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<br />. .--r11tl/e1J /J.1lfTIL "1/2. 'i/48 <br />ORDINANCE NO. 98-2279 0 RIG' N A L <br /> <br />AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE CITY OF LA <br />PORTE BY ADDING ARTICLE V GUIDELINES AND CRITERIA GOVERNING TAX <br />ABATEMENT AGREEMENTS BY THE CITY OF LA PORTE, ADDING SECTIONS 66- <br />140 THROUGH 66-142 INCLUSIVE; AUTHORIZING CONSIDERATION OF AN <br />APPLICATION FOR DESIGNATION OF THE "PPG INDUSTRIES REINVESTMENT <br />ZONE"; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING <br />AN EFFECTIVE DATE HEREOF. <br /> <br />BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: <br /> <br />Section 1. The City Council of the City of La Porte hereby <br />amends the Code of Ordinances of the City of La Porte by adding <br /> <br />Article V. "Guidelines and criteria Governing Tax Abatement <br /> <br />Agreements by the City of La Porte", and adding Sections 66-140 <br />through 66-142 inclusive, as follows, to-wit: <br /> <br />ARTICLE V. GUIDELINES AND CRITERIA <br />GOVERNING TAX ABATEMENT AGREEMENTS <br /> <br />Sec. 66-140. The City Council of the City of La Porte hereby <br />adopts the attached "City of Houston Tax Abatement Guidelines And <br />Ordinances" as adopted and approved by the City Council of the City <br />of Houston, in compliance with Section 312.002, Tax Code, except as <br />specifically revised or modified by this Ordinance. These <br />guidelines and criteria are attached hereto as Exhibit "A". The <br />"City of La Porte" is hereby substituted for any references to the <br />ci ty of Houston in the attached city of Houston Tax Abatement <br />Guidelines and Ordinances, and the section references are amended <br />to conform with the numbers set forth on this ordinance. Exhibit <br />"A" is incorporated by reference herein and made a part hereof for <br />all purposes. <br /> <br />Section 44-112, "Economic development abatement authorized", <br />subparagraph (g), is revised, and shall read as follows, to-wit: <br /> <br />"(g) Value and Term of Abatement. Abatement shall be <br />granted effecti ve upon the January 1 valuation date <br />immediately following the effective date of the <br />Agreement. Projects (other than modernization) which <br />meet these guidelines and criteria are eligible for <br />abatement on the value of the new property on a sliding <br />scale as follows: <br /> <br />Year abated <br /> <br />Percentage of <br />value abated <br /> <br />1, including construction <br />2, including construction <br />3 - 8 <br /> <br />0% <br />50% <br />50% <br />