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of La Porte <br />EstakliskeJ 1892 <br />July 3, 2019 <br />Greif Bros. Corporation <br />c/o Marvin F Poer & Company <br />13201 Northwest Freeway, Ste 550 <br />Houston, TX 77040-6024 <br />City, Man <br />Is OfTice <br />The City of La Porte embraces our heritage, community values and <br />opportunities, while enhancing the quality of life for our citizens. <br />Re: ' City of La Porte Battleground Industrial District <br />City of La Porte Bayport Industrial District <br />Current Contract #2007-IDA-76 <br />Dear Sir/Madam: <br />First, I'd like to thank each of you who attended our first meeting on April 2% 2019, to discuss <br />renewal of the current Industrial District Agreements. A few concerns regarding height restrictions <br />for shipping containers were voiced at the initial meeting, and management met with those <br />representatives and made a few -adjustments to the proposal. <br />The proposed agreement, which is enclosed for your review, is nearly identical to the previous <br />agreement. The term will remain twelve years. An overview of changes is as follows: <br />1. The new IDA proposes a very modest increase to the required payments in Iieu of taxes <br />(PILOT). Under the current agreement, your firm pays no taxes to the City of La Porte. <br />However, it does make a payment in lieu that is 63% of what the annual tax burden should <br />be. For instance, a firm with a total assessed value of $1,000,000 would pay $7100 without <br />an IDA in place.. With an IDA, that same firm pays only $4,473 for a savings of 37%: The <br />new proposal would increase to a 64% PILOT. The same firm would pay $4,544 under <br />the new agreement. This represents a very modest increase of $71 or 1.6%. <br />2. New construction and improvements shall be subject to a Twenty-five percent (256/6) <br />valuation, through Value Year 2022, and a Thirty-five (35%) valuation for any additional <br />Value Years beyond Value Year 2022, for a total of six (6) Value Years. <br />3. Intermodal shipping containers (including but not limited to freight and tank containers) <br />placed on Land belonging to Company shall be permitted to be stacked only two containers <br />in height within the 100' wide portion of Company's Land contiguous to either Fairmont <br />Parkway, State Highway 225, or State Highway 146; beyond said 100' wide strip, shipping <br />containers shall be eligible to be stacked one additional shipping container in height within <br />604 W. Fairmont Parkway . La Porte, Texas 77571 a (281) 470-5011 ii www.loportetx.gov <br />