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05-22-19 LPRDA/TIRZ
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05-22-19 LPRDA/TIRZ
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City Meetings
Meeting Body
La Porte Redevelopment Authority/TIRZ
Meeting Doc Type
Agenda Packet
Date
5/22/2019
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4.6 Coolaeration. Developer agrees that it will cooperate with the Zone and the <br />Authority and Developer will provide all necessary information to the Authority and its <br />consultants in order to assist the Authority in complying with the Tri-Party Agreement, <br />including, without limitation, the completion of the audit and construction audit required therein. <br />4.7 Ad Valorem Taxes. The Developer agrees that all real property within the Project <br />Site will be valued for taxation in accordance with Section 23.01, Texas Tax Code, as hereinafter <br />may be amended, and that it will not request such property to be valued for taxation on the basis <br />of inventory as permitted by Section 23.12, Texas Tax Code and as hereinafter may be amended. <br />4.8 Changes in Project. The Developer shall not make any change in the Project as to <br />the uses of the property or change the boundaries within the Project Site without the express <br />written consent of the City, the Authority Board and the Zone Board. <br />4.9 No Vested Rights. The Developer expressly understands and agrees that neither <br />this Agreement nor any approvals required herein shall be construed as a "permit," as defined in <br />Section 245.001 of the Texas Local Government Code, or an application therefor; and, as such, <br />the Developer has no vested right as a "permit" in any order, regulation, ordinance, rule, <br />expiration date or other requirement in effect at the time of execution of this Agreement or at the <br />time any approval pursuant to the terms hereof is obtained. To this end, Developer, for itself, its <br />officers, agents, employees, successors and assigns, hereby releases and holds harmless the City, <br />the Authority and the Zone from any claim or cause of action involving vested rights, including, <br />but not limited to, such a right claimed pursuant to Chapter 245 of the Texas Local Government <br />Code, arising out of this Agreement or the approvals required to be obtained herein. <br />ARTICLE 5 <br />DUTIES AND RESPONSIBILITIES OF THE AUTHORITY <br />5.1 Authority Contributions. The Authority shall pay or reimburse to Developer the <br />Project Costs in the amount of the actual costs of the Public Improvements, subject to the <br />conditions of and provided by Articles 3 and 4. The total, actual Project Costs of the Public <br />Improvements, for which the Authority shall be responsible under the terms of this Agreement, is <br />estimated to be $2,019,908.37. Attached hereto as Exhibit B is a detailed description of the <br />engineering estimates of the Public Improvements. The Project Costs shall be financed and <br />funded in accordance with Article 6 hereof. In the event a portion of the Public Improvements is <br />determined by the Authority to be ineligible under the Act, the Project Costs shall be reduced by <br />the amount of such ineligible Public Improvements. If the Authority has already repaid <br />Developer for such ineligible Public Improvements in accordance with this Agreement, the <br />Parties agree that Developer shall reimburse the Authority for such repayment within thirty (30) <br />days of receipt of an invoice from the Authority and all such sums shall bear interest at the rate <br />established in Section 6.1(F) from the date past due until the date of such reimbursement. <br />Should the Developer fail to timely pay such amount, the Authority may, in its sole discretion, <br />withhold the amount due, including accrued interest, from future Contract Progress Payments. <br />5.2 Project Costs. The Authority shall pay or reimburse the Project Costs in <br />accordance with this Agreement. In the event the Authority does not have funds available at the <br />time all or part of the Project Costs are payable by the Authority in accordance with this <br />7 <br />HW US:74002297.3 <br />
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