2001-07-09 Regular Meeting and Special Called Workshop Meeting

Browse Search

.. .~ AGREEMENT BY AND BETWEEN THE CITY OF LA PORTE, TEXAS, REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, AND THE LA PORTE REDEVELOPMENT AUTHORITY THE STATE OF TEXAS § § KNOW ALL BY THESE PRESENTS: COUNTY OF HARRIS § THIS AGREEMENT (this "AgreemenP'), effective as of , 2001, is made by and between the CITY OF LA PORTE, TEXAS, a municipal corporation and ahome-rule city.in the State of Texas (the "City"); REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, a reinvestment zone created by the City pursuant to Chapter 311, Texas Tax Code (the "Zone"); and the LA PORTE REDEVELOPMENT AUTHORITY, a nonprofit local government corporation organized and existing under the laws of the State of Texas (the "Authority"). RECITALS WHEREAS, by Ordinance No. 2000-2457 of the City Council of the City, adopted on December 11, 2000, the City authorized the creation of the Authority to aid, assist and act on behalf of the City in the performance of the City's governmental and proprietary functions with respect to the common good and general welfare of La Porte; and WHEREAS, by Ordinance No. 99-2325 ,the City created the Zone pursuant to Chapter 311, TEx~-S Tax CODE (the "TIRZAcP') and by Ordinance No. 99-23 50 ,the City expanded the Zone; and WHEREAS, the Board of Directors of the Zone ("Zone Board") and the City Council of the City each approved and adopted a Project Plan and a Reinvestment Zone Financing Plan for the Zone; and WHEREAS, the City and the Zone Board have determined that it will be advisable to have the Authority assist the Zone Boazd and act as consultant to the Zone Boazd in the implementation of the Project Plan and the Reinvestment Zone Financing Plan and provide the other services set forth in this Agreement, including the construction of improvements and the issuance of its bonds to facilitate the Plan; and WHEREAS, the City and the Zone desire to contract with the Authority to provide the assistance described in this Agreement during the term of the Zone, and to finance the efforts of the Authority using tax increments as provided herein; tri-poly agreement TIRZ