07-23-14 LPRDA/TIRZ - Laserfiche WebLink

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"Escrow Agreement" shall mean that certain Escrow Agreement, dated as of February 28, 2014, governing the disbursement of amounts deposited with the Title Company by the Owner, attached hereto as Exhibit B. "Escrow Deposit" shall mean an amount equal to $222,067.32, being the amount deposited with the Title Company by the Owner pursuant to the Escrow Agreement. "Existing Agreement" shall mean the Development Agreement, dated as of February 2014, among the City, the Zone, the Authority and the Developer, attached hereto as Exhibit A. "Land" shall mean the approximately three acres of real property contributed by the Owner for detention purposes, more particularly described in Exhibit C-1 and Exhibit C-2. "Owner" shall mean Senior Associates, Inc., a Texas corporation. "Owner Portion" shall mean an amount equal to the sum of the Escrow Deposit and the Value of the Land. "Owner Tract" shall mean the approximately 11.7 acres of real property owned by the Owner as of the date of this Agreement, more particularly described in Exhibit D. "Parties" or "Party" shall mean the City, the Zone, the Authority and the Owner, the parties to this Agreement. "Project Plan" shall mean the Project Plan and Reinvestment Zone Financing Plan of the Zone, as amended from time to time. "State" shall mean the State of Texas. "Tax Increment" shall have the meaning given such term in the Tri-Party Agreement. "Tax Increment Revenue Fund" shall mean the special fund established by the Authority and funded with payments made by the City and any other participating Taxing Units, pursuant to the Tri-Party Agreement. "Taxing Unit" shall mean individuahly and collectively, the City and any other taxing units participating in the Zone. "TIRZ Act" shall mean Chapter 311, Texas Tax Code, as amended from time to time. "Title Company" shall mean Charter Title Company, as holder of the Escrow Deposit pursuant to the Escrow Agreement. "Tri-Party Agreement" shall mean that certain Agreement, dated July 9, 2001, and approved by Ordinance No. 2001-2498, pursuant to which the City and the Zone contracted with the Authority to administer the Zone. "Value of the Land" shall mean the amount determined pursuant to Section 33 of this Agreement. 3 HOU:3454161.2