Laserfiche WebLink
0 • <br />La Porte, Texas and the La Porte Redevelopment Authority approved by City of La Porte Ordinance <br />.; 000 - <br />No. � , as it may be amended from time to time, within thirty (30) days of receipt of each audit. <br />In addition, the City shall provide to Harris County a copy of all reports, studies and analyses <br />prepared by the City, the Redevelopment Authority or others that concern the expenditure of Tax <br />Increment Funds of said Zone. <br />VI. TERM AND TERMINATION <br />A. Agreement Term <br />This Agreement becomes effective as of the date of the final signature hereto. The term of <br />this Agreement shall commence with the tax year beginning on January 1, 2001. This Agreement <br />shall terminate on the earlier of December 31, 2029, or when Harris County contributions are no <br />longer required to cover bond debt service, unless earlier tenninated by the parties hereto, or when <br />the increments contributed by all participating taxing entities total $46,444,762, or when the <br />increments contributed by Harris County total $10,054,000, whichever occurs first. In the event <br />bonds are issued, Harris County's participation may increase by I 1 % of the bond financing cost, not <br />to exceed $5,429,000. It is the intent of the parties that Harris County's participation in the La Porte <br />Zone, or any expansion thereof, is limited to the term stated herein. Nothing in this Agreement, <br />however, limits the authority of the Harris County Commissioners Court to extend the term of this <br />Agreement or increase the amount of the Harris County Tax Increment Participation in the La Porte <br />Zone, as set forth in Section IV of this Agreement. Upon termination of this Agreement, the <br />obligation of Harris County to contribute to the Tax Increment Fund for the La Porte Zone shall end. <br />However, the obligations of the City and the La Porte Zone to refund any overpayment by Harris <br />County shall survive such termination. <br />7 <br />