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public funds for the purpose of promoting state and local <br />economic development and to stimulate business and commercial <br />activity in the municipality. <br />BE IT RESOLVED BY THE LA PORTE CITY COUNCIL: <br />1)The governing body of the City hereby adopts this resolution <br />to evidence its firm commitment to provide a construction loan <br />of up to $775,000.00, with a maximum interest rate of 3% and a <br />minimum term of five (5) years, to Mariposa Pecan Park LP. <br />2)The commitment of funding is subject to an award of Housing <br />Tax Credits from the TDHCA and also subject to adoption by the <br />La Porte City Council of a mutually agreed upon loan agreement <br />between the City and Mariposa at Pecan Park LP. <br />3)As a condition precedent to receipt of loan proceeds, <br />Applicant is required to complete the application process for <br />and receive City approval on all necessary rezoning, permitting, <br />plating and other applicable development requirements for the <br />Development. <br />PASSED AND ADOPTED this may of �l( , 2013. <br />CIT <br />In <br />APPROVED: <br />Assistant City Attorney <br />