Res 2011-143 - Laserfiche WebLink

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WHEREAS, Developer has requested the City and Zone No. 4 enter into a reimbursement agreement to reimburse the Developer for certain infrastructure costs as a condition to development of the Property; and WHEREAS, the City and Developer have determined that the reimbursement to the Developer of certain costs incurred in the development of the Property utilizing tax increment revenues realized from designating Zone No. 4 will best be accomplished through a reimbursement agreement; and WHEREAS, the City and Developer agree that the development requirements of the City and this Agreement substantially advance a legitimate interest of the City; and WHEREAS, once Zone No. 4 is created by the City, the Board of Directors of Zone No. 4 will also consider approving and executing this Agreement. NOW, THEREFORE, for and in consideration of the promises and the mutual agreements set forth herein, the City and Developer hereby agree as follows: 1. The Proiect. Developer is planning and developing a mixed use residential, commercial and retail project, in accordance with the Concept Plan and the PDD Regulations and the construction of the necessary water and wastewater utilities, streets, street lighting and drainage and other related infrastructure to serve such development. 2. Dedication of Easements for Utilities. The City and Developer agree to work cooperatively in connection with the dedication of necessary permanent public utility and other easements in a form compliant with City standard terms and policies. Developer agrees to execute these easements within 30 days after receipt of written notice from the City requesting the easement or easements. 3. Tax Increment Reinvestment Zone. a. Creation. The City agreed in the Development Agreement to consider creation of Zone No. 4, upon the satisfaction of certain conditions set forth in the Development Agreement, for the purpose of reimbursing the Developer for the costs of certain public infrastructure and improvements to the Property in Zone No. 4 as set forth in Exhibit "B" attached hereto (the "Improvements "). In connection with creation of Zone No. 4, the City will consider approval of an ordinance (the "Ordinance ") which will dedicate a certain percentage of increase in value from the base value as of the year of designation of Zone No. 4. Any reference to revenues in this Agreement means only that percentage of incremental value the City designates pursuant to the Ordinance together with any amount agreed to be contributed by Hays County, Texas (the "County ") pursuant to the Interlocal Agreement between the City and the County. 2