Res 2011-109 - Laserfiche WebLink

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D. County Appointment to Board of Directors of the Reinvestment Zone. Pursuant to the provisions of Section 311.009(a), Texas Tax Code, the Commissioners Court of the County shall have the unequivocal right during the term of this Agreement to appoint and remove, at its sole discretion, a qualified person to serve as a voting member of the Board of Directors of the Reinvestment Zone. Failure of the Commissioners Court to appoint a person to the Board of Directors of the Reinvestment Zone shall not be deemed a waiver of the County's right to make an appointment at a later date. The Commissioners Court will make best faith efforts to appoint a qualified person to serve on the Board of Directors, and to fill vacancies in this position as needed. SECTION 3. OBLIGATIONS OF THE CITY. A. Initial Project Plan. The City agrees that the Project, as described herein will comprise the Project in the initial Project Plan to be adopted by the Board of Directors of the Reinvestment Zone and approved by the City Council of the City. The City agrees that the Reinvestment Zone financing plan in the initial Project Plan to be adopted by the Board of Directors of the Reinvestment Zone and approved by the City Council of the City shall provide for use of the County's payments under this Agreement solely to reimburse the Developer for a portion of the Project Costs. B. Use of County Payments. The City agrees to use payments made by the County under this Agreement solely to reimburse the Developer for Project Costs. C. Notice to County of Amendments to Project Plan. The City agrees to provide the County with written notice of any proposed amendments to the Project Plan at least 14 days prior to their submission to the City Council for approval. The City agrees to work with the Reinvestment Zone Board of Directors to implement the Project Plan. D. Disposition of Tax Increments. Upon termination of the Reinvestment Zone, and after all obligations of the Reinvestment Zone have been paid, the City agrees to pay to the County, within 60 days of the termination, all monies remaining in the Tax Increment Fund that represent the County's pro rata amount of participation authorized under this Agreement. E. Annual Reports. The City agrees to provide to the County an annual report regarding the Reinvestment Zone as required under Texas Tax Code Section 311.016. F. Audits - Redevelopment Authority. In the event the City creates a redevelopment authority in connection with the Reinvestment Zone, the City shall provide to the County a copy of each of the audits required by the agreement between the City, the Reinvestment Zone and any such redevelopment authority within 30 days of receipt of each audit. SECTION 4. TERM AND TERMINATION. SAN MARCOS TIRZ NOA: InterlocatAgm t