08-04-99 Workshop Meeting of La Porte Tax Increment Reinvestment Zone Board of Directors

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City of La Porte, Texas, Ordinance No. 99-2325 AN ORDINANCE DESIGNATING A CONTIGUOUS GEOGRAPffiC AREA WJ.TJ:L1.N CITY OF LA PORTE AS REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, FOR TAX INCREl\'IENT FINANCING PURPOSES PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE; CREATING A BOARD OF DIRECTORS FOR SUCH ZONE; CONTAINING FINDINGS AND PROVISIONS RELATED TO THE FOREGOING SUBJECT; FINDING COMPLIANCE WITH THE OPEN ~IEETINGS LAW; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECI'IVE DATE HEREOF. ....... WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, the City may designate a contiguous geographic area within the City as a reinvestment zone if ~e area satisfies the requirements of certain sections of Chapter 311 of the Texas Tax Code; and WHEREAS, the City has prepared a preliminary reinvestment zone financing plan, which provides that City of La Porte City ad valorem taxes are to be deposited into the tax increment fund, and that taxes of other taxing units may be utilized in the financing of the proposed zone; and WHEREAS, the City provided written notice of the public hearing on the creation of the proposed zone, complying with the requirements of Chapter 311, Texas Tax Code, to the governing body of all taxing units levying taxes on property in the proposed zone; and WHEREAS, a notice of the May 24, 1999, public hearing on the creation of the proposed zone was published on NIay 16, 1999, in the Bayshore Sun, a newspaper of general circulation in the City; and WHEREAS, at the public hearing on May 24, 1999, interested persons were allowed to speak for or against the creation of the proposed zone, its boundaries, or the concept ofta:< increment C;'MY DOCtlMENTsITIRZ.\PROPOSED TIRZ CREAtION om (5-11-99).DOC ;.. ~. ... "