05-05-04 La Porte Redevelopment Authority Meeting

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e e 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 compnsmg 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 City, a request for a Contract Progress Payment when an identifiable segment of Public Improvements has been completed. Documentation of cost and completion shall be forwarded to the La Porte Authority. The La Porte Authority, at its expense, shall hire a certified public accountant to calculate the amount due Developer and shall prepare and submit a report to the La Porte Board and send a copy to the City Manager. Requests for Contract Progress Payments shall be submitted only when an identifiable segment of Public Improvements has been completed and shall be submitted no more often than once every sixty (60) days. If the La Porte Authority does not have sufficient funds to pay any Contract Progress Payment within 30 days of the date the certified public accountant's report is received by the La Porte Board, Developer shall be deemed to have advanced such amount to the La Porte Authority as of the date actually expended by the Developer. Interest (as defined in Subsection 6.I(F)) on each Developer Advance made pursuant to this Subsection shall accrue from the date the Developer expended the funds and shall accrue for a maximum period of two years from such date. At such time as funds are available to pay all or any portion of the Developer Advances made hereunder, the La Porte Authority, at its expense, shall hire a certified public accountant to calculate the amount due Developer and shall prepare and submit a report to the La Porte Board and send a copy to the City Manager certifying (I) the amount due Developer for the Developer Advances being repaid with interest calculated thereon as specified herein and (2) that funds are available to make such payment. Upon receipt of such report, the La Porte Board shall promptly authorize and make payment to Developer. 9 HOU:2322718.2