1994-10-24 Public Hearing and Regular Meeting

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e e AGREEMENT TO CONTRIBUTE FUNDS (CITY FORM) STATE OF TEXAS COUNTY HARRIS PROJECT HIGHWAY SH 146 <X>UNrY OF TRAVIS This agreement by and between the State of Texas, acting by and through the Texas Department of Transportation, hereinafter called the State, and City of La Porte ' , Texas, acting by and through its duly authorized officials under Ordinance dated the day of , 19 94 , hereinafter called the City, shall be effective on the date of approval and execution by and on behalf of the State. WHEREAS, the State had requested the City to enter into contractual agreements and acquire right of way on the following projects: Highway Account No. Limits SH 146 From South of Spencer /W Main To South of SH 225 and WHEREAS, the City has now requested that the State assume responsibility for acquisition of all necessary right of way; and, WHEREAS, the City desires to voluntarily contribute to the" State funds, equal to ten percent (10%)' of the cost of the right of way, for the proper development and construction of the State Highway System; and WHEREAS, the City has contributed $40,050 to the State as partial contribution of funds for acquisition of right of way; and WHEREAS, the City wishes to contribute the remaining portion of the ten percent (10%) 'of the cost of the right of way in incremental payments in accordance with the following schedule: NOW, THEREFORE, in consideration of the foregoing premises and the mutual benefits to be derived therefrom, the City shall contribute to the State an amount equal to ten percent (10%) of the cost of the right of way to be acquired by the State and shall return this agreement, executed by the City to Texas Department of Transportation, and shall contribute to the State the balance of ten percent (10%) in incremental payments in accordance with the following schedule: o Eighty Four Thousand One Hundred Thirty Three & .34/1.00 Dollars $84,133.34 on or before January 31, 1995