Res 2006-025 - Laserfiche WebLink

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I I I zone financing plan in the initial Project Plan adopted by the Board of Directors of the Zone and approved by the City Council of the City shall provide for use of the County's payments under Section 2.A of this Agreement solely to reimburse the Developer for a portion of the Project Costs as described in Recital 4 above. The City agrees that neither it nor the Zone will issue any bonded indebtedness in connection with the Project, as described in Recital 3 above. B. Use of County Payments. The City agrees to use payments made by the County under Section 2.A of this Agreement sol~ly to. .reimburse the Developer for Project Costs as described in Recital 4 above. 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 Zone Board of Directors to implement the Project Plan. D. Disposition of Tax Increments. Upon termination of the Zone, and after all obligations of the 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 are attributable to County payments to the City under this Agreement. E. Annual Reports. The City agrees to provide to the County an annual report regarding the 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 Zone, the City shall provide to the County a copy of the each of the audits required by the agreement between the City, the Zone and any such redevelopment authority within 30 days of receipt of each audit. SECTION 5. TERM AND TERMINATION A. Agreement Term. This Agreement will take effect on January 1, 2006, and will terminate on December 31,2017, unless earlier terminated by the parties hereto. Nothing in this Agreement limits the authority of the County or City to extend the term of this Agreement. Upon termination of this Agreement, the obligation of the County to make payments to the City shall end; however, any refund obligations of the City shall survive the termination. 5