Ord. 1999-2316 - notification of entities, board composition for TIRZ #1

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DRAFT 03.11.99 e e Participation Of Taxina Jurisdictions Of the taxing jurisdictions (Harris County, Harris County Flood Control District, Harris County Department of Education, Harris County Toll Road, the La Porte Independent School District, the Port of Houston Authority and San Jacinto Junior College District) which levy ad valorem taxes within Reinvestment Zone Number One, the City is requesting the participation of Harris County, the La Porte Independent School District and the Port of Houston Authority. Tax Increment Fund The City shall create and establish a Tax Increment Fund for the Zone, which may be divided into sub-accounts as authorized by subsequent ordinances. A separate account will be created for the property of each Developer. All Tax Increments, as defined below, from a Developer's property will be deposited in the related account of the Tax Increment Fund. The Tax Increment Fund and each account shall be maintained at the depository bank of the City of La Porte or the Redevelopment Authority (if created) and shall be secured in the manner prescribed by law for funds of Texas cities. The annual Tax Increment shall equal the property taxes levied by the City or any other taxing unit participating in the zone for that year on the captured appraised value, as defined by the Tax Increment Act (the "Act"), of real property located in the zone that is taxable by the City or any other taxing unit participating in the zone, less any amounts that are to be allocated from the Tax Increment pursuant to the Act. All revenues from the sale of any tax increment bonds, notes, or other obligations hereafter issued by the City for the benefit of the zone, if any; revenues from the sale of property acquired as part of the project plan and reinvestment zone financing plan, if any; and other revenues to be used in the zone shall be deposited into the Tax Increment Fund. Tax increment revenue derived from a Developer's property and proceeds of bonds issued to reimburse a Developer will be deposited to the related account in the Tax Increment Fund. Prior to termination of the zone, money. shall be disbursed from each account within the Tax Increment Fund only to pay project costs, as defined by the Texas Tax Code, for the related property in the zone, to satisfy the claims of holders of tax increment bonds or notes issued for the Zone, or to pay obligations incurred pursuant to agreements allocable to the related property and entered into to implement the project plan and reinvestment zone financing plan and achieve their purposes pursuant to Section 311.01 O(b) of the Texas Tax Code. Preliminary Reinvestment Zone Financing Plan La Porte, Texas 6