Laserfiche WebLink
<br />2.20 "Owner" means Creekside Square, LTD. <br /> <br />I <br /> <br />2.21 "Program" means the economic development program established by the City <br />under the Resolution, as authorized by Chapter 380, Texas Local Government Code, to promote <br />local economic development and stimulate business and commercial activity within the City. <br /> <br />2.22 "Project" means Owner's planned development of approximately 119.165 acres, <br />more particularly described on Exhibit "1" attached hereto. The Project is identified as the <br />"Stone Creek Crossing" Project. <br /> <br />2.23 "Public Improvements" means collectively the (i) the Public Roadway <br />Improvements; (ii) the Public Drainage Improvements; (iii) the Landscaping and Irrigation <br />Improvements; and (iv) Upgraded Street Lighting, as listed in Exhibit "C", attached hereto. <br /> <br />2.24 "Soft Costs" mean costs incurred by Owner for engmeenng, design, fiscal <br />security, insurance, permits, and all other costs associated with construction of the Public <br />Improvements which are not included in the Hard Costs. <br /> <br />2.25 "Substantial Completion" means that: (1) the Public Improvements are open for <br />use by the public and/or (2) the City has accepted dedication of the Public Improvements. <br /> <br />2.26 "Term of Years" means a five (5) year period starting with year one (1) <br />immediately after the Ad Valorem Tax Effective Date and continuing for each consecutive year I <br />through the end of 5th year. <br /> <br />3. <br />Term <br /> <br />This Agreement will become enforceable upon the Effective Date and will terminate on <br />the first to occur of (a) 5 years after the Ad Valorem Tax Effective Date; (b) upon receipt by the <br />Owner of payments made by the City of the Maximum Reimbursement Amount; or (c) upon <br />termination as provided for herein, whichever occurs first. In recognition of the fact that Chapter <br />380 Payments are, by necessity, calculated and paid after taxes have been levied by and paid to <br />the City and, therefore, will always be paid in arrears, the Term of this Agreement will be <br />deemed extended until any Chapter 380 Payments relating to Ad Valorem Tax Revenues <br />attributable to the specified Term of the Agreement have been paid by the City to the Owner. <br />Notwithstanding the above, all other conditions standards set forth in this Agreement shall be <br />perpetual and shall not terminate pursuant to the provisions set forth above. <br /> <br />I <br /> <br />4 <br />