10-01-03 La Porte Redevelopment Authority Meeting minutes

Browse Search

8/20/2003 4) Adequate cash or capitalized interest must be set aside to assure payment of the bonds through the date of the next increment payment; 5) The minimum bond size will be that size that after funding the Reserve Fund, any capitalized interest and any costs of issuance will allow for a reimbursement to the developer of at least $1.5 million plus developer interest. (I) The La Porte Authority shall not issue obligations in accordance with this Article unless the resulting debt service requirements on all Zone obligations may be paid in full when due from all money then on deposit in or thereafter required to be deposited to the Property Account during the term of such Zone obligations, assuming that (a) the rates at which property taxes are levied by all taxing units required to make deposits to the Tax Increment Fund do not change from the rates at which they most recently levied property taxes, (b) the assessed value of taxable property (net of exemptions) within the Property does not change from the amount then most recently estimated or certified by the Harris County Appraisal District, (c) all amounts deposited (or required to be deposited) to the Property Account bear interest at the City's investment rate until expended, (d) proceeds of such obligations are deposited to and set aside in the Property Account as capitalized interest in the amount requested by the Developer and approved by the City Manager, and (e) the Property Account is expended in each year to pay administrative expenses of the Zone in an amount equal to the product of (i) the total amount of such expenses budgeted in the Zone's most recent operating budget and (ii) a fraction, the numerator of which is the current Tax Increment attributable to the Property and the denominator of which is the total current Tax Increment. (1) The La Porte Authority shall provide to Developer, upon the written request of Developer, and on the earliest date such information is available after the date of such request, certified copies of all statements of revenue attributable to the Developer's portion of the Project and the source of such revenue of the La Porte Zone and of the La Porte Authority the intended use of which is to verify the availability of funds for payment of the Project Costs or Developer Advances, if applicable, under this Section. (K) The La Porte Zone and the La Porte Authority shall endeavor to cause each Taxing Unit to collect all ad valorem taxes due on property located within the La Porte Zone and shall endeavor to cause such Taxing Units to deposit all tax increments due with the City for transfer to the Tax Increment Revenue Fund pursuant to the La Porte Agreement. ARTICLE 7 INSURANCE~ RELEASE 7.1 Insurance. With no intent to limit any contractor's liability or obligation for indemnification, the Developer shall require that each contractor providing work or service on the Public Improvements provide and maintain certain insurance in full force and effect at all times during the construction of the Public Improvements and shall require that the City, the La Porte Authority, and the La Porte Zone are named as additional insured's under such contractor's insurance policies. 12