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Res 2392 9/18/1979Fr RESOLUTION NO. 57, RESOLUTION APPROVING AGREEMENT EXTENDING FOR TWO YEARS THE NON-ANNEXATION CONTRACT WITH WICHITA FALLS BOARD OF COMMERCE AND INDUSTRY AND HOWMET TURBINE COMPONENTS CORP. WHEREAS, the City of Wichita Falls and Wichita Falls Board of Commerce and Industry entered into a contract dated September 20, 1978, guaranteeing non-annexation for seven years of 66 acres out of the Thomas Curry Survey in Wichita County, which contract has since been assigned in part to Howmet Turbine Components Corp. ; WHEREAS, all of said parties desire to extend such contract for a period of two years. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF ALDERMEN OF THE CITY OF WICHITA FALLS, TEXAS, THAT: That certain Extension Agreement, a copy of which is attached hereto, between the City of Wichita Falls and Wichita Falls Board of Commerce and Industry and Howmet Turbine Components Corp. , whereby such non-annextion contract is extended for a period of two years, is hereby approved, and the City Manager is authorized to execute the same for the City of Wichita Falls. PASSED AND APPROVED this the 18th day of September, 1979. MAYOR ATTEST: City Clerk THE STATE OF TEXAS COUNTY OF WICHITA EXTENSION AGREEMENT This contract made and entered into by and between the City of Wichita Falls, Texas, a municipal corporation, hereinafter called "City", and Howmet Turbine Components Corporation, hereinafter called "Howmet", WITNESSETH: WHEREAS, Howmet is the owner of a certain tract of land, hereinafter called "Subject Property", located in Wichita County, Texas, said land being more fully described in Exhibit A, which is attached hereto and incorporated herein, and which land is located within City's extraterritorial jurisdiction; and, WHEREAS, the City and the Wichita Falls Board of Commerce & Industry BCI) entered into an Agreement, dated September 20, 1978 (the "1978 Agree- ment"), wherein the City declared the .Subject Property to be an industrial dis- trict and agreed to refrain from the annexation of the Subject Property until December 31, 1985, in consideration for the payment by BCI of certain sums in lieu of the taxes which would have been assessed on the Subject Property if annexation had taken place; and, WHEREAS, BCI has subsequently sold the land described in Exhibit A to Howmet and Howmet has been assigned the 1978 Agreement by BCI; and, WHEREAS, due to the damage suffered by the City in a recent tornado, the City and Howmet have agreed to extend the period of non-annexation and to make certain adjustments to the payments in lieu of taxes, both as described in the 1978 Agreement; and, WHEREAS, the Board of Aldermen of City has, by Resolution No. 2392, authorized and approved this contract which such Board of Aldermen deem to be in the best interest of the City. I y a NOW, THEREFORE, for and in consideration of the mutual covenants hereinafter contained to be performed by the parties hereto, City and Howmet do hereby agree as follows: 1. The 1978 Agreement is hereby extended by the mutual agreement of the parties for a period not to exceed two years beyond the original term set forth therein. In mutual consideration for said extension, the parties fur- ther agree to certain adjustments in the terms of the 1978 Agreement, which terms shall be hereinafter restated, as adjusted, in their entirety. It is agreed that, on and after the date hereof, the terms of this Extension Agree- ment shall supersede the terms of the 1978 Agreement. 2. City guarantees the continuation of the extraterritorial status of Subject Property and its immunity from annexation by City for a period, such that the Subject Property shall not be assessable due to its appearance on the tax rolls prior to the year commencing January 1, 1988. 3. City will furnish water service to Howmet on Subject Property at rates a ual to 150 of the rates cha red to users located ' h'q g wit in the City limits through December 31, 1985, unless City's Board of Aldermen reduces to a level below 50% or completely eliminates the standard out-of-city additional charge established by ordinance, in which event Howmet shall thereafter pay the same rates charged to other out-of-city users. If not sooner, Howmet will pay the same rates charged to users within the City limits beginning January 1, 1986. 4. City will furnish sanitary sewer service to Howmet on Subject Pro- perty at rates equal to 150% of the rates charged to users located within the City limits through December 31, 1985, unless City's Board of Aldermen re- duces to a level below 50% or completely eliminates the standard out-of-city additional charge established by ordinance, in which event I-lownact shall there- after pay the same rates charged to other out-of-city users. If not sooner, Howmet will pay the same rates charged to users within the City limits begin- ning January 1, 1986. 2- r _.w.. . .,. u._. _ 5. City will furnish solid waste collection and removal service to Howmet on Subject Property at rates equal to 125% of the rates charged to commercial and business establishments within the City limits through Decem- ber 31, 1985, unless City's Board of Aldermen reduces to a level below. 25% or completely eliminates the standard out-of-city additional charge established by ordinance, in which event Howmet shall thereafter pay the same rates charged to other out-of-city users. If not sooner, Howmet will pay the same rates charged to users within the City limits beginning January 1, 1986. 