02-10-14 Regular Meeting of La Porte City Council

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DEVELOPMENT AGREEMENT This Agreement (“Agreement”), effective ________, 2013, is made by and among the CITY OF LA PORTE, TEXAS (the “City”),REINVESTMENT ZONE NUMBER ONE, CITY OF LAPORTE, TEXAS (the “Zone”), a tax increment reinvestment zone created by theCity, acting by and through its Board of Directors (the “Zone Board”), LAPORTE REDEVELOPMENT AUTHORITY (the “Authority”), a local government corporation created by the City,acting by and through its Board of Directors (the “Authority Board”) andBEAZER HOMES TEXAS LP, a Delaware limited partnership(the “Developer”). RECITALS WHEREAS, by OrdinanceNo. 99-2325 (the “TIRZ Ordinance”),the City Council of the City created the Zone pursuant to Chapter 311, Texas Tax Code, as amended(the “TIRZ Act”); and WHEREAS, the Zone Board adopted a final Project Plan and Reinvestment Zone Financing Plan; and WHEREAS, the City Council approved the final Project Plan and Reinvestment Zone Financing Plan by Ordinance No. 99-2352; and WHEREAS, the Zone Board recommended that the Zone’s boundaries be expanded and adopted an AmendedProject Plan and Reinvestment Zone Financing Plan (as amended, the “Project Plan”); and WHEREAS, the City Council approved the expansion of the Zone’s boundaries by Ordinance No. 2013-______ and approved the Project Plan by Ordinance No. 2013-___; and WHEREAS, the City authorized the creation of the 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 the Cityand neighboring areas as described in the TIRZ Ordinance; and WHEREAS, the City, the Zone and the Authority have entered into that certain Agreement dated July 9, 2001, and approved byOrdinance No. 2001-2498 (the “Tri-Party Agreement”), pursuant to which the City and the Zone contracted with the Authority to administer the 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 the City, to enter into development agreements with developers and builders in the City, and to issue, sell or deliver its bonds, notes or other obligations in accordance with the terms of the Tri-Party Agreement upon the approval of the City Council of the City; and WHEREAS, the Tri-Party Agreementfurther provides that the Authority must obtain the prior approval of the City for any project approved in the Project Plan that is constructed or caused to be constructed by the Authority; and