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<br />8/20/2003 <br />WHEREAS, the Texas Tax Code provides that the La Porte Zone may enter into <br />agreements as the Zone Board considers necessary or convenient to implement the Project Plan <br />and achieve its purposes; and <br /> <br />WHEREAS, the La Porte Board and the Zone Board have determined that it is in the best <br />interest of the La Porte Zone and the La Porte Authority to contract with the Developer, in order <br />to provide for the efficient and effective implementation of certain aspects of the Project Plan; <br />and <br /> <br />The Developer desires to proceed with the development of an urban project consisting of <br />(residential. commercial. industrial. and retail [NOTE: DEPENDS ON DEVELOPER)) on <br />land located within the La Porte Zone (the "Project") prior to the time that the La Porte <br />Authority can issue its bonds or incur other obligations to pay the costs of the Public <br />Improvements (as defined herein); NOW THEREFORE, <br /> <br />AGREEMENT <br /> <br />For and in consideration of the mutual promises, covenants, obligations, and benefits of <br />this Agreement, the La Porte Zone, the La Porte Authority and the Developer contract and agree <br />as follows: <br /> <br />ARTICLE 1 <br />GENERAL TERMS <br /> <br />1.1 Definitions. The terms "Agreement," "City," "Developer", "La Porte Agreement," <br />"La Porte Board," "La Porte Authority," "La Porte Zone," "Project," and "Zone Board" have the <br />above meanings, and the following terms have the following meanings: <br /> <br />"Act" shall mean the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as <br />amended. <br /> <br />"Authority Bonds" shall mean the La Porte Authority's tax increment revenue bonds <br />issued in one or more series pursuant to Section 6.1 (H) of this Agreement. <br /> <br />"Available Tax Increment" shall mean funds in the Tax Increment Revenue Fund. <br /> <br />"La Porte" shall mean all of the property located within the boundaries of the La Porte <br /> <br />Zone. <br /> <br />"Completion" shall mean completion of construction of the Public Improvements in <br />accordance with the Plans and Specifications so that the Project can be used and maintained for <br />its intended purposes. Completion shall be approved by the City and certified by the engineering <br />firm engaged by Developer to make such certification. <br /> <br />2 <br />