Ord. 1999-2325 - designate TIRZ #1 zone & set Board

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e e (3) That the proposed zone does not contain more than fifteen percent of the total appraised value of real property taxable by Harris County, the La Porte Independent School District; and (4) That the development or redevelopment of the property in the proposed zone will not occur solely through private investment in the reasonably foreseeable future. Section 2. Desie:nation of the Zone That the City, acting under the provisions of Chapter 311, Texas Tax Code, including Section 311.005(a), does hereby designate as a reinvestment zone, and create and designate a reinvestment zone over, the area described in Exhibit "A" and depicted in the map attached hereto as Exhibit "B" to promote the redevelopment of the area. The reinvestment zone shall hereafter be named for identification as Reinvestment Zone Number One, City of La Porte, Texas, (the "Zone"). The City Council specifically declares that the Zone is designated pursuant to Section 311.005(a)(I) of the Texas Tax Code. Section 3. Board of Directors That there is hereby created a Board of Directors for the Zone, which shall consist of nine (9) members. Positions One through Six on the Board of Directors shall be reserved for the City. Positions Seven, Eight and Nine shall be reserved for other taxing units levying taxes within the Zone, each of whom may appoint one director. Any taxing unit that appoints a director shall be assigned a Board position number in the order the City receives the appointment. Failure of a taxing unit to appoint a director by January 1, 2000, shall be deemed a waiver of the right to appoint a director, and the City shall be entitled to appoint persons to these positions. C:\MY DOCUMENTS\TlRZ\PROPOSED TIRZ CREATION ORD (S-18-9!l).DOC -4-