Res 2006-016 - Laserfiche WebLink

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Ek Uol F9 i~u024F1` DF'R 295`ii 5gil 1.2.9. "Lease" means the Conference Center Lease Agreement to be executed by JQH and the City, whereby JQH will lease the Conference Center from the City, which Lease shall be in form and content attached hereto as Exhibit "C" attached hereto, as same may be modified, amended, extended or renewed from time to time. 1.2.10. "Lessor Equipment" shall have the meaning set forth in Section 3.6 hereof . 1.2.11. "Project Site" means the Hotel Site and the Conference Center Site, collectively. 1.2.12. "Related Agreements" means the following documents: the Note; Chapter 380 Loan Agreement; the Lease; the Declazation; and any other agreement executed now or in the future between the City and JQH (or any of their affiliates) with respect to the Project. 1.2.13. "Trust" means The Revocable Trust of John Q. Hammons dated December 28, 1989, as amended and restated, a Missouri trust. 1.3. Term. This Agreement shall commence on the Effective Date and shall continue for a term (the "Term") lasting through August 31, 2031, unless eazlier terminated in accordance with the terms hereof. ~' J ARTICLE II REINVESTMENT ZONE AND "TIRZ" 2.1. TIRZ. In order to assist with the financing and orderly development of the Project, the City staff shall initiate proceedings to have the Project Site designated as a Tax Increment Reinvestment Zone ("TIRZ") pursuant to Chapter 311 of the Texas Tax Code. In connection with such designation, City staff shall seek the City Council's approval of the creation of a TIRZ for the Project Site and will seek participation in such TIRZ by Hays County and the San Mazcos Consolidated Independent School District. City staff will prepaze, or cause to be prepared, a project plan and financing plan that would dedicate the entirety of the property tax increments received by City and any portion of the property tax increment committed by Hays County and the San Mazcos Consolidated Independent School District from the Project Site, to the payment of the indebtedness incurred by the City in connection with the design, construction and fixturing of the Conference Center until such time as such indebtedness is paid in full. JQH acknowledges that the creation of any TIRZ will be subject to the discretion of the City Council of the City as same is constituted at the time the matter is brought before that body and, as such, the City can offer no assurance that a TIRZ will be created for the Project Site. Furthermore, the City can offer no assurance that if a TIRZ is created either in Hays County or the San Mazcos Consolidated Independent School District will participate therein. Neither the failure of the City to create the TIRZ or the failure of any other taxing authority to participate therein will affect either party's obligations to the other hereunder, other than the City's obligation to make any conveyances contemplated by Section 3.1 hereof. 2.2. Petition. In order to facilitate the designation of the Project Site as a TIRZ, JQH agrees to petition the City for creation and designation of such Reinvestment Zone for the Project 803273.4