1982-06-02 Regular Meeting - Laserfiche WebLink

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~ ~ RESOLUTION 82-7 A RESOLUTION AUTHORIZING PROVISION OF NOTICE TO THE TEXAS INDUS- TRIAL COMMISSION AND PUBLICATION OF NOTICE 49ITH RESPECT TO A PUBLIC HEARING TO CONSIDER DESIGNATION OF ONE OR MORE ELIGIBLE BLIGHTED AREAS WITHIN THE CITY; DESCRIBING ONE OR MORE ELIGIBLE BLIGHTED AREAS TO BE DESIGNATED BY THE CITY; DETERMINING THE DATE, TIME AND LOCATION OF A PUBLIC HEARING; AND CONTAINING OTHER PROVISIONS RELATING TO THE SUBJECT. WHEREAS, by resolution of the City Council (the "Governing Body"), the City of La Porte (the "Unit"), authorized and approved the creation of the City of La Porte Industrial Development Corporation (the "Corporation") as a nonprofit industrial develop- ment corporation under the provisions of the Development Corpor- ation Act of 1979, Article 5190.6, Vernon's Annotated Texas Civil Statutes, as amended (the "Act"); and WHEREAS, the Corporation is authorized by the Act to issue bonds on behalf of the Unit for the purpose of paying all or a part of the costs of a "project" as defined in the Act, and to lease or sell the project or to loan the proceeds of the bonds • to finance all or part of the costs of a project; and WHEREAS, the definition of "project" in the Act includes the land, buildings, equipment, facilities and improvements (one or more) found by the Board of Directors of the Corporation to be required or suitable for the promotion of commercial develop- ment and expansion and in furtherance of the public purposes of the Act, or for use by commercial enterprises, all as defined in the rules of the Texas Industrial Commission (the "Commission"), irrespective of whether in existence or required to be acquired or constructed thereafter, if such project is located in blighted or economically depressed areas; and PJHEREAS, as used in the Act, the term "blighted or economi- cally depressed areas" means those areas and areas immediately adjacent thereto within a city which by reason of the presence of a substantial number of substandard, slum, deteriorated, or deteriorating structures, or which suffer from a high relative rate of unemployment, or which have been designated and included in the tax incremental district created under Chapter 695, Acts of the 66th Legislature, Regular Session, 1979 (Article 1066d, Vernon's Texas Civil Statutes), or any combination of the fore- going, the city finds and determines, after a hearing, substan- tially impair or arrest the sound growth of the city, or consti- tute an economic or social liability and are a menace to the public health, safety or welfare in their present condition and use; and