10-12-05 La Porte Redevelopment Authority Meeting minutes

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DEVELOPMENT AGREEMENT This Development Agreement (this "Agreement") is made as of ,2006, by and between the REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS (the "Zone "), a tax increment reinvestment zone created by the City pursuant to Chapter 311 of the Texas Tax Code, as amended, acting by and through its governing board of directors (the "Zone Board"), LA PORTE REDEVELOPMENT AUTHORITY, a nonprofit local government corporation formed by and on behalf of the City of La Porte, Texas (the "Authority"), and CITY OF LA PORTE, TEXAS a home-rule city (the "City "). RECITALS WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, the City Council of the City created the Zone in the City; and WHEREAS, the Zone Board adopted a Project and Financing Plan (as defined below in Section 1.1), as amended, that provides that the Zone will undertake to make certain acquisitions and improvements in the Zone, and was approved by the City Council; and WHEREAS, the Texas Tax Code provides that the Zone may enter into agreements as the Zone Board considers necessary or convenient to implement the Project and Financing Plan and achieve its purposes; and WHEREAS, the City and the Zone have contracted with the Authority as a nonprofit, Texas local government corporation pursuant to the provisions of Chapter 431, Subchapter D, TEX. TRANS. CODE, to carry out the purposes of the Zone, including administration, supervision, construction, financing and other duties, and committed the revenues of the Zone to the Authority for such purposes, all as more particularly set forth in the Agreement Between the City, the Zone and the Authority, dated July 9,2001 (the "Tri-Party Agreement"); and WHEREAS, the City wishes to make certain improvements to its sanitary sewer system within the Zone, to further development within the Zone and to carry out the purposes of the Zone as described in the Project and Financing Plan, and for the reimbursement of the City for such improvements in accordance with such Plans; now, therefore, AGREEMENT For and in consideration of the mutual promises, covenants, obligations, and benefits of this Agreement, the Zone, the Authority and the City contract and agree as follows: