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e The Light cOlDpaay Houston Lighting &: Power, . P,Q. Box 1700 Houston, Texas 77251 (713) 228-9211 October 28, 1993 RECEIVED NOV 1 1993 Crry MANAGERS OFFICE ' t.,' Mr. Robert T. Herrera City Manager City of La Porte P. O. Box 1115 La Porte, Texas 77572-1115 Re: City of La Porte Proposed Industrial District Agreement Dated October 22, 1993 Dear Mr. Herrera: Houston Ljghting & Power Company has received and reviewed the City of La Porte's proposed industrial district agreement dated October 22, 1993, for the term January 1, 1994, through December 31,2000. }, 4.,..'\ By this Letter of Intent, our firm expresses its agreement to complete, execute and deliver to the City, the City's proposed form of industrial district agreement, with appropriate attachments as Exhibit "An and Exhibit "B" at the earliest possible date. Our agreement to enter into this Agreement is subject to the understanding that the reduction of the in lieu tax payment made under this Agreement by the amount of the City's ad valorem taxes paid on the annexed portion of our property, will continue to be calculated in accordance with procedure established for this matter under the prior 1986 industrial district agreement. Further, our concurrence in this niatter is subject to our understanding that the assessment of an in lieu payment on tangible personal property, as further identified by Article III. D. 3. of the Agreement refers only to tangible personal property which is owned by HL&P, This letter of intent is given by our firm to the City of La Porte at this time, with the request that the City of La Porte not include our firm's land in any annexation proceedings, Our firm understands that the City of La Porte, in reliance upon this letter, will not include our firm's land in the proposed annexation proceedings. Yours very truly, Houston Ughting & Power Company By: ~mc.-~J D. M, McClanahan Group Vice President, Finance & Regulatory Relations A Subsidiary of Houston Industries Incorporated