O-2010-3245 adopting new Guidelines and Criteria Governing Tax Abatement Agreements

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ORDINANCE NO. 3245 AN ORDINANCE AMENDING THE CODE OF ORDINANCES OF THE CITY OF LA PORTE BY REPEALING ARTICLE V "GUIDELINES AND CRITERIA GOVERNING TAX ABATEMENT AGREEMENTS BY THE CITY OF LA PORTE", SECTIONS 66-140 THROUGH 66-151 INCLUSIVE, AND REPLACING WITH NEW ARTICLE V "GUIDELINES AND CRITERIA GOVERNING TAX ABATEMENT AGREEMENTS BY THE CITY OF LA PORTE", SECTIONS 66-140 THROUGH 66-151 INCLUSIVE, FOR THE PURPOSE OF ADOPTING NEW REGULATIONS FOR TAX ABATEMENT AGREEMENTS WITH THE CITY OF LA PORTE; CONTAINING A REPEALING CLAUSE; CONTAINING A SEVERABILITY CLAUSE; FINDING COMPLIANCE WITH THE OPEN MEETINGS LAW; AND PROVIDING AN EFFECTIVE DATE HEREOF. BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE: Section 1. The City Council of the City of La Porte hereby amends the Code of Ordinances of the City of La Porte by repealing Article V. "Guidelines and Criteria Governing Tax Abatement Agreements by the City of La Porte", Sections 66-140 through 66-151 and replacing with new Article V. "Guidelines and Criteria Governing Tax Abatement Agreements by the City of La Porte", Sections 66-140 through 66-151 inclusive, as follows, to -wit: "ARTICLE V. GUIDELINES AND CRITERIA GOVERNING TAX ABATEMENT AGREEMENTS Section 66-140. REDEVELOPMENT TAX ABATEMENT AUTHORIZED. (1) Creation of Reinvestment Zones. (a) A property tax abatement program is hereby created to be administered in accordance with V.T.C.A., Tax Code Ch. 312, as amended from time to time. Tax abatement shall only be allowed in a reinvestment zone. (b) Reinvestment zones in the city for this purpose will be considered for designation by city council upon the recommendation of the City Manager's Office. The city council may approve the creation of these reinvestment zones on a zone -by -zone basis after a public hearing before the city council. Following the public hearing the city council may consider the ordinance creating a new reinvestment zone in the proposed area. (c) The city council may not adopt an ordinance designating a reinvestment zone until it has held a public hearing at which interested persons are entitled to speak and present evidence for or against the designation. Notice of the hearing shall be given at least seven days prior to the hearing. The presiding officers of eligible jurisdictions shall be notified in writing at least seven days prior to the hearing. A notice of the public hearing shall be given to other affected taxing jurisdictions, published in the legal classified section of the local daily newspaper having general circulation, and posted in other places as deemed appropriate, including notice to civic associations in the area surrounding the proposed zone, at least seven days prior to the hearing. The notice shall contain the location, -I-