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<br />AGENDA ITEM 9: <br />CONSIDER APPROVAL OR OTHER ACTION REGARDING A DEVELOPMENT <br />AGREEMENT BY AND BETWEEN THE REINVESTMENT ZONE NUMBER ONE, CITY <br />OF LA PORTE, TEXAS ("LA PORTE ZONE") AND LA PORTE REDEVELOPMENT <br />AUTHORITY ("LA PORTE AUTHORITY") AND THE CITY OF LA PORTE, TEXAS <br />(THE "CITY") AND PORT CROSSING LAND, L.P. ("DEVELOPER") <br /> <br />This item related to the development of Port Crossing (formerly known as Texas Import/Export) as <br />presented by National Property Holdings. <br /> <br />The Development Agreement between the "Zone", "Authority" and the "Developer" is in the form <br />prepared and approved by our Bond Counsel, Andrews/Kurth. <br /> <br />Several items are being refined at this point: <br />. Exhibit "A" - Project Site - Being developed <br />. Exhibit "B" - the eligible items <br />o A draft form of Exhibit "B" follows <br />o The references to Project Plan and Harris County Agreement will be removed and <br />estimated costs filled in <br />o Export Drive will be removed - it is not eligible <br />. Language is being reviewed to address Harris County's concern expressed in a letter dated <br />May 11, 2006 regarding a commitment to build two additional lanes (letter attached). <br /> <br />Also, enclosed is a draft TIRZ Model for this development, which is the expected (TIRZ) pro forma <br />for this development, based on certain assumptions. The model was prepared by The Financial <br />Advisors - First Southwest. <br />