03-12-12 Meeting of the La Porte Development Corporation Board of Directors

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Foreign Trade Zone The City of La Porte supports companies applying for thisfederal exemption from state and local ad valorem taxes on tangible personal property imported from outside the United States, and held in a Foreign Trade Zone (FTZ) for the purpose of storage, sale, exhibition, repackaging, assembly, distribution, sorting, grading, cleaning, mixing, display, manufacturing or processing and tangible personal property produced in the United States.Property must beheld in a Foreign Trade Zone for exportation, either in its original form or as altered by any of the above processes. This program is managed by the Port of Houston Authority. Freeport Exemption (La Porte ISD) The Freeport Exemption exempts personal property consisting of inventory goods or ores, other than oil, natural gas and petroleum. Eligible property must be transported out of the state within 175 days of acquisition but may first be assembled, stored, manufactured, processed or fabricated locally. Currently, Freeport Exemptions are offered bythe LPISD. Municipal Grants–Chapter 380 The City Council of the City of La Porte may provide loans and grants of city funds as well as city employees and equipment to promote economic development projects within the city. Eligible projects involving significant investment may contract with the City to receive sales tax grants, franchise fee grants, water or sewer line extensions, building permit fee waivers and grants for capital recovery fees.