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

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required as a part of any contracts entered into in accordance with this Agreement and all related legal fees incurred in connection therewith. (B)The Developer must submit, within sixty (60) days after the latest of recording a final plat of property within the Project Site, signing this Agreement, or completing an identifiable segment of Public Improvements not subject to the platting requirements of the City, a request for aContract Progress Payment when an identifiable segment of Public Improvements has been completed. Documentation of cost and completion shall be forwarded to the Authority. The Authority, at its expense, shall hire a certified public accountant to calculate the amount due Developer and shall prepare and submit, within a reasonable time,a report to the Authority Boardand send a copy to the City Managerof the City. Requests for Contract Progress Payments shall be submitted only when an identifiable segment of Public Improvements has been completed and shall be submitted no more often than once every sixty (60) days. If the Authority does not have sufficient funds to pay any Contract Progress Payment within 30 days of the date the certified public accountant’s report is received by the Authority Board,the Developer shall be deemed to have advanced such amount to the Authority as of the date actually expended by the Developer. Interest (as calculated pursuant to Subsection 6.1(F)) on each Developer Advance made pursuant to this subsection shall accrue from the date the Developer expended the funds and shall accrue for a maximum period of five (5) years from such date. At such time as funds are available to pay all or any portion of the Developer Advances made hereunder, the Authority, at its expense, shall hire a certified public accountant to calculate the amount due to the Developer and shall prepare and submit a report to the Authority Boardand send a copy to the City Manager of the City certifying (1)the amount due to the Developer for the Developer Advances being repaid, with interest calculated thereon as specified herein and (2)that funds are available to make such payment. Upon receipt of such report, the Authority Boardshall promptly authorize and make payment to the Developer. (C)If, upon completion of the Public Improvements and conveyance of the Public Improvements to the Authority or the City, as applicable, the Authority does not have sufficient funds to reimburse to Developer the unpaid balance of the Project Costs, Developer shall be deemed to have advanced to the Authority an amount equal to the difference between (i)the amount of the Project Costs which has been previously paid by the Authority to Developer and (ii)the final cost of the Public Improvements as evidenced by documentation approved by the Authority Boardin accordance with Section 4.3. (D)Each Developer Advance shall be evidenced by a certificate in the form attached hereto as Exhibit C. (E)The Authority shall begin repaying the Developer Advances, and shall continue such repayment until repaid in full, on the earliest date that funds are available from any of the following sources. (1)proceeds of any applicable bank loan; 9 HOU:3372249.1