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CONSIDER DEVELOPMENT AGREEMENT BY AND BETWEEN REINVESTMENT ZONE NUMBER <br />ONE, CITY OF LA PORTE, TEXAS AND LA PORTE REDEVELOPMENT AUTHORITY AND JABEZ-LA <br />PORTE, I.P. <br />Mr. Hawes distributed an analysis and overview of the residential development, a copy is attached as <br />Exhibit A. He reported the development is approximately 20 acres comprising of 80 lots with an <br />average home value of $250,000. He reported the development is expected to be built out by 2021. <br />Mr. Arnold reviewed the costs and estimated reimbursements. After full review and discussion by <br />the Board, and upon a motion duly made by Director Leopard, and being seconded by Director <br />Beasley, the Board voted unanimously to approve the Development Agreement with Jabez-La Porte, <br />LP. <br />CONSIDER TAX YEAR 2017 DEVELOPER DISBURSEMENTS; AND CONSIDER APPROVAL OR <br />OTHER ACTION REGARDING AUTHORITY INVOICES, INCLUDING CONTRACTUAL OBLIGATIONS <br />TO REIMBURSE LA PORTE ISD. <br />Mr. Hawes reviewed the spreadsheet for developer reimbursements, included in the Board materials. <br />Upon a motion duly made by Director Porter, and being seconded by Director Beasley, the Board <br />voted unanimously to approve developer disbursements to (1) Retreat at Bay Forest in the amount <br />of $29,662.30; (2) Beazer Homes in the amount of $118,814.44; and (3) Liberty Property Limited <br />Partnership in the amount of $1,957,711.28; and approved reimbursement payment to La Porte ISD <br />in the amount of $454,521.00. <br />RECEIVE AND CONSIDER FY2019 BUDGET. <br />Mr. Hawes reviewed the proposed FY2019 Budget, included in the Board materials. After full review <br />and discussion, and upon a motion duly made by Director Beasley, and being seconded by Director <br />Janda, the Board voted unanimously to approve the FY2019 Budget, as presented. <br />CONSIDER APPROVAL OR OTHER ACTION REGARDING AUTHORITY INVOICES. <br />Mr. Hawes presented the Bookkeeper's Report and went over invoices, included in the Board <br />materials. Upon a motion duly made by Director Antone, and being seconded by Director Porter, the <br />Board voted unanimously to accept the Bookkeeper's Report and approved payment of invoices, as <br />presented. <br />RECEIVE UPDATES FROM THE CITY, DEVELOPERS AND STAFF ABOUT DEVELOPMENT WITHIN <br />THE ZONE. <br />BOARD MEMBER COMMENTS. <br />a. Matters appearing on agenda <br />b. Inquiry of staff regarding specific factual information or existing policy. <br />There were no further discussions. <br />