Ord. 2001-2498 - City & TIRZ #! agreement with Redev. Auth. as consultants

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. e .' - D. Construction ofProiects. The Authority may construct infrastructure, buy equipment and supplies, and deal in real estate as necessary to implement the Plans and as permitted by the TIRZ Act and the PID Act: 1. To the extent funds are available, the Authority may design and construct Projects identified in the Plans that meet the qualifications of the TIRZ Act and the Pill Act as applicable; and 2. To the extent funds are available, the Authority may buy, sell, lease and otherwise deal in real estate within the Zone. E. Subcontractors. The Authority may provide the services required by this Agreement through staff, subcontractors, and/or ~onsultants subject to the conditions of this Agreement. Ill. . OBLIGATIONS OF THE AUTHORITY A. General Statement. The Authority has the authority to enter into Authority Obligations with Developers and enter into contracts with consultants and others to be paid from moneys to be paid by the City and the Zone to the Authority from Tax Increments and Pill Assessments pursuant to this Agreement, and further, the Authority may issue Bonds with the consent of the City Council; provided that nothing in this Agreement shall be construed to authorize the Authority to expend any of the Tax Increment funds received pursuant to this Agreement for any costs other than Project Costs or expand PID Assessments for any cost other than costs authorized under the PID Plan. B. Power to Incur Authority Oblieations. Subject to the provisions of this Article, the Authority shall have the power from time to time to issue and incur Authority Obligations and enter into contrac.ts with consultants upon such terms and conditions as the Authority Bo~d and the Zone Board shall determine to be necessary or desirable to implement the Plans. The Authority Obligations may be in the form of a Development Agreement with the Developer of a Development who agrees to construct, improvements or other facilities included in the Plans in exchange for the obligation of the Authority to repay the Developer for such costs from future payments made by the City and the Zone to the Authority pursuant to this Agreement. All Development Agreements shall. specify which Plan pursuant to which it is entered, and shall provide that (i) the Authority will not reimburse any Developer for any Project that is determined to be an ineligible Project Cost under the TIRZ Act, or an ineligible PID Project under the PID Act, as applicable; and (ii) the Developer shall repay the Authority for any payment made by the Authority to the Developer that is determined to be ineligible. Houston:367966.2 7