HomeMy WebLinkAboutOrd, 2006-2894 - development agreement, City, TIRZ #1, Redev. Authority
Agenda Date Requested:
EST FOR CITY COUNCIL AGENDA ITEM
Appropriation
Requested By:
Source of Funds:
Department:
Account Number:
Report:
Resolution:
Ordinance:
x
Amount Budgeted:
Exhibits: Ordinance 2006-
Amount Requested:
Exhibits: Development Al?;reement
Budgeted Item: YES
NO
Exhibits:
SUMMARY & RECOMMENDATION
Prior correspondence to Council and the TIRZ/Redevelopment Authority noted that the developer of Lakes at Fairmont Greens
could not secure financing for the development because of significant up front costs associated with the trunk sewer and lift
station, even though the TIRZ/ Authority could eventually reimburse the developer. With this cost center removed, the
developer was able to secure financing. During 05-06 budget preparation, Council approved $645,000 for the construction of
the trunk sewer and lift station based on the understanding that the TIRZ/ Authority would reimburse the City from future
increment.
This agreement, between the City and TIRZ/ Authority provides for the City to advance the funds ($645,000) for the trunk
sewer and lift station and act as construction manager for the TIRZ/ Authority. The agreement further provides for the
TIRZ/ Authority to reimburse the City in the future.
The trunk sewer lift station project is now estimated to cost $841,525 (includes Engineering costs) plus costs for a project
representative during construction. Additional funds can come from either Fund 005 or the recently authorized Certificates of
Obligation for water and sewer improvements or a combination. After bids are received we will return to City Council with a
final recommendation for funding and any necessary budget adjustment.
The TIRZ/ Authority approved this agreement at the May 24 meeting.
Action Required bv Council:
Consider approval of Ordinance 2006-_ authorizing a Development Agreement between the City of La Porte, TIRZ #1 and
La Porte Redevelopment Authority.
Approved for City Council A2enda
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Debra B. F azelle, City anager
(p-& -()~
Date
ORDINANCE NO. 2oo6-dQ1
AN ORDINANCE APPROVING AND AUTHORIZING A DEVELOPMENT
AGREEMENT BY AND BETWEEN THE REINVESTMENT ZONE NUMBER ONE,
CITY OF LA PORTE, TEXAS, THE LA PORTE REDEVELOPMENT AUTHORITY,
CITY OF LA PORTE, TEXAS AND CITY OF LA PORTE, TEXAS; MAKING
VARIOUS FINDINGS AND PROVISIONS RELATING TO THE SUBJECT; FINDING
COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN
EFFECTIVE DATE HEREOF
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE:
Section 1.
The City Council hereby approves and authorizes the contract, agreement,
or other undertaking described in the title of this ordinance, in substantially the form as shown in
the document which is attached hereto and incorporated herein by this reference. The Mayor is
hereby authorized to execute such document and all related documents on behalf of the City of
La Porte. The City Secretary is herby authorized to attest to all such signatures and to affix the
seal ofthe City to all such documents.
Section 2.
The City Council officially finds, determines, recites, and declares that a
sufficient written notice of the date, hour, place and subject of this meeting of the City Council
was posted at a place convenient to the public at the City Hall of the City for the time required by
law preceding this meeting, as required by the Open Meetings Law, Chapter 551, Texas
Government Code; and that this meeting has been open to the public as required by law at all
times during which this ordinance and the subject matter thereof has been discussed, considered
and formally acted upon. The City Council further ratifies, approves and confirms such written
notice and the contents and posting thereof.
Section 3.
This Ordinance shall be effective from and after its passage and approval,
and it is so ordered.
ORDINANCE NO. 2006-~tq1
PASSED AND APPROVED, this I/}II-- day o~, 2006.
By:
(\ CITY OF LA ~E .
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Alton E. Porter
Mayor
ATTEST:
Martha A. Gillett
City Secretary
APPROVED: ~
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Knox W. Askins
City Attorney