Res 2006-153 - Laserfiche WebLink

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ARTICLE I GENERAL TERMS Section 1,01 Definitions. The terms "Agreement," "Authority," "City," "City Council," "Developer," "Project," "Project and Financing Plan," "Property," "TIRZ Ordinance," "Zone," and "Zone Board" have the above meanings, and the following terms have the following meanIngs: "Act" means the Tax Increment Financing Act, Chapter 311, Texas Tax Code, as amended. "A vailable Tax Increment Funds" means the total balance of the City's Tax Increment Fund as determined annually in accordance with the "Annual Process for City Computation of Payments to Developer" attached as Exhibit A. "Completion" means final completion of construction of the Project, as approved by the City and certified by the architect/engineer engaged by the Developer to make such certification. "County" means Hays County, Texas. "Effective Date" means the date of execution of this Agreement by the City Manager. "Letter of Acceptance" means a certificate of the City or the County certifying the completion of a portion of the Project constructed by or under the supervision of the Developer in accordance with the applicable plans and regulations. "Participating Taxing Entity" includes the City, and each other taxing unit that levies property taxes in the Zone that has a current valid agreement with the City for contribution of all or part of the taxing unit's tax increment attributable to the Zone (as defined in Section 311.012 (a) of the Act) to the Tax Increment Fund. "Parties" or "Party" means the City, the Zone and the Developer, the parties to this Agreement. "Proiect" shall have the meaning provided in Article 3 of this Agreement. "Proiect Costs" means the capital costs and other costs paid or incurred by the Developer in acquiring, constructing, and installing the Project, whether before or after the date of this Agreement. Such Project Costs shall specifically include financing costs (including interest paid by the Developer on indebtedness incurred by the Developer to initially pay Project Costs, subject to the limitations in Article V of this Agreement), and also including engineering, architectural, planning and legal costs and fees associated with the design and construction of the Project. The "Project Costs" do not include the value of any right-of-way for the Project owned by the Developer and shown on the Master Plan approved by the City for the Developer's proposed Blanco Vista development. "Proiect Site" means the real property upon which the improvements comprising the Project will be constructed. -2-