RDAP-2012-12- 2012-06-11RESOLUTION NO. RDAP- 2012 -12
A RESOLUTION OF THE DEVELOPMENT AUTHORITY OF PEARLAND
(DAP), TEXAS APPROVING A DEVELOPER REIMBURSEMENT TO
SHADOW CREEK RANCH DEVELOPMENT COMPANY LTD TO
REIMBURSE FOR TIRZ INFRASTRUCTURE IMPROVEMENTS IN THE
AMOUNT OF $5,100,000.
BE IT RESOLVED BY DAP BOARD OF DIRECTORS:
Section 1. That the Board of Directors approves a cash payment in the amount of
$1,850,000 to Shadow Creek Ranch Development Company LTD to reimburse for TIRZ
infrastructure improvements.
Section 2. That the Development Authority issued $56,915,000 in debt to refund all of
its outstanding debt and of which also included $3,250,000 in new monies for developer
reimbursement and approves developer reimbursement in the amount of $3,250,000 from
bond proceeds.
PASSED, APPROVED, AND ADOPTED this 11th day of June, A.D 2012.
It „ 7;
Deve pment Authority of Pearland
Chairman
ATTEST:
Development Authority of Pearland
Secretary