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Tax Increment Reinvestment Zone No. One |
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Agenda Request |
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Agenda Of: |
12-08-06 |
Agenda Request No: |
III A |
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Initiated By: |
Matt Aust, Management Assistant |
Responsible Department: |
Bus. & Intergov. Relations |
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Presented By: |
Joe Esch, Executive Director |
Department Head: |
Joe Esch, Exec. Director |
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Additional Department. Head (s): |
Jennifer Brown Asst. Dir. Fiscal Services |
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Subject / Proceeding: |
Consideration of and Action on a Contract to Support Town Square
Plaza Events through Partial Funding |
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Exhibits: |
Contract between Reinvestment Zone Number One, City of Sugar Land,
Texas, and Sugar Land Town Square Property Owners Association, Inc. (SLTSPOA) |
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Clearances |
Approval |
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Legal: |
Joe Morris, City Attorney |
Executive Director: |
n/a |
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Recommended Action |
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Consider and approve contract between TIRZ and SLTSPOA for Plaza Event funding. |
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Executive Summary |
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At the August 11, 2006 meeting the Board reviewed a presentation by SLTSPOA representatives. At that time, City staff was directed to draft a contract to fund a portion of the Plaza events. The FY 2007 budget allocates $200,000 to partially fund Plaza events, to be managed by the SLTSPOA, the Plaza Administrator. The agreement provided herein is for consideration and action for the purpose of providing funds for the current fiscal year. Details of the agreement include:
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Exhibits |
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CONTRACT
BETWEEN REINVESTMENT ZONE NUMBER ONE,
CITY
OF SUGAR LAND, TEXAS, AND
SUGAR
LAND TOWN SQUARE PROPERTY OWNERS ASSOCIATION, INC.
This Contract is made between REINVESTMENT ZONE NUMBER ONE, CITY OF SUGAR LAND, TEXAS and SUGAR LAND TOWN SQUARE PROPERTY OWNERS ASSOCIATION, INC.
Recitals
The City Council of the
City of Sugar Land created Reinvestment Zone Number One, City of Sugar Land,
Texas (TIRZ No.1) to fund public improvements for Sugar Land Town Square (Town
Square) which includes Town Square Plaza (Plaza). To promote Town Square, the board of
directors of TIRZ No. 1 have budgeted $200,000 to fund promotional events in
the Plaza. The City of Sugar Land has
contracted with Sugar Land Town Square Property Owners Association, Inc. (POA)
to manage and operate the Plaza. The POA
will also provide funds to promote Plaza events. TIRZ No. 1 wishes to enter into a contract
with the POA to provide funding to the POA to produce and manage Plaza events
and the Plaza.
Agreement
In consideration of the mutual promises of each, TIRZ No. 1 and the POA agree as follows:
A. Definitions. In this Contract:
Plaza means that 1.08 acres of land immediately adjacent to the City of Sugar Land City Hall.
Plaza Event means any entertainment, performance, festival, celebration, and similar public event held in the Plaza that is funded with TIRZ Funds and produced and managed by the POA.
POA means the Sugar Land Town Square Property Owners Association, Inc.
TIRZ No. 1 means Reinvestment Zone Number One, City of Sugar Land, Texas.
TIRZ Funds means the $200,000 to be paid by TIRZ No. 1 to the POA under this Contract.
B. Payment of TIRZ Funds to the POA. TIRZ No. 1 will pay the TIRZ Funds to the POA within ten days following the first business day of May of this Contract year.
C. POA Use of the TIRZ Funds. The POA may use the TIRZ Funds to fund the direct costs relating to Plaza Events, including the cost of advertising, promotions, equipment, material, personnel, labor, supplies, and other direct costs related to producing and managing the Plaza Event. The POA may also use up to 30% of the TIRZ Funds for the costs POA incurs for administration of the Plaza under the obligations imposed upon POA, as provided for in the agreement between the POA and the City of Sugar Land, approved in December of 2004, or as thereafter amended.
D. POA Budget, Reports, Accounts, Records,
and Security.
1. The POA will submit its annual budget to the TIRZ No. 1 Board of Directors for its approval showing the proposed use of the TIRZ Funds before the TIRZ Funds are paid to the POA.
2. The POA will maintain complete and accurate financial records of all expenditures of the TIRZ Funds and will make the records available for inspection and review upon the request of TIRZ No. 1 representatives. The POA will provide written reports to TIRZ No. 1 thirty days after the end of each quarter listing all expenditures the POA incurs in producing each Plaza Event from the list approved by the TIRZ Board on August 11, 2006 and all costs the POA has incurred in the administration of the Plaza under the agreement with the City in the prior quarter.
3. Within 60 days following termination of this Contract, the POA will pay TIRZ No. 1 that portion of any TIRZ Funds that were not spent by the POA or are not held by the POA for the payment of expenses or obligations already incurred by the POA for purposes authorized in this Contract. This paragraph survives termination of this Contract.
4. SLTS Management Company, LLC as Managing Agent for POA shall carry at its own expense a Fidelity Bond in the amount of $500,000, a copy of which will be provided to the City upon request.
5. Prior to the payment of the TIRZ Funds to the POA, the POA will provide written evidence to TIRZ No.1 that the bank or banks where the TIRZ Funds are to be maintained have collateralized the TIRZ Funds, whether kept in the form of demand deposits, certificates of deposits, or other repurchase agreements, at 102% of their ledger balance plus accrued interest on all funds deposited.
E. Term and Termination. This Contract is effective on October 1, 2006 and terminates on September 30, 2007. Either party may terminate this Contract upon 60 days advance written notice to the other party.
F. Miscellaneous Provisions.
1. Notice. Any notice provided pursuant to this Contract shall be effective when deposited in the United States mail, either certified or registered mail, postage prepaid and addressed to the parties as follows:
To TIRZ No. 1: President
Reinvestment Zone Number One, City of Sugar Land
2700 Town Center Boulevard North
Sugar Land, Texas 77479
To the POA: President
Sugar Land Town Square Property Owners Association, Inc.
15958 City Walk, Suite 220
Sugar Land, Texas, 77479
2. Assignment. This Contract may not be assigned by the POA without prior written consent of TIRZ No. 1.
3. Entire Agreement. This Contract represents the entire agreement between TIRZ No. 1 and the POA and supersedes all prior negotiations, representations, or contracts, either written or oral. This Contract may be amended only by written instrument signed by both parties.
4. Open Records. The POA acknowledges that by reason of this Contract and the receipt of the TIRZ Funds, the POA’s records relating to this Contract and expenditures made hereunder may be subject to the provisions of Chapter 552, Government Code (Public Information Act).
REINVESTMENT ZONE NUMBER ONE SUGAR LAND TOWN SQUARE
CITY OF SUGAR LAND PROPERTY
OWNERS ASSOCIATION, INC.
By: ______________________________ By: ____________________________________
Name: ___________________________ Name:__________________________________
Title: ___________________________ Title: __________________________________
Date: ____________________________ Date: __________________________________
ATTEST: ATTEST:
By: _____________________________ By: ____________________________________
Name: __________________________ Name: _________________________________
Title: : __________________________ Title: __________________________________
Date: ___________________________ Date: __________________________________
Reviewed for Legal Compliance:
Joe Morris, City Attorney