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<br />DRAFT 03.11.99 <br /> <br />e <br /> <br />e <br /> <br />PROPOSED REINVESTMENT ZONE NUMBER ONE, <br />CITY OF LA PORTE, TEXAS <br />PRELIMINARY REINVESTMENT ZONE FINANCING PLAN <br /> <br />OVERVIEW <br /> <br />The proposed reinvestment zone consists of approximately 1,080 acres of land, of <br />which approximately 520 acres is available to be developed as a master planned <br />community consisting of single family and multi-family residential, retail and light to <br />business industrial uses. The area included in the proposed zone is predominately <br />open. The excessive costs associated with constructing a regional detention basin and <br />channel system and oversized sanitary sewer lift stations, force mains and gravity <br />collection lines in accordance with the City's master plan prohibits the sound growth of <br />the municipality and impedes the development of the area solely through private <br />investment in the reasonably foreseeable future. A regional approach to storm water <br />detention is also necessary due to the inherent inefficiencies in localized detention <br />which will decrease the amount of usable land, thus limiting the amount of taxable <br />value within the area. <br /> <br />Expenditures associated with the design, construction and financing of public <br />improvements, as well as other specific project related costs are to be funded by tax <br />increment revenue derived from new residential and commercial property value <br />increases. It is anticipated that the Zone will enter into Development Reimbursement <br />Agreements. Developers may be reimbursed for funds advanced on behalf of the <br />reinvestment zone for the design and construction of specific public facilities and <br />related project costs as detailed in this Preliminary Plan. The Developers will dedicate <br />all public improvements to the City. <br /> <br />This document constitutes the Preliminary Reinvestment Zone Financing Plan as <br />required by Chapter 311, Texas Tax Code. The purpose of the proposed reinvestment <br />zone is to facilitate the developmenUredevelopment of residential and commercial <br />properties through the financing of: <br /> <br />. Water, wastewater, drainage facilities; <br />. New Streets; <br />. Parking facilities <br /> <br />. Landscaping and streetscapes; and <br />. Conference Center/Hotel <br />. Marina/Breakwater/Recreation <br />Facilities <br /> <br />The proposed public improvements to be constructed within the proposed zone will <br />facilitate private investment within the area substantially earlier than would otherwise <br />occur, if at all. The public improvements will facilitate the master-planned community <br />concept proposed for the proposed zone and it is expected that the public <br />improvements will spur additional development and redevelopment throughout the City <br />of La Porte and the surrounding area. <br /> <br />Preliminary Reinvestment Zone Financing Plan <br />La Porte, Texas <br /> <br />1 <br />