O-1990-1672 - Laserfiche WebLink

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I . ORDINANCE NO. 1672 Page 2 Texas Property Redevelopment and Tax Abatement Act, V.A.T.S. Tax Code, Chapter 312, and that all conditions prerequisite to the designation of such reinvestment zone have been accomplished. Section 3. Specifically, and without limiting the generality of the foregoing, the City Council of the City of La Porte finds, determines and declares that the subject property would be reasonably likely as a result of the designation as a reinvestment zone, to contribute to the retention or expansion of primary employment or to attract major investments in the zone that would be a benefit to the property and that would contribute to the economic development of the City of La Porte. The City Council of the City of La Porte further finds, determines and declares that the improvements sought are feasible and practical and would be a benefit to the land to be included in the zone and to the City of La Porte after the expiration of an agreement entered into under Section 312.204, Texas Tax Code. Section 4. Accordingly, there is hereby established and designated a reinvestment zone in the City of La Porte to be known as the International Cargo Network Reinvestment Zone, legally described as follows, to-wit: All of Blocks 416, 417, 418, 419, 433, 434, 435, 432, 980: Lots 1 thru 16, Block 438: Lots 1 thru 16, Block 415: Lots 1 thru 16, Block 420, all in Town of La Porte, a subdivision in Harris County, Texas according to the map or plat thereof recorded in Volume 1, Page 2, of the unrecorded Map Records of Harris County, Texas, and recorded in Volume 83, Page 345 of the Deed'Records of Harris County, Texas, and as more particularly shown on the plat attached hereto as "Exhibit "B" Proposed Reinvestment Zone," reference to which is here made for all purposes. Section 5. The City Council of the City of La Porte, in exercise of its discretion as authorized by Section 312.002, Tax Code, as amended by Senate Bill No. 1312, 7lst Legislature, and as otherwise authorized by Chapter 312, Texas Tax Code, elects not to enter into a specific'tax abatement agreement with International Cargo Network, for abatement of City of La Porte ad valorem taxes. This reinvestment zone is so designated for the benefit of the La