12-17-08 Meeting of the La Porte Redevelopment Authority

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PUBLIC RIGHT OF WAY IMPROVEMENT AND FUNDING AGREEMENT TillS PUBLIC RIGHT OF WAY IMPROVEMENT AND FUNDING AGREEMENT (this "Agreement") is made and entered into as of the _ day of October, 2008, by and among Port Crossing Land, LP, a Texas limited partnership ("Port Crossing"), and 65 LaPorte, Ltd., a Texas limited partnership ("65 LaPorte"), the LaPorte Tax Increment Reinvestment Zone # 1 ("Zone") and La Porte Redevelopment Authority ("Redevelopment Authority") (Zone and Redevelopment Authority are hereinafter referred to collectively as "City"). Port Crossing, 65 LaPorte, Zone, and Redevelopment Authority are sometimes referred to individually or collectively as "Party" or the "Parties". WHEREAS, Port Crossing is the owner of that certain real property situated in Harris County, Texas, more particularly shown on Exhibit "A" attached hereto and made a part hereof for all purposes ("Port Crossing Tract"); and WHEREAS, 65 LaPorte is the owner of that certain real property situated in Harris County, Texas, more particularly shown on Exhibit "B" attached hereto and made a part hereof for all purposes ("65 LaPorte Tract"); and WHEREAS, The Port Crossing Tract and the 65 LaPorte Tract border a public right of way known as State Highway 146, which is intersected ("Intersection") by another public right of way known as Wharton Weems Boulevard, as shown on the Plans (as such term is defmed below); and WHEREAS, Port Crossing and 65 LaPorte mutually agree that certain modifications to the Intersection are required in order for the Intersection to be safe for use by the traveling public and to meet the requirements of the Texas Department of Transportation, as shown on the plans attached as Exhibit "c" ("Plans"); and WHEREAS, City has agreed to administer and oversee the construction project at the Intersection ("ProjecC), and Port Crossing and 65 LaPorte have agreed to each pay certain monies to City, to be held in escrow by City in order to fund the Project; and WHEREAS, the Owners desire to enter into this Agreement to provide for approval of the Project, the Approved Budget (as such term is defmed herein below), and establish a mechanism for payment of necessary costs. NOW, THEREFORE, for and in consideration of the mutual promises, covenants and conditions herein expressed, and other good and valuable conSideration, the receipt and sufficiency of which is hereby acknowledged, Port Crossing, 65 LaPorte, and City agree as follows: H-Public _Right_of _ WaLlmprovement_ and _Funding_ Agreement_ v9(738385 _9)[1 ).DOC