05-05-04 La Porte Redevelopment Authority Meeting

Browse Search

e It 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 La Porte Zone in an amount equal to the product of (i) the total amount of such expenses budgeted in the La Porte 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. The insurance, at a minimum, must include the following coverage's and limits of liability: Coverage Limit of Liability Worker's Compensation Statutory Employer's Liability Bodily Injury by Accident $100,000 (each accident) Bodily injury by Disease $500,000 (policy limit) Bodily injury by Disease $100,000 (each employee) Comprehensive General Liability: Including Broad Form Coverage, Contractual Liability, Bodily and Personal Injury, and Completed Operations (for a period of one year after Bodily Injury and Property Damage, Combined Limits of $500,000 each Occurrence and $1,000,000 Aggregate 12 HOU:2322718.2