10-28-19 Regular Meeting of the La Porte City Council

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STATE OF TEXAS TEXAS LOCAL GOVERNMENT CODE CHAPTER 380 AGREEMENT FOR REIMBURSEMENT OF PAYMENT FOR CLOSURE OF STREET RIGHT-OF-WAY, BETWEEN OAKLAND LAND & DEVELOPMENT, INC., A MISSISSIPPI CORPORATION, AND THE CITY OF LA PORTE, TEXAS This AGREEMENT is entered into by and between the City of La Porte, Texas, a Texas municipal corporation of Harris County, Texas ("CITY"), and Oakland Land & Development, Inc., a Mississippi Limited Liability Corporation (hereinafter called "DEVELOPER"). DEVELOPER and CITY may be referred to jointly herein as the "Parties" and individually as a "Party." WITNESSETH: WHEREAS, Article 111, Section 52-a of the Texas Constitution and Chapter 380 of the Texas Local Government Code provides statutory authority for a local government to establish and provide for the administration of one or more programs, for making loans and grants and providing personnel and services of the municipality, to promote state or local economic development and to stimulate business and commercial activity in the municipality; WHEREAS, CITY has found that providing a program consisting of a grant of funds to DEVELOPER in exchange for DEVELOPER'S completion of the Project proposed by DEVELOPER will promote local economic development and stimulate business and commercial activity and create jobs within the CITY (hereafter referred to as "PROGRAM"); and WHEREAS, the Project proposed by DEVELOPER will additionally benefit CITY by generating revenue from the assessment of ad valorem tax on personal property, inventory and real property; and WHEREAS, CITY has determined that the PROGRAM will directly establish a public purpose and that all transactions involving the use of public funds and resources in the establishment and administration of the PROGRAM contain controls likely to ensure that the public purpose is accomplished; and NOW THEREFORE, for the reasons stated in these Recitals, which are incorporated into and made part of this Agreement, and in consideration of the mutual covenants and obligations herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows: Section 1. The Project. 1.1 DEVELOPER is planning to construct approximately twenty-two (22) office/industrial/warehouse buildings within a thirty (30) acre area in La Porte, between West G Street and West D Street and bordered to the west by South 15'h Street and to the east by a drainage way (17216 Linear detention pond, including Blocks 866, 864, and 863), which project is more