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<br />DRAFT <br /> <br />e <br /> <br />e <br /> <br />CITY OF LA PORTE, TEXAS <br />TAX ~NCREMENT REINVESTMENT ZONE GUIDELINES <br /> <br />A. Purpose of Guidelines <br /> <br />The purpose of these guidelines is to establish the policy of the City of La Porte <br />as it relates 10 the power granted by Chapter 311 of the Texas Property Tax <br />Code (Tax Code) and Article b, Section 1-g of the Texas Constitution (together <br />cited as the Tax Increment Financing Act) to finance the development and <br />redevelopment of unproductive, underdeveloped or blighted areas within the City. <br /> <br />State law al~ows a municipality to designate an area as a Tax Increment <br />Reinvestmen~ Zone (Zone) to promote development or redevelopment of the <br />area, if the City Council determines that development or redevelopment would <br />not occur solely through private investment in the reasonably foreseeable future. <br /> <br />There are two different methods of creating a Zone. One is City initiated and the <br />other is initiated by the property owners. rhe second method has its beginning <br />when a petition is submitted to the City. While a large portion of the law applies <br />to both types, there are enough differences in creating the Zones that the two <br />types will be discussed separately, beginning with the Zone created by petition. <br /> <br />1. Creation of Zone by Petition <br /> <br />The owners of property constituting at least fifty (50%) percent of the. <br />appraised value of the property in an area, may petition the City for the <br />creation of a Zone. Such petition is legally required for creation of a Zone <br />if the Zone contains more than ten (10%) percent residential property <br />(referred to as a Residential Zone, if less than 10%, it is referred to as a <br />Commercial Zone). <br /> <br />a. In considering a petition for creation of a Zone, Council will take into <br />consideration the factors applicable to a City created Zone, which <br />are described in Section A 2 a. Additional considerations are as <br />follows: <br /> <br />1. a decrease in the aggregate property value of at least twenty <br />(20%) percent over the most recent ten (10) years; <br /> <br />2. a substantial absence, deterioration or substandard <br />condition in the City's infrastructure, streets, water and waste <br />water lines, and storm drainage; and <br /> <br />3. A statement certifying that "but for" the creation of the Zone, <br />the reinvestment would not occur. <br /> <br />1 <br />