Res 2006-153 - Laserfiche WebLink

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(E) This Agreement has been duly authorized, executed and delivered and constitutes a legal, valid and binding obligation of the Developer, enforceable in accordance with its terms except to the extent that (i) the enforceability of such instruments may be limited by bankruptcy, reorganization, insolvency, moratorium or other similar laws of general application in effect from time to time relating to or affecting the enforcement of creditors' rights and (ii) certain equitable remedies including specific performance may be unavailable. (F) The Developer represents that it understands and agrees that neither the City nor the Zone shall issue any tax increment revenue bonds or any other debt instruments to cover any portion of the Project Costs or any other expense the Developer incurs in connection with this Agreement or the Zone, (G) The Developer represents that it understands that its right to reimbursement from the Zone and the City is as defined in the terms of this Agreement, and is subject to a variety of factors affecting the extent and timing of funds available to the Zone and the City. The Developer understands and agrees that it shall bear all risks associated with these factors, including but not limited to, the extent to which and the rate at which development and build-out of property occurs within the Zone, incorrect estimates of tax increments, changes in tax rates or tax collections, changes in law or interpretations thereof, changes in market or economic conditions impacting the Project and the development of property within the Zone, changes in development code requirements, unanticipated effects covered under the legal doctrine offorce majeure, and any other factors, whether anticipated or unanticipated. ARTICLE III THE PROJECT Section 3.01 The Proiect. The Project consists of the design, construction and installation of the Yarrington Road Railroad Overpass. The Project includes right-of-way acquisition and utility relocation needed for construction of the Project. The design and construction elements of the Project are further described and defined in the attached Exhibit B. Section 3,02 Portion of Proiect Located Outside Zone. The portion of the Project Site that is located to the southeast of the southeasternmost boundary of the Union Pacific Railroad right-of-way (the "Eastern Project Segment") is outside the current city limits of the City and outside the current boundaries of the Zone. The Parties intend for the Eastern Project Segment to be annexed into the city limits of the City and added into the boundaries of the Zone. The Developer agrees to accomplish the following to facilitate the annexation of the Eastern Project Segment into the city limits of the City and into the boundaries of the Zone: (A) The Developer shall secure and provide to the City a written document executed by the Mayor or City Manager of the City of Kyle, Texas releasing the portion of the Eastern Project Segment that is located within the extraterritorial jurisdiction of the City of Kyle, Texas (the "ETJ Area") from that city's extraterritorial jurisdiction, so that the City of San Marcos may annex the ETJ Area into the city limits of San Marcos. (B) The Developer shall secure and provide to the City a written document executed by the owner of the ETJ Area consenting to annexation of the ETJ Area and the -5-