My WebLink
|
Help
|
About
|
Sign Out
Browse
Search
02-19-14 LPRDA/TIRZ
LaPorte
>
.Agendas
>
Open Meetings
>
Joint Redevelopment Authority & TIRZ
>
La Porte Redevelopment Authorty/TIRZ (CMO)
>
La Porte Redevelopment Authority/TIRZ
>
2014
>
02-19-14 LPRDA/TIRZ
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
8/13/2024 9:17:43 AM
Creation date
7/25/2025 11:55:40 AM
Metadata
Fields
Template:
La Porte TX
Document Type
Agenda PACKETS
Date
2/19/2014
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
66
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
Show annotations
View images
View plain text
required as a part of any contracts entered into in accordance with this Agreement and all <br />related legal fees incurred in connection therewith. <br />(B) The Developer must submit, within sixty (60) days after the latest of recording <br />a final plat of property within the Project Site, signing this Agreement, or completing an <br />identifiable segment of Public Improvements not subject to the platting requirements of <br />the City, a request for a Contract Progress Payment when an identifiable segment of <br />Public Improvements has been completed. Documentation of cost and completion shall <br />be forwarded to the Authority. The Authority, at its expense, shall hire a certified public <br />accountant to calculate the amount due Developer and shall prepare and submit, within a <br />reasonable time, a report to the Authority Board and send a copy to the City Manager of <br />the City. Requests for Contract Progress Payments shall be submitted only when an <br />identifiable segment of Public Improvements has been completed and shall be submitted <br />no more often than once every sixty (60) days. If the Authority does not .have sufficient <br />funds to pay any Contract Progress Payment within 30 days of the date the certified <br />public accountant's report is received by the Authority Board, the Developer shall be <br />deemed to have advanced such amount to the Authority as of the date actually expended <br />by the Developer. Interest (as calculated pursuant to Subsection 6.1(F)) on each <br />Developer Advance made pursuant to this subsection shall accrue from the date the <br />Developer expended the funds and shall accrue for a maximum period of five (5) years <br />from such date. At such time as funds are available to pay all or any portion of the <br />Developer Advances made hereunder, the Authority, at its expense, shall hire a certified <br />public accountant to calculate the amount due to the Developer and shall prepare and <br />submit a report to the Authority Board and send a copy to the City Manager of the City <br />certifying (1) the amount due to the Developer for the Developer Advances being repaid, <br />with interest calculated thereon as specified herein and (2) that funds are available to <br />make such payment. Upon receipt of such report, the Authority Board shall promptly <br />authorize and make payment to the Developer. <br />(C) If, upon completion of the Public Improvements and conveyance of the Public <br />Improvements to the Authority or the City, as applicable, the Authority does not have <br />sufficient funds to reimburse to Developer the unpaid balance of the Project Costs, <br />Developer shall be deemed to have advanced to the Authority an amount equal to the <br />difference between (i) the amount of the Project Costs which has been previously paid by <br />the Authority to Developer and (ii) the final cost of the Public Improvements as <br />evidenced by documentation approved by the Authority Board in accordance with <br />Section 4.3. <br />(D) Each Developer Advance shall be evidenced by a certificate in the form <br />attached hereto as Exhibit C. <br />(E) The Authority shall begin repaying the Developer Advances, and shall <br />continue such repayment until repaid in full, on the earliest date that funds are available <br />from any of the following sources. <br />(1) proceeds of any applicable bank loan; <br />E <br />
The URL can be used to link to this page
Your browser does not support the video tag.