the mutual covenants
herein contained, the parties hereto do hereby agree as follows:
1 . Paragraph 5 of said contract is hereby amended to read
as follows:
5 . City will furnish fire protection service to Company on
Subject Property, but will not furnish police protection service . "
2 . Paragraph 8 of said contract is hereby amended to read
as follows:
8 . Company will pay to City for the year 1982 and for each
succeeding year thereafter during this contract, as payment in
lieu of taxes, an amount in cash equal to 25 percent of that amount
that its normal city taxes would have been that year had it been
in the city limits . Each annual payment shall be made between
October 15 and December 31 of each year; the first such payment in
lieu of taxes shall be payable between October 15 and December 31
of 1982 . In computing the amount that their taxes would be each
year during this contract, the following rules shall be applied:
a. The appraised value of the land, the buildings and
other improvements and the machinery, equipment and other personal
property, shall be determined in the same manner as other items of
this type in the City are appraised .
i ,
b. The appraised value of the inventory shall be
determined in the same manner that the inventory of other firms
in the City are appraised .
c . Each year the current assessment ration established
by the City Council shall be applied to the appraised value in order
to obtain the assessed value; the then current tax rate as established
by the City Council shall be applied to the assessed value to obtain
the amount that the taxes would have been that year had the property
been located within the city limits . The payment in lieu of taxes
shall be 25 percent of the amount so computed. "
3 . Paragraph 9 of said contract is hereby deleted.
IN WITNESS WHEREOF, the parties hereto have caused this
amendment to be executed by their duly authorized officers as of
the day and year first set out above.
CITY OF WICHITA FALLS
By:
Dane J. Bennett, Acting
City Manager
ATTEST:
46,--e ) --se->t' . 1/6-¢--1 ,-W- -2
City Clerk
GH-FOSTER CATHEAD COMPANY, INC.
A/7BY:
H . R. Cr' pin, Senior Vice-
Presi nt
ATTEST:
ecretary
2
l