Res 2006-123 - Laserfiche WebLink

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the portion of the Conference Center costs that exceeds $20 million as they are incurred. b. JQH will lease the Conference Center from the City for a term equivalent to the term of the debt issued by the City, and will pay to the City as rental for the Conference Center the amount of the City's debt payments on the 30% portion of the Conference Center debt that will be issued by the City as taxable, as opposed to tax-exempt, certificates of obligation. c. The City will make payments on the 70% portion of the Conference Center debt that will be issued by the City as tax-exempt certificates of obligation from 1) 100% of the tax increment revenues derived by the City from increases in property values resulting from new development in the Zone, 2) payments made by the County to the City under this Agreement, and 3) from other revenue sources available to the City. including but not limited to hotel occupancy taxes, sales taxes and mixed beverage taxes generated in the Zone. 5. Purpose of Agreement. The City and the County wish to provide in this Agreement for the County to make annual payments to the City from tax increment revenues available to the County from increased property tax collections attributable to the property in the Zone, to be used by the City solely towards the payments on the Conference Center debt, under the terms and conditions described in this Agreement. AGREEMENT: In consideration of the mutual covenants and agreements contained herein, as well as other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the City and the County agree as follows: SECfION 1. DEFINITIONS In this Agreement: A. Captured Appraised Value for a year means the total appraised value of all real property taxable by the City and County and located in the Zone for that year, less the respective base value as defined by Chapter 311 of the Texas Tax Code. B. Project means, initially, the Project as described in Recital 3 above. The public improvements constituting the Project may be revised or supplemented by amendments to the ?