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<br />REQUEST FOR CITY COUNCIL AGENDA ITEM <br /> <br />~enda Date Requested: Julv112. 2010 <br /> <br />Aoorooriation <br /> <br />Requested By: John Joerns, Asst. City Manager <br /> <br />Source of Funds: <br /> <br />Department: Administration <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />x <br /> <br />Amount Budgeted: <br /> <br />Exhibits: <br /> <br />Ordinance <br /> <br />Amount Requested: <br /> <br />Exhibits: <br /> <br />AlZreement <br /> <br />Budgeted Item: Yes <br /> <br />No <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />The Sylvan Beach Erosion Protection Re-nourishment Project was initially funded by the State at 60% of the base costs <br />and the La Porte Development Corporation (est. $700,000+/-) and Harris County ($600,000 maximum) per the Interlocal <br />Agreement between the City of La Porte and Harris County. <br /> <br />The project is eligible for reimbursement per the TIRZ Project Plan, when revenues are available. <br /> <br />The Agreement under consideration provides for reimbursement from future TIRZ revenues to reimburse Harris County <br />and the La Porte Development Corp. for their advance funding of the project. <br /> <br />- 'lis Agreement between; <br />La Porte Tax Increment Reinvestment Zone #1 (TIRZ) <br />La Porte Redevelopment Authority (LPRA) <br />City of La Porte (CLP) <br />La Porte Development Corporation (LPDC) <br />Harris County (Ha. Co.) <br />provides for a mechanism to reimburse the LPDC and Ha. Co. for their advance funding of the project when revenues are <br />available. The Agreement also provides for a priority of reimbursement (see paragraph 5.3) <br /> <br />The Agreement has been reviewed and approved by the; <br />The TIRZILPRA Legal Counsel <br />Ha. Co. Pct 2 <br />Ha. Co. Office of Economic Development <br />David Hawes, Executive Director of the TIRZILPRA <br />City Attorney <br /> <br />The Agreement was approved by the TIRZ and LPRA at their June 30th meeting. After City Council and the LPDC <br />approve the agreement, it will be forwarded to Ha. Co. for their approval. <br /> <br /> <br />!l{1! w <br /> <br />Date <br />