02-24-10 Meeting of the La Porte Redevelopment Authority minutes

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DEVELOPMENT AGREEMENT Draft # 3 Februarv 22. 2010 This Development Agreement (this "Agreement") is made as of ,2010, by and between the REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS (the "Zone "), a tax. increment reinvestment zone created by the City pursuant to Chapter 311 of the Texas Tax Code, as amended, acting by and through its governing board of directors (the "Zone Board"), LA PORTE REDEVELOPMENT AUTHORITY, a nonprofit local government corporation formed by and on behalf of the City of La Porte, Texas (the "Authority"), and CITY OF LA PORTE, TEXAS a home-rule city (the "City"),the LA PORTE ECONOMIC DEVELOPMENT CORPORATION, a non-profit corporation organized under the laws of the State of Texas (the "Development Corporation") and HARRIS COUNTY, a body corporate and politic under the laws of the State of Texas, (the "County"). RECITALS WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, as amended, the City Council of the City (the "City Council") created the Zone in the City; and WHEREAS, the Zone Board adopted a project and financing Plan (as defined below in Section 1.1), as amended, that provides that the Zone will undertake to make certain acquisitions and improvements in the Zone, and was approved by the City Council; and WHEREAS, the Texas Tax Code provides that the Zone may enter into agreements as the Zone Board considers necessary or convenient to implement the Plan and achieve its purposes; and WHEREAS, the City and the Zone have contracted with the Authority as a nonprofit Texas local government corporation pursuant to the provisions of Chapter 431, Subchapter D, Texas Transportation Code, as amended, to carry out the purposes of the Zone, including administration, supervision, construction, financing and other duties, and have committed the revenues of the Zone to the Authority for such purposes, all as more particularly set forth in the Agreement Between the City, the Zone and the Authority, dated July 9, 2001 (the "Tri-Party Agreement"); and WHEREAS, the City, the Development Corporation and the County wish to make certain improvements within the Zone, to further development within the Zone and to carry out the purposes of the Zone as described in the Plan, and provide for the reimbursement of the Development Corporation and the County for such improvements in accordance with such Plans; and Whereas. the City has entered into Hn :lPreement mmml'lnt to thl'lt ~prtl'lin ~np('.il'll no('mnpnt " wi ' -. -- _.~.- - - ---- --c- - -------- r -----~---- -- ----... ---...---.. -r--..._.... .-- .....__........._........ No. SD 2008-0002 with the State of Texas (the "State") and that certain Project Cooperation Agreement (the "Cooperation Agreement") CEPRA Project No. 1404 with the General Land Page 1 of 11