O-1999-2325 Designating a contiguous geographic area with

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City of La Porte, Texas, Ordinance No. 9 9-2 3 2 5 AN ORDINANCE DESIGNATING A CONTIGUOUS GEOGRAPHIC AREA WITHIN CITY OF LA PORTE AS REINVESTMENT ZONE NUMBER ONE, CITY OF LA PORTE, TEXAS, FOR TAX INCREMENT FINANCING PURPOSES PURSUANT TO CHAPTER 311 OF THE TEXAS TAX CODE; CREATING A BOARD OF DIRECTORS FOR SUCH ZONE; CONTAINING FINDINGS AND PROVISIONS RELATED TO '1'H1 FOREGOING SUBJECT; FINDING COMPLIANCE WITH '1`HE OPEN MEETINGS LAW; PROVIDING A SEVERABILITY CLAUSE; AND PROVIDING AN EFFECTIVE DATE HEREOF. * * * * * * * WHEREAS, pursuant to Chapter 311 of the Texas Tax Code, the City may designate a contiguous geographic area within the City as a reinvestment zone if the area satisfies the requirements of certain sections of Chapter 311 of the Texas Tax Code; and WHEREAS, the City has prepared a preliminary reinvestment zone financing plan, which provides that City of La Porte City ad valorem taxes are to be deposited into the tax increment fund, and that taxes of other taxing units may be utilized in the financing of the proposed zone; and WHEREAS, the City provided written notice of the public hearing on the creation of the proposed zone, complying with the requirements of Chapter 311, Texas Tax Code, to the governing body of all taxing units levying taxes on property in the proposed zone; and WHEREAS, a notice of the May 24, 1999, public hearing on the creation of the proposed zone was published on May 16, 1999, in the Bayshore Sun, a newspaper of general circulation in the City; and WHEREAS, at the public hearing on May 24, 1999, interested persons were allowed to speak for or against the creation of the proposed zone, its boundaries, or the concept of tax increment C:\MY DOCUMENTSVITRZTROPOSED TIRZ CREATION ORD(5-I8-99).DOC