Res 2006-123 - Laserfiche WebLink

Home Browse Search

A. Initial Project Plan and Reinvestment Zone Financing Plan. The City agrees that the Project, as described in Recital 3 above, will comprise the Project as described in the initial Project Plan adopted by the Board of Directors of the Zone and approved by the City Council of the City. The City agrees that the initial Reinvestment Zone Financing 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 towards the payments on the Conference Center debt as described in Recital 4 above. B. Annual Analysis of Value Increase in the Zone. The City agrees to provide the County with an analysis each year based on Hays County Appraisal District value reports for that year which reflect the increase in captured appraised value in the Zone to assist the County in calculating that year's payment to the City pursuant to this Agreement. C. Use of County Payments. The City agrees to use payments made by the County under Section 2.A of this Agreement solely towards the payments on the Conference Center debt as described in Recital 4 above. D. 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. SECfION 5. TERM AND TERMINATION A. Agreement Term. This Agreement will take effect on January 1, 2007, and will terminate on December 31, 2030, 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. B. Early Termination of Zone. The City may terminate the Zone pursuant to the provisions of Section 311.017 of the Texas Tax Code. SECfION 6. MISCELLANEOUS A. Cooperation. This City and the County agree to cooperate with each other, in good faith, at all times during the term hereof in order to achieve the purposes and intent of this Agreement. B. Entire Agreement; Amendments. This Agreement contains the entire agreement between the parties respecting the subject matter hereof, and supersedes all prior 4.