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Premises and to request that the same be annexed to and included within the corporate limits <br /> of the City. <br /> 2. The City hereby waives any requirement otherwise applicable that Owners pay to <br /> the City any fee for filing the petition referred to in paragraph 1 hereof. <br /> 3. Upon receipt of said annexation petition, the City shall annex the territory described <br /> therein to the City as provided by law. <br /> 4. That upon annexation, the City, by ordinance, shall classify and place the Premises <br /> in the M-1 Light Industrial District, as per the provisions of City of Decatur Ordinance No. 3512, <br /> as amended (the "Zoning Ordinance"). <br /> 5. Upon annexation and during the term of this agreement, and subject to paragraph 6 <br /> hereof, and as limited herein, the City shall pay to Owners, or their heirs, successors or <br /> assigns, annually, an amount equal to the real property tax levied by the City and Decatur City ' <br /> Library for which the owners of the Premises are liable during that year. Such payment shall I, <br /> be made by the City upon presentment to the Finance Department of a copy of the tax bill for <br /> said Premises as prepared by the Macon County Treasurer, and shall be made in one (1) <br /> installment. It is the purpose of this payment, and the intent of the parties hereto, to abate that <br /> portion of real property tax caused by the annexation of the Premises. <br /> 6. If the Premises are subdivided, or subject to an equivalent procedure, during the <br /> term of this agreement, as provided in Ordinance No. 80-56 of the City of Decatur (the <br /> "Subdivision Ordinance"), or a building permit is issued for any portion thereof, then the City <br /> shall be liable only for payments, as described in paragraph 5, for property not covered by an <br /> approved final plat, or its equivalent, or said building permit. <br /> 7. Both parties hereto intend that water be available to the Premises; therefore, City <br /> shall extend a water main in Brush College Road adjacent to the property line thereof, subject <br /> to and in accordance with the terms of an annexation agreement approved by the Council by <br />