Ord 2015-018/Lasalle MUD amendements

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Effective Date: The last date when one or more counterparts of this Agreement, individually or taken together, bear the signature of the City and the Developer. Land: Approximately 236 acres of land located in the City's extraterritorial jurisdiction, described by metes and bounds on Exhibit A. ARTICLE II DISTRICT CREATION Section 2.01. Consent to Creation of District. The City acknowledges receipt of the Developer's request, in accordance with SECTION 54.016 OF THE TEXAS WATER CODE AND SECTION 42.042 OF THE TEXAS LOCAL GOVERNMENT CODE, for creation of a financing district (the "District ") over the Land that may exercise all powers granted by CHAPTERS 49 AND 54 OF THE TEXAS WATER CODE. On the Effective Date of this Agreement, the City has approved the ordinance attached as Exhibit B, consenting to the inclusion of the Land described on Exhibit A within the District. The City agrees that this ordinance will be deemed to constitute the City's consent to the creation of the District within its extraterritorial jurisdiction. No further action will be required on the part of the City to evidence its consent however, the City agrees to provide any additional confirmation of its consent that may be required by the Developer or the District if requested to do so. Section 2.02. Strategic Partnership Agreement. (a) At the organizational meeting of the District's Board, the Board will authorize the negotiation and execution of a Strategic Partnership Agreement setting forth the terms and conditions of the City's annexation of the Land for limited purposes and the terms and conditions upon which the District will be converted to a limited district that will continue to exist following the City's full purpose annexation of all of the land within the District in accordance with Section 43.0751, TEXAS LOCAL GOVERNMENT CODE, and the Enabling Legislation. The Strategic Partnership Agreement shall permit the City to impose a sales and use tax on all eligible commercial and retail activities in areas annexed f o r l i m i t e d p u r p o s e s at the same rate it is imposed within the City as authorized under CHAPTER 321 OF THE TAX CODE and imposed by the City, and that the City shall pay to the District an amount equal to forty percent (40 %) of the Sales and Use Tax revenues collected and paid to the City as reflected in sales tax reports provided by the Comptroller to the City and City will retain the remainder (60 %). The Strategic Partnership Agreement must be approved by the District and an original, executed by the District, returned to the City not later than 180 days after the organizational meeting of the Board. The SPA shall be limited in scope to provide for limited purpose and full purpose annexation and sales and use tax. It shall not contain any land development or other related matters. (b) The District may not issue bonds until a Strategic Partnership Agreement is negotiated and approved by the City and the District, and an original Strategic Partnership Agreement executed by the District, returned to the City. 3