Ord 2014-027/Dedicating fifty percent of its tax increment from the FM 110 transportation reinvestment zone and approving an interlocal agreement with Hays County

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CSJ # 3545 -01 -005, 3545 -02 -007, 3545 -02 -008, 3545 -02 -009, 3545 -03 -003, 3545 -03 -004 District # 14 - Austin Code Chart 64 # 50106 Project: FM 110 Federal Highway Administration CFDA # 20.205 Not Research and Development full on or before December 31, 2032 (the "Discount Payment Date "). This LPAFA shall be amended to specify the GMP once the State and the Local Government have approved the project budget. G. The sole source of payment by the Local Government of the GMP and TVM factor shall be the TRZ revenues. H. The Local Government shall not terminate the TRZ, reduce the allocation of TRZ revenues, or remove property from its TRZ until the GMP and TVM factor are fully paid, unless otherwise agreed to by the State. I. The GMP and TVM factor shall be the Local Government's responsibility and shall be paid in full by, December 31, 2042, the "Payment Deadline ". J. In the event project costs are less than the GMP, the State will be entitled to retain the difference, provided that the under -run amounts are used on other projects in Hays County, Texas. K. Absent betterments approved by the Local Government or other approved changes to the project design, The State will be responsible for all change orders and cost overruns. L. The first payment by the Local Government shall be made on the first day of the quarter following the completion of the Project. Local Government shall remit TRZ revenues to the extent provided in the "Order Calling for the Establishment of Transportation Reinvestment Zone Number One, County of Hays ", adopted on December 17, 2013, as well as TRZ revenues received by assignment from the City of San Marcos from its "Transportation Reinvestment Zone Number One, City of San Marcos" (established by ordinance adopted and effective December 17, 2013), pursuant to an interlocal agreement between the Local Government and the City of San Marcos. With each payment, Hays County will submit a report reflecting the current TRZ funds capture within the zone for the most recent tax year available. M. Early payment (in full) of the GMP and associated TVM factor prior to the Discount Payment Date will be handled in accordance with Section 12F above. Additional amounts for payments extending beyond the Payment Deadline shall be computed based on actual payments received and a TVM factor of 4.20 %. N. Whenever funds are paid by the Local Government to the State under this Agreement, the Local Government shall remit a check or warrant made payable to the "Texas Department of Transportation Trust Fund." The check or warrant shall be deposited by the State in an escrow account to be managed by the State. Funds in the escrow account may only be applied by the State to the Project. If, after final Project accounting, excess funds remain in the escrow account, those funds may be applied by the State to the Local Government's contractual obligations to the State under another advance funding agreement with approval by appropriate personnel of the Local Government. O. If any existing or future local ordinances, commissioners court orders, rules, policies, or other directives, including but not limited to outdoor advertising billboards and storm water drainage facility requirements, are more restrictive than State or Federal Regulations, or if any other locally proposed changes, including but not limited to plats or replats, result in increased costs, then any increased costs associated with the ordinances or changes will be paid by the Local Government. The cost of providing right of way acquired by the State shall mean the total expenses in acquiring the property interests either through negotiations or eminent domain AFA -LPAFA ShortGen.doc Page 4 of 9 Revised 02/06/2014