10-12-05 La Porte Redevelopment Authority Meeting minutes

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AGENDA ITEM 6: AGREEMENT BETWEEN THE CITY, TIRZ AND REDEVELOPMENT AUTHORITY On August 14, 2002 the La Porte Redevelopment Authority and TIRZ approved the first agreement for services by and between the City, TIRZ and Redevelopment Authority. Prior to this date, on May 20, 2002, Council passed and approved Ordinance 2002-2554 for this agreement. Section II and Section VI of the Tri-Party Agreement (attached) between the City, Zone and Authority describes the services the Redevelopment Authority may furnish. Since the Authority has no employees this agreement allows the City to provide these services. The agreement provide for the Authority to compensate the City, at cost plus 5% annually, upon termination, or as otherwise provided for in writing, for services performed by the City on behalf of the Authority. For outside or vendor services, payment will be made within 30 days of invoice date. The agreement term is for 1 year with the option for two I-year renewals and includes provisions for termination by either party. We are requesting the Redevelopment Authority and TIRZ Board approve the first I-year renewal for the agreement approved on May 9,2005. La Porte City Council approved this agreement on April 24, 2006.