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02-19-14 LPRDA/TIRZ
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02-19-14 LPRDA/TIRZ
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La Porte TX
Document Type
Agenda PACKETS
Date
2/19/2014
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4.10 No Vested Rights. The Developer expressly understands and agrees that neither <br />this Agreement nor any approvals required herein shall be construed as a "permit," as defined in <br />Section 245.001 of the Texas Local Government Code, or an application therefor; and, as such, <br />the Developer has no vested right as a "permit" in any order, regulation, ordinance, rule, <br />expiration date or other requirement in effect at the time of execution of this Agreement or at the <br />time any approval pursuant to the terms hereof is obtained. To this end, Developer, for itself, its <br />officers, agents, employees, successors and assigns, hereby releases and holds harmless the City, <br />the Authority and the Zone from any claim or cause of action involving vested rights, including, <br />but not limited to, such a right claimed pursuant to Chapter 245 of the Texas Local Government <br />Code, arising out of this Agreement or the approvals required to be obtained herein. <br />ARTICLE S <br />DUTIES AND RESPONSIBILITIES OF THE AUTHORITY <br />5.1 Authority Contributions. The Authority shall pay or reimburse to Developer the <br />Project Costs in the amount of the actual costs of the Public Improvements, subject to the <br />conditions of and provided by Articles 3 and 4. The total, actual Project Costs of the Public <br />Improvements, for which the Authority shall be responsible under the terms of this Agreement, is <br />estimated to be $2,097,297. Attached hereto as Exhibit B is a detailed description of the <br />engineering estimates of the Public Improvements. The Project Costs shall be financed and <br />funded in accordance with Article 6 hereof. In the event a portion of the Public Improvements is <br />determined to be ineligible under the Act, the Project Costs shall be reduced by the amount of <br />such ineligible Public Improvements. If the Authority has already repaid Developer for such <br />ineligible Public Improvements in accordance with this Agreement, the Parties agree that <br />Developer shall reimburse the Authority for such repayment within thirty (30) days of receipt of <br />an invoice from the Authority and all such sums shall bear interest at the rate established in <br />Section 6.1(F) from the date past due until the date of such reimbursement. Should the Developer <br />fail to timely pay such amount, the Authority may, in its sole discretion, withhold the amount <br />due, including accrued interest, from future Contract Progress Payments. <br />5.2 Project Costs. The Authority shall pay or reimburse the Project Costs in <br />accordance with this Agreement. In the event the Authority does not have funds available at the <br />time all or part of the Project Costs are payable by the Authority in accordance with this <br />Agreement, the Project Costs shall be funded in accordance with Article 6 hereof, and such <br />funding shall not be deemed a default by the Authority under this Agreement. <br />ARTICLE 6 <br />PUBLIC IMPROVEMENTS FINANCING AND FUNDING <br />6.1 Developer Advances. <br />(A) Developer shall advance sufficient funds as such become due for all costs <br />comprising the Project Costs including, without limitation, all costs of design, <br />engineering, materials, labor, construction, and inspection arising in connection with the <br />Public Improvements, including all payments arising under any contracts entered into by <br />Developer pursuant to this Agreement, all costs incurred in connection with obtaining <br />governmental approvals, certificates or permits (including any building permit fees) <br />
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