10-12-05 La Porte Redevelopment Authority Meeting minutes

Browse Search

under the Plan pursuant to reimbursement agreements approved by the Authority, either now or during the life of the Zone. (c) In addition to the City's right to reimbursement from Authority Bond proceeds, upon request from the City, the Authority shall reimburse the City for City Advances, plus interest, from the City's Net Tax Increment (computed as above) accumulated in the Revenue Fund and available in accordance with the priorities described in Section 5.3, below. (d) At such time as funds are available to pay all or any portion of the City Advances made hereunder, the Authority shall hire a certified public accountant to calculate the amount due the City and prepare and submit a report to the Authority certifying (1) the amount due the City for the City Advances being repaid with interest calculated thereon, and (2) that funds are available to make such payment. Such report shall be approved at the earliest practicable time, but not later than 90 days after submission by the City of the records required therefor. The Authority shall make payment to the City within 30 days of approval of the auditor's report. (e) The Authority shall provide to the City, upon the written request of the City, and on the earliest date such information is available after the date of such request, certified copies of all statements of revenue and the sources of such revenue of the Zone and Authority the intended use of which is to verify the availability of funds for repayment of the City Advances, if applicable, under this section. 5.3. Priorities. Amounts deposited in the Revenue Fund shall be applied in the following order of priority (i) disbursement to LPISD, if applicable, for educational facilities in accordance with the Interlocal Agreement with LPISD, the City and the Zone; (ii) administrative costs of the Zone and the Authority; (iii) amounts pledged or required for the payment of outstanding Authority Bonds, including Authority Bonds in the process of issuance and refunding Authority Bonds, and (iv) payments to the City pursuant to Section 5.2(c), above. 5.4. Multiple developers and the City. The Authority has entered into other agreements with developers of land within the Zone for the financing of Zone Improvements, and may enter into others. It is the intention of the parties that each developer shall be responsible for the creation of Tax Increment required for its own reimbursement. In such case, the Tax Increment generated within a developer's project as defined in the applicable reimbursement agreement shall not be considered in determining whether sufficient Net Tax Increment exists for the issuance of Authority Bonds, or direct payment of available Net Tax Increment, for reimbursement of City Advances unless the applicable developer shall give its written consent thereto. The net proceeds of Authority Bonds issued to reimburse multiple developers and the City shall be allocated based upon the proportion of Tax Increment generated by each developer, or such other method as the developers may agree upon, and any unallocated Tax Increment shall be used for calculation of the City's Net Tax Increment and reimbursement of City Advances.