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<br />Agenda Date Requested: <br /> <br /> <br />EST FOR CITY COUNCIL AGENDA ITEM <br /> <br />Appropriation <br /> <br />Requested By: <br /> <br />Source of Funds: <br /> <br />Department: <br /> <br />Account Number: <br /> <br />Report: <br /> <br />Resolution: <br /> <br />Ordinance: <br /> <br />x <br /> <br />Amount Budgeted: <br /> <br />Exhibits: Ordinance 2006- <br /> <br />Amount Requested: <br /> <br />Exhibits: Development Al?;reement <br /> <br />Budgeted Item: YES <br /> <br />NO <br /> <br />Exhibits: <br /> <br />SUMMARY & RECOMMENDATION <br /> <br />Prior correspondence to Council and the TIRZ/Redevelopment Authority noted that the developer of Lakes at Fairmont Greens <br />could not secure financing for the development because of significant up front costs associated with the trunk sewer and lift <br />station, even though the TIRZ/ Authority could eventually reimburse the developer. With this cost center removed, the <br />developer was able to secure financing. During 05-06 budget preparation, Council approved $645,000 for the construction of <br />the trunk sewer and lift station based on the understanding that the TIRZ/ Authority would reimburse the City from future <br />increment. <br /> <br />This agreement, between the City and TIRZ/ Authority provides for the City to advance the funds ($645,000) for the trunk <br />sewer and lift station and act as construction manager for the TIRZ/ Authority. The agreement further provides for the <br />TIRZ/ Authority to reimburse the City in the future. <br /> <br />The trunk sewer lift station project is now estimated to cost $841,525 (includes Engineering costs) plus costs for a project <br />representative during construction. Additional funds can come from either Fund 005 or the recently authorized Certificates of <br />Obligation for water and sewer improvements or a combination. After bids are received we will return to City Council with a <br />final recommendation for funding and any necessary budget adjustment. <br /> <br />The TIRZ/ Authority approved this agreement at the May 24 meeting. <br /> <br />Action Required bv Council: <br /> <br />Consider approval of Ordinance 2006-_ authorizing a Development Agreement between the City of La Porte, TIRZ #1 and <br />La Porte Redevelopment Authority. <br /> <br />Approved for City Council A2enda <br /> <br />rJhJf:flQ(iIiJ <br />Debra B. F azelle, City anager <br /> <br />(p-& -()~ <br /> <br />Date <br />