08-11-99 Regular Meeting of La Porte Tax Increment Reinvestment Zone Board

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r appraised value, as defined by the Act, of real property located in the TI RZ that is taxable by the City or any other taxing unit participating in the TIRZ, less any amounts that are to be allocated from the Tax Increment pursuant to the Act. All revenues from the sale of any tax increment bonds, notes, or other obligations hereafter issued by the City for the benefit of the TIRZ, if any; all revenues from the sale of property acquired as part of the project plan and reinvestment zone financing plan, if any; and all other revenues to be used in the TIRZ shall be deposited into the Tax Increment Fund. Tax increment revenue derived from the property and proceeds of bonds issued to reimburse a Developer will be deposited to the related sub-account in the Tax Increment Fund. During the duration of the TIRZ, money shall be disbursed from the Tax Increment Fund only to pay project costs, as defined by the Texas Tax Code to satisfy the claims of holders of tax increment bonds or notes issued for the TIRZ, or to pay obligations incurred pursuant to agreements entered into to implement the project plan and reinvestment zone financing plan and achieve their purposes pursuant to Section 311.01 O(b) o! the Texas Tax Code. 6. THE CURRENT TOTAL APPRAISED VALUE OF TAXABLE REAL PROPERTY IN THE ZONE The current total appraised value of real property in the TIRZ is $ 9.25 million. 7. THE ESTIMATED CAPTURED APPRAISED VALUE OF THE ZONE DURING EACH YEAR OF ITS EXISTENCE It is projected that taxable property values in the TIRZ will increase to approximately $196 million by the year 2009. Schedule B -shows the annual captured appraised value of these increases in property value during the build-out period. 8. DURATION OF THE ZONE The City of La Porte established the TIRZ by Ordinance No. 99-2325 and the TIRZ was created May 24, 1999, with the base year established as of January 1, 1999. On AugustW999 the City council passed Ordinance 99-2350 expanding the boundaries of the TIRZ. The ordinance established that the TIRZ takes effect for purposes of collection of the Tax Increment on January 1, 2000 and termination of the operation of the TIRZ shall occur on December 31,2029. The TIRZ may terminate at an earlier time designated by subsequent ordinance, or at such time, subsequent to the issuance of proposed revenue bonds, notes or other obligations, if any, that all project costs, bonds, and interest on bonds have been paid in full. Project Plan and Reinvestment Zone Financing Plan 7