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<br />Guidelines and Criteria Governing Tax <br />Abatement Agreements <br /> <br />There is a cap on the abatement <br />set at $1.0 million x the number of <br />jobs created <br /> <br />There are provisions for <br />recapture if the project fails to <br />meet the terms of the agreement <br /> <br />? ~Lb J J s }- J 3 ~J f J JJ fJ <br /> <br />;; <br /> <br />Prior to the creation of a reinvestment zone the City must <br />publish notice regarding a public hearing and notify other taxing <br />entities at least 7 days in advance of the hearing <br /> <br />The proposed Reinvestment Zone "A" is a site specific 12.156 <br />Ac tract for Project "Fix Up" <br /> <br />i) At the Public Hearing interested persons are entitled to speak <br />and present evidence for or against the designation <br /> <br />'" After the Public Hearing, Council will consider an ordinance <br />designating a 12.156 Ac tract as La Porte Reinvestment Zone <br />"A". The Ordinance finds that the designation of the Zone is <br />likely to contribute to the retention or expansion of primary <br />employment or to attract major investments in the zone that <br />would be a benefit to the property and that would contribute to <br />the economic development of the City of La Porte <br /> <br />5 <br />