11-18-09 Meeting of the La Porte Redevelopment Authority Minutes

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ion by the Development Corporation and the County Git:y-of the records required e Authority shall make payment to the Gity-Development COI'poration and the ithin 30 days of approval of the auditor's report. The Authority -shall provide to the Gity-Development Corporation and the County ~ upon th&- their written request of the City, and on the earliest date such information is available after the date of such request, c~fied 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, Cl.tvJ . 5.3.. Priori es. Amounts deposited in the Revenue Fund shall be applied in the following order of . ority (i) disbursement to LPISP,. if applicable, for educational facilities in accordance with rerlocal ent with LPISD, the City and the Zone; (ii) administrative costs of the Zone d e Autho ; (iii) amounts pledged or required for the payment of outstanding Authority onds, in udin Authority Bonds in the process of issuance and refunding Authority nds, and pa nts to ~Deve1opment Corporation and the County pursuant to S tlon 5 2( above. 0\ 5.4. Multi Ie de[ ers 9:ftti th ment Co oration and the COllll ., The Authority has entered into other. agreements with developers of land within the Zone for the financing of Zone Itmprovements, and may enter into others. It is the intention of the parties that eacl) 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 ~ f;>, J ~ I O~'I:'~.,i~.. ;' Advances unless the applicable developer shall give its written consent thereto. The net proceeds of Authority Bonds issued to reimburse multiple developers and the ~ Development Corporation and t:fte County 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 una1located Tax Increment shall be used for calculation of the City's Net Tax Increment and reimbursement of Gfty Advances. ARTICLE 6 DEFAULT 6.1 Default (a) If any Party does not perform its obligations hereunder in substantial compliance with this Agreement, in addition to the other rights given the other Parties under this Agreement, such non-defaulting Parties may enforce specific performance of this Agreement or seek actual damages incurred by the Gity- Development Corporation and ffie County for any such default (b) The Party alleging default shall provide written notice to the other party of such default, and the defaulting party shall have 60 days to remedy the default prior to the declaration of any default hereunder. Page 9 of 15