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

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i f' OVERVIEW Tax Increment Reinvestment Zone Number One, City of La Porte, Texas (the "TIRZ") consists of approximately 1 ,356 acres of land, of which approximately 520 acres is available to be developed as a master planned community consisting of single family and multi-family residential, retail and light to business industrial uses. The area included in the TIRZ is predominately open, consists of property with defective titles and delinquent taxes. The excessive costs associated with constructing a regional detention basin and channel system and oversized sanitary sewer lift stations, force mains and gravity collection lines in accordance with the City's master plan prohibits the sound growth of the municipality and impedes the development of the area solely through private investment in the reasonably foreseeable future. A regional approach to storm water detention is also necessary due to the inherent inefficiencies in localized detention which will decrease the amount of usable land, thus limiting the amount of taxable value within the area. Expenditures associated with "the design, construction and financing of public improvements, as well as other specific project related costs are to be funded by tax increment revenue derived from new residential and commercial property value increases. It is anticipated that the TIRZ will enter into Development Reimbursement Agreements. Developers may be reimbursed for funds advanced on behalf of the TI RZ for the design and construction of specific public facilities and related project costs as detailed in this Plan. This document constitutes the Project Plan and Reinvestment Zone Financing Plan as required by Chapter 311, Texas Tax Code. The purpose of the TIRZ is to facilitate the developmenUredevelopment of residential and commercial properties through the financing of: · Water, wastewater, drainage facilities; . Landscaping; · Streets constructionlreconstruction & . Public Infrastructure costs associated intersection improvements; with a Conference Center/Hotel; · Shoreline Protection; . Educational Facilities Improvements; · Sidewalks; . Sound wall/Buffering; · Parking facilities; . Park and Marina Improvements The public improvements to be constructed within the TIRZ will facilitate private investment within the area substantially earlier than would otherwise occur, if at all. The public improvements will facilitate the master-planned community concept proposed for the TIRZ and it is expected that the public improvements will spur additional development and redevelopment throughout the City of La Porte and the surrounding area. Project Plan and Reinvestment Zone Financing Plan 1