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

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WHEREAS, the Texas Tax Code provides that the La Porte Zone may enter into agreements as the Zone Board co.nsiders necessary or convenient to implement the Project Plan and achieve its purposes; and WHEREAS, the La Porte Board and the Zone Board have determined that it is in the best interest of the La Porte Zone and the La Porte Authority to contract with the Developer, in order to provide for the efficient and effective implementation of certain aspects of the Project Plan; and The Developer desires to proceed with the development of an urban project consisting of residential, commercial, industrial and retail on land located within the La Porte Zone (the "Project") prior to the time that the La Porte Authority can issue its bonds or incur other obligations to pay the costs of the Public Improvements (as defined herein); NOW THEREFORE, AGREEMENT For and in consideration of the mutual promises, covenants, obligations, and benefits of this Agreement, the La Porte Zone, the La Porte Authority and the Developer contract and agree as follows: ARTICLE 1 GENERAL TERMS ( 1.1 Definitions. The terms "Agreement," "City," "Developer", "La Porte Agreement" "La Porte Board" "La Porte Authority" "La Porte Zone" "Project" and "Zone , , , , J' Board" have the above meanings, and the following terms have the following meanings: "Act" shall mean the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as amended. "Authority Bonds" shall mean the La Porte Authority's tax increment revenue bonds issued in one or more series pursuant to Section 6.1(H) of this Agreement. "Available Tax Increment" shall mean funds in the Tax Increment Revenue Fund. "Completion" shall mean completion of construction of the Public Improvements in accordance with the Plans and Specifications so that the Project can be used and maintained for its intended purposes. Completion shall be approved by the City and certified by the engineering firm engaged by Developer to make such certification. l "Contract Progress Payment" shall mean the payment due to a contractor or consultant hired by Developer to complete the Public Improvements. A contract progress payment must be supported not only by a report of a certified public accountant as required in Section 6.1 (B), but also by customary documentation including, but not limited to, the name and address of the contractor, a description of the contract pursuant to which the payment is requested, the amount of such payment, the original contract amount, total payments made to date on such contract, an 2 HOU:2322718.7 .. - - - - - - - - - - - .. .... - - .. - -