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<br />REQUEST FOR LA PORTE ECONOMIC DEVELOPMENT CORPORATION AGENDA ITEM <br /> <br />Agenda Date Requested: 7/26/2010 <br />Requested By: Stacey Osborne <br />Department: <br /> <br />Appropriation <br />Source of Funds: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br /> <br />Exhibits: Agreement <br />Exhibits: Ordinance passed by City Council 7/12/10 <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 <br />costs and the La Porte Development Corporation (est. $700,000+/-) and Harris County ($600,000 maximum) per the <br />Interlocal 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 <br />County and the City of La Porte for their advance funding of the project. <br /> <br />This Agreement between; <br /> <br />La Porte Tax Increment Reinvestment Zone # 1 (TIRZ) <br /> <br />La Porte Redevelopment Authority (LPRA) <br /> <br />City of La Porte (CLP) <br /> <br />La Porte Development Corporation (LPDC) <br /> <br />Harris County (Ha. Co.) <br /> <br />provides for a mechanism to reimburse the LPDC and Ha. Co. for their advance funding of the project when <br />revenues are 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 /> <br />The TIRZ/LPRA Legal Counsel <br /> <br />Ha. Co. Pct 2 <br /> <br />Ha. Co. Office of Economic Development <br /> <br />David Hawes, Executive Director of the TIRZ/LPRA <br /> <br />City Attorney <br />