R2001-0147 10-22-01 RESOLUTION NO. R2001-147
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
PEARLAND, TEXAS, AUTHORIZING THE CITY MANAGER OR HIS
DESIGNEE TO ENTER INTO A FINANCING AGREEMENT WITH
BEAZER HOMES TEXAS, L.P., FOR THE ISSUANCE OF REFUNDING
BONDS ASSOCIATED WITH TAX INCREMENTAL REFINANCE ZONE
NUMBER ONE.
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PEARLAND, TEXAS:
Section 1. That certain financing agreement by and between the City of
Pearland and Beazer Homes Texas, L.P., a copy of which is attached hereto as
Exhibit "A" and made a part hereof for all purposes, is hereby authorized and approved.
Section 2. That the City Manager or his designee is hereby authorized to
execute and the City Secretary to attest a financing agreement with Beazer Homes
Texas, L.P., for the issuance of refunding bonds associated with Tax Incremental
Refinance Zone Number One.
PASSED, APPROVED and ADOPTED this the ~ day of
October ., A.D., 2001.
TOM REID
MAYOR
ATTEST:
APPROVED AS TO FORM:
DARRIN M. COKER
CITY ATTORNEY
Exhibit "A"
R200'1-'147
October 10, 2001
City Manager
City of Pearland
3519 Liberty Drive
Pearland, Texas 77581
Reinvestment Zone Number One
City of Pearland, Texas
Patricia D. Knudson & Associates, Zone Administrator
8588 Katy Freeway, Suite 441
Houston, Texas 77024
RE: Development and Financial Agreement ("Agreement") by and between City of
Pearland, Texas ("City'), Reinvestment Zone Number One, City of Pearland
("Zone") and Beazer Homes Texas L.P. ("Beazer")
Gentlemen:
Pursuant to the terms and provisions of the Agreement, Beazer is entitled to
reimbursement for expenses incurred in connection with the Zone in the total amount of
$2,099,375, plus interest as therein provided, commencing on July 1, 2000. Such reimbursement
is to be made at the time and in the manner provided for in the Agreement.
As of this date, the City and the Zone have paid to Beazer the sum of $225,000, which
amount was applied to the reimbursement due.
Notwithstanding the terms of the Agreement, Beazer agrees that if it receives the
additional sum of~$1~874,375 in immediately available funds from the City and/or the Zone on or
before Decembe 2~2001, it will accept such amount in full and final payment of all amounts to
which it is entitle~ under the terms of the Agreement and will waive all interest to Which it would
have otherwise b{en entitled. However, if such funds are not received by December 27, 2001,
for whatever reason, then the provisions of this letter shall be void and interest shall continue to
accrue as provided in the Agreement.
If the above is acceptable to you, please sign and return a copy of this letter to Beazer
within 14 days from the date hereof.
Yours very truly,
BEA~e,R HOMES TEXAS, L.P. ~
24451579.1 10Il01 1508C 042
cc: City Attorney
City of Pearland
3519 Liberty Drive
Pearland, Texas 77581
RE: REINVESTMENT ZONE NUMBER ONE
M. Marvin Katz
Mayer, Brown & Platt
700 Louisiana, Suite 3600
Houston, Texas 77002
AGREED TO:
By: (~_~ .-~ CiW M~ager
RE1NVESTMENT ZONE NUMBER ONE OF
~t/~ I --
COUNTERSIGNED:
By: ~~.~4~ --
24451579.1 101101 1508C 042