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05-22-19 LPRDA/TIRZ
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05-22-19 LPRDA/TIRZ
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8/13/2024 9:33:24 AM
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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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DEVELOPMENT AGREEMENT <br />This Development Agreement ("Agreement"), is entered into and effective as of <br />___ 5 2019, by and among the REINVESTMENT ZONE NUMBER ONE, CITY OF <br />LA PORTE, TEXAS (the "Zone"), a tax increment reinvestment zone created by the City of La <br />Porte, Texas (the "C"), acting by and through its Board of Directors (the "Zone Board"), LA <br />PORTE REDEVELOPMENT AUTHORITY (the "Authority"), a local government corporation <br />created by the City, acting by and through its Board of Directors (the "Authoril Board") and <br />HAWTHORNE AT LA PORTE, LLC, a Delaware limited liability company (the "Developer"). <br />1-901a1T:\_W <br />WHEREAS, by Ordinance No. 99-2325 (the "TIRZ Ordinance") the City Council of the <br />City created the Zone pursuant to Chapter 311, Texas Tax Code, as amended (the "TIRZ Act"); <br />and ��� <br />WHEREAS, the Zone Board adopted a final Project Plan and Reinvestment Zone <br />Financing Plan; and <br />WHEREAS, the City Council of the City approved the final Project Plan and <br />Reinvestment Zone Financing Plan by Ordinance No. 99-2352, which has been amended from <br />time to time (as amended, the "Pro eq ct Plan"); and <br />WHEREAS, the City authorized the creation of the Authority to aid, assist and act on <br />behalf of the City in the performance of the City's governmental functions with respect to the <br />common good and general welfare of the City and neighboring areas as described in the TIRZ <br />Ordinance; and <br />WHEREAS, the City, the Zone and the Authority have entered into that certain <br />Agreement dated July 9, 2001, and approved by Ordinance No. 2001-2498 (the "Tri-P rt <br />Agreement"), pursuant to which the City and the Zone contracted with the Authority to <br />administer the Zone, including, but not limited to, the power to engage in activities relating to the <br />acquisition and development of land, to construct and improve infrastructure in the City, to enter <br />into development agreements with developers and builders in the City, and to issue, sell or <br />deliver its bonds, notes or other obligations in accordance with the terms of the Tri-Party <br />Agreement upon the approval of the City Council of the City; and <br />WHEREAS, the Tri-Party Agreement further provides that the Authority must obtain the <br />prior approval of the City for any project approved in the Project Plan that is constructed or <br />caused to be constructed by the Authority; and <br />WHEREAS, the TIRZ Act provides that the Zone may enter into agreements as the Zone <br />Board considers necessary or convenient to implement the Project Plan and achieve its purposes; <br />and <br />WHEREAS, the Authority Board and the Zone Board have determined that it is in the <br />best interest of the Zone and the Authority to contract with the Developer, in order to provide for <br />the efficient and effective implementation of certain aspects of the Project Plan; and <br />HW US:74002297.3 <br />
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