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O-2021-3825 approving the Second Amendment to the Project Plan and Reinvestment Zone Financing Plan
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O-2021-3825 approving the Second Amendment to the Project Plan and Reinvestment Zone Financing Plan
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5/11/2021 10:00:22 AM
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Legislative Records
Legislative Type
Ordinance
Legislative No.
O-2021-3825
Date
4/26/2021
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City of La Porte,Texas,Ordinance No. 2021 -3825 <br /> AN ORDINANCE APPROVING THE SECOND AMENDMENT TO THE PROJECT <br /> PLAN AND REINVESTMENT ZONE FINANCING PLAN FOR REINVESTMENT <br /> ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, AND EXTENDING THE <br /> DURATION OF REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, <br /> TEXAS, TO DECEMBER 31, 2034; AUTHORIZING THE CITY SECRETARY TO <br /> DISTRIBUTE SUCH PLANS; CONTAINING FINDINGS AND PROVISIONS <br /> RELATED TO THE FOREGOING SUBJECT; PROVIDING FOR SEVERABILITY; <br /> CONTAINING AN OPEN MEETINGS CLAUSE; AND PROVIDING AN <br /> EFFECTIVE DATE. <br /> WHEREAS, the City Council of the City of La Porte ("City") pursuant to the <br /> provisions of Chapter 311, Texas Tax Code, and Ordinance 99-2325, created <br /> Reinvestment Zone Number One,City of La Porte,Texas, (the"Zone"); and <br /> WHEREAS, the Board of Directors of the Zone has adopted and recommended, <br /> and the City has approved, the Project Plan and Reinvestment Zone Financing Plan (the <br /> "Plan") for the Zone;and <br /> WHEREAS, the Board of Directors of the Zone has adopted and recommended, and <br /> the City has approved the 2013 Amendment to the Project Plan and Reinvestment Zone <br /> Financing Plan for Tax Increment Reinvestment Zone Number One that reflects the <br /> enlargement of the Zone Boundaries, and <br /> WHEREAS, in the said Ordinance 99-2325, the effective date specified for the <br /> Zone was January 1, 2000, and the termination date specified for the Zone was December <br /> 31, 2029, establishing a 30-year duration; and <br /> WHEREAS, pursuant to Texas Tax Code Sections 311.007(c) and 311.017(a)(1), <br /> the City Council may, by ordinance, extend a reinvestment zone's termination date to a <br /> date later than the date originally established for termination of a zone; and <br /> WHEREAS, at its November 30, 2020, board meeting, the Board of Directors of <br /> the Zone considered and adopted the Second Amendment to the Plan that extends the <br /> duration of the Zone to December 31, 2034 ("Second Amendment"), and has <br /> recommended the Second Amendment for approval by the City; and <br /> WHEREAS, Texas Tax Code Section 311.003(c) provides that the City publish <br /> notice of a public hearing not later than the seventh (7) day before the date of the public <br /> hearing in a newspaper having general circulation in the municipality; and <br />
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