RTIRZ -2016-06-23RESOLUTION NO. RTIRZ 2014 -10
A Resolution of the Board Of Directors of the Pearland Tax Increment
Reinvestment Zone #2 (TIRZ #2) Board of Directors, accepting the
Engineers Report and approving the Letter of Finance Agreement on
Shadow Grove Phase 1, Project #14-06-002 Site
BE IT RESOLVED BY TIRZ #2 BOARD OF DIRECTORS:
Section 1. That the Board of Directors for the Pearland Tax Increment
Reinvestment Zone #2 hereby accepts the Engineering Report on Shadow Grove
Phase 1, Project #14-06-002 site.
PASSED, APPROVED, AND ADOPTED this 23rd day of June A.D 2014.
Kenneth R. P Blips
TIRZ #2 CHAIRMAN
ATT ST:
Mike Pybu ml
TIRZ #2 SECRETARY
Resolution No. TIRZ No. 2014-10
Exhibit "A"
REINVESTMENT ZONE NO. TWO, CITY OF PEARLAND, TEXAS
(518SCR, LTD.)
June 23, 2014
518SCR, Ltd.
c/o Perry Homes
P.O. Box 34306
Houston, TX 77234
Attn: Richard C. Hale
Re: Financing for TIRZ Improvements: Shadow Grove Phase 1; TIRZ Project
No. 14-06-002
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:
Shadow Grove Phase 1; TIRZ Project No. 14-06-002
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 Zones 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, as
Fi mming Ageemmt
amended, for the above described TIRZ Improvements is $5,904,075 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."
This agreement was duly authorized at a meeting of the Board of Directors of the
Zone held on the 23rd day of June, 2014.
Very truly yours,
REINVESTMENT ZONE NO. TWO, CITY OF
PEARLAND, TEXAS
By
Chair, Bdiefrd of Directors
ATTEST: I^^I11''''�� ,,\I
By:rJ(a�W
Secr tary, 0oard of Directors
AGREED TO AND ACCEPTED THIS DAY OF .2014.
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
Fitmmmg Ap mmt