RTIRZ-2013-05 (2) RESOLUTION NO. RTIRZ — 2012- 05
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE PEARLAND TAX
INCREMENT REINVESTMENT ZONE #2 (TIRZ #2) BOARD OF DIRECTORS,
APPROVING A LETTER FOR FINANCING AGREEMENT WITH 518SCR, LTD.
FOR VILLAGE 7 PHASE 1, LFA 12-006-001
Whereas the Board, City of Pearland, and 518SCR LTD. entered into a Sub-
Developer Reimbursement Agreement dated November 14, 2011 to provide for
financing and construction of improvements to serve land within the Zone;
BE IT RESOLVED BY TIRZ #2 BOARD OF DIRECTORS:
Section 1. That the Board approve the Letter of Financing Agreement for Village
7, Phase I in an amount not to exceed $8,824,599 plus developer interest
pursuant to the agreement. - (Exhibit A)
PASSED, APPROVED, AND ADOPTED this 11th day of June A.D 2012.
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TIRZ #2 CHAIRMAN
ATTE T:
TIRZ 2 SECRETARY
REINVESTMENT ZONE NO. TWO, CITY OF PEARLAND, TEXAS
(518SCR, LTD.)
June 11, 2012
518SCR, Ltd.
c/o Perry Homes RESOLUTION NO. RTIRZ NO. 2012-05
P.O. Box 34306 EXHIBIT"A"
Houston, TX 77234
Attn: Richard C. Hale
Re: Financing for TIRZ Improvements: Village 7 Phase 1;TIRZ Project No. 12-
06-001
Dear Mr. Hale:
The City of Pearland, Texas (the "City"), Reinvestment Zone No. Two, City of
Pearland, Texas (the "Zone"), and 518SCR, Ltd. (the "Sub-Developer") entered into a
Sub-Developer Reimbursement Agreement (the "Reimbursement Agreement") dated
November 14, 2011, to provide for the financing and construction of TIRZ
Improvements to serve land within the Zone. The Zone and the Sub-Developer have
determined to proceed with the design and construction of the following TIRZ
Improvements in accordance with the Reimbursement Agreement:
Village 7 Phase 1;TIRZ Project No. 12-06-001
Attached to this letter is a map showing the area which is benefited by the TIRZ
Improvements over which the available Tax Increment will be applied for purposes of
determining when reimbursement is made. The Sub-Developer has agreed to pre-
finance the design and construction of the TIRZ Improvements to be reimbursed in
accordance with the Reimbursement Agreement.
The Zone hereby gives its approval to proceed with the construction of the above
described TIRZ Improvements. All procedures set forth in the document entitled "TIRZ
Project Implementation and Reimbursement Process" must be followed and letters from
the Zone's Engineer certifying the completion of the TIRZ Improvements and from the
Zone's Auditor must be issued before the Zone will reimburse the Sub-Developer.
The Zone's Engineer has determined that the budget (adjusted for inflation)
established in the Zone's Project Plan and Reinvestment Zone Financing Plan for the
above described TIRZ Improvements is $8,824,599 plus "developer interest" calculated
per the Zone's Project Plan and Reinvestment Zone Financing Plan. The Zone is not
obligated to reimburse the Sub-Developer for any amount in excess of that budgeted
amount plus "developer interest." In accordance with the Zone's Project Plan and
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Reinvestment Zone Financing Plan, as amended, "developer interest' on these TIRZ
Improvements will be simple interest calculated at 6.5 percent per annum for five years.
This agreement was duly authorized at a meeting of the Board of Directors of the
Zone held on the 11th day of June, 2012.
Very truly yours,
REINVESTMENT ZONE NO. TWO,CITY OF
PEARLAND,TEXAS (SHADOW CREEK
RANCH)
By. '
Chair, Board of Directors
ATTEST:
By: tit
cretar ,Board of Directors
AGREED TO AND ACCEPTED THIS 11th DAY OF June , 2012.
518SCR,LTD.,
a Texas limited partnership
By: PWSA, Inc.,
a Texas corporation,
as the Sole General Partner
By:
Name: Richard C. Hale
Title: Senior Vice President
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BENIFITTED AREAS
REINVESTMENT ZONE NO. 2,
CITY OF PEARLAND,TEXAS
SCALE 1.C.<00 FEET
1st Amendment
VILLAGE 7 PHASE 1
PROJECT NO. 12-06-001
Legend LI. LA
ALL AREAS BENEF'T
00411117 NO 1 J08 NO- ,^ATE