05-24-07 Meeting of the La Porte Redevelopment Authority minutes

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DEVELOPMENT AGREEMENT This Agreement ("Agreement"), effective , 2007, is made by and between REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS ("La Porte Zone"), a tax increment reinvestment zone created by the City of La Porte, Texas (the "City") pursuant to Chapter 311 of the Texas Tax Code, as amended, acting by and through its governing body, the Board of Directors (the "Zone Board"), LA PORTE REDEVELOPMENT AUTHORITY ("La Porte Authority"), a local government corporation created and organized under the provisions of the Texas Transportation Corporation Act, Chapter 431, Subchapter D, Transportation Code, and authorized and approved by the City pursuant to Resolution No. adopted on , acting by and through its governing body, the Board of Directors (the "La Porte Board") and RETREAT AT BAY FOREST LP, a Texas limited partnership (the "Developer") . RECITALS WHEREAS, by Ordinances No. _ the City Council of the City created the La Porte Zone in the City pursuant to Chapter 311 of the Texas Tax Code, as amended, and pursuant to a Preliminary Project Plan and Preliminary Reinvestment Zone Financing Plan, and appointed its Board of Directors ("TIRZ Ordinance"); and WHEREAS, the Zone Board adopted a [mal Project Plan and Reinvestment Zone Financing Plan (the "Proiect Plan") and submitted the final Project Plan to the City Council of the City for approval; and \ WHEREAS, the City Council approved the [mal Project Plan by Ordinance No._; and WHEREAS, the City authorized the creation of the La Porte Authority to aid, assist and . act on behalf of the City in the performance of the City's governmental functions with respect to the common good and general welfare of La Porte and neighboring areas as described in the TIRZ Ordinance; and WHEREAS, the City, the La Porte Zone and the La Porte Authority have entered into that certain Agreement dated , and approved as Ordinance No. _ (the "La Porte Agreement"), pursuant to which the City and the La Porte Zone contracted with the La Porte Authority to administer the La Porte Zone including, but not limited to, the power to engage in activities relating to the acquisition and development of land, to construct and improve infrastructure in La Porte, to enter into development agreements with developerslbuilders in La Porte, and to issue, sell or deliver its bonds, notes or other obligations in accordance with the terms of the La Porte Agreement upon the approval of the City Council of the City; and WHEREAS, the La Porte Agreement further provides that the La Porte Authority must obtain the prior approval of the City for any project approved in the La Porte Zone's Project Plan that is constructed or caused to be constructed by the La Porte Authority; and HOU:2322718.7