10-01-03 La Porte Redevelopment Authority Meeting minutes

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8/20/2003 ARTICLE 5 DUTIES AND RESPONSIBILITIES OF THE LA PORTE AUTHORITY 5.1 La Porte Authority Contributions. The La Porte Authority shall payor reimburse to Developer the Project Costs in the amount of the actual costs of the Public Improvements as more particularly described in and as provided by Articles 3 and 4. The total, actual Project Costs of the Public Improvements, for which the La Porte Authority shall be responsible under the terms of this Agreement, is estimated to be $ . Attached hereto as Exhibit B is a detailed description of the engineering estimates of the Public Improvements. The Project Costs shall be financed and funded in accordance with Article 6 hereof. In the event a portion of the Public Improvements is determined to be ineligible under the Act, the Project Costs shall be reduced by the amount of such ineligible Public Improvements. If the La Porte Authority has already repaid Developer for such ineligible Public Improvements in accordance with this Agreement, the Parties agree that Developer shall reimburse the La Porte Authority for such repayment within thirty (30) days of receipt of an invoice from the La Porte Authority and all such sums shall bear interest at the rate established in section 6.1 (F) from the date past due until the date of such reimbursement. Should the Developer fail to timely pay such amount, the La Porte Authority may, in its sole discretion, withhold the amount due, including accrued interest, from future Contract Progress Payments. ,'- 5.2 Proiect Costs. The La Porte Authority shall payor reimburse the Project Costs in accordance with this Agreement. In the event the La Porte Authority does not have funds available at the time all or part of the Project Costs are payable by the La Porte Authority in accordance with this Agreement, the Project Costs shall be funded in accordance with Article 6 hereof, and such funding shall not be deemed a default by the La Porte Authority under this Agreement. ARTICLE 6 PUBLIC IMPROVEMENTS FINANCING AND FUNDING 6.1 Developer Advances. (A) Developer shall advance sufficient funds as such become due for all costs comprising the Project Costs including, without limitation, all costs of design, engineering, materials, labor, construction, and inspection arising in connection with the Public Improvements, including all payments arising under any contracts entered into by Developer pursuant to this Agreement, all costs incurred in connection with obtaining governmental approvals, certificates or permits (including any building permit fees) required as a part of any contracts entered into in accordance with this Agreement and all related legal fees incurred in connection therewith. (B) The Developer must submit, within sixty (60) days after the latest of recording a final plat of property within the Project Site, signing this Agreement, or completing an identifiable segment of Public Improvements not subject to the platting requirements of the 9