Laserfiche WebLink
EXHIBIT "A" <br /> CITY OF LA PORTE, TEXAS <br /> TAX INCREMENT REINVESTMENT ZONE GUIDELINES <br /> A. Purpose of Guidelines <br /> The purpose of these guidelines is to establish the policy of the City of La Porte <br /> as it relates to the power granted by Chapter 311 of the Texas Property Tax <br /> Code (Tax Code) and Article b, Section 1-g of the Texas Constitution (together <br /> cited as the Tax Increment Financing Act) to finance the development and <br /> redevelopment of unproductive, underdeveloped or blighted areas within the City. <br /> State law allows a municipality to designate an area as a Tax Increment <br /> Reinvestment Zone (Zone) to promote development or redevelopment of the <br /> area, if the City Council determines that development or redevelopment would <br /> not occur solely through private investment in the reasonably foreseeable future. <br /> There are two different methods of creating a Zone. One is City initiated and the <br /> other is initiated by the property owners. The second method has its beginning <br /> when a petition is submitted to the City. While a large portion of the law applies <br /> to both types, there are enough differences in creating the Zones that the two <br /> types will be discussed separately, beginning with the Zone created by petition. <br /> 1. Creation of Zone by Petition <br /> The owners of property constituting at least fifty (50%) percent of the <br /> appraised value of the property in an area, may petition the City for the <br /> creation of a Zone. Such petition is legally required for creation of a Zone <br /> if the Zone contains more than ten (10%) percent residential property <br /> based on existing use (referred to as a Residential Zone, if less than 10%, <br /> it is referred to as a Commercial Zone). <br /> a. In considering a petition for creation of a Zone, Council will take into <br /> consideration the factors applicable to a City created Zone, which <br /> are described in Section A 2 a. Additional considerations are as <br /> follows: <br /> 1. a decrease in the aggregate property value of at least twenty <br /> (20%) percent over the most recent ten (10) years; <br /> 2. a substantial absence, deterioration or substandard <br /> condition in the City's infrastructure, streets, water and waste <br /> water lines, and storm drainage; and <br /> 3. A statement certifying that "except for" the creation of the <br /> Zone, the reinvestment would not occur. <br /> 1 Revised 5/12/99 <br />