6. The water service, sanitary sewer service and solid waste collect- ion service provided to Howmet by City shall be subject to the ordinances of City as presently existing and as may be hereinafter amended. 7. Howmet will pay to the City between October 15 and December 31 of each year of this Extension Agreement a payment in lieu of taxes. Such pay- ment shall be in cash or cash equivalents acceptable to the City and in amounts to be determined in paragraphs (A) through (I) below. For purposes of these determinations, "Normal City Taxes" shall mean the amount of normal city taxes that would have been due and payable by Howmet on December 31 of the appli- cable tax year had the Subject Property been located within the limits of the City during the applicable tax year. A) The payment due December 31, 1979, shall be equal to 100% of the 1979 Normal City Taxes. B payment due DecemberThepyment 31, 1980, shall be equal to 100% of the 1980 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 Normal City Taxes. C) The payment due December 31, 1981, shall be equal to 25% of the 1981 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 and 1980 Normal City Taxes. D) The payment due December 31, 1982, shall be equal to 25% of the 1982 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 and 1980 Normal Taxes. 3- E) The payment due December 31, 1983, shall be equal to 25% of the 1983 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 and 1980 Normal City Taxes. F) The payment due December 31, 1984, shall be equal to 25% of the 1984 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 and 1980 Normal City Taxes. G) The payment due December 31, 1985 , shall be equal to 25% of the 1985 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 and 1980 Normal City Taxes. H) The payment due Decembdt 31, 1986, shall be equal to 25% of the 1986 Normal City Taxes reduced by 3 3/4% of 75% of the 1979 and 1980 Normal City Taxes. I)The payment due December 31, 1987, shall be equal to 25% of the 1987 Normal City Taxes reduced by 3 3/4% of 75% of the 1980 Normal City Taxes. In computing the Normal City Taxes, the following rules shall be applied: a) The appraised value of the land shall be determined in the same manner that other land in the City is appraised. b) The initial appraisal of the buildings and other improvements shall be an amount equal to 92% of the actual costs of such buildings and improvements, which cost figures have been furnished to City by Howmet. c) The appraised value of the machinery, equipment and other personal property except for inventory shall be, throughout the term of this contract, an amount equal to 65% of the actual costs of such machinerY • equipment and other personal property, which cost figuresures have been furnished to City by Howmet. d) The appraised value of Lhe inventory shall be determined in the same manner that the inventory of other firms in the City are appraised. 4- 1 (e) Each year the then current assessment ratio established by the Board of Aldermen shall be applied to the appraised value in order to obtain the assessed value; the then current tax rate as established by the Board of Aldermen shall be applied to the assessed value to obtain the amount of the Normal City Taxes. 8. This Extension Agreement does not release or waive any obligations to the City in connection with any paving, curb and gutter, or other improvement liens which may be assessed against Subject Property. 9. In the event Howmet should breach any of the provisions of this Ex- tension Agreement, and it fails to remedy such breach within thirty (30) days after having been notified by City to do so, then City shall have the right to terminate this Extension Agreement, and to proceed to annex Subject Property. 10. City shall initiate proceedings to annex Subject Property into the City limits early enough to be able to complete such proceedings by December 31, 1987 and Subject Property shall be included on the tax rolls of City on January 1, 1988. 11. City will furnish fire fighting services to Howmet on Subject Property. 12. This Extension Agreement shall be effective as of the date hereof. IN WITNESS WHEREOF, the parties hereto have caused this contract to be executed by their duly authorized officers on this the 3 ", day of ,1.)Co1 Nit.._ 1979. ATTEST: CITY OF WICHITA FALLS, TEXAS r 4,7...e 1 2 r/// ' c-142i-�.� BY CITY CLERK V CITY MA GER* ATTEST: HOWMET TURBINE COMPONENTS CORPORATION G410QLJ BY L94--"--'4444-- Assistant Secretary CIhRMAN -5- (� L EXHIBIT A A tract of land out of the Thomas Curry Survey, A-345, Wichita County, Texas, and being more specifically described by metes and bounds as follows: BEGINNING at the point of intersection of the West right-of-way line of a 50 foot wide County Road and the centerline of Bacon Switch Road, said point bears West 360. 00 feet from the Northwest corner of Section 39, H. & H. G. R.R. Co. Survey, A-161, and an ell corner of said Thomas Curry Survey, for the Northeast corner and place of beginning of this description: THENCE West 2100. 00 feet along said centerline of Bacon Switch Road to a point for the Northwest corner of this tract; THENCE South 1264.01 feet to a point for the Southwest corner of this tract; THENCE East 2448.96 feet to a point in said West right-of-way line of County Road for the Southeast corner of this tract; THENCE North 150 26' West 1311. 29 feet along said West right-of-way line of a 50' foot County Road to the Place of Beginning and containing 66. 00 Acres, more or less.