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<br />AGENDA ITEM 7: <br />CONSIDER APPROVAL OR OTHER ACTION REGARDING A <br />DEVELOPMENT AGREEMENT BY AND BETWEEN THE REINVESTMENT <br />ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS ("LAPORTE ZONE") <br />AND LA PORTE REDEVELOPMENT AUTHORITY ("LA PORTE <br />AUTHORITY") AND THE CITY OF LA PORTE, TEXAS (THE "CITY") FOR <br />THE DESIGN AND CONSTRUCTION OF THE SOUTHEAST SANITARY <br />SEWER TRUNK MAIN AND LIFT STATION FACILITIES <br /> <br />Prior correspondence to Council and the TIRZ/Redevelopment Authority noted that the <br />developer of Lakes at Fairmont Greens could not secure financing for the development <br />because of significant up front costs associated with the trunk sewer and lift station, even <br />though the TIRZ/ Authority could eventually reimburse the developer. With this cost <br />center removed, the developer was able to secure financing. During 05-06 budget <br />preparation, Council approved $645,000 for the construction of the trunk sewer and lift <br />station based on the understanding that the TIRZ/ Authority would reimburse the City <br />from future increment. <br /> <br />This agreement, between the City and TIRZ/ Authority provides for the City to advance <br />the funds ($645,000) for the trunk sewer and lift station and act as construction manager <br />for the TIRZ/ Authority. The agreement further provides for the TIRZ/ Authority to <br />reimburse the City in the future. <br /> <br />Also, attached is additional information provided to City Council on agenda <br />items 7 & 8. <br />