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

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WHEREAS, the City may later establish a Public Improvement District(s) to finance the construction of certain other public improvements to serve the Zone pursuant to Chapter 372, TEXAS LOCAL GOVERNMENT CODE (the "PID Act") and pursuant to an approved Service and Assessment Plan approved by City; and WHEREAS, if a PID is established within the Zone, the City and the Zone may 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 PID assessments as provided herein; NOW, THEREFORE, for and in consideration of the premises and the mutual covenants and agreements herein contained, the City, the Zone and the Authority agree as follows: I. DEFINITIONS Definitions. The terms "Agreement," "Authority," "City," "Zone Board," and "Tri-Party Agreement," and "PID Act" have the meanings set forth in the preamble hereof, and the following capitalized terms shall have the meanings provided below, unless otherwise defined or the context clearly requires otherwise. For purposes of this Agreement the words "shall" and "will" aze mandatory, and the word "may" is permissive. "Agreement" shall mean this Agreement and all attachments hereto, between the City, the Zone and the Authority. "Appraisal District" shall mean the Hams County Appraisal District. "Authority Obligations" shall mean the notes or other contractual obligations that the Authority may incur from time to time with a Developer pursuant to Article III hereof and includes without limitation Development Agreements. "Bonds" shall mean TIRZ Bonds and/or PID Bonds, as applicable. "Captured Appraised Yalue"shall mean the total appraised value of property in the Zone as of January 1 of any year less the Tax Increment Base of the Zone, all as defined in the TIRZ Act. "City" is defined in the recitals hereto. "City Council" shall mean the City Council of the City. "City Manager" shall mean the city manager of the City, or such person as he or she shall designate. "County" shall mean Harris County, Texas. Houstoa:367%6.2 2