Res 2015-172/approving a second amendment to the interlocal agreement with the Lone Star Rail District to allow the City to make withdrawals from the Tax Increment fund to pay for City projects within the zone; extending the term of the agreement by an ad

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redirect any accumulated balances of funds not allocated for disbursement to LSRD from the Tax Increment Fund to any lawful municipal purpose. 6.01. Agreement Term and Termination. This Agreement shall become effective as of - - - ' • - . December 31. 2013 ("Effective Date"), and shall remain in effect for an initial term of thirty-eightfix (386) years. This Agreement shall be automatically extended for an additional term of twenty (20) years unless prior to two (2) years from the commencement of the additional term, any Party to this Agreement shall provide written objection for such extension to the other Parties. In event of such notice, in the event the Parties are unable to negotiate a satisfactory resolution, the Parties shall proceed with mediation as provided in this Agreement during the notice period. Funding into the Tax Increment Fund shall continue during the notice period and thereafter until a final notice from the Parties' governing body to end payments to the Fund. Subject to the terms of this Agreement, the City and the Rail District agree to participate under this Agreement, beginning with the Effective Date and ending in accordance with the terms provided herein. The Parties agree and understand that no Tax Increment Payments will be made by the City prior to the Effective Date. The Parties may agree to extend the term of this Agreement for successive periods. Any documents and agreements creating the Tax Increment Account shall include the provisions of Article 6 as applicable. 6.03. Early Withdrawal of Funds and Suspension. (a) If by January 1. 2016May 1. 2017, the City of Austin, and the counties of Hays and Travis have not approved an interlocal agreement for participation in funding the operation of the rail transportation facilities proposed by the Rail District, then either the City or Rail District may terminate this Agreement and all funds accumulated in the Tax Increment Fund will be available to the City to redirect to any lawful municipal purpose. (b) If by six years from the execution of this Second Amendment or by January 1, 20202022, whichever is later, the Rail District has not met the Measure for Determining Project Viability, then the City or the Rail District, may terminate this Agreement and all funds accumulated in the City's Tax Increment Fund will be available for Council to redirect to any lawful municipal purpose. (c) For Tax Increment Funds that have not been paid out or committed for Administrative Costs or Project Costs pursuant to the Project Plan after a period of ixeight (68) years after approval of the Zone by all parties to this Agreement, any Party may provide sixty (60) days written notice to all other Parties to this Agreement and after the expiration of sixty (60) days after written notice, may withdraw from the Tax Increment Fund any Tax Increment Payments that the City deposited into the Tax Increment Fund and which have been in the fund for s-i*eight (68) years or more. The six eight (68) year period may be extended with the approval of the Parties. In the event the Rail District or any other Party has an objection to withdrawal, the Rail District may defer the withdrawal for an additional ninety (90) days and refer the issue to mediation. The mediation shall be administered by a mutually agreed upon mediator. The mediation shall be nonbinding and any fees of mediation shall be shared equally by both Parties. If the dispute cannot be satisfactorily mediated and resolved prior to the end of the ninety -,, -