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<br />DRAFT 03.11.99 <br /> <br />e <br /> <br />e <br /> <br />Benchmark Hospitality revised the estimated costs for constructing the project in April <br />1998. The total cost associated with constructing the hotel and conference center <br />follows: <br /> <br />Hotel <br />Conference Center <br />Site Work & Amenities <br /> <br />$13.7 Million <br />6.0 Million <br />0.7 Million <br /> <br />TOTAL <br /> <br />$20.4 Million <br /> <br />However, the projected real property valuation that could reasonably be derived from <br />this project is as follows: <br /> <br />Hotel <br />Conference Center <br /> <br />$7.8 Million <br />3.2 Million <br /> <br />TOTAL <br /> <br />$11.0 Million <br /> <br />Other Imorovements And Costs <br /> <br />The City may deem other public improvements necessary for the development of the <br />TIRZ. If it is determined that additional public improvements shall be required, such <br />improvements will be incorporated into the Plan. <br /> <br />In addition to the cost of constructing public improvements within the TIRZ, there are <br />costs that have been incurred and are expected to be incurred by the City of La Porte, <br />and other participating taxing jurisdictions in the creation and organization of the TIRZ. <br />It is also anticipated that the TIRZ will pay, from available tax increment, a portion of <br />the administrative and maintenance costs associated with the public improvements <br />within the TIRZ. <br /> <br />6. A Description Of The Methods Of Financing All Estimated Project Costs And <br />The Expected Sources Of Revenue To Finance Or Pay Project Costs <br /> <br />Description Of The Methods Of Financina <br /> <br />In accordance with 311.015 of the Tax Increment Financing Act, the City may issue tax <br />increment bonds or notes, the proceeds of which may be used to pay project costs on <br />behalf of the TIRZ. Upon creation of the proposed redevelopment authority, the <br />authority may be authorized to incur debt and issue debt or obligations to satisfy <br />developer reimbursements for eligible project costs. If such bonds are issued, bond <br />proceeds shall be used to provide for the project related costs outlined in this plan. <br />When appropriate, Developers will advance project-related costs and be reimbursed <br />through the issuance of tax increment bonds or from increment revenues of the zone. <br /> <br />Preliminary Reinvestment Zone Financing Plan <br />La Porte, Texas <br /> <br />4 <br />