Ord 2024-4035_Expansion of TIRZ 1

Browse Search

B. Existing and Proposed Uses of land (Texas Tax Code § 311.011(b)(1)): Map 2, attached hereto, depicts the existing and proposed land uses in the Zone. Proposed land uses shall include similar, but enhanced residential, mixed use, commercial retail, office, public and institutional, transportation, park and open spaces, and undeveloped land uses. C. Proposed Changes of Zoning Ordinances, Master Plan of Municipality, Building Codes, and Other Municipal Ordinances (Texas Tax Code § 311.011(b)(2)): All construction will be done in conformance with existing building code regulations of the City of La Porte. There are no proposed changes of any city development ordinances, master plans, or building codes. D. Estimated Non -Project Costs (Texas Tax Code § 331.011(b)(3)): The project costs referenced in Table 1 are inclusive of project costs to be incurred by the Zone only. The costs that would otherwise be project costs but are derived from other parties, such as the City of La Porte, the Texas Department of Transportation or private sources, are non -project costs. E. Method of Relocating Persons to be Displaced, if any, as a result of implementing the Plan (Texas Tax Code § 311.011(b)(4)): There will be no persons displaced as a result of implementing the plan. Reinvestment Zone Finance Plan A. Estimated Project Costs (Texas Tax Code § 311.011(c)(1)) Table 1 lists the estimated project costs for the Zone. Asset forth in this Plan Amendment, the dollar amounts are approximate and maybe amended from time to time by the Board of Directors of the Zone with approval of the City Council. The financing costs are a function of project financing needs and will vary with market conditions from the estimates shown in Table 1. B. Proposed Kind, Number, and Location of all Proposed Public Works or Public Improvements to be Financed by the Zone (Texas Tax Code § 311.011(c)(2)): These details are described throughout the Plan, including but not limited to roadway, water, sewer and drainage improvements, bicycle and pedestrian facilities, and parks, recreation and public facilities. The number and location of proposed improvements are contained in Table 1 and will be located within the boundary as shown on Map 1. C. Economic Feasibility (Texas Tax Code § 311.011(c)(3)): The original plan prepared in 1999 evaluated the economic potential of the Zone. The analysis determined that the area within the boundaries of the Zone substantially arrests and impairs the growth of the City, slows down the provision of housing accommodations and commercial development and constitutes an economic and social liability. At the time of creation, the area included in the TIRZ was predominately open and consisted of property with defective titles and delinquent taxes. These conditions along with the enormous cost of infrastructure improvements including drainage and sewer, impeded the sound growth and development of the area. As a result, it was determined that the area would benefit from a Tax Increment Reinvestment Zone, which facilitates -5-