34.Interlocal agreement SURRMA - Laserfiche WebLink

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WHEREAS, in 2001 the Texas Legislature enacted legislation to create Regional Mobility Authorities to focus transportation needs and available funding for projects on a regional basis; and WHEREAS, in 2007 the counties of Delta, Hunt, Lamar and Hopkins formed the Authority to focus on transportation needs in the four county area and to advocate these transportation projects to TXDOT and the Texas Transportation Commission; and WHEREAS, upgrading and widening State Highway 24 from a two-lane highway to a four-lane divided highway between Interstate 30 and the municipal limits of the City of Paris, Texas (the "Project") has been a top priority project for the North East Texas Mobility Council and the Authority and WHEREAS, TXDOT has now pledged Thirty Three Million Two Hundred Seven Thousand Dollars ($33,207,000) of funding to complete the final 10.4 mile stretch of State Highway 24 from the City of Cooper southwest to the Delta/Hunt County line, but will require approximately up to Five Million Three Hundred Seventy Seven Thousand Two Hundred Sixty Nine Dollars ($5,377,269.00) of local participation for the Project to pay for right-of-way acquisition and utility relocation; of which the Authority and interlocal parties have Eight Hundred Seventy Seven Thousand Two Hundred Sixty Nine Dollars ($877,269.00) pledged or on deposit with TXDOT relating to the Project; and WHEREAS, the Sulphur River Regional Mobility Authority has requested the City of Paris, Texas, the City of Cooper, Texas, Lamar County, Texas, Delta County, Texas and the Paris Economic Development Corporation to support the Authority by entering into this Agreement evidencing the local participation match of up to the total of $5,377,269.00 for the Project; and WHEREAS, many business and industry leaders in the Authority area have contacted their local elected officials about how important the completion of the Project is to the continued growth and success of their businesses in the Authority area; and NOW, THEREFORE, in consideration of the foregoing, and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: SECTION 1: Duties of TXDOT. TXDOT, as a third party beneficiary of this Agreement, hereby agrees to perform the following: 1.1 TXDOT will perform its obligations in accordance with the provisions of the State Infrastructure Bank Loan Agreement, dated , 2012 (the "SIB Loan Agreement") between the Authority and TXDOT concerning the Project (as defined in the SIB Loan Agreement) and attached hereto as Exhibit A. 1.2 TXDOT will own the Project. 1.3 TXDOT will contribute up to $33,207,000.00 the required funds for the Project as set forth in the SIB Loan Agreement. The Project Financial Action Plan is attached hereto as Exhibit B. 95422970.4 -2- - 253