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<br />~~ <br />2- I \'l ( to <br /> <br />I <br /> <br />DEVELOPMENT AGREEMENT <br />Draft # 2 FebruarY 16.2010 <br /> <br />This Development Agreement (this "Agreement") is made as of __ , ~2010, by and <br />between the REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS (the <br />"Zone "), a tax. increment reinvesbnent zone created by the City pursuant to Chapter 311 of the <br />Texas Tax Code, as amended, acting by and through its governing board of directors (the "Zone <br />Board"), LA PORTE REDEVELOPMENT AUTHORITY, a nonprofit local government <br />corporation formed by and on behalf of the City of La Porte, Texas (the ''Authority''), and CITY <br />OF LA PORTE, TEXAS a home-role city (the "City")...the LA PORTE ECONOMIC <br />.DEVELOPMENT CORPORATION. a non-profit corporation organized under the laws of the <br />State of Texas (the "Development Corporation ") and ll.-'\RRLS COUNTY, a body corporati.~ and <br />polltic under the laws of the State ofTexas~ (tlu;: "COllnty"). <br /> <br />RECITALS <br /> <br />_\ WHEREAS, pursUant to Chapter 311 of the ~exas T~ Cod de, as amended. the City Council of <br />the City (the '.City C()uncil") created the Zone m the CIty; an <br /> <br />WHEREAS, the Zone Board adopted a pProject and fiZ.inancing Plan (as defined below in <br />Section 1.1), as amended, that provides that the Zone will undertake to make certain acquisitions <br />and improvements in the Zone, and was approved by the City Council; and <br /> <br />'WHEREAS, the Texas Tax Code provides that the Zone may enter into agreements as the Zone <br />Board considers necessary or convenient to implement the Projeet ana FiBeReiRg Plan and <br />achieve its purposes; and <br /> <br />WHEREAS, the City and the Zone have contracted with the Authority as a nonprofit Texas <br />local government corporation pursuant to the provisions of Chapter 431, Subchapter D, Texas <br />'l'rnnsportation Code, as amended.~. TRANS. CODB, to caro' out the purposes of the Zone, <br />including administration, supervision, construction, financing and other duties, and have <br />committed the revenues of the Zone to the Authority for such purposes, all as more particularly <br />set forth in the Agreement Between the City, the Zone and the Authority, dated July 9,2001 (the <br />"Tri-Party Agreement"); and - <br /> <br /> <br />WHEREAS, the City. the Development Corporation and the County wishes to make certain <br />improvements to i&:i sani1my 80\VSr syGteHl. within the Zone, to further development within the <br />Zone and to carry out the purposes of the Zone as desctibed in the Pr<ljcet and FinaneiRg Plan, <br />and provide for the reimbursement of the ~Development Corporation and the County for su <br />improvements in accordance with such Plans; now, theFefore, and ().]A a5 <br /> <br />V-\..N'~AJ6..vd <br />1:sa <br /> <br />Page 1 of 15 <br />