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<br />DEVELOPMENT AGREEMENT
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<br />This Development Agreement (this "Agreement") is made as of 1, /),- ,2010, by and between
<br />the REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS (the
<br />"Zone "), a tax increment reinvestment zone created by the City pursuant to Chapter 311 of the
<br />Texas Tax Code, as amended, acting by and through its governing board of directors (the "Zone
<br />Board"), LA PORTE REDEVELOPMENT AUTHORITY, a nonprofit local government
<br />corporation formed by and on behalf of the City of La Porte, Texas (the "Authority "), and CITY
<br />OF LA PORTE, TEXAS a home-rule city (the "City "),the LA PORTE ECONOMIC
<br />DEVELOPMENT CORPORATION, a non-profit corporation organized under the laws of the
<br />State of Texas (the "Development Corporation") and HARRIS COUNTY, a body corporate and
<br />politic under the laws of the State of Texas, (the "County").
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<br />RECITALS
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<br />WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, as amended, the City Council of
<br />the City (the "City Council") created the Zone in the City; and
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<br />WHEREAS, the Zone Board adopted a project and financing Plan (as defined below in Section
<br />1.1), as amended, that provides that the Zone will undertake to make certain acquisitions and
<br />improvements in the Zone, and was approved by the City Council; and
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<br />WHEREAS, the Texas Tax Code provides that the Zone may enter into agreements as the Zone
<br />Board considers necessary or convenient to implement the Plan and achieve its purposes; and
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<br />WHEREAS, the City and the Zone have contracted with the Authority as a nonprofit Texas
<br />local government corporation pursuant to the provisions of Chapter 431, Subchapter D, Texas
<br />Transportation Code, as amended, to carry out the purposes of the Zone, including
<br />administration, supervision, construction, financing and other duties, and have committed the
<br />revenues of the Zone to the Authority for such purposes, all as more particularly set forth in the
<br />Agreement Between the City, the Zone and the Authority, dated July 9, 2001 (the "Tri-Party
<br />Agreement"); and
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<br />WHEREAS, the City, the Development Corporation and the County wish to make certain
<br />improvements within the Zone, to further development within the Zone and to carry out the
<br />purposes of the Zone as described in the Plan, and provide for the reimbursement of the
<br />Development Corporation and the County for such improvements in accordance with such Plans;
<br />and
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<br />Whereas, the City has entered into an agreement pursuant to that certain Special Document
<br />No. SD 2008-0002 with the State of Texas (the "State") and that certain Project Cooperation
<br />Agreement (the "Cooperation Agreement") CEPRA Project No. 1404 with the General Land
<br />Office, (the "GLO") that provides terms and conditions for the Project (as defined below in
<br />Section 1.1); and
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