Res 2015-146/Trace PID Finance Agreement

Home Browse Search

of contingent obligations of third persons with respect to such Public Improvement (or Segment thereof). Section 3.05. Sales and Use Tax Exemptions (a) The parties agree that, as municipally and publicly owned and acquired properties, all costs of materials, other properties and services used in constructing the Public Improvements to be acquired by the City are exempt under the Texas Tax Code from sales and use taxes levied by the State of Texas, or by any County, City, special district, or other political subdivision of the State, as set forth in Texas Tax Code Section 151.309. (b) The City will provide such certifications to the Owner and /or to suppliers and contractors as may be required to assure the exemptions claimed herein. (c) The City and the Owner shall cooperate in structuring the construction contracts for the Public Improvements to comply with requirements (including those set forth in Texas Tax Code Section 151.309) for exemption from sales and use taxes. Section 3.06. Exemption from Public Bidding It is agreed that the PID will be exempt from any public bidding or other purchasing and procurement policies pursuant to Texas Local Government Code Section 252.022(a)(9) which states that a project is exempt from such policies if "paving drainage, street widening, and other public improvements, or related matters, if at least one -third of the cost is to be paid by or through special assessments levied on property that will benefit from the improvements." Section 3.07 Project Timetable (a) Construction plans for the Public Improvements for the Residential Phase 1 Parcels (Planning Area 1 and portions of Planning Area 2, as shown on Exhibit "I") of the Public Improvements shall be submitted to the City for review within nine months of the Effective Date, subject to force majeure. (b) Public Improvements for the Residential Phase 1 shall be constructed within eighteen months of City approval of construction plans for the Public Improvements, subject to force majeure. (c) Construction Plans for the Public Improvements for the Multi - Family Parcels (Planning Areas 8 and 12, as shown on Exhibit "I") of the Public Improvements shall be submitted to the City for review within nine months of the Effective Date, subject to force majeure. (d) Authorized Improvements for the Multi - Family Parcels shall be constructed within eighteen months of City approval of construction plans for the Public Improvements, subject to force majeure. (e) Construction plans for the Public Improvements for the Commercial Parcels