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REQUEST FOR CITY COUNCIL AGENDA ITEM <br />Agenda Date Requested: 5/10/10 <br />Requested By: Stacey Osborne <br />Department: Administration <br />Report: Resolution: Ordinance: X <br />Exhibits: Public Hearing Notice <br />Exhibits: Texas Enterprise Zone Ordinance <br />Exhibits: <br />Appropriation <br />Source of Funds: <br />Account Number: <br />Amount Budgeted: <br />Amount Requested: <br />Budgeted Item: YES NO <br />SUMMARY & RECOMMENDATION <br />The Texas Enterprise Zone is an economic development tool for local communities to partner with the State of <br />Texas to promote job creation/retention and capital investment in economically distressed areas of the state. <br />Companies that wish to apply for Texas Enterprise Zone designation must have the nomination of a local <br />community in order to participate. This public hearing is part of the nomination process. Jubal Smith from <br />Pricewaterhouse Coopers LLC is representing Invista, and he will be on -hand to answer any questions of <br />Council and/or the Public. <br />The purpose of this hearing is to receive public input on the consideration of a city ordinance nominating INVISTA <br />SA r.l., 12455 Strang Road, La Porte, TX 77571 for the Texas Enterprise Zone Program as an Enterprise Project. <br />Tax and other incentives may also be discussed at this hearing. At the hearing, interested parties are welcome to <br />attend and present their views for or against the nomination. <br />Following the public hearing, we would like Council to vote on the attached ordinance ordaining the City's <br />participation in the Texas Enterprise Zone Program, designating a liaison for communication with interested <br />parties, and nominating fNVISTA S.a H. to the Office of the Governor Economic Development & Tourism <br />(EDT) through the Economic Development Bank (Bank) as an Enterprise Project (Project). If the ordinance is <br />passed, Invista will be nominated as an Enterprise Project and they will be eligible to apply for State tax <br />abatements. The City of La Porte will not incur any costs as a result of this designation, and we will have used <br />one of our five permitted designations for the 2010-2011 period. <br />and consider action approving the ordinance. <br />Ron Bottoms, City Manager <br />C/5_/10 S 5_to <br />date <br />