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<br />e <br /> <br />e <br /> <br />total value of a minimum of twenty-one million dollars. The <br />agreement shall provide for exemption from taxation of real <br />property or of fixed machinery, equipment, and process uni ts <br />located on the real property, as provided in Section 44-112, <br />subparagraph (g), hereinabove, subject to the rights of holders of <br />outstanding bonds of the municipality, on the condition that the <br />owner of the property make specific improvements or repairs to the <br />property described on Exhibit "B" attached hereto. Such agreement <br />shall provide for the exemption of the real property in each year <br />covered by the agreement only to the extent its value for that year <br />exceeds its value for the year in which the agreement is executed. <br />Such agreement shall provide for the exemption of fixed machinery, <br />equipment, and process units located on the real property in each <br />year covered by the agreement other than fixed machinery, <br />equipment, and process units that were located on the real property <br />at any time before the period covered by the agreement with the <br />City of La Porte, and other than inventory or supplies. An <br />improvement, repair, development, or redevelopment taking place <br />under the agreement must conform to the ci ty of La Porte I s <br />Comprehensive Zoning Ordinance. <br />Section 3. The City council officially finds, determines, <br />recites, and declares that a sufficient written notice of the date, <br />hour, place and subject of this meeting of the City Council was <br />posted at a place convenient to the public at the City Hall of the <br />City for the time required by law preceding this meeting, as <br />required by the Open Meetings Law, Chapter 551, Texas Government <br />Code; and that this meeting has been open to the public as required <br />by law at all times during which this ordinance and the subject <br />4 <br />