Developer Reimbursement Prior to Full Purpose Annexation Sample Clauses

Developer Reimbursement Prior to Full Purpose Annexation. Pursuant to Section 43.0715(b) of the Texas Local Government Code, the City shall, prior to the effective date of full purpose annexation of the District, pay in cash to the Developer a sum equal to the actual costs and expenses incurred by the Developer in connection with the District that the District has, in writing, agreed to pay Developer, so long as such costs would otherwise have been eligible for reimbursement from bond proceeds under the rules and requirements of the TCEQ as such rules and requirements exist on the date of annexation reduced by the amount of Developer Payments not paid to the City in accordance with the terms of the Settlement Agreement or otherwise recovered by the City through the increased capital recovery fees allowed under the Development Agreement Amendment in the event of nonpayment (the "Unreimbursed Developer Costs and Expenses"). The Unreimbursed Developer Costs and Expenses will include, but not be limited to, costs related to utility and road infrastructure. The District agrees to provide an accounting of the Unreimbursed Developer Costs and Expenses, including the then current dollar amount of the Unreimbursed Developer Costs and Expenses, in an annual agreed-upon procedures report (the “Annual AUP”) prepared by the District, which shall be in the format approved by the TCEQ for such reports and consistent with the terms of the District's reimbursement agreement with the Developer. The District shall provide a copy of each Annual AUP to the City. At least 120 days prior to the date the City intends to annex the District, the City shall provide the District and the Developer with a written notice of intent to annex the District and the date planned for annexation, which shall be the Full Purpose Annexation Conversion Date. In response to such written notice, the District shall have 60 days from the date of receipt of such notice to provide the City with a written notice summarizing all then current Unreimbursed Developer Costs and Expenses ("Final Notice of Unreimbursed Developer Costs and Expenses"). The District’s obligation to provide an Annual AUP or the Final Notice of Unreimbursed Costs and Expenses shall be subject to the District’s receipt from the Developer of all documentation necessary to prepare such reports in accordance with the rules and requirements of the TCEQ. Notwithstanding anything to the contrary in this Agreement, the City acknowledges and agrees that no annexation of the District shall be valid ...
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