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<br />ARTICLE 6 <br />PUBLIC IMPROVEMENTS FINANCING AND FUNDING <br /> <br />6.1 Developer Advances. <br /> <br />(A) Developer shall advance sufficient funds as such become due for all costs <br />compnsmg the Project Costs including, without limitation, all costs of design, <br />engineering, materials, labor, construction, and inspection arising in connection with the <br />Public Improvements, including all payments arising under any contracts entered into by <br />Developer pursuant to this Agreement, all costs incurred in connection with obtaining <br />governmental approvals, certificates or permits (including any building permit fees) <br />required as a part of any contracts entered into in accordance with this Agreement and all <br />related legal fees incurred in connection therewith. <br /> <br />( <br /> <br />(B) The Developer must submit, within sixty (60) days after the latest of <br />recording a final plat of property within the Project Site, signing this Agreement, or <br />completing an identifiable segment of Public Improvements not subject to the platting <br />requirements of the City, a request for a Contract Progress Payment when an identifiable <br />segment of Public Improvements has been completed. Documentation of cost and <br />completion shall be forwarded to the La Porte Authority. The La Porte Authority, at its <br />expense, shall hire a certified public accountant to calculate the amount due Developer <br />and shall prepare and submit, within a reasonable time, a report to the La Porte Board and <br />send a copy to the City Manager. Requests for Contract Progress Payments shall be <br />submitted only when an identifiable segment of Public Improvements has been <br />completed and shall be submitted no more often than once every sixty (60) days. If the <br />La Porte Authority does not have sufficient funds to pay any Contract Progress Payment <br />within 30 days of the date the certified public accountant's report is received by the <br />La Porte Board, Developer shall be deemed to have advanced such amount to the <br />La Porte Authority as of the date actually expended by the Developer. Interest (as <br />defined in Subsection 6. 1 (F)) on each Developer Advance made pursuant to this <br />Subsection shall accrue from the date the Developer expended the funds and shall accrue <br />for a maximum period of five (5) years from such date. At such time as funds are <br />available to pay all or any portion of the Developer Advances made hereunder, the <br />La Porte Authority, at its expense, shall hire a certified public accountant to calculate the <br />amount due Developer and shall prepare and submit a report to the La Porte Board and <br />send a copy to the City Manager certifying (1) the amount due Developer for the <br />Developer Advances being repaid with interest calculated thereon as specified herein and <br />(2) that funds are available to make such payment. Upon receipt of such report, the <br />La Porte Board shall promptly authorize and make payment to Developer. <br /> <br />(C) If, upon Completion of the Public Improvements and conveyance of the <br />Public Improvements to the La Porte Authority, or the City, as applicable, the La Porte <br />Authority does not have sufficient funds to reimburse to Developer the unpaid balance of <br />the Project Costs, Developer shall be deemed to have advanced to the La Porte Authority <br />an amount equal to the difference between (i) the amount of the Project Costs which has <br />been previously paid by the La Porte Authority to Developer and (ii) the final cost of the <br /> <br />9 <br /> <br />HOU:2322718.7 <br />