O-1999 2328 Adopting Tax Increment Reinvestment Zone Guidelines for the City of La Porte

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b. The area within the Zone must be contiguous and be not less than twenty (20) acres. c. Documentation required with Petition Submission of a petition under 311.005(a)(5) of the Tax Code to create a Zone for the purpose of tax increment financing must be accompanied by a Preliminary Financing Plan. Both the petition and Preliminary Financing Plan must be finalized and submitted to the City on or before September 1,in order for a Zone to be created and to take effect the following tax year. The plan must include: 1. a description of the proposed boundaries of the proposed zone, including both a map (showing existing uses and conditions of real property in the Zone) and a legal description; 2. tentative plans and schedules for the development or redevelopment of the Zone, including conceptual drawings or descriptions of the public improvements proposed to be financed by the Zone, including a preliminary estimate of the total costs of the improvements; 3. an estimate of the general impact on the proposed Zone on property values and the tax revenues of the City and the other governmental entities levying ad •valorem taxes throughout the life of the proposed Zone; 4. a schedule indicating total appraised values for the proposed Zone for the previous ten years (if available); 5. evidence that all tax arrearages and public liens on property owned or controlled by the petitioner has been satisfied; and 6. a statement certifying that "except for" the creation of the Zone, it would not be properly developed. 2. Creation of Zone by City An area may be designated as a Zone by the City Council, if it meets the conditions listed below: a. The area is determined to substantially arrest or impair the sound growth of the City because of the presence of: 1. substantial number of substandard, slum, deteriorated, or deteriorating structures; 2 Revised 5/12/99