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The document outlines a Redevelopment and Tax Increment Financing Plan for a commercial development project, including a shopping center and related facilities. It details the responsibilities of the Developer, the City, and the County in financing and executing the project through tax increment bonds. The plan aims to enhance local economic opportunities, improve public infrastructure, and increase tax revenues without adversely affecting existing tax collections. It establishes an interlocal agreement between the City and County to facilitate cooperation in implementing the redevelopment.

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What is the purpose of an intercompany agreement?

Interlocal agreements permit local governmental units to make the most efficient use of their powers by enabling them to cooperate and to contract with other local governmental units on a basis of mutual advantage. SUBMISSION OF INTERLOCAL AGREEMENTS attorneygenerallynnfitch.com uploads 2022/08 attorneygenerallynnfitch.com uploads 2022/08

What is the difference between a contract and an interlocal agreement?

Safety and Security Agreements Toolkit Both the interlocal agreement and the contract are binding agreements; however, the interlocal agreements are between governmental entities and the contracts are with private vendors. There may not always be a clear distinction between the MOU and the MAA.

What is the purpose of an interlocal agreement?

Any time a public service involves the joint operations and budgets of two or more local government agencies, an interlocal agreement must be drawn up and approved by all sides, with each governments governing bodya school board, a city council, a county commissionenacting the agreement by vote.

What is the meaning of Interlocal?

: existing or occurring between localities. interlocal cooperation. City and county officials signed an interlocal agreement this fall to develop the 4-acre recreational area Bill Dolan. interlocally adverb.

What is an inter-local agreement?

An Interlocal agreement is used when a district is performing for or receiving a service from a local governmental entity, i.e.: a city, a county, or education service center (ESC). These agreements are pursuant to the Interlocal Cooperation Contracts Act, Chapter 791 of the Texas Government Code.

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