05-13-15 Meeting of the La Porte Development Corporation Board of Directors

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MEMORANDUM OF AGREEMENT This Memorandum of Agreement (MOA) is made by and entered into this ____ day of May 2015 (the Effective Date) between the City of La Porte, a home-rule municipality under the laws of the State of Texas (the City) and the Fairmont Park Homes Association (FPHOA) Project, as defined herein. The terms acceptable to both Parties to begin the Community Cooperation Project are as follows: The City and FPHOA agree that the Community Cooperation Project shall consist of installation of electrical service and lighting at three neighborhood entryways- Spencer Highway/Farrington and Spencer Highway/Valley Brook (hereinafter Lighting Electrical improvements will include extension of service from existing poles, all fixtures for the lights, and timer/photocell The City shall be responsible for the construction and installation of the Improvements. The City agrees to fund a sum not to exceed $5,000.00 for construction and installation of the Improvements. The FPHOA shall be responsible for all future maintenance of the Improvements, including but not limited to the replacement of the light fixtures, timers, and photocells, and agrees to fund the all costs associated with same. However, the City agrees to be responsible for operating costs associated with provision of electrical service (monthly meters charge and usage). Notwithstanding any requirement established herein to the contrary, Improvements as outlined in this MOA is conditioned on appropriation of adequate funds in its annual budget, as approved by the La Porte City Council. Should there not be sufficient funds available, the City reserves the right to terminate payment of electrical service costs, and as necessary, remove any and all Improvements installed pursuant to this MOA. In and provision of electrical service, FPHOA agrees to pay the City a sum of 5,850.00, to be applied to the cost of construction and installation of the Improvements. In addition, FPHOA shall provide its share of the funding for the Improvements within 30 calendar days of the Effective Date of this MOA. If FPHOA City reserves the right to terminate the agreement immediately. This MOA constitutes the complete understanding between the parties in order to begin the procurement and installation process for the Improvements. For the City of La Porte: _______________________ ______________________ Corby D. Alexander Attest: Patrice Fogarty, City Secretary