05-05-04 La Porte Redevelopment Authority Meeting

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e'. e. . . D. Construction ofProi eclS:' The Authority may construct infrastructure, buy equipment and .supplies, and deal in real estate as necessary to implement the Plans and as permitted by the TIRZ Act and the PID Act: . 1., To the extent funds are available, the Authority may design and construct Proj ects identified in the Plans that meet the qualification~ of the TIRZ Act. and the PID Act as applicable; and '. 2. To ~e extent funds are available,., the Authority may huy: 'sell, lease and o~erwise deal in real estate within the Zone. '., . . E. Subcontractor~:' Th~Ai.1tho~ity .may provide the ~ervices required by this Agreement . throu~h staff, subcontractors, and/or consultants subject to th~ condit~ons ~f~s Agreement. .' .. '. . . ..' . In . .' . . ~', . . , . . .' OBLIGATIONS OF T~ AUTHORITY. . . . '. . . . ." .. '.' . .", , . . . .'.. . . A. Geri~r~ Stat~inent.'. The' Authority haS the' authorl'ty to e'nter int~. Authority. '. '. ::. Obligations with Developers and enter into contracts .with consultants and others to be paid from moneys to. be paid ~y the. City and the 'Zone to the Au~ority from Tax Increments and PID . . Assessments pursuant to this Agreement, and further, the Authority may issue Bonds ~th 'the . consent of the City Council; provided that nothing in this Agreement shall be construed to authorize 'the Authority to expend any of the Tax Increment funds receive~ p1;1rsuant to this Agreemen~ for anY: . costs othe.r than Project Costs. or expand PID Assessments fo~'any cost o~er ~an cos~s authori~ed' under the PID Plan. ..' ... : .: ' .' . . .... ....;.. : ..... . . '.. B. .' Pow~r to Incur Auilio'ritV Obli2ati~ns~ Subj~ct'to' th~ provisio~ of this .Arti~le~ th~ . Authority shall have the power from time to time to issue and incur Authority Obligations and enter. :' . . into contracts ~th consultants upo~ s~ch terms and conditions as the Authority .Board and the Zone '. Board shaH de~ermine to be necess!uy or desirable to implement the Plans. The Authority Obligations may be in the form of a Development Agreement with the Developer of a Development who agrees to construct, improveme~ts or other facilities included in the Plans in exchange for the . obligation of the Authority to repay the Developer for such costs from future payments made by the . . City and the Zone to the Authority pursuant to this Agreement. All Development Agreements shall . specify which Plan pursuant to which it is entered, and shall provide that (i) the Authority will not . reimburse any Developer for any Project that is determined to be an ineligible Project Cost under the . TIRZAct, or an ineligible PID Project under the PID Act, as applicable; and (ii) the Developer ~hall . repay the Authority for any payment .made by the Authority to the Dev~loper that is determined to be ineligible. . , Houstaa:367966.2 7