R-2010-15 nominate E. I. du Pont de Nemours and Company (DuPont) as a Texas Enterprise Zone project

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ORDINANCE No. ~~J L/ S An Ordinance of the City Council of the City of La Porte, Texas, authorizing the City's participation in the Texas Enterprise Zone Program pursuant to the Texas Enterprise Zone Act, Chapter 2303, Texas Government Code; providing tax incentives, designating a liaison for communication with interested parties, and nominating INVIST A S.a r.l. to the Office of the Governor Economic Development & Tourism (EDT) through the Economic Development Bank (Bank) as an Enterprise Project (Project); containing an severability clause; containing an Open Meetings clause; providing an effective date hereof. WHEREAS, the City Council of the City of La Porte, Texas (City) desires to create the proper economic and social environment to induce the investment of private resources in productive business enterprises located in severely distressed areas of the city and to provide employment to residents of such area; and WHEREAS, the project or activity is not located in an area designated as an enterprise zone; and WHEREAS, pursuant to the Texas Enterprise Zone Act (Act), Chapter 2303, Texas Government Code, Subchapter F of the Act, INVISTA S.il r.I. has applied to the City for designation as an enterprise project; and WHEREAS, the City finds that INVIST AS.. r.1. meets the criteria for tax relief and other incentives adopted by the City on the grounds that it will be located at the qualified business site, will create a higher level of employment, economic activity and stability; and WHEREAS, a duly advertised public hearing to consider this ordinance was held by the City Council on May 10,2010; Now, THEREFORE BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF LA PORTE, TEXAS THAT: Section 1: The City nominates INVISTA S.il r.I. for enterprise project status. Section 2: The following local incentives, at the election of the City Council of the City of La Porte, are or may be made available to the nominated project or activity of the qualified business: a) The City may abate taxes on the increase in value of real property improvements and eligible personal property that locate in a designated enterprise zone for up to 5 years, to the extent eligible for tax abatement under state law and city ordinances. The level of abatement shall be based upon capital investment, and the extent to