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STATE OF TEXAS § <br />COUNTY OF HARRIS § <br />This AGREEMENT is entered into by and between the City of La Porte, Texas, a Texas municipal <br />corporation of Harris County, Texas ("CITY"), and Oakland Land & Development, Inc., a <br />Mississippi Limited Liability Corporation (hereinafter called "DEVELOPER"). DEVELOPER and <br />CITY may be referred to jointly herein as the "Parties" and individually as a "Party." <br />WITNESSETH: <br />WHEREAS, Article 111, Section 52-a of the Texas Constitution and Chapter 380 of the Texas Local <br />Government Code provides statutory authority for a local government to establish and provide for the <br />administration of one or more programs, for making loans and grants and providing personnel and <br />services of the municipality, to promote state or local economic development and to stimulate <br />business and commercial activity in the municipality; <br />WHEREAS, CITY has found that providing a program consisting of a grant of funds to <br />DEVELOPER in exchange for DEVELOPER'S completion of the Project proposed by <br />DEVELOPER will promote local economic development and stimulate business and cornmercial <br />activity and create jobs within the CITY (hereafter referred to as "PROGRAM"): and <br />WHEREAS, the Project proposed by DEVELOPER will additionally benefit CITY by generating <br />revenue from the assessment of ad valorem tax on personal property, inventory and real property; <br />and <br />WHEREAS, CITY has determined that the PROGRAM will directly establish a public purpose and <br />that all transactions involving the use Of public funds and resources in the establishment and <br />administration of the PROGRAM contain controls likely to ensure that the public purpose is <br />accomplished; and <br />NOW THEREFORE, for the reasons stated in these Recitals, which are incorporated into and made <br />part of this Agreement, and in consideration of the mutual covenants and obligations herein and other <br />good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the <br />Parties agree as follows., <br />9MMENAHM39= <br />I DEVELOPER is planning to construct approximately twenty-two (22) <br />office/itidust.rial/warehouse buildings within a thirty (30) acre area in La Porte, between West G <br />Street and West D Street and bordered to the west by South 15'h Street and to the east by a drainage <br />way (17216 Linear detention pond, including Blocks 866, 864, and 863), which project is more <br />