Common Contracts
1 similar Agreement by And contracts
AGREEMENT BY AND AMONG THE CITY OF TOMBALL, TEXAS;Agreement by And • June 11th, 2024
The City, on behalf of itself and the Zone, will pay the District, not later than the first business day of each calendar quarter during the term of this Agreement, all monies then available in the Tax Increment Fund, subject to the retention by the City of an amount equal to the City’s direct administrative costs connected with the Zone and as provided in the TIRZ Plan, not to annually exceed five percent (5%) of each year’s annual Tax Increment Revenue. The District shall deposit the payments received pursuant to this Section into a separate District account and use the monies in the such account for payment of its TIRZ-related costs, its obligations to the holders of its TIRZ Revenue Bonds, its obligations to Developers pursuant to a Development Financing Agreement, or its other contractual obligations. Tax Increment revenues not received by the City in any particular calendar year after payment to the District will be held by the City and included in the following year’s payment. L